Atlantica Sustainable: Too Low A Margin Of Safety To Weather Medium-Term Risks (Rating Downgrade)

Eloi_Omella In January this year, I wrote a bullish article on Atlantica Sustainable Infrastructure plc (NASDAQ:AY) arguing that its ~ 9% dividend is fundamentally sound and backed by resilient cash flows. Since then AY has underperformed the index and on a total return basis (including dividends) has dropped by ~ 2%. While the dividends have come in and continue to be stable, it was the Q4, 2023 results that triggered an unfavorable repricing of the Stock. Just for the reminder, the three key aspects that ...