Audax Renovables reactivates the promissory note market and reinforces its liquidity by placing 17.6 million euros
Has placed the 88% of the total issue of 20 million euros and confirms the confidence of investors in the company
Audax Renovables (ADX.MC), the energy group that integrates the marketing and generation of 100% renewable electricity businesses, has managed to place the 88% of the issue of 20 million euros in promissory notes launched this May and registered in the MARF . In total, 17.6 million euros have been placed for a period of 6 months, of which the ICO (Official Credit Institute) has subscribed 5 million and the rest has corresponded to private investors.
Although the exceptional circumstances derived from COVID-19 practically caused the closure of the promissory note market for a month and a half, the solvency of Audax Renovables and the ICO initiative to support MARF issues have managed to regain the confidence of investors and revitalize the activity.
This Audax Renovables operation has sparked great interest among institutional investors who have regularly purchased the company's promissory notes for four years, the date of registration of its first program. Thanks to the good performance of the company and its high solvency, Audax Renovables has been expanding its promissory note program up to a maximum amount of 200 million, of which it has an outstanding balance of 83.2 million euros. Last week it presented excellent results at the close of the 1st quarter of 2020 that represent a shield for its balance sheet. Audax Renovables closed the first quarter of 2020 with an increase in gross margin of 3.2% and anticipated the possible effects derived from COVID-19 by developing a contingency plan aimed at mitigating the possible impact with the aim of maintaining its solid position financial, as well as its liquidity and credit profile. To this we must add a debt reduction of 13 million euros in the first quarter of the year.
The valuation agency GVC places the target price of the Audax Renovables share at €2.90, which represents a potential revaluation of the 60% with respect to the current price of the title. The main financial and business magnitudes, the growth of 19% in the number of clients compared to the same period in 2019, reaching 365,000 active supply points, internalization and geographical diversification being present in the marketing and/or generation businesses in Spain , Portugal, France, Italy, Germany, Holland, Poland and Panama, make Audax Renovables a reference value for investors. To this we must add that last March Audax Renovables was incorporated into the IBEX SMALL CAP® index.
Audax Renovables is confident that this issuance of promissory notes will contribute to strengthening the company's liquidity and boosting its leadership as the first independent marketer in the SME segment in Spain, as well as continuing to replicate the success obtained in Spain in the international markets in which it operates: Portugal , Italy, Germany, Holland, France, Poland and Panama. Likewise, Audax Renovables continues to focus on the construction of its 100% renewable energy generation plants.
Additionally, last April, the Spanish rating agency Axesor ratified the company's rating under the Investment Grade rating (BBB-) with a stable outlook, demonstrating the company's solid financial position even in times of current uncertainty. This allows the company to place promissory notes at very competitive prices; even in the current market situation, prices have only changed by 20 basis points.
About Audax Renewables
Audax Renovables is the result of the merger between Audax Renovables itself and its parent company, Audax Energía, giving rise to an energy group whose activities focus on the supply of electricity and gas, as well as the production of renewable 100% energy.
It is currently listed on the Spanish Continuous Market under the name (ticker) ADX.MC, having been incorporated into the IBEX SMALL CAP® index on March 23, 2020.
We are the leading energy Group in the SME segment in Spain, guaranteeing an efficient supply of marketed energy through a process of vertical integration with the renewable generation segment, with a solid financial position, and prepared to lead the energy transition in the European market.
The Group operates in two differentiated business activities: marketing and generation. In its electricity and gas marketing division, it is present in Spain, Portugal, Italy, Germany, Poland and Holland, with more than 365 thousand clients.
On the other hand, the generation division manages a total operating portfolio of 91 MW in Spain, France and Poland in wind farms. In addition, it has a portfolio under development of 320 MW of photovoltaics in Spain, as well as a 66 MW wind project under construction in Panama.
