Exane cuts Acciona and its renewables unit, ups Redeia on valuation basis

Redeia Corporacion SA

24/11/2025 12:04

** Exane BNP Paribas cuts Acciona ANA.MC to "underperform" from "neutral", saying too much is priced in for the Spanish utility

** Acciona's 2025 outlook, confirmed in its nine-month update, is heavily dependent on non-recurring items such as gains from asset rotation, the broker says

** "We anticipate a noticeable earnings dip in 2026," it says, expecting EBITDA gains from unit Acciona Energia's ANE.MC asset rotation to be halved to 0.1 billion euros

** Dividend yield of around 3% is no longer supportive for Acciona's share price, it adds

** Exane also downgrades renewables-focused Acciona Energia to "neutral" from "outperform", citing a "restrained" strategy dictated by its parent

** "ANA appears more focused on balance-sheet deleveraging than on extracting value from the ANE's globally dispersed assets," it says, deeming the unit's valuation fair in this context

** It upgrades Redeia REDE.MC, which has lost around 20% of its value since April, to "outperform" from "neutral", saying the worst is likely behind after it was hit by updates in Spanish regulation

** It adds the risk to Redeia from potential liabilities linked to April's power outage in Iberia is limited

(Reporting by Tiago Brandao)

((Tiago.Brandao@thomsonreuters.com;))