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Audax Renovables SA
(BME:ADX)
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Rating:45Neutral
Price Target:
€1.00
▼(-17.36% Downside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by weakening 2025 fundamentals (shrinking revenue, sharp margin and net income decline, and minimal free cash flow) alongside still-high leverage, which raises risk if earnings remain volatile. Technical indicators also point to a bearish trend with weak momentum. A higher dividend yield provides some support, but it is offset by a relatively high P/E given the recent deterioration in performance.
Positive Factors
Renewable-focused retail model
Audax's core retail model centers on contracted supply of electricity (with emphasis on renewable-origin) and gas, creating recurring revenue streams and customer stickiness. Structural policy and corporate demand for renewable supply support durable demand and contract renewal potential over the medium term.
Negative Factors
Three-year revenue decline
A multi-year falling top line erodes scale economics for a retailer and reduces ability to absorb fixed costs. Persistent revenue contraction undermines long-term margin recovery, weakens negotiating position with suppliers, and makes consistent cash generation harder to sustain.
Read all positive and negative factors
Positive Factors
Negative Factors
Renewable-focused retail model
Audax's core retail model centers on contracted supply of electricity (with emphasis on renewable-origin) and gas, creating recurring revenue streams and customer stickiness. Structural policy and corporate demand for renewable supply support durable demand and contract renewal potential over the medium term.
Read all positive factors
Audax Renovables SA (ADX) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€546.84M
Dividend Yield5.55%
Average Volume (3M)333.65K
Price to Earnings (P/E)31.7
Beta (1Y)0.41
Revenue Growth-11.16%
EPS Growth-69.72%
CountryES
Employees800
SectorGeneral
Sector StrengthN/A
IndustryRenewable Utilities
Share Statistics
EPS (TTM)0.04
Shares Outstanding453,430,800
10 Day Avg. Volume380,537
30 Day Avg. Volume333,649
Financial Highlights & Ratios
PEG Ratio-0.48
Price to Book (P/B)2.95
Price to Sales (P/S)0.33
P/FCF Ratio353.38
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.11
Revenue Forecast (FY)€1.78B
Audax Renovables SA Business Overview & Revenue Model
Company Description
Audax Renovables, S.A. operates as a green energy company, focusing on the production and distribution of renewable electricity and gas. Its activities extend across various nations, including Spain, Portugal, Italy, Poland, Germany, the Netherlan...
How the Company Makes Money
Audax Renovables primarily makes money by selling electricity and natural gas to end customers under supply contracts, generating revenue from the invoiced energy volumes (kWh/MWh for electricity and gas volumes) at agreed pricing structures (e.g....
Audax Renovables SA Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
42
Neutral
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.84B | 1.88B | 1.98B | 2.29B | 2.63B | 1.68B |
| Gross Profit | 152.21M | 100.52M | 229.66M | 229.56M | 136.73M | 114.47M |
| EBITDA | 94.60M | 100.03M | 144.81M | 99.83M | 67.15M | 49.22M |
| Net Income | 17.02M | 19.59M | 60.56M | 29.03M | 3.54M | -1.72M |
Balance Sheet | ||||||
| Total Assets | 1.40B | 1.36B | 1.37B | 1.30B | 1.32B | 1.35B |
| Cash, Cash Equivalents and Short-Term Investments | 236.17M | 294.88M | 324.99M | 310.84M | 250.59M | 327.28M |
| Total Debt | 605.48M | 611.12M | 600.11M | 605.62M | 664.07M | 789.53M |
| Total Liabilities | 1.16B | 1.13B | 1.15B | 1.12B | 1.18B | 1.20B |
| Stockholders Equity | 220.81M | 210.50M | 210.51M | 161.22M | 122.43M | 132.40M |
Cash Flow | ||||||
| Free Cash Flow | -55.62M | 1.76M | 17.69M | 109.39M | 104.57M | -113.19M |
| Operating Cash Flow | -18.65M | 51.23M | 74.19M | 140.51M | 151.25M | -74.05M |
| Investing Cash Flow | 38.04M | 23.50M | -58.92M | -34.94M | -44.01M | -115.08M |
| Financing Cash Flow | -19.40M | -30.34M | -16.69M | -81.31M | -145.46M | 65.04M |
Audax Renovables SA Technical Analysis
Neutral
1.21
Price Trends
1.23
Negative
1.30
Negative
1.29
Negative
Market Momentum
>-0.01
Negative
46.89
Neutral
63.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ADX, the sentiment is Neutral. The current price of 1.21 is above the 20-day moving average (MA) of 1.20, below the 50-day MA of 1.23, and below the 200-day MA of 1.29, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 46.89 is Neutral, neither overbought nor oversold. The STOCH value of 63.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ES:ADX.
Audax Renovables SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | €6.87B | 37.35 | 3.02% | 0.14% | -13.82% | -75.64% | |
59 Neutral | €2.77B | 13.76 | 21.10% | 9.77% | 6.96% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | €2.16B | 11.94 | 22.94% | ― | 36.20% | 42.26% | |
45 Neutral | €546.84M | 31.74 | 7.94% | 5.54% | -11.16% | -69.72% |
* General Sector Average
ES:ADX
Audax Renovables SA
1.21
-0.19
-13.67%
ES:ENO
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ES:SLR
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16.32
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31.03%
ES:ANE
Corporacion Acciona Energias Renovables SA
21.14
-2.54
-10.71%
ES:HLZ
Holaluz Clidom SA
0.83
-0.38
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ES:ENER
Grupo Ecoener SAU
3.92
-1.16
-22.83%
Audax Renovables SA Corporate Events
Audax Renovables Drops EthiFinance Rating to Focus on Global Agencies
Aug 6, 2026
Audax Renovables SA, a European renewable energy group, operates in several international markets and relies on relationships with investors and financial institutions to support its growth. The company maintains corporate credit ratings with glob...
Audax Renovables Secures €75 Million Revolving Credit to Bolster Liquidity
Jul 10, 2026
Audax Renovables has secured a new revolving financing agreement of up to 75 million euros with a syndicate of major international and Spanish banks, led by ABN AMRO as agent. The facility will be used for general corporate and working capital nee...
Audax Renovables Plans Spin-Off of Portuguese Energy Marketing Business
Jul 3, 2026
Audax Renovables’ board has approved the preparation of a spin-off project to transfer its Portuguese electricity and natural gas marketing business into a newly created, wholly owned subsidiary called Audax Portugal, S.L.U. The Portuguese b...
Audax Renovables Challenges Rival Deal in Elmera Takeover Battle
Jul 2, 2026
Audax Renovables has reiterated its interest in acquiring all outstanding shares of Norwegian electricity retailer Elmera Group ASA through an all‑cash voluntary offer of NOK 41.20 per share, backed by committed financing and designed with a...
Audax Renovables Advances Regulated Share Buyback Programme
Jul 2, 2026
Audax Renovables SA has provided an update on its authorised share buyback programme, detailing purchases of its own shares on the Madrid stock exchange between 23 June and 30 June 2026 executed through Banco Sabadell at average prices around S...
Audax Renovables launches bid to acquire Nordic energy retailer Elmera Group
Jun 26, 2026
Audax Renovables plans to launch a voluntary cash offer to acquire all outstanding shares of Norwegian energy retailer Elmera Group at NOK 41.20 per share, representing premiums of around 31% to 39% over recent trading levels. The offer is conting...
Audax Renovables Outlines Q1 2026 Results With Caution on Forward-Looking Data
Jun 24, 2026
Audax Renovables SA reported its results for the January to March 2026 period in a presentation explicitly framed as an informational document rather than an offer or solicitation to buy or sell the company’s shares. The company notes that c...
Audax Renovables Approves Share Premium Distribution for 2026
Jun 24, 2026
Audax Renovables, S.A. has approved a shareholder distribution charged to the share premium for the 2026 financial year, amounting to EUR 0.03369408 gross per share with no withholding tax, payable to all outstanding shares entitled to receive it....
Audax Renovables Resumes Share Buyback Program After Blackout Period
Jun 24, 2026
Audax Renovables has announced the resumption of its previously approved share buyback program, which had been voluntarily suspended during a blackout period linked to regulatory restrictions on insider dealing. Following the publication of its fi...
Audax Renovables Wins Noteholder Approval to Loosen Early Redemption Terms on 2028 Green Bonds
Jun 5, 2026
Audax Renovables has secured approval from noteholders of its 5.85% green notes maturing in November 2028 to broaden the issuer’s voluntary early redemption option. The company may now redeem the notes at any time at par plus accrued interes...
Audax Green Bondholders Reject Key Amendments to 2028 Issue
Jun 5, 2026
Audax Renovables SA reported that a general meeting of bondholders for its €12.5 million 5.80% green bonds maturing in July 2028 failed to approve proposed changes to the bonds’ maturity-related terms. Although all bonds represented at...
Audax Renovables Noteholders Approve New Early Redemption Flexibility
Jun 5, 2026
Audax Renovables has secured approval from the General Assembly of noteholders for its 2020 senior unsecured notes, allowing the company to introduce a voluntary early redemption option at par plus accrued interest on its 2027 notes. The decision,...
Audax Renovables to Execute Early Redemption of €34.3 Million Bond Issue
Jun 5, 2026
Audax Renovables, S.A. will proceed with the early redemption of its 2020 Senior Unsecured Bonds Issue number 2 and Issue number 3 (tap), consolidated under ISIN ES0236463008, following resolutions adopted by the bondholders’ syndicate. The ...
Audax Renovables to Fully Redeem €12 Million Green Bond Issue Ahead of Maturity
Jun 5, 2026
Audax Renovables will carry out an early redemption of its 5.85% green bonds maturing in November 2028 after resolutions adopted by the bondholders’ syndicate. The company will redeem the full outstanding nominal amount of €12 million,...
Audax Renovables to Repurchase and Cancel Over €295 Million in MARF Bonds
Jun 4, 2026
Audax Renovables has reported the outcome of its cash repurchase offer for several series of senior unsecured and green bonds listed on Spain’s Alternative Fixed-Income Market. The company will buy back and cancel €242.3 million of its...
Audax Renovables Raises €350 Million to Refinance Green Bonds and Extend Debt Maturities
May 21, 2026
Audax Renovables has priced a €350 million issuance of senior unsecured notes maturing in 2031, carrying a fixed annual coupon of 7.5% and issued at 98.98%, with settlement expected around 22 May 2026 subject to customary conditions. The eur...
Audax Renovables prices €350 million 2031 notes to refinance existing debt
May 21, 2026
Audax Renovables, S.A. has priced a new issue of senior unsecured notes with a nominal amount of 350 million euros, maturing in 2031 and carrying a fixed annual coupon of 7.5 percent, paid semi-annually. The notes, issued at 98.98 percent of face ...
Audax Renovables Calls Hybrid 2026 AGM and Seeks Capital-Raising Mandate
May 8, 2026
Audax Renovables has convened its ordinary general shareholders’ meeting for 11 June 2026 in Badalona, with a second call on 12 June if needed, and will allow both in-person and telematic attendance to facilitate broader shareholder particip...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.