# Corporacion Acciona Energias Renovables (ANE.MC)

Canonical: https://gigainvestors.com/s/ANE.MC

Analysis as of: 2026-10-16T07:36:23.711Z. Financial observations: FY2017–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 21.38 per share; close as of 2026-10-15.

Estimated value: low EUR 5.02 per share, central EUR 5.54 per share, high EUR 6.24 per share. Buy at or below the central value EUR 5.54 per share. Valuation as of 2026-10-16T07:36:23.711Z; scenarios are not confidence intervals.

Expected annual return: 4.5% at the stated quote. About 4.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 9 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.20×

- FY2019: 0.26×

- FY2020: 0.31×

- FY2021: 0.28×

- FY2022: 0.26×

- FY2023: 0.23×

- FY2024: 0.23×

- FY2025: 0.34×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.3%

- ROIC, second-lowest year: 5.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 28.6%

- ROIC including acquisitions, ten-year median: 0.7%

- Typical minus recent gross margin: -3.4 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 4.5%

- FY2019: 5.8%

- FY2020: 5.8%

- FY2021: 6.8%

- FY2022: 11.4%

- FY2023: 6.7%

- FY2024: 5.3%

- FY2025: 9.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.30×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -802M

- Net income, five-year total: EUR 2.7B

- Return on incremental invested capital: 15.4%

- Working capital / revenue, annual change: 1.4 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.78×

- FY2022: 0.89×

- FY2023: -1.88×

- FY2024: -2.45×

- FY2025: 0.15×

### management: pass

- buybacks unrelated to price (informational)

- Per-share earnings: 0.58 to 1.60 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -0.3%

- Per-share value growth: 22.7%

- Per-share value change: EUR 1.03

- Per-share value, starting three-year median: EUR 0.58

- Per-share value, ending three-year median: EUR 1.60

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 6.7%

Chart: Earnings per share; fiscal year observations.

- FY2018: EUR 0.41

- FY2019: EUR 0.58

- FY2020: EUR 0.62

- FY2021: EUR 1.10

- FY2022: EUR 2.31

- FY2023: EUR 1.60

- FY2024: EUR 1.10

- FY2025: EUR 2.02

### accounting: pass

- Sloan accruals: 1.8%

- Receivables to sales index (DSRI): 1.43×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -5.2%

- FY2019: -5.5%

- FY2020: -2.3%

- FY2021: -4.7%

- FY2022: -4.7%

- FY2023: 1.1%

- FY2024: -2.0%

- FY2025: 1.8%

## Holders

## Price story

Down 50% since Jul 2022 · sales -4%

Story as of 2026-10-16T10:00:07.407Z; price observation 2026-10-15.

Price needs cash profits to grow 20.6% a year for ten years

### Sales · FY2024–2025

sales -4%; source https://filings.xbrl.org/254900UPX0OEHTKB9Y44/2024-12-31/ESEF/ES/0/254900UPX0OEHTKB9Y44-2024-12-31-ES/reports/254900UPX0OEHTKB9Y44-2024-12-31-es.html; observed 2025-05-08.

- FY2018: EUR 2.2B 

- FY2019: EUR 2.0B 

- FY2020: EUR 1.8B 

- FY2021: EUR 2.5B 

- FY2022: EUR 4.7B 

- FY2023: EUR 4.0B 

- FY2024: EUR 3.0B 

- FY2025: EUR 2.9B 

### Gross margin · FY2025

gross margin 31.4%; source https://filings.xbrl.org/254900UPX0OEHTKB9Y44/2024-12-31/ESEF/ES/0/254900UPX0OEHTKB9Y44-2024-12-31-ES/reports/254900UPX0OEHTKB9Y44-2024-12-31-es.html; observed 2025-05-08.

- FY2018: 52.6% 

- FY2019: 49.2% 

- FY2020: 48.6% 

- FY2021: 51.2% 

- FY2022: 48.7% 

- FY2023: 52.3% 

- FY2024: 38.9% 

- FY2025: 31.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities renewable; annual sales are EUR 2.9 billion.

- Source: https://eodhd.com/api/fundamentals/ANE.MC.json#2025-12-31 (filed 2025-05-08); FY2025: revenue 2925000000; grossProfit 918000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 31.4% to 52.3% during 2023–25; it earns 6.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/ANE.MC.json#2023-12-31 (filed 2025-05-08); FY2023: grossProfit / revenue = 52.3%.

- Source: https://eodhd.com/api/fundamentals/ANE.MC.json#2024-12-31 (filed 2025-05-08); FY2024: grossProfit / revenue = 38.9%.

- Source: https://eodhd.com/api/fundamentals/ANE.MC.json#2025-12-31 (filed 2025-05-08); FY2025: grossProfit / revenue = 31.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 9-year return on capital observations [[2018,0.04471535640248764],[2019,0.058425574345754995],[2020,0.05750039162765056],[2021,0.06756965518281148],[2022,0.1136496380774688],[2023,0.06678912428230613],[2024,0.052682839618551726],[2025,0.09189216627851021]]; median 0.06260734931403056. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/api/fundamentals/ANE.MC.json#2017-12-31 (filed 2025-05-08); FY2017: growth capex 0; upkeep 380204000; owner earnings 36931000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/ANE.MC.json#2018-12-31 (filed 2025-05-08); FY2018: growth capex 0; upkeep 490600000; owner earnings 29400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/ANE.MC.json#2019-12-31 (filed 2025-05-08); FY2019: growth capex 0; upkeep 451700000; owner earnings 94497000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/ANE.MC.json#2021-12-31 (filed 2025-05-08); FY2021: growth capex 338414000; upkeep 383000000; owner earnings 281583400. Growth capex / owner earnings = 1.2018251075880184.

- Source: https://eodhd.com/api/fundamentals/ANE.MC.json#2022-12-31 (filed 2025-05-08); FY2022: growth capex 671000000; upkeep 454000000; owner earnings 678200000. Growth capex / owner earnings = 0.9893836626363904.

- Source: https://eodhd.com/api/fundamentals/ANE.MC.json#2025-12-31 (filed 2025-05-08); FY2025: growth capex 0; upkeep 979000000; owner earnings 98600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2017,45750000],[2018,35700000],[2019,123900000],[2020,106800000],[2021,261320000],[2022,127000000],[2023,286000000],[2024,188000000],[2025,143000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 91.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ANE.MC SharesStats.PercentInsiders = 91.161 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 20.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.2865663376646438. Price 21.38; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2021-07: EUR 28.79 per share

- 2021-08: EUR 30.28 per share

- 2021-09: EUR 28.33 per share

- 2021-10: EUR 30.23 per share

- 2021-11: EUR 30.47 per share

- 2021-12: EUR 32.58 per share

- 2022-01: EUR 27.09 per share

- 2022-02: EUR 30.12 per share

- 2022-03: EUR 33.50 per share

- 2022-04: EUR 35.38 per share

- 2022-05: EUR 36.38 per share

- 2022-06: EUR 36.78 per share

- 2022-07: EUR 42.74 per share

- 2022-08: EUR 41.44 per share

- 2022-09: EUR 38.36 per share

- 2022-10: EUR 39.76 per share

- 2022-11: EUR 37.86 per share

- 2022-12: EUR 36.14 per share

- 2023-01: EUR 37.52 per share

- 2023-02: EUR 36.62 per share

- 2023-03: EUR 35.76 per share

- 2023-04: EUR 32.56 per share

- 2023-05: EUR 31.12 per share

- 2023-06: EUR 30.62 per share

- 2023-07: EUR 28.62 per share

- 2023-08: EUR 27.44 per share

- 2023-09: EUR 24.40 per share

- 2023-10: EUR 25.58 per share

- 2023-11: EUR 27.24 per share

- 2023-12: EUR 28.08 per share

- 2024-01: EUR 24.10 per share

- 2024-02: EUR 19.10 per share

- 2024-03: EUR 20.18 per share

- 2024-04: EUR 19.06 per share

- 2024-05: EUR 21.40 per share

- 2024-06: EUR 19.23 per share

- 2024-07: EUR 19.45 per share

- 2024-08: EUR 20.92 per share

- 2024-09: EUR 21.12 per share

- 2024-10: EUR 18.96 per share

- 2024-11: EUR 20.28 per share

- 2024-12: EUR 17.80 per share

- 2025-01: EUR 17.97 per share

- 2025-02: EUR 18.11 per share

- 2025-03: EUR 16.95 per share

- 2025-04: EUR 16.44 per share

- 2025-05: EUR 19.26 per share

- 2025-06: EUR 19.60 per share

- 2025-07: EUR 23.58 per share

- 2025-08: EUR 22.98 per share

- 2025-09: EUR 22.04 per share

- 2025-10: EUR 23.86 per share

- 2025-11: EUR 21.08 per share

- 2025-12: EUR 22.40 per share

- 2026-01: EUR 21.38 per share

- 2026-02: EUR 22.10 per share

- 2026-03: EUR 21.08 per share

- 2026-04: EUR 22.36 per share

- 2026-05: EUR 23.12 per share

- 2026-06: EUR 23.14 per share

- 2026-07: EUR 21.70 per share

- 2026-08: EUR 21.48 per share

- 2026-09: EUR 22.08 per share

- 2026-10: EUR 21.78 per share

## Annual estimated value (EUR per share)

- FY2022: low EUR 9.53 per share, central EUR 10.55 per share, high EUR 11.91 per share

- FY2023: low EUR 8.59 per share, central EUR 9.47 per share, high EUR 10.62 per share

- FY2025: low EUR 4.68 per share, central EUR 5.14 per share, high EUR 5.75 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:07.176Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/254900UPX0OEHTKB9Y44/2024-12-31/ESEF/ES/0/254900UPX0OEHTKB9Y44-2024-12-31-ES/reports/254900UPX0OEHTKB9Y44-2024-12-31-es.html); period 2024-12-31, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Corporacion Acciona Energias Renovables

ANE · MC

IBEX 35

Not a wonderful business

3 quality tests fail. A lower price would not fix the business.

Share price: EUR 21.38
Buy up to: EUR 5.54
Expected / yr: 4.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 16.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

8y median: 26.1%
Worst year: 19.6%
Latest · 2025: 33.5%

Capital return excluding acquisitions: median 6.3% (minimum 15%), and the second-worst year 5.3% (minimum 10%).

ROIC excluding acquisitions

8y median: 6.3%
Worst year: 4.5%
Latest · 2025: 9.2%

Each $1 of profit left $-0.30 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: -0.30×
Annual median: 0.15×
Latest · 2025: 0.15×

Per-share value rose from 0.58 to 1.6, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

8y median: EUR 1.10
Worst year: EUR 0.41
Latest · 2025: EUR 2.02

Profits were backed by cash: accruals were 1.8% of assets (limit 10%).

Sloan accruals

8y median: -3.5%
Worst year: 1.8%
Latest · 2025: 1.8%

Profit record · fail 0 loss years in 8 (at most 2), mean operating margin 26.3%, three-year average owner earnings per share -1.8 EUR. Three-year average owner earnings per share is not positive.

2. Is the price low enough?

PriceEstimated rangeBuy price

2021-07 · Price EUR 28.79; 2021-08 · Price EUR 30.28; 2021-09 · Price EUR 28.33; 2021-10 · Price EUR 30.23; 2021-11 · Price EUR 30.47; 2021-12 · Price EUR 32.58; 2022-01 · Price EUR 27.09 · Value 10.55 · Buy at or below 10.55; 2022-02 · Price EUR 30.12 · Value 10.55 · Buy at or below 10.55; 2022-03 · Price EUR 33.50 · Value 10.55 · Buy at or below 10.55; 2022-04 · Price EUR 35.38 · Value 10.55 · Buy at or below 10.55; 2022-05 · Price EUR 36.38 · Value 10.55 · Buy at or below 10.55; 2022-06 · Price EUR 36.78 · Value 10.55 · Buy at or below 10.55; 2022-07 · Price EUR 42.74 · Value 10.55 · Buy at or below 10.55; 2022-08 · Price EUR 41.44 · Value 10.55 · Buy at or below 10.55; 2022-09 · Price EUR 38.36 · Value 10.55 · Buy at or below 10.55; 2022-10 · Price EUR 39.76 · Value 10.55 · Buy at or below 10.55; 2022-11 · Price EUR 37.86 · Value 10.55 · Buy at or below 10.55; 2022-12 · Price EUR 36.14 · Value 10.55 · Buy at or below 10.55; 2023-01 · Price EUR 37.52 · Value 10.55 · Buy at or below 10.55; 2023-02 · Price EUR 36.62 · Value 9.47 · Buy at or below 9.47; 2023-03 · Price EUR 35.76 · Value 9.47 · Buy at or below 9.47; 2023-04 · Price EUR 32.56 · Value 9.47 · Buy at or below 9.47; 2023-05 · Price EUR 31.12 · Value 9.47 · Buy at or below 9.47; 2023-06 · Price EUR 30.62 · Value 9.47 · Buy at or below 9.47; 2023-07 · Price EUR 28.62 · Value 9.47 · Buy at or below 9.47; 2023-08 · Price EUR 27.44 · Value 9.47 · Buy at or below 9.47; 2023-09 · Price EUR 24.40 · Value 9.47 · Buy at or below 9.47; 2023-10 · Price EUR 25.58 · Value 9.47 · Buy at or below 9.47; 2023-11 · Price EUR 27.24 · Value 9.47 · Buy at or below 9.47; 2023-12 · Price EUR 28.08 · Value 9.47 · Buy at or below 9.47; 2024-01 · Price EUR 24.10 · Value 9.47 · Buy at or below 9.47; 2024-02 · Price EUR 19.10; 2024-03 · Price EUR 20.18; 2024-04 · Price EUR 19.06; 2024-05 · Price EUR 21.40; 2024-06 · Price EUR 19.23; 2024-07 · Price EUR 19.45; 2024-08 · Price EUR 20.92; 2024-09 · Price EUR 21.12; 2024-10 · Price EUR 18.96; 2024-11 · Price EUR 20.28; 2024-12 · Price EUR 17.80; 2025-01 · Price EUR 17.97 · Value 5.14 · Buy at or below 5.14; 2025-02 · Price EUR 18.11 · Value 5.14 · Buy at or below 5.14; 2025-03 · Price EUR 16.95 · Value 5.14 · Buy at or below 5.14; 2025-04 · Price EUR 16.44 · Value 5.14 · Buy at or below 5.14; 2025-05 · Price EUR 19.26 · Value 5.14 · Buy at or below 5.14; 2025-06 · Price EUR 19.60 · Value 5.14 · Buy at or below 5.14; 2025-07 · Price EUR 23.58 · Value 5.14 · Buy at or below 5.14; 2025-08 · Price EUR 22.98 · Value 5.14 · Buy at or below 5.14; 2025-09 · Price EUR 22.04 · Value 5.14 · Buy at or below 5.14; 2025-10 · Price EUR 23.86 · Value 5.14 · Buy at or below 5.14; 2025-11 · Price EUR 21.08 · Value 5.14 · Buy at or below 5.14; 2025-12 · Price EUR 22.40 · Value 5.14 · Buy at or below 5.14; 2026-01 · Price EUR 21.38 · Value 5.14 · Buy at or below 5.14; 2026-02 · Price EUR 22.10 · Value 5.54 · Buy at or below 5.54; 2026-03 · Price EUR 21.08 · Value 5.54 · Buy at or below 5.54; 2026-04 · Price EUR 22.36 · Value 5.54 · Buy at or below 5.54; 2026-05 · Price EUR 23.12 · Value 5.54 · Buy at or below 5.54; 2026-06 · Price EUR 23.14 · Value 5.54 · Buy at or below 5.54; 2026-07 · Price EUR 21.70 · Value 5.54 · Buy at or below 5.54; 2026-08 · Price EUR 21.48 · Value 5.54 · Buy at or below 5.54; 2026-09 · Price EUR 22.08 · Value 5.54 · Buy at or below 5.54; 2026-10 · Price EUR 21.78 · Value 5.54 · Buy at or below 5.54; 2026-10 · Price EUR 21.38 · Value 5.54 · Buy at or below 5.54

EUR per share · annual estimates

Price & return math
Value range	EUR 5.02 – EUR 6.24
Buy at or below	Central value EUR 5.54
Discount to value	1 − 21.38 / 5.54 = -285.8%
Return / year	About 4.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 0.35/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 1.23/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 2.9B

Revenue

Owner earningsEUR 99M

Owner earnings

Operating margin33.5%

Operating margin

Net cash / debtEUR -4.2B

Net cash / debt

Diluted shares325M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·