Siemens Gamesa's stock market adventure came to an end on Tuesday after 22 years as a listed company. The shares of the wind turbine manufacturer, formerly Gamesa Corporación Tecnológica and Grupo Auxiliar Metalúrgico, have appreciated by 111% in this period.
Since its debut on the stock exchange in October 2000, its market capitalization has multiplied nearly 600% to 12,295 million at yesterday's close.
At the beginning of the century, the wind power business was still residual, but under the leadership of Juan Ignacio López Gandásegui - who had promoted the aeronautics division - the share rose from 4.20 to over 36 euros in seven years and Siemens Gamesa became one of the benchmarks for creating shareholder value in a period when clean energy was all the rage.
In these years the company grew through acquisitions, diversified its presence in America and Asia and merged in 2017 with the wind power division of Germany's Siemens with the ambition to lead this industry.
This operation was followed by difficult years due to the paralysis of the Indian market (its main market) with virulent falls in the stock market, several profit warnings (lowering of estimates) and analysts' downgrades of forecasts.
But the fever for renewables that was unleashed in the wake of the pandemic in 2020 boosted Siemens Gamesa on the stock market once again to an all-time high of 38.48 euros on January 7, 2021. Last year, high inflation, supply chain problems and logistics costs plunged the company back into a new crisis that led it to lower its forecasts by up to four times in 18 months.
In this context, the group's parent company launched an operation in May 2022 to take over the 32.8% of the capital it did not yet control in order to delist it from the stock exchange and which would mean, according to its estimates, savings of up to 300 million euros. The operation materialized yesterday with the delisting request presented by the company itself on January 25, which was approved by the CNMV last Friday.