Audax Renovables maintains its Investment Grade (BBB-) rating

EthiFinance Ratings, formerly Axesor Ratings, values the company's business profile positively, based on a favorable situation in the sector of utilities associated with renewable energies, a growing geographical and client diversification, as well as the consolidated competitive advantages derived from its recent agreement of Market Access with Shell Energy. 

The agency also values positively the company's ability to present favorable profitability in a complex environment and the commitment and involvement of its majority shareholder. 

Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates and supplies 100% renewable electricity and gas with a presence in 9 countries, maintains its Investment Grade (BBB-) rating by EthiFinance Ratings, the former Axesor, mainly based on its current consolidated competitive position, as well as a shareholder committed to the growth and diversification of the business. 

The rating agency values positively that Audax's business profile benefits from a favorable situation in the sector of utilities associated with renewable energies, to which is added the high diversification of the client portfolio and the growing geographical diversification. It also highlights the competitive advantages of the recent agreement signed with Shell Energy Europe, which should contribute to improving their leverage ratios.

In the financial field, EthiFinance Ratings considers that, in a year marked by the high volatility of energy prices and a complex macroeconomic environment, the improvement in working capital management is noteworthy, which has allowed the company to increase cash flow of operating cash up to €151.2 M. The agency positively assesses Audax's ability to present favorable profitability under current market circumstances.  

The group presents some liquid financial instruments that give it a very favorable position of global liquidity with which to meet its financial requirements. In this sense, according to the rating agency, Audax presents favorable liquidity when comparing its sources of available funds with the expected use of funds, as well as an appropriate refinancing profile.

EthiFinance values in its rating the support and involvement of the majority shareholder of Audax, the position of 7.5% of one of the leading family offices in the Spanish market (Grupo Mayoral) and a management team with proven experience in creating value from the company.

For its part, the favorable assessment of the project portfolio and positive prospects for profit generation are seen by the rating agency as the main levers with which to increase solvency levels.

About Audax Renewables

Founded in the year 2000, Audax Renovables is a vertically integrated Spanish energy group that generates 100 % energy from renewable sources and supplies electricity and gas to customers in 7 European countries.

Currently, it has a portfolio of wind and photovoltaic farms in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and in different stages of development that exceeds 1GW. In its marketing activity, the group chaired by José Elías Navarro supplies renewable energy and gas to approximately 380,000 customers in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary, and leads the SME segment in Iberia. Audax began trading on the Spanish secondary market in 2003, and in 2007 made the leap to the continuous market. It is currently part of the IBEX SMALL CAP ® index. Its market capitalization reaches 500 million euros, and it has a team of 800 professionals.

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