Bankinter raises price to Share up to 274 euros per share from the previous 250 euros per title and reiterates his advice ‘neutral’ about the value. In addition, Acciona Energía’s valuation improves to 25 euros per share from 23.50 euros per title, which represents a 7.5% upside potential from its current price level, while maintaining its recommendation of ‘neutral’ thanks to the «good pace» in the sale of assets. Furthermore, the entity highlights that the group has launched a strategic review of its 91% stake in Acciona Energía. Among the possible options is the entry of a minority investor, control or even an outright sale. Also the possibility of excluding the subsidiary from the Stock Exchange, through a takeover bid or through a merger. Or that, after the analysis, it is decided to leave the structure of the subsidiary as it is now. Regarding the alternative of partial divestmentseveral funds (Brookfield, KKR, BlackRock/GIP, Blackstone or Norges…) would be preparing their offers (expressions of interest), which could be presented in a consortium or separately. «All options are now on the table regarding the future of Acciona Energía and the management team has not yet made a decision. All options are valid if they favor growth, allow debt to be kept under control, protect the group’s rating and contribute to creating value«says Aránzazu Bueno, Bankinter analyst. From an operational point of view, the firm highlights that the year has begun with a general evolution in line with the year’s prospects and the management team maintains the guidelines.»Nordex and the real estate company will continue to growthe division of infrastructure will have a more moderate behavior, while lAcciona Energía’s contribution will be lower in 2026. Regarding leverage, it expects to end the year with a net debt/EBITDA ratio. Therefore, Bankinter indicates that the outlook for 2026 is favorabledespite the lower contribution from Acciona Energía. «We expect growth of +3% in the group’s operating EBITDA, which will be +8% exAcciona Energía. The evolution on the stock market has been very positive (~+45%) since the beginning of the year, favored by the good performance of Nordex and the infrastructure division, the good pace in the sale of assets and the maintenance of low rates that benefit companies with strong investment plans and high debt such as Acciona. From here we see fewer catalysts that can continue to drive action in a meaningful way,» says Bueno.
IMPROVEMENT OF ESTIMATES
Thus, and in the case of Activate Energyin the entity they focus on the operational evolution in the first quarter is, in general terms, consistent with the objectives set for the year as a whole. «Consolidated production reached 6,797 GWh, with an increase of 3.1% due to the contribution of new capacity. The prices captured in the first quarter have been -24.1% lower (up to €54.6/MWh), mainly due to the lower price in Spain (-39% to €54.0/WM).» Regarding the sale of assetsby 2026 The objective is to obtain 2,000 million eurosof which 900 million were already announced at the end of 2025. Regarding operational evolution, the beginning of the year is consistent with the objectives set for the year as a whole and the management team maintains the guidelines for the year as a whole. «The guidelines for 2026 contemplate an EBITDA from operations lower than that of 2025, with a production increase of +6.5% and an average price of €55/MWh.» «In 2026, operating EBITDA will fall again due to lower pricesso it will not serve as a catalyst. Furthermore, in the current market context, investors prefer to bet on other types of companies with greater visibility of cash flow generation and high dividends. We raise the target price of Acciona Energía by improvement in medium-term estimates and the positive result of asset sales«, concludes Bueno.
