Corporación Acciona Energías Renovables, S.A. (ANE.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

-266.5%

-€35.74

vs €21.46 price

Levered DCF

-€75.58

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.43

Distress zone

Rating

Overall 3 / 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	11.09×	16.18×	16.99×	15.71×	29.62×	47.26×	50.52×	71.46×
P/B	1.25×	0.99×	1.52×	2.34×	2.16×	3.69×	3.59×	3.74×
P/S	2.49×	1.89×	2.23×	2.92×	4.34×	5.48×	4.84×	4.37×
EV / EBITDA	7.65×	9.71×	9.35×	10.08×	12.81×	18.97×	14.37×	16.01×
Gross margin	31.4%	38.9%	52.3%	48.7%	51.2%	48.6%	49.2%	52.6%
Operating margin	33.5%	22.9%	23.0%	26.1%	28.1%	30.9%	26.0%	19.6%
Net margin	22.4%	11.7%	13.2%	16.2%	14.7%	11.7%	9.5%	6.1%
Current ratio	1.27×	0.87×	1.1×	0.76×	0.98×	0.46×	0.45×	0.47×
Debt / equity	0.81×	0.93×	0.86×	0.52×	0.6×	1.72×	1.67×	1.61×
Interest coverage	4.25×	4.24×	7.1×	13.61×	9.03×	2.28×	2.02×	1.71×
Dividend yield	2.0%	3.3%	3.2%	0.9%	2.4%	1.1%	1.3%	0.4%
Payout ratio	21.8%	52.7%	54.6%	16.7%	71.9%	52.0%	65.3%	26.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	6.1%	9.0%	12.9%	7.3%	7.9%	7.1%	5.2%
Return on invested capital	6.8%	4.0%	5.2%	8.8%	5.1%	4.5%	4.7%	3.5%
Return on assets	4.5%	2.2%	3.6%	6.2%	3.4%	2.1%	2.1%	1.6%
Free cash flow yield	-8.2%	-16.4%	-17.4%	1.5%	1.3%	-0.7%	2.5%	0.9%
Earnings yield	9.0%	6.2%	5.9%	5.5%	3.4%	2.1%	2.0%	1.4%
Enterprise value	€11.6B	€10.7B	€13.2B	€16.1B	€13.1B	€13.7B	€13.8B	€13.6B
Net debt / EBITDA	2.84×	4.48×	3.04×	1.52×	2.32×	5.6×	4.35×	4.64×
Cash conversion cycle (days)	68	23	83	-17	-10	-15	-5	-27