The bell of the Madrid stock market rang again this Tuesday to welcome Neoenergia, the Brazilian subsidiary of Iberdrola that has been listed for the first time on Latibex, the BME market for Latin American companies, led by its CEO Mario Ruiz-Tagle who was in charge of that bell ringing.
The premiere of the value was in line with the wishes of its manager, “to offer value to shareholders”, since in its early stages the share gained 2.29%, compared to its listing value on the Brazilian stock market where it has been listed since 2019. A champagne effect that faded throughout the session, which ended with a drop of 2.87%, to 3.39 euros per share.
The route that awaits Neoenergía on this side of the Atlantic remains to be seen, but the company’s objective is defined. “Until now it was almost impossible, or very difficult, for a small Spanish or European investor to buy Neoenergía shares. Listing in Latibex and in euros makes this option much more accessible. We have a well-defined dividend policy and our desire is to attract this type of long-term and stable shareholder,” said Eduardo Capelastegui, who will be the next CEO of Neoernergía in a conversation with journalists after the stock market premiere.
Neoenergia began operating in 1997, but took a giant leap in 2017, when it merged with Elektro, also owned by Iberdrola. Its debut on the Stock Exchange occurred through a Public Offer for Sale (OPV) on July 1, 2019 in the B3 segment of Novo Mercado of the Brazilian Stock Exchange.
Currently, Iberdrola controls 53.5% of Neoenergia, the insurance company Previ is the second largest investor with 30.3% of the capital, while the free float accounts for the remaining 16.2%.
The company is one of the main Brazilian electricity companies, owner of nearly 700,000 kilometers of power lines, controls five distributors in 18 states plus the country’s federal district and is a giant of renewable energies, with 5,200 installed megawatts, of which 80 % are green and
The Brazilian subsidiary of Iberdrola has a client portfolio of 16 million and a market share of 18%, after having allocated 65,000 million reais (about 12,500 million euros) to investments since its creation. It employs 15,000 workers and in 2021 it had a turnover of 41,120 million Brazilian reais (8,100 million euros), with a growth of 32%, its ebitda soared 52%, to 9,856 million Brazilian reais (1,944 million euros), with a net profit of 3,925 million reais (744 million euros), 40% more in 2021.
A business that its directors say is “in full expansion through organic growth.” Which means that in recent years it has created a new distributor every four years, with an investment of about 10 million reais per year.
