Atlantica Yield plc reports 80.7% Net Income decline in 2020 and almost no change in Revenue of 1,013
03/01/2021 • About Atlantica Yield plc (
$AY) • By InTwits
Atlantica Yield plc reported FY2020 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is 6.9x while industry average is 6.0x.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue showed almost no change in FY2020. Revenue growth showed acceleration in FY20Q4 - it increased 14.6% YoY. During FY2016-FY2020 Revenue growth bottomed in FY2019 at -3.1%.
Net Income margin decreased on 5.0 pp from 6.1% to 1.2% in FY2020.
Management team
Santiago Seage Medela is a the company's CEO. Santiago Seage Medela has spent 5 years with the company. Francisco Martinez-Davis is a Atlantica Yield plc's CFO. Francisco Martinez-Davis has spent 4 years at the company.
Financial and operational results
Atlantica Yield plc ($AY) key annual financial indicators| mln. $ | 2016 | 2017 | 2018 | 2019 | 2020 | 2020/2019 |
|---|
P&L
|
|---|
| Revenue | 972 | 1,008 | 1,044 | 1,011 | 1,013 | 0.2% |
| Gross Profit | 945 | 991 | 1,033 | 1,002 | | |
| EBITDA | 735 | 769 | 851 | 811 | | |
| Net Income | -5 | -112 | 42 | 62 | 12 | -80.7% |
Balance Sheet
|
|---|
| Cash | 595 | 669 | 632 | 563 | | |
| Short Term Debt | 993 | 315 | 533 | 783 | | |
| Long Term Debt | 5,006 | 5,803 | 5,242 | 4,765 | | |
Cash flow
|
|---|
| Capex | 6 | | | | | |
Ratios
|
|---|
| Revenue growth | 22.9% | 3.8% | 3.5% | -3.1% | 0.2% | |
| EBITDA growth | 21.4% | 4.6% | 10.6% | -4.6% | | |
|
|---|
| Gross Margin | 97.2% | 98.3% | 99.0% | 99.0% | | |
| EBITDA Margin | 75.7% | 76.3% | 81.5% | 80.2% | |
| Net Income Margin | -0.5% | -11.1% | 4.0% | 6.1% | 1.2% | -5.0% |
| CAPEX, % of revenue | 0.6% | | | | | |
|
|---|
| ROIC | 5.1% | 5.7% | 6.2% | 6.7% | | |
| ROE | -0.3% | -6.2% | 2.5% | 4.0% | | |
| Net Debt/EBITDA | 7.3x | 7.1x | 6.0x | 6.1x | |
Atlantica Yield plc ($AY) key quoterly financial indicators
| mln. $ | FY20Q1 | FY20Q2 | FY20Q3 | FY20Q4 | | YoY change |
|---|
P&L
|
|---|
| Revenue | 210 | 255 | 303 | 245 | | -5.0% | -9.9% | 3.3% | 14.6% |
| Net Income | -41 | 12 | 89 | -49 | | - | -55.4% | 103.7% | -3,879.0% |
Balance Sheet
|
|---|
Ratios
|
|---|
| Net Income Margin | -19.3% | 4.8% | 29.5% | -20.1% | | -15.2% | -4.9% | 14.5% | -20.7% |
Peers in Renewable Electricity
Below we provide Atlantica Yield plc benchmarking against other companies in Renewable Electricity industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| VivoPower International PLC ($VVPR) | - | - | 4.3% | 16.0% | 24.8% |
| |
|---|
| Median (1 company) | - | - | 4.3% | 16.0% | 24.8% |
|---|
| Atlantica Yield plc ($AY) | - | 3.8% | 3.5% | -3.1% | 0.2% |
Top companies by Gross margin, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| VivoPower International PLC ($VVPR) | - | 84.6% | 15.2% | 16.2% | 16.1% |
| |
|---|
| Median (1 company) | - | 84.6% | 15.2% | 16.2% | 16.1% |
|---|
| Atlantica Yield plc ($AY) | 97.2% | 98.3% | 99.0% | 99.0% | - |
Top companies by EBITDA margin, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| VivoPower International PLC ($VVPR) | - | 55.7% | -18.8% | -10.2% | 8.1% |
| |
|---|
| Median (1 company) | - | 55.7% | -18.8% | -10.2% | 8.1% |
|---|
| Atlantica Yield plc ($AY) | 75.7% | 76.3% | 81.5% | 80.2% | - |
Top companies by CAPEX/Revenue, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| VivoPower International PLC ($VVPR) | - | 0.3% | 3.3% | 1.5% | 1.8% |
| |
|---|
| Median (1 company) | - | 0.3% | 3.3% | 1.5% | 1.8% |
|---|
Top companies by ROIC, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| VivoPower International PLC ($VVPR) | - | 36.0% | -10.5% | -11.0% | 5.1% |
| |
|---|
| Median (1 company) | - | 36.0% | -10.5% | -11.0% | 5.1% |
|---|
| Atlantica Yield plc ($AY) | 5.1% | 5.7% | 6.2% | 6.7% | - |
Top companies by Net Debt / EBITDA
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| VivoPower International PLC ($VVPR) | - | 0.5x | - | - | 6.0x |
| |
|---|
| Median (1 company) | - | 0.5x | - | - | 6.0x |
|---|
