Acciona, S.A. (ANA.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-626.1%

-€1,089.02

vs €207.00 price

Levered DCF

-€933.27

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.13

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.61×	14.04×	13.48×	15.28×	27.65×	16.44×	14.52×	12.53×
P/B	2.15×	1.23×	1.46×	1.92×	2.13×	1.87×	1.49×	1.25×
P/S	0.5×	0.31×	0.43×	0.84×	1.13×	0.98×	0.71×	0.55×
EV / EBITDA	6.46×	5.56×	6.1×	8.27×	9.01×	8.52×	7.38×	5.79×
Gross margin	53.8%	63.2%	67.9%	69.5%	76.9%	68.8%	72.1%	77.8%
Operating margin	8.5%	6.9%	7.3%	11.9%	10.2%	9.7%	10.9%	10.1%
Net margin	4.0%	2.2%	3.2%	5.5%	4.1%	6.0%	4.9%	4.4%
Current ratio	1.19×	1×	1.08×	1.05×	1.05×	0.93×	0.98×	0.89×
Debt / equity	2.89×	2.61×	2.24×	1.62×	1.6×	2.16×	2.24×	1.9×
Interest coverage	2.56×	2×	2.45×	5.19×	3.53×	2.44×	2.95×	2.22×
Dividend yield	3.5%	5.6%	3.4%	2.4%	2.3%	1.7%	3.8%	4.2%
Payout ratio	43.6%	78.9%	45.7%	36.6%	64.4%	27.3%	54.5%	52.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.1%	8.8%	10.8%	12.6%	7.7%	11.4%	10.3%	10.0%
Return on invested capital	5.6%	4.5%	4.4%	5.7%	4.0%	3.9%	4.3%	4.8%
Return on assets	2.2%	1.2%	1.7%	2.7%	1.7%	2.1%	2.0%	2.2%
Free cash flow yield	3.7%	-8.3%	-16.4%	-5.8%	-4.1%	1.0%	-11.8%	-0.2%
Earnings yield	7.9%	7.1%	7.4%	6.5%	3.6%	6.1%	6.9%	8.0%
Enterprise value	€18.4B	€14.2B	€14.8B	€15B	€13.7B	€11.3B	€10.6B	€8.6B
Net debt / EBITDA	2.89×	3.25×	3.09×	3.07×	2.99×	3.73×	3.83×	3.04×
Cash conversion cycle (days)	-15	-154	-172	36	-139	40	28	-109