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Corporación Acciona Energías Renovables, S.A.

ANE.MC
45
Renewable Utilities · Utilities
Price
€20.86
+0.00 (+0.00%)
Market Cap
€6.77B
Exchange
Madrid Stock Exchange
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Good
Stability
Strong
Valuation
Good
Dividends
Weak

Share count falling — buybacks

1.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 329.2M (2021) → 324.5M (2025)

Winston Score History

The full picture

Acciona Energías Renovables is a Spanish company that builds and operates clean energy power plants. Its main products are wind farms, solar parks, and hydroelectric facilities that generate electricity sold to utility companies, governments, and large businesses. It is one of the largest pure-play renewable energy companies in the world, with no fossil fuel generation in its portfolio.

The company makes money primarily by selling electricity under long-term contracts and regulated tariffs, which provide relatively stable revenue. It operates across more than 20 countries, spanning Europe, the Americas, Asia-Pacific, and Africa, with a total installed capacity of roughly 13 gigawatts. Its global scale and long-term power purchase agreements give it some protection against short-term energy price swings. The key growth driver is the global push to replace fossil fuels with clean energy, though rising interest rates and high construction costs remain a meaningful risk, since building new renewable projects requires large amounts of debt financing.

Score breakdown

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Quality

Profit per sale
Gross Margin
59.9%
Premium pricing power — 59.9% gross margin
Profit after running costs
Operating Margin
5.1%
Thin — 5.1% operating margin
Return on the money invested
ROCE
4.1%
Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-26.2%
Shrinking sales (-26.2% YoY)
Profit growth
EPS YoY
-75.4%
Earnings shrinking (-75.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
235%
Turns 235% of profit into real cash
Spare cash per sale
FCF Margin
-7.8%
Burning cash (-7.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.72
Moderate — manageable debt (0.72)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
36.9x
Pricey — P/E 36.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+6.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (36.9 → 30.7)

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Dividends

Dividend
Dividend Yield
0.14%
Small dividend — 0.14% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
N/A
Data not available

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