Audax Renovables Maintains its Investment Grade Rating (BBB-)

Source: 5/9/2023, Location: Europe

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

The agency also positively values the company’s ability to deliver favourable 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, formerly Axesor, based mainly on its current consolidated competitive positioning, as well as a shareholder base 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 utilities sector associated with renewable energies, in addition to the high diversification of its client portfolio and its growing geographic diversification. It also highlights the competitive advantages of the recent agreement signed with Shell Energy Europe, which should contribute to improving its leverage ratios.

On the financial front, EthiFinance Ratings considers that, in a year marked by highly volatile energy prices and a complex macroeconomic environment, the improvement in working capital management, which has enabled the company to increase its operating cash flow to €151.2 M, is noteworthy. The agency positively assesses Audax’s ability to present a favorable profitability according to the current market circumstances.

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

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

In turn, the favorable valuation 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.

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