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Acciona, S.A (ANA) Fair Value & Analysis

Industrials · ES · Market cap €13.5B

AS Acciona, S.A ANA · MC
Price€213.00
Fair Value€265.19
Upside+24.5%
Quality50/100
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Mixed Growth
Thin margins · 3.7% net margin
High debt · generates free cash flow
2.26% dividend yield
Mixed vs. peers (6/15)
Narrow moat 42/100
Evidence: Medium Range €145.09 – €421.49 Share as image

Fair value as of: Jul 16, 2026

From 26 valuation models · updated 22 days ago

Share price −15.6% over the past month.

A solid business, screening 25% undervalued on our models.

What matters now

  • The model range is unusually wide (€145.09 to €421.49). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

€279.43 €92.54 Fair Value €265.19 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range €92.54 – €279.43 · fair‑value band €145.09 – €421.49 · the €213.00 price screens below the €265.19 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Acciona, S.A (ANA) currently trades at €213.00, while our model-based Fair Value estimate is €265.19, implying the stock looks roughly 24.5% undervalued today. We read business quality at 50/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Acciona, S.A generated revenue of €21.5B at a net margin of 3.7%. Revenue declined 1.7% year over year. It earns a return on equity of 17.8%. Net debt stands at €8.2B. Fundamentals as of Jul 16, 2026

Our scenario range runs from €145.09 (bear case) to €421.49 (bull case); at €213.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic. The share trades about 20% below its 52-week high and 55% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 25%, ANA screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF €12.82 €121.23 €298.87 80
Residual Income €97.19 €125.91 €388.00 76
Rev-Margin DCF €198.32 €483.76 €1,077 74
All 26 models by family
DCF Models
FCF DCF €19.78 €86.90 €300.63 38
Owner Earnings €3.02 €121.02 31
5Y Revenue Exit €167.69 €411.47 €925.86 39
5Y EBITDA Exit €318.86 €717.17 €1,501 41
5Y P/E Exit €101.68 €375.45 €753.39 38
10Y Revenue Exit €116.83 €488.84 €761.78 36
10Y EBITDA Exit €240.21 €814.38 €1,867 37
10Y P/E Exit €81.74 €346.70 €793.48 35
Earnings-Based
Graham-Dodd €100.18 €698.65 €980.45 54
Lynch FV €360.95 €515.64 €670.33 50
PEG = 1.0 €360.95 €515.64 €670.33 46
EPV €158.03 €200.57 €237.80 59
Dividend Discount
Gordon GGM €58.96 €122.59 €194.48 70
DDM Multi-Stage €58.96 €103.37 €128.66 61
Multiples
P/E Multiple €220.99 €294.65 €368.31 63
P/S Multiple €187.84 €250.45 €313.07 58
P/B Multiple €187.84 €250.45 €313.07 55
EV/EBIT €329.75 €472.08 €614.42 53
EV/EBITDA €411.31 €580.83 €750.35 54
EV/Revenue €190.58 €313.93 €437.29 43
Asset-Based
NCAV (Graham) €43.17 €57.85 €86.34 50
Growth DCF
Growth DCF €12.82 €121.23 €298.87 80
Rev-Margin DCF €198.32 €483.76 €1,077 74
Economic Profit
Residual Income €97.19 €125.91 €388.00 76
ROIC Compounder €237.34 €385.63 €510.44 72
Growth Earnings
Growth-Adj P/E €465.11 €664.44 €863.77 68

Widest divergence: Growth Earnings (€664.44) versus Asset-Based (€57.85). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €21.5B
Revenue growth (YoY) -1.7%
Net margin 3.7%
Return on equity 17.8%
Free cash flow €379M FY2025
P/E ratio 16.8
More key figures
Operating margin 1.8%
EPS (TTM) €14.73
Dividend yield 2.3%
EPS growth (YoY) -9.5%
Net debt €8.2B FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 44 · Market factors (momentum, volatility) 59

Profitability 42
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 42
Earnings quality: real cash, not paper profit
Fin. Strength 17
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 62
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 55
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Acciona, S.A., together with its subsidiaries, provides energy and infrastructure solutions in Spain and internationally.

Full company description

Acciona, S.A., together with its subsidiaries, provides energy and infrastructure solutions in Spain and internationally. It develops, constructs, operates, and maintains wind, solar photovoltaic, hydropower, thermal solar, and biomass plants, as well as offers energy storage, renewable energy supply, energy efficiency, self-consumption, green hydrogen, and electric mobility solutions; and designs, develops, manufactures, and distributes wind turbines. The company also engages in the construction and development of civil engineering infrastructure projects, including roads, highways and motorways, bridges, tunnels, railways and railway services, and metros and trams, as well as ports and water channels, airports and airport services, freight forwarding, data center, and substation and transmission lines; water solutions, such as waste water treatment and reuse, desalination, drinking water, integral water cycle, and water for agriculture; and social services for healthcare, university campuses, and ecosystem restoration. In addition, it is involved in the provision of sustainable cities solutions comprising efficient building, circular economy, urban ecosystems, museums and universal exhibitions, immersive experiences, and event design and management; development of housing projects, hotels and holiday resorts, fit outs, offices, and industrial properties; and fund management and stock brokerage. The company was incorporated in 1916 and is headquartered in Madrid, Spain.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Acciona, S.A reported revenue of €20.2B in FY2025 versus €8.1B in FY2021, a compound +25.7%/yr. Reported net income was €803M in FY2025, compounding +24.7%/yr from FY2021.

Growth Quality 81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€20.2B
Latest YoY
+5.5%
Avg. growth/yr (3Y)
+21.8%
Avg. growth/yr (5Y)
+25.6%
Avg. growth/yr (26Y)
+16.0%
Revenue +25.7%/yr
FY21 €8.1B
FY22 €11.2B
FY23 €17.0B
FY24 €19.2B
FY25 €20.2B
Net income +24.7%/yr
FY21 €332M
FY22 €615M
FY23 €541M
FY24 €422M
FY25 €803M

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Cite: Fair Value Calculator (2026). "Acciona, S.A Fair Value". https://www.fairvalue-calculator.com/stock/ANA

Peer Group

Engineering & Construction · 832 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 50 · Above median
Fair Value upside +25% · Above median
Return on equity (TTM) 18% · Top 25%
Return on assets 2% · Below median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 2% · Below median
Revenue growth -2% · Below median
Dividend yield (TTM) 2.3% · Above median
Debt / equity 2.27× · Higher than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 16.8× · Cheaper than median
P/B 3.31× · Pricier than 75% of peers
P/S (TTM) 0.73× · Pricier than median
P/FCF 41.1× · Pricier than 75% of peers
EV/EBITDA 11.0× · Pricier than median
PEG 1.32× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 66 · sector 17
FUTURE 0 · sector 17
PAST 71 · sector 26
HEALTH 0 · sector 94
DIVIDEND 45 · sector 33

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
ENKAI ENKAI 86.35 TRY 6.56 TRY -92%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%

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Frequently asked questions

Is Acciona, S.A (ANA) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of €265.19 versus a price of €213.00, about +25% (undervalued).
What is the fair value of ANA?
Our model-based fair value for Acciona, S.A is €265.19 (as of Jul 16, 2026), built from audited fundamentals. The current price is €213.00.
What is the quality score of ANA?
Acciona, S.A has a Quality Score of 50/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Acciona, S.A (ANA)?
Acciona, S.A reported trailing-twelve-month revenue of about €21.5B (latest available figure, as of Jul 16, 2026).
What is the net profit margin of ANA?
The net profit margin of Acciona, S.A is about 3.7%, meaning it keeps roughly 3.7% of revenue as net income. Based on the latest reported figures.
Does Acciona, S.A pay a dividend?
Acciona, S.A currently shows a dividend yield of about 2.25% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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