an indicative price range for the planned spinoff of its wind and solar unit. At the mid-point and including debt, the business is valued at 12.4 billion euros. That’s some 2 billion euros short of what deal advisors, including Citi, Morgan Stanley, JPMorgan and Goldman Sachs, had mooted .
in green energy stocks since January forms part of the reason for the discount, as does the Entrecanales family’s continued control. Assuming 2020 EBITDA of 859 million euros grows at 13% this year, Acciona Energía, as the spawn is known, would be valued at around 13 times forward EBITDA, below peers EDP Renováveis
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