Independent equity research
Is ACCIONA, S.A. (ANA) a Buy, Hold or Sell?
ACCIONA, S.A. — our independent, AI-built valuation and rating, in brief.
HOLD (reduce into strength)
12-mo fair value
€191.00
To fair value
−9%
By · report dated 2026-09-15 · fair value derived independently of the market price.
The thesis, in brief
ACCIONA's two listed stakes - 91.11% of ACCIONA Energia (EUR 6,340m) and 47.0% of Nordex (EUR 4,311m) - total EUR 10,650m against an EUR 10,747m equity value, so the market pays nothing net for the infrastructure arm after EUR 5,125m of holdco net debt; a 20% Nordex fall cuts NAV/share to EUR 201
How we value it
We value ACCIONA, S.A. using Marked SOTP: NAV EUR 217.55/sh less a 12% holding-company discount. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full ACCIONA, S.A. report
The complete model, the scenarios, and every number behind the call — plus other names across the coverage. One subscription, cancel anytime.