Abengoa Yield PLC: Diversified Global YieldCo With Attractive Dividend And Upside Potential
Spy Hill Research • 12 Comments
Spy Hill Research • 12 Comments
Mon, Aug. 29, 10:24 AM
Fri, Aug. 5, 8:24 AM
Fri, May 13, 12:44 PM
- Atlantica Yield (ABY +3.2%) says it will not pay a Q4 2015 dividend and is postponing a decision on the Q1 2016 dividend until it obtains greater clarity on cross-default and change of control issues.
- ABY says cash available for distribution was $18.7M vs. $38.5M a year ago, and its Q1 net loss widened to $26M despite a 74% Y/Y increase in revenues to $206.4M.
- ABY says it is making good progress in achieving autonomy from Abengoa (NASDAQ:ABGB); with the separation of its back-office in an advanced stage and the split in IT systems expected to be completed by year-end.
Fri, May 13, 9:27 AM
Tue, Mar. 1, 7:41 AM
- Abengoa Yield (NASDAQ:ABY): Q4 EPS of -$2.34
- Revenue of $215M (+130.2% Y/Y)
Wed, Feb. 24, 4:37 PM
- A U.S. unit of Spanish renewable energy company Abengoa (ABGB, ABY) files for chapter 11 bankruptcy protection, a week after the parent company said it needed €826M ($908M) of cash to make it through 2016 and another €304M next year.
- The voluntary filing by Abengoa Bioenergy US Holding, a Missouri-based operator of ethanol plants, comes shortly after corn suppliers owed money filed involuntary chapter 7 liquidation petitions against two affiliated Abengoa units in Kansas and Nebraska bankruptcy courts.
- The Spanish company faces a March 28 deadline to reach a restructuring plan with its banks and bondholders.
Mon, Jan. 25, 5:58 PM
- Abengoa (ABGB, ABY) says its board agrees to move forward with a debt restructuring and asset sales, as it seeks to avoid becoming Spain's biggest bankruptcy.
- ABGB says a feasibility plan presented to its board involves the sale of non-core assets, including its first generation biofuel business, as it focuses on its engineering and construction units.
- The company aims to reduce its corporate debt to ~3B from 9B under the plan, Reuters reports, implying that creditors would have to accept a loss of ~70% on their investment and swap debt for shares.
Thu, Jan. 14, 12:08 PM
- Abengoa (ABGB -6.5%) bonds were valued at less than $0.05 on the euro in an auction to settle credit default swaps, signaling that investors have little confidence in the company’s future, Bloomberg reports.
- "The level indicates that the market doesn’t expect Abengoa to survive," and investors are "forecasting a full writeoff on the bonds," Spread Research credit analyst tells Bloomberg.
- Abengoa, which has €8.9B ($9.7B) of gross borrowings, is trying to negotiate a debt restructuring after filing for preliminary creditor protection in November.
- ABY -0.8%.
Mon, Jan. 11, 5:36 PM
- Abengoa Yield (NASDAQ:ABY) earlier named Francisco Martinez-Davis as its new CFO, replacing Eduard Soler, who resigned in September.
- Martinez-Davis most recently was CFO for the company responsible for the management and operation of Madrid's metropolitan rail service, and had been deputy general manager in finance and treasury at Spanish telecom company Telefonica Moviles.
- The news comes four days after the company said it had changed its corporate name to Atlantica Yield.
Dec. 23, 2015, 8:41 AM
- Abengoa (ABGB, ABY) creditors reach a final agreement to provide the company with a €106M ($116M) credit line to help it pay workers’ salaries and suppliers, with a final agreement expected to be signed this week.
- The loan would be backed by shares in Abengoa Yield, the power plant operator created by Spain-based Abengoa that trades in the U.S.
- Abengoa has until the end of March to reach an agreement with creditors under Spanish bankruptcy law.
Dec. 18, 2015, 2:45 PM
- Abengoa (ABGB, ABY) creditors reach a preliminary agreement to provide the distressed company a €113M ($122M) credit line to pay wages and suppliers through the end of the year, with a final deal expected to be signed early next week, Bloomberg reports.
- The deal gives Abengoa more time to negotiate with lenders as it works on a restructuring plan, but analysts say insolvency remains a possibility in 2016 as obtaining further funding may prove challenging.
Dec. 15, 2015, 2:36 PM
- Creditor banks are ready to extend a €210M ($229M) lifeline to Abengoa (ABGB +9.2%) over the next six weeks in exchange for a new restructuring plan, Reuters reports.
- Although lenders are still pushing for ABGB to obtain alternative funding by its own means, they are also discussing the possibility that the Spanish government and international investment funds could participate in the €110M credit line, according to the report.
- ABY +8.9%.
Dec. 10, 2015, 4:58 PM
- Abengoa (NASDAQ:ABGB) and creditor banks agree to put on hold an option of selling shares in its Abengoa Yield (NASDAQ:ABY) business as a means of raising money, Reuters reports.
- Abengoa, trying to avoid becoming Spain's biggest-ever bankruptcy, is negotiating a multi-million-euro lifeline with creditor banks which have asked the company to guarantee it with assets.
- Banks had been pressing ABGB, which owns biofuel and solar-heated power plants in the U.S., to sell assets immediately, including a 47% stake in ABY, but all sides reportedly agreed today to put the idea on hold.
Dec. 7, 2015, 10:57 AM
- Arizona's largest solar power plant - the Solana generating station near Gila Bend - will remain in operation despite its parent company's financial meltdown, according to a U.S. Department of Energy official.
- Abengoa (ABGB -11.1%), the Spanish company that owns Solana, is on the verge of liquidating assets in preparation for possible bankruptcy, but the DoE says the U.S. is protected if ABGB goes into bankruptcy; Solana, which earns revenue by selling power to Arizona Public Service Co., was built with a $1.5B loan guarantee from the U.S. government to Abengoa Yield (ABY -2.9%) and Liberty, a company separate from the parent company; ABGB, however, is the largest investor in ABY.
- ABGB also is the parent owner of Mohave solar plant in California, which also should not be affected either, the DoE says.
- Separately, Bloomberg reports that ABGB will meet with its main creditor banks this week as it seeks to line up the funds it may need to avoid insolvency.
Nov. 30, 2015, 11:28 AM
- Abengoa Yield (ABY -2.3%) is downgraded to Hold from Buy with a $16 price target, lowered from $29.50, at Canaccord, which believes shares will remain volatile in the near term and keeps its conservative EBITDA and EPS estimates until management updates FY 2016 guidance.
- While Canaccord finds the return of ex-ABY CEO Santiago Seage a benefit for parent Abengoa (ABGB +6.9%) - ABY shares are ABGB's most valuable liquid asset as reorganization negotiations start - but for ABY shareholders, the move adds additional uncertainty surrounding the individuation process that has been at the core of the firm's bull thesis.
Nov. 27, 2015, 12:47 PM
- Abengoa Yield (ABY -3%) is working with JPMorgan Chase as it seeks a buyer for its parent company Abengoa’s (ABGB -19.7%) 47% stake, Bloomberg reports.
- ABY hopes to find a long-term investor to guarantee its sustainability as an independent business after the parent company filed for preliminary protection from creditors, according to the report.
- ABY operates solar and wind farms, desalination plants, transmission lines and conventional power plants in eight countries on four continents, which will provide steady revenue streams for years to come and should make ABGB’s stake attractive to buyers.