Audax Renovables SA (ES:ADX)
BME:ADX
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Audax Renovables SA
(BME:ADX)
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Rating:48Neutral
Price Target:
€1.50
▲(8.70% Upside)
Action:Reiterated
Date:03/02/26
The score is held down primarily by weakening 2025 financial performance—margin compression, lower earnings, minimal free cash flow, and still-elevated leverage. Technicals provide some support (price above shorter-term averages), while valuation is balanced by a solid dividend yield but an elevated P/E.
Positive Factors
Vertical integration (generation + retail)
Audax's integrated model across renewable generation and retail supply creates durable revenue diversification and natural hedges: owned generation can offset procurement costs for retail contracts and smooth margins over cycles. This structural linkage supports stable gross-profit capture and operational synergies over multiple years.
Negative Factors
Sustained revenue decline
Three consecutive years of revenue decline indicate weakening scale and market traction in core supply or generation segments. Persistent top-line contraction erodes operating leverage, reduces pricing power versus competitors, and makes margin recovery and fixed-cost coverage more challenging over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration (generation + retail)
Audax's integrated model across renewable generation and retail supply creates durable revenue diversification and natural hedges: owned generation can offset procurement costs for retail contracts and smooth margins over cycles. This structural linkage supports stable gross-profit capture and operational synergies over multiple years.
Read all positive factors
Audax Renovables SA (ADX) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€591.27M
Dividend Yield5.2%
Average Volume (3M)333.65K
Price to Earnings (P/E)29.9
Beta (1Y)0.42
Revenue Growth-5.37%
EPS Growth-67.59%
CountryES
Employees685
SectorUtilities
Sector Strength65
IndustryRenewable Utilities
Share Statistics
EPS (TTM)0.05
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)0.09
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 makes money mainly through (1) energy commercialization (retail supply) and (2) renewable electricity generation. In commercialization, the company purchases electricity and natural gas in wholesale/forward markets (and may source...
Audax Renovables SA Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
42
Neutral
Cash Flow
33
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.88B | 1.98B | 2.29B | 2.63B | 1.68B |
| Gross Profit | 100.52M | 229.66M | 229.56M | 136.73M | 114.47M |
| EBITDA | 100.03M | 144.81M | 99.83M | 67.15M | 49.22M |
| Net Income | 19.59M | 60.56M | 29.03M | 3.54M | -1.72M |
Balance Sheet | |||||
| Total Assets | 1.36B | 1.37B | 1.30B | 1.32B | 1.35B |
| Cash, Cash Equivalents and Short-Term Investments | 294.88M | 324.99M | 310.84M | 250.59M | 327.28M |
| Total Debt | 611.12M | 600.11M | 605.62M | 664.07M | 789.53M |
| Total Liabilities | 1.13B | 1.15B | 1.12B | 1.18B | 1.20B |
| Stockholders Equity | 210.50M | 210.51M | 161.22M | 122.43M | 132.40M |
Cash Flow | |||||
| Free Cash Flow | 1.76M | 17.69M | 109.39M | 104.57M | -113.19M |
| Operating Cash Flow | 51.23M | 74.19M | 140.51M | 151.25M | -74.05M |
| Investing Cash Flow | 23.50M | -58.92M | -34.94M | -44.01M | -115.08M |
| Financing Cash Flow | -30.34M | -16.69M | -81.31M | -145.46M | 65.04M |
Audax Renovables SA Technical Analysis
Negative
1.38
Price Trends
1.40
Negative
1.35
Negative
1.35
Negative
Market Momentum
-0.03
Positive
34.77
Neutral
23.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ADX, the sentiment is Negative. The current price of 1.38 is above the 20-day moving average (MA) of 1.36, below the 50-day MA of 1.40, and above the 200-day MA of 1.35, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 34.77 is Neutral, neither overbought nor oversold. The STOCH value of 23.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:ADX.
Audax Renovables SA Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | €3.22B | -99.53 | -3.10% | 13.00% | 15.15% | ― | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
62 Neutral | €2.90B | 49.53 | 19.85% | ― | 60.51% | 57.02% | |
52 Neutral | €7.38B | 12.29 | 10.30% | 2.02% | -4.04% | 83.38% | |
48 Neutral | €591.27M | 29.88 | 17.10% | 5.20% | -5.37% | -67.59% |
* Utilities Sector Average
ES:ADX
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Audax Renovables SA Corporate Events
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...
Audax Renovables Advances Share Buyback, Acquires Over a Third of Planned Shares
Apr 15, 2026
Audax Renovables has reported new transactions under its ongoing share buyback programme, authorised by shareholders in June 2025, purchasing its own shares on the Madrid stock exchange between 7 and 13 April 2026 at average prices around €1...
Audax Renovables Pauses Share Buyback During Blackout, Plans Full Resumption
Apr 15, 2026
Audax Renovables has temporarily suspended its ongoing share buyback programme during the statutory blackout period from 14 April to 14 May 2026, citing prudence and regulatory compliance. The company intends to automatically resume the programme ...
Audax Renovables Advances Share Buyback, Acquiring a Third of Target Shares
Apr 8, 2026
Audax Renovables SA has reported further progress on its previously announced share buyback programme, authorised by shareholders in June 2025, by repurchasing additional shares on the Spanish stock exchange between 30 March and 2 April 2026. The ...
Audax Renovables Enters Telecoms Through MasOrange Alliance to Drive Multi-Service Strategy
Apr 8, 2026
Audax Renovables has signed a strategic alliance with MasOrange, one of Spain’s largest telecom operators by customer base, to market mobile, fibre and landline services in the Spanish market. Leveraging MasOrange’s high-capacity fibre...
Audax Renovables Advances Share Buyback, Nears 30% of Target Volume
Mar 25, 2026
Audax Renovables has reported a new tranche of purchases of its own shares on the Madrid Stock Exchange between 16 and 20 March 2026 under its ongoing share buyback programme authorized by shareholders in June 2025. The company acquired 94,294 sha...
Audax Renovables Advances Share Buyback, Acquires Over a Quarter of Planned Shares
Mar 18, 2026
Audax Renovables has continued to execute its share buyback programme authorised by shareholders in June 2025, purchasing its own shares on the Madrid Stock Exchange between 9 and 13 March 2026. The transactions, carried out through Banco Sabadell...
Audax Rebrands as Global “Energy Manager” to Drive Data-Driven Growth
Mar 11, 2026
Audax, a multinational renewable energy producer and retailer, is repositioning itself as an “energy manager” that uses data, technology and tailored services to help companies and households optimise consumption. With operations in ni...
Audax Rebrands as “Energy Manager” to Support Data-Driven Growth Plan
Mar 11, 2026
Audax, a multinational renewable energy generator and retailer, has refreshed its brand to reflect its evolution from a pure supplier into an “Energy Manager” focused on helping companies and households optimize consumption. The new id...
Audax Renovables Advances Share Buyback, Acquiring Nearly a Quarter of Planned Shares
Mar 10, 2026
Audax Renovables has reported further progress on its share buyback programme, disclosing that it repurchased its own shares on the Spanish stock exchange between 2 and 6 March 2026 at average prices ranging from about €1.22 to €1.30 p...
Audax Renovables Advances Share Buyback, Acquires Over 21% of Planned Shares
Mar 4, 2026
Audax Renovables has provided an update on its ongoing share buyback programme authorized by shareholders in June 2025, detailing purchases of 52,085 own shares on 27 February 2026 on the Madrid Stock Exchange at an average price of €1.3516 ...
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.