SA News • Mon, Nov. 17
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Abengoa Yield PLC IPO Quiet Period End Switches On A Great New Buying Opportunity
- The SEC-enforced 25-day quiet period on underwriter research reports on ABY will come to an end on July 7, allowing the IPO underwriters to release analyses July 8.
- ABY was formed by Spanish multinational S.A. Abengoa to manage and acquire revenue-generating assets related to Abengoa's renewable energy and conventional power assets located in the Americas and Spain.
- ABY has had a strong market performance since its IPO launch; the many solid IPO underwriters could boost the share price with positive detailed research reports.
- Will own, manage and acquire renewable energy, conventional power and electric transmission lines and other contracted revenue-generating assets.
- Initially focused on North America (the United States and Mexico) and South America (Peru, Chile, Uruguay and Brazil), as well as Europe (Spain).
- Initial yield at the price range mid-point of $26 is 4% projected for the 12 months ended June 2015, and expected to grow to 6.5% for the next 12 months.
- ABY is a dividend growth-oriented firm, formed to own, acquire, and manage contracted revenue-generating assets for Abengoa S.A.
- ABY plans to raise $600.6 million in its upcoming IPO, at an expected price range of $25-$27 per share.
- We are positive on this IPO; pricing at the midpoint of the expected range will provide a solid 4.0% annual yield.
There are no Transcripts on ABY.
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.
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).
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