2023-08-28 21:00:20
EiDF It has collapsed on the stock market on its return to the stock market after four months of precautionary suspension from the National Securities Market Commission (CNMV). Specifically, the group specialized in solar self-consumption has lost 69.99%, some 1,200 million euros. The firm led by Fernando Romero today worth 517 million euros after the market closes, while at its best, in April, the figure reached 1,721.5 million euros. At noon, the volume of sales orders amounted to 176,303, very far from the purchase orders (67,238), something that already suggested a 70% drop in its return to the Stock Market. After four months without listing, the price per share has fallen from 29.76 euros in April to the current 8.93 euros. The greatest economic blow has been taken by its founder and CEO, who owns 72.1% of the shares through Prosol Energía, but the bump has also affected Alejandro Alorda, from the founding family of Muebles Kettal, which has a 7 .6% of the shares and Sergio Palmero, founder of ODF, a company that now belongs to the group, which owns 6.6%. 13.5% is controlled by minority shareholders.
The conclusions contained in the reports made by the auditors, in which the company was accused of falsifying contracts and invoices -among others-, have taken their toll. As stated Adrian Hostaled, XTB analyst, the huge fall in the share price “is a reflection that, obviously, there has been a malpractice and investor confidence has been lost.” In addition, EiDF competes directly with other photovoltaic energy companies such as Soltec, Ecoener y Opdenergyso “investors might decide to trust” these others.
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THE CNMV had suspended the listing of EiDF on April 14 for not having submitted its 2022 accounts within the legal term. The company then alleged discrepancies with the report of its auditor, PwC, which accused it of having closed the year with a negative working capital. The company managed to solve this stumbling block, but a second report, this time from Deloitte and also commissioned by the same company, brought it back to the fore. And it made the CNMV urge it to present again the relevant information that has allowed the energy company to return to trading.
“EiDF does not have upside potential in the short or medium term,” says the analyst. However, he points to the fact that, despite the accusations, the CNMV has considered the privileged information provided by the company sufficient enough to lift the suspension of its listing. And this, added to an upcoming renewal of the board of directors, with the appointment of a new CEO to replace fernando romero, could be enough to regain lost confidence. “The company is not mortally wounded,” she concludes.
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