Outlook: Stable
Action date: 03/30/2021
Rating action: Affirmed


Axesor Rating affirms Audax's credit rating in BBB- with a stable outlook. Audax frames its activity within the energy sector, focusing its business on energy commercialization (electricity and gas), mainly in the industrial segment (SMEs and large accounts). The group also operates as an energy generator (project portfolio of 2,798MW; 91MW in operation). The company has an international scope of action, maintaining activity in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary. In 2020, Audax recorded revenues of € 969.3MM (-7.1% YoY) and EBITDA of € 66.4MM (EBITDA margin of 6.9%). The company's NFD/EBITDA with recourse ratio stood at 2.5x. Audax's capitalisation reached € 889.4MM in March 2021 (25/03).


Date last rating: 03/30/2021
Date first rating: 04/01/2020