With the chimes of the New Year come the balance sheets, purposes and objectives, also for investors, who see in each step of the course a new opportunity to improve their past returns and, for this, it is not only necessary to take into account the assets that are already investable but also the new possible listed ones and, also those that can stop running.
This year, which is about to turn its last page, has left several IPOs in Spain, such as that of , and Ecoener, and many other frustrated operations for different reasons. Some of the latter may be the next cars to race. An example is that of . Everything indicates that it will ring the bell in the first part of 2022, and it will do so with a range in its wide valuation, which reaches up to 2,100 million euros, but which would start at close to 1,200. It has 58,163 million in assets -practically half that of Unicaja and a quarter of Sabadell, its two direct comparables- and a profit that closed the third quarter at 146 million. The entity must comply before the end of 2022 with the mandate from Brussels so that the Foundation, which today controls 88%, reduces its power below 50%.
Repsol, Eni and Enel will bring their renewable businesses to the market, following in the footsteps of Acciona
Looking ahead to this exercise, it also seems quite likely that Windar will go public, with a valuation close to 800 million, after having canceled it in the fall due to market volatility. Of those that little is known are the energy firms that last year crowded to go public and, after the collapse of their valuations, little is known about them. he feigned with his IPO/OPS, but no one has spoken about it again; it seems to have resumed its plans and Factorenergia would have postponed them. Little is known about Glovo, but it does not seem likely to see an IPO in the short term, nor about Glovo, which chose to wait for a better moment to place 25% of its capital, valued at around 1,300-1,600 million euros. Others, such as Restaurant Brands Iberia and Food Service Project, threw themselves into the arms of private capital.
In addition to those that were on the verge of taking place this year, there are other international operations that have already been announced and that will clearly take place in 2022. One of them will be the Johnson & Johnson consumer products subsidiary, which will leave to the matrix focused on its core, which is the traditional pharmaceutical business. Another case is that of General Electric, which has already explained a future division into three companies: aviation, health and renewable energy. ATT, in its case, has decided to spin off WarnerMedia (HBO) and merge it with Discovery.
Perhaps one of the sectors in which more corporate activity can be seen in this regard is that of electricity companies. More specifically, in renewable energy generation, the green hurricane vortex has already broken out. Eni wants to take advantage of this increase in investor appetite, which has already announced its intention to take its clean energy and mobility business public, under the Plenitude brand, and place 30% of its capital on the stock exchanges. The Italian Enel has also suggested a movement in this same direction, by placing its Enel X brand (advanced energy services and electric mobility business) as a very clear option to go public in the coming months. Also in Spain this strategy is the order of the day. The most recognized case is that of Repsol, which has been delaying a sale and IPO of its renewables subsidiary for nearly a year. At the beginning of December, however, they reaffirmed their intentions to spin off and sell 25% of this business to interested investors, which could reach a valuation of 4,000 million euros. Lastly, and perhaps the most doubtful IPO, would be Iberdrola, which took a year in October to decide whether to sell and list its offshore wind power generation business, with the aim of financing growth in this sector without incurring greater debts.
Solarpack and Zardoya Otis will leave the stock market and perhaps Siemens Gamesa if there is a takeover bid for the parent company
Already in the foggiest terrain, that of rumours, in recent months other possible operations have been mentioned that would add more options for investors. Among them would be a possible return to the Abertis trading floor after ceasing to be listed in 2018, although for this, by contract, we will have to wait until 2023. Similar is the story of MásMóvil, which was acquired by the KKR, Cinven and Providence funds and which , subsequently, took over Euskaltel. This new group could be one of the clearest options for going public when private capital decides to disinvest in the fourth Spanish operator, unless the consolidation of the sector in Spain goes further, as has also been speculated in recent months. Lastly, we could see one of the first listed electric and hydrogen bus companies if, as has been considered in recent weeks, CAF takes its Polish subsidiary Solaris public, although it is true that it does not have to be in the Spanish parquet, despite the fact that the parent company is Basque. On the contrary, there are firms that will soon stop trading, as has happened with Solarpack and, in a few weeks, predictably, with Zardoya Otis. Siemens Gamesa could join these at a given moment, if the possible takeover bid for its parent company finally takes place.
Facebook Comments
Disqus