SA News • Mon, Nov. 17
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Abengoa: Eco-Friendly Can Help Your Bottom Line Again
- With over 70 years experience in Europe Abengoa only listed on the NASDAQ in October.
- Continued global diversification in both locations and product offerings since 2003; a fact which was overlooked during the financial collapse.
- After a 100% gain since November is there anything left?
Mon, Nov. 17, 10:49 AM
- Abengoa (ABGB +26.2%) rebounds from record lows after the Spanish renewable energy company sought to reassure investors about the degree of security offered on some of its debt.
- ABGB says its consolidated financial statements reflect all its outstanding debt, and that the green bonds are guaranteed by the company and have the same security as other recourse debt even if they’re classified as non-recourse.
- ABGB plunged last week after saying it accounted its $630M of high-yield green bonds as non-recourse debt, which typically does not allow creditors to seek claims directly from the company in case of default.
Fri, Nov. 14, 10:28 PM| 5 Comments
Fri, Nov. 14, 5:38 PM
Fri, Nov. 14, 3:47 PM
- Abengoa (ABGB -40%) shares plunge to all-time lows following comments made on the Spanish renewable energy company's Q3 results that triggered renewed concerns about its debt.
- On Wednesday, the company said that debt raised by its new Abengoa Greenfield subsidiary created to finance the early stages of projects would not be included in the corporate debt figures, after ABGB had guaranteed it.
- The stock has shed more than two-thirds of its value over two days, wiping out ~€1.6B ($2B) in market cap.
Fri, Nov. 14, 10:26 AM
Mon, Sep. 22, 3:59 PM
- Spanish energy company Abengoa (ABGB +1.9%) says it sold its first power plants to Abengoa Yield (ABY -3.8%), the company it spun off in June, for $323M.
- The sale includes two solar facilities in Spain with a total 131MW and a 50 MW wind farm in Uruguay.
- ABY expects to own 710 MW of renewable and 300 MW of conventional generation, as well as 1K-plus miles of power transmission lines, it said in its June filing.
Tue, Jul. 8, 12:49 PM
- Abengoa Yield (ABY) receives an Outperform rating from Canaccord, which initiates coverage of the energy and utility company with a price target of $49/share.
- ABY offers a differentiated growth platform, optimization of cash dividends (target payout is 90%), and benefits from its relationship with Abengoa - a key differentiator vs. other yieldcos, the firm says.
- Canaccord also raises its price target for Buy-rated Abengoa (ABGB) to $44 from $28, viewing the goal of positive free cash flow in 2014 as very achievable, while a debt re-rating also looms as a potential catalyst enabling accretive refinancing (Briefing.com).
ABGB vs. ETF Alternatives
Abengoa SA is engineering & clean Technology Company, engaged in applying e solutions for development in the infrastructure, environment & energy sectors. It operates in Engineering & construction, Concession-type infrastructures & Industrial production.
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