The Ibex 35 has accumulated a revaluation of more than 13% so far this year. A ‘rally’ that has not had the boost of the renewable sector, severely punished on the stock market. Solaria, Acciona and its subsidiary, Acciona Energía, become the ‘red lanterns’ of the index with hits of 23%, 30% and 33% respectively. In this way, they go from being among investors’ favorites in the worst year for equities in decades, to experiencing double-digit corrections during 2023. Now, after this stock market outrage, the investment bank returns to them put on the radar.
The review of portfolios for the final stretch of the year has been accompanied by a pleasant surprise for the aforementioned values, with an increase in purchase recommendations. A circumstance that occurs in all three companies. In the specific case of Solaria, these rise to annual highs, with more than 55% of analysts betting on putting it in their portfolio. The increase occurs after an upward revision of its target price by the ‘Bloomberg’ consensus to 17.7 euros, compared to the 13 euros at which it moves after Wednesday’s blow, the lowest since 2020.
For its part, Acciona Energía increases its attractiveness, although it remains below the levels of last January, when 50% of experts advised purchasing securities, compared to the current 46%. The difference with respect to the firm led by Enrique Díaz-Tejeiro is that some of the updates to its theoretical value are downwards. One of the most aggressive is the one carried out by RBC Capital, which lowers its potential from 37 to 31 euros, in line with that of Goldman Sachs, which places it slightly below 30 euros. Altogether, their potential amounts to 40%.
The movements occur as a result of the latest setbacks that have brought it to a historical minimum of 24 euros. In this regard, investors are waiting to see if it can rise or, on the contrary, its price continues without touching the bottom. “These values have not given clear signs of having stopped the falls,” says XTB analyst Joaquín Robles, who points out that they are trading at “key” supports. Acciona closed this Wednesday at 120 euros, its lowest level in twelve months, which in practice means erasing the path taken since the beginning of 2021.
The arrival of European aid due to the pandemic and the worsening of the energy crisis following the start of the war in Ukraine during 2022 led renewables to experience a moment of glory on the stock market. However, this golden era has lasted less than expected until it fades completely in 2023. “Business profits have not increased in proportion to what investors expected,” notes Robles.
The increase in interest rates has been one of the factors that have worked against it. This type of company relies on financing to carry out projects, after the central banks have carried out a record increase in the price of money, which now suffers from the increase in the cost of loans and has seen how investments “that were already unavailable” are stopped. told “Of the price. As the market begins to discount that the monetary cycle is approaching its end and that the increase in reference rates may even have reached the ceiling in this monetary cycle, experts instantly become “cautious.”
“We still think it is too early to know if renewables are a good opportunity,” notes Robles. In this sense, from IG, Diego Morín, urges to have a more long-term vision, since expectations regarding the sector are optimistic as “as” the decarbonization process materializes. “They are interesting values to make a bet on the future, which does not mean that they may fall in the short term,” he maintains.