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57% drop in the group's profit due to its “predominant exposure” to renewables Acciona will be one of the companies most affected in Spain by the energy reform that the Government has just approved. A Merrill Lynch report predicts a 57% drop in the profit of the group chaired by José Manuel Entrecanales due to its "predominant exposure" to renewable energies. Acciona activates the sale of 30% of its renewable subsidiary. Cuts in the Government's energy reform put José Manuel Entrecanales on the ropes Acciona has been the company most punished on the Stock Market for the cuts to wind power (a 16% drop since the reform was publicly known two Fridays ago) The report from the business bank Bank of America Merrill Lynch , to which El Confidencial Digital has had access in its entirety, highlights the following aspects about Acciona.

It warns that the company will be harmed by the cuts in subsidies for renewables that the Government has approved. -- Forecasts point to a 57% drop in the group's profit . -- Acciona's “predominant exposure” to the wind sector considerably increases its risk. It will be the most affected by the cutback of renewables in Spain. According to the investment bank, other European energy companies such as the Italian Enel (and its subsidiary Enel Green Power) or the Middle East Mobile Number List Portuguese EDP (and its division EDP Renováveis) have greater regional and technological diversification that allows them to offset the risks. -- Acciona's production and EBITDA growth between 2012 and 2015 is lower than that of Enel and EDP . -- Acciona has more cyclical activities (services, construction). Merrill Lynch recommends focusing on reducing debt to a lower level du to having a risky business portfolio. --Also remember that it can sell assets , as recently reported in ECD, although regulatory changes in Spain may cause its valuation to be diluted . -- Cuts in remuneration for energy generation in Spain represent the biggest drawbacks for Acciona's income and valuation. exp-player-logo see more They locate a cayuco with 68 immigrants, including four deceased, in waters near El Hierro -- The company chaired by José Manuel Entrecanales is taking appropriate measures in a difficult environment , but should expand its restructuring plan.



It would benefit, the business bank argues, from a reduction in the number of activities to which it is currently exposed. Thus, it would free up resources and improve market perceptions. International investors leave Acciona Sector sources consulted by ECD highlight that the energy reform is behind the massive sale orders in Acciona placed by international investors. Merrill Lynch itself brokered 1.8 million securities after learning about the Government's energy reform. The path opened by Merrill Lynch was also followed by Credit Suisse , which sold 1.5 million securities. Deutsche Bank and Morgan Stanley have divested 800,000 securities each. Société Générale sold 700,000 more. The first Spanish broker on the list is Banc Sabadell Bolsa , which got rid of half a million positions. The impossibility of disinvesting in the renewable energy subsidiary has accentuated the trend. The president of the group, José Manuel Entrecanales , already admitted a few weeks ago the difficulties that the new legislation is causing them before it was even put into effect. Impact of 100 million euros According to the consensus of analysts, the adjustment for Acciona will exceed 100 million .
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