Abengoa Solar vor Aufwärtstrend?
Der Wert schwankt ja an sich schon stark. Aber durch die geringen Umsätze in Deutschland sind die Ausschläge scheinbar noch höher... Möchte nicht wissen, was passiert wenn man mal verkaufen will..
NEW YORK, Oct. 17, 2013 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc. announced today that trading of Abengoa SA, a multinational Spanish technology and engineering company, commenced on The NASDAQ Stock Market on October 17, 2013.
Abengoa applies innovative technology solutions for sustainability in the energy and environment sectors, generating electricity from renewable resources, converting biomass into biofuels and producing drinking water from sea water. Abengoa's business revolves around three activities: engineering and construction includes traditional engineering activities in the energy and water sectors; concession type-infrastructures and industrial production involves businesses with a high technological component such as biofuels or the development of solar technology. Abengoa focuses its growth on the creation of new technologies that contribute to sustainable development.
"Through its research and innovation, Abengoa has become one of the leading companies in the development of new technologies that contribute to sustainable development," said Adam Kostyal, Senior Vice President, NASDAQ OMX. "Abengoa truly exemplifies the innovative nature of NASDAQ listed companies and we are thrilled to welcome them to our exchange"
* Revenues between €7,250 million and €7,350 million, which represents an increase of 16% compared to 2012
* EBITDA between €1,180 million and €1,230 million, which represents an increase of 27% compared to 2012, and
* Corporate EBITDA between €800 and €825 million, which represents an increase of 23% compared to 2012.
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Date of last modification: 10-29-2013
Share capital (Eur): 91,856,888. 71
Number of shares:
84,445,719 class A shares
741,116,971 class B shares
Stockholders' significant shareholdings
Inversión Corporativa IC, S.A. (*) 51.60% share capital
Finarpisa, S.A. (*) 6.19% share capital
(*) = Grupo Inversión Corporativa
Abengoa will build the project in San Bernardino County, California. It will supply enough clean energy to power around 5,000 homes, reducing energy and fuel consumption as well as carbon emissions to the atmosphere.
Energias de Portugal, S.A. ("EDP"), a vertically-integrated utility company, headquartered in Lisbon, Portugal, is the majority shareholder of EDP Renovaveis. EDP Group is Portugal's largest industrial group and one of Europe's primary energy companies. Currently, it is the Iberian peninsula's third largest energy operator with business interests in generation, distribution and supply of electricity and gas in Portugal and Spain.
This new project consolidates Abengoa within the solar sector in the USA. Currently the company is participating in the construction of Mount Signal, a 265MW photovoltaic plant that Abengoa is constructing for AES Solar in California
The heavily indebted firm plans to make a confidential filing to the Securities and Exchange Commission for an initial public offering of a so-called yield company in the coming days or weeks, these people said. The unit could be valued at as much as $1 billion in the listing, one of them said. If Abengoa goes ahead with its plans, the listing would come a few months later.
Yield companies, known on Wall Street as yieldcos, are publicly traded companies that hold assets producing a steady and predictable flow of income, such as energy plants that have long-term distribution agreements. The cash flow is distributed among investors in the vehicle.
Shares in the new listed company would be offered to U.S. investors looking for steady and high dividend payments, said the people with knowledge of the plans.
An Abengoa spokeswoman didn't respond to requests for comment.
It is rare for Spanish energy producers to set up a publicly traded yieldco, but the concept has been catching on in the U.S. as a way for renewable power plant operators to raise cash to finance new projects.
U.S. power producers NRG Energy Inc. NRG -0.24% NRG Energy Inc. U.S.: NYSE $28.81 -0.07 -0.24% Feb. 25, 2014 4:00 pm Volume (Delayed 15m) : 2.83M AFTER HOURS $28.81 0.00 0.00% Feb. 25, 2014 6:45 pm Volume (Delayed 15m): 39,205 P/E Ratio 15.74 Market Cap $9.34 Billion Dividend Yield 1.67% Rev. per Employee $1,238,510 02/24/14 ArcLight Capital Seeks Buyers ... 02/12/14 The $2.2 Billion Bird-Scorchin... 12/17/13 The Daily Docket: Detroit Judg... More quote details and news » NRG in Your Value Your Change Short position and SunEdison Inc. SUNE +1.13% SunEdison Inc. U.S.: NYSE $16.98 +0.19 +1.13% Feb. 25, 2014 4:01 pm Volume (Delayed 15m) : 13.82M AFTER HOURS $16.71 -0.27 -1.59% Feb. 25, 2014 7:38 pm Volume (Delayed 15m): 63,871 P/E Ratio N/A Market Cap $4.48 Billion Dividend Yield N/A Rev. per Employee $334,043 More quote details and news » SUNE in Your Value Your Change Short position in recent months spun off renewable energy assets into yield companies with a similar structure to that planned by the Spanish energy company.
Despite a recent influx of U.S. investment in Europe, Spanish companies haven't opted to carry out any Spanish stock market listings of substantial size since 2011.
Many Spanish firms seeking to attract new funds prefer the U.S., where it is easier to find investors willing to put money into non-traditional financial assets of the type Abengoa plans to sell. Several large Spanish companies have issued high-yield bonds there in recent months. Banco Santander SA, SAN.MC +0.76% Banco Santander S.A. Spain: Madrid €6.62 +0.05 +0.76% Feb. 25, 2014 5:38 pm Volume : 30.68M P/E Ratio 16.55 Market Cap €75.96 Billion Dividend Yield N/A Rev. per Employee €211,734 02/12/14 U.K. Banks to Provide Over £75... 01/30/14 Santander Profit Rises on Lowe... 01/27/14 Santander Appoints Former FDIC... More quote details and news » SAN.MC in Your Value Your Change Short position Spain's largest bank by assets, recently sold a chunk of its U.S. consumer finance unit in a New York listing that valued the unit at more than $8 billion.
Abengoa, based in Seville in southern Spain, specializes in capital intensive engineering, construction and renewable energy projects. It saddled itself with debts in the years preceding Spain's 2008 housing market crash. When investors turned their backs on Spanish companies during Europe's economic slump, Abengoa struggled to manage its €8 billion ($11 million) debt load.
The company has been quick to take advantage of a thaw in capital markets since late 2012. It issued high yield bonds, listed its shares in the U.S. and raised hundreds of millions of euros in a capital increase. People familiar with its plans said the firm is likely to use proceeds from the spinoff to finance new projects.
Abengoa plans to fold into the spinoff assets such as its solar plant Solana, a 280-megawatt installation in the Arizona desert, these people said. Solana has sold all the power it will produce for the next 30 years to Arizona Public Service, making its future income stream predictable. The listed company would also include some power transmission line concessions in Latin America, according to the people with knowledge of the plans. Abengoa has such long-term concessions in Brazil, Peru and Chile.
Abengoa is also considering putting some of its Spanish solar energy plants into the new company, but hasn't yet made a final decision, these people said. Investors would likely demand higher dividends if these assets were thrown into the
bald wieder einer der ehemaligen Solarstars am Verglühen
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Dann können hier trotz positivem Cash Flow hier die Gläubiger den Laden übernehmen und liquidieren.
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RATINGS RATIONALE
This weakening relates to a substantial rise in the amount of Abengoa's non-recourse debt in process (NRDP), which has increased from EUR600 million as of December 2013 to around EUR1.6 billion as of September 2014. Under NRDP Abengoa reports debt instruments (green bonds and various bridge loans) that serve as bridge financing for concession projects until all conditions precedent have been met to obtain long-term project financing. Using the rationale that the purpose of such debt instruments is to pre-finance concessions, Abengoa has so far not included this type of debt in its corporate leverage calculation, treating it as a non-recourse in its books.
Moody's however cautions that NRDP is backed by a guarantee provided by Abengoa S.A., which exposes Abengoa directly to a number of operational and regulatory risks until the long-term project financing is concluded. Thus, we will include NRDP in our corporate leverage metrics going forward, also considering its increased materiality and the rating agency's expectation that NRDP will not decrease to the levels that could be considered immaterial for our analysis.
These factors are somewhat mitigated by Abengoa's robust track record of converting such bridge financing into long-term funding. Such a qualitative record of the company's abilities allows Moody's to tolerate higher corporate leverage than it would otherwise expect for the rating category. However, such tolerance is subject to Abengoa's ongoing ability to manage the size of the bridging exposure and the associated risks.
Abengoa's gross corporate leverage, including total outstanding NRDP, leads to a ratio of around 7.6x on a gross basis as of September 2014 and around 3.6x on a net basis, pro forma for the recent asset sales to Abengoa Yield, as of the same date. This positions Abengoa very weakly in the B2 rating category. While Moody's does not explicitly take into account amounts related to "confirming without recourse" in its leverage calculation, the rating agency notes that this amount has increased significantly in the current financial year, as indicated by the EUR 1 billion in cash that Abengoa holds linked to suppliers as of September 2014 (total amount of "confirming without recourse" accounted for EUR 469 million as of December 2013 and cash linked to suppliers under this scheme accounted for EUR 369 million as of December 2013).
RATIONALE FOR STABLE OUTLOOK
The B2 rating with a stable outlook remains supported by Abengoa's liquidity profile, which Moody's considers as adequate at this stage. While the company reported corporate cash of around EUR3.7 billion as of September 2014, only around EUR2.7 billion of this is unrestricted and freely available cash sitting at a diversified pool of financial institutions with high credit ratings, according to the company. The remainder is linked to supplier payments (confirming with recourse).
Abengoa's debt maturity profile through 2015 appears manageable in relation to the available cash buffer. However, given the pronounced intra-year seasonality of Abengoa's net working capital, Abengoa needs to maintain a high amount of operating cash, which Abengoa estimates to be around EUR 1 billion at high peak.
The rating agency also notes the step-change increase in the size of the NRDP and the risk that this amount may rise further if Abengoa continues to add new projects to its pipeline that require this kind of pre-financing. However, these concerns are mitigated to an extent by management's plans to limit NRDP exposure. Under these plans, NRDP will cover no more than 25% of cost on a per-project basis and long-term financing will be in place within a maximum of 1-2 years of the start of each project.
Moody's also expects that Abengoa will start generate positive FCF at corporate level on the back of lower equity contributions to concessions, which we expect to be matched with the profit contribution from its Engineering and Construction division, although with typical intra-year working capital swings. In addition, Abengoa owns a 64% stake in listed Abengoa Yield Plc, which owns several concession assets already in operation. The sale of Abengoa Yield shares could provide Abengoa will an additional liquidity cushion, if required.
While Abengoa Yield could potentially improve Abengoa's corporate leverage through the acquisition of Abengoa's concession assets, Moody's cautions that this would likely require the sale of Abengoa's best-performing concession assets. However, if Abengoa Yield were to finance such purchases by issuing debt, they would have no effect on Abengoa's consolidated leverage given its majority-ownership of Abengoa Yield (although the Abengoa Yield debt would be non-recourse to Abengoa). At present, it remains to be seen whether Abengoa will use proceeds from the sale of concession assets to Abengoa Yield to reduce leverage at a corporate level to ratios that would be more commensurate with the current rating category.
WHAT COULD CHANGE THE RATING UP/DOWN
Negative pressure could be exerted on Abengoa's ratings if the company fails to reduce its leverage both on a corporate and consolidated basis to, for example, a Moody's adjusted net consolidated debt/EBITDA ratio of around 8.0x (9.3x for last-12-months to June 2014) or a gross corporate debt/EBITDA ratio of below 7.0x in the next 12-18 months (7.6x per September 2014 including NRDP).
In the event that Abengoa fails to achieve these metrics, Moody's will take into account the company's liquidity position, its ability to generate sustainably positive FCF at corporate level, the quality of Abengoa's investments, its financial strategy and the maturity of its concession portfolio. The ratings could also be downgraded if Abengoa fails to maintain NRDP exposure at a manageable level.
Moody's could upgrade the ratings if Abengoa further improves the transparency of the information. An upgrade would also require building a further track record of successful concession asset rotation through Abengoa Yield, leading to sustainable positive FCF at corporate level and deleveraging, both at corporate and consolidated level, for instance with a Moody's-adjusted net consolidated debt/EBITDA ratio moving comfortably below 7.0x. In addition, upward rating pressure would require maintenance of a solid liquidity profile.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Global Construction Methodology published in November 2010. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.
With this rating action, Moody's has also changed the application of the industrial methodology, which previously was the Heavy Manufacturing Methodology. Recently, Moody's has merged its Heavy Manufacturing Methodology into its newly updated Manufacturing Methodology. In addition, with the sale of Befesa at end-2013, Moody's believes that the Construction Methodology would now be more applicable to Abengoa's business model.
Abengoa S.A. is a vertically integrated environment and energy group whose activities range from engineering and construction, and the utility-type operation (via concessions) of solar energy plants, electricity transmission networks and water treatment plants to industrial production activities such as biofuels. Headquartered in Seville, Spain, Abengoa generated EUR7.4 billion in revenues in 2013 on a consolidated basis.
Je länger der Prozess dauert, umso mehr geht es bergab. Bonds werden unter Hälfte nominal gehandelt. Das ist schon heftig
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Denn eigentlich könnte man ja mit einer Recovery Quote rechnen... aber ich fasse das nach der BES nicht an
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