Audax is the red lantern of the growing renewable sector on the Spanish stock exchange. And, in addition, one of their ‘scad’ more in a row. Despite the setback of the 17% who hoard their actions and the recent decision of leave without a date its premiere in the dividendanalysts point to it as a strong candidate for an ‘plunked’ in the short term.
The complex technical analysis which are the values more volatile from the floor has done that right when Audax Renewables has confirmed the delay in its long-awaited ipo in the payment of dividends, your graph is pointing upward with more strength that in all that is of this turbulent 2020.
It was confirmed to Invested several analysts consulted by the implications of this delay could have for the value. “We see Audax with better prospects than at the beginning of the year,”indicates Joaquin Robles, an analyst at XTB. Although he recognizes that “nothing would be the favorite in the renewable sector”, yes granted a vote in favor of face in the short term.
The improvement in their quarterly results, as well as their recent expansion into new markets, become their great credentials to overcome the drought of the dividend and aim with determination “toward a first goal in the 1.9 euros to go from there up to pre-crisis levels health”. Yes, explains that “even away from 2,54 euros, which were its highs of the beginning of the year”.
In this sense, it seems that the market would have already discounted that the dividend does not come with the promised agility above. From 2018 it came to ensuring that the safe would be opened to the shareholders “in the shortest term possible”, but in June it was left in wet paper the plan for deal already this year, 62% of the benefits obtained in 2019: 10 million euros.
The energy company introduced this in reverse a few months ago as “an act of financial prudence” faced with the uncertainties created by the crisis of the coronavirus. However, what is certain is that now that even the banking works in to recover the payment to the shareholder, Audax seems to not be in such a hurry.
In the report of his accounts half-yearly, the one quoted explains that “aims to have the distribution of dividends, provided they meet the factors of cash flow generation and availability of distributable reserves to allow it.” Yes, the address because they don’t get the finger and warns that “due to these constraints, you can not insure the amount or the year in which they are to be distributed”.
This lack of definition may have been one of the factors that has led Audax to have “a behavior technician very tontorrón”as defined by the analyst Roberto Moro. Yes, warns that “just touching the base of its uptrend channel and could go to search for 2 euros”. All a claim to investors that, in the absence of dividends, to seek scratching something in return the market with short-term operations.
The operative is already complicated in and of itself for those who want to hunt this possible ‘pitch’, but it becomes more if you take into account that Moro warns that “the area of 1,97 € it’s a tremendous resistance that for several times it has not been able to overcome, the last one just a couple of weeks.” Their advice is to closely monitor this dimension with a view to short-term, because “the medium is not known with clarity whether you are coming or going,” explains the analyst.
The sales of the president
Meanwhile, an added factor of pressure on the graph of the lagging renewable are the cash placement that its president, José Elias Navarro, takes place through Electric Nurielthe society with which he controls a 86.4% of the shares of the company. With the aim of providing more liquidity and capital in free circulation to Audax, its continuous sales act as a brake on recurring to your graph.
And that is that there are all a gap between the 120% that appreciates in value Solaria in this 2020 of the coronavirus and the 17% who, as has already been mentioned, loses Audax in the same period. Even with these, Eduardo Bolinches, analyst, Invertia, points out that “relatively it is not doing anything wrong” and fixed in the assault on a moving average of long-term marking 1.92 years euros per share, the key to its rebound.
Monitor the graph
Once the “intimidating” resistance of 2 euros per title, Bolinches explains that there will be “a figure of rotation shoulder-head-shoulder inverted that would, by extension, towards the area of 2.5 euros”, coinciding with their annual maxima marked in January. “Is brewing an interesting figure, but many things have to happen yet,” prevents more released.
In his opinion, would not have to lose sight of never 1,67 euros per share to not fail in this ‘plunked’ in the short term. To Moro, “the danger would come with the loss of 1,61 euros”, while Oaks warns that once lost 1.7 euros, it would open the door to 1.55 euros have slowed his descent “on a couple of occasions” for, after, slip down to the 1.35 euros.
The analyst XTB considers that an eventual disappointment of the market would not come as much for its finances, as Audax has closed in recent months two placements of green bonds, with demand much higher than the amount of the award.
Robles perceived the risk in the event that your business does not grow as much as it is discounting for the sector as a whole, thanks to the impulse which provide in this field the programs of economic reconstruction that are designed in the European Union.
Of time, your bet by the internationalisation it puts it in a more advantageous position in this regard. However, the struggle of the great energy in equipping themselves with a profile becoming more ‘green’ could threaten the fees that are beginning to discount while you play to keep waiting to a distribution of dividends that each time gets tighter among listed companies of the Spanish stock exchange.