Ascopiave, focus on gas in the 675 million investment plan
Of this, EUR 246 million will be related to external growth. A growing dividend policy is also planned
by Cheo Condina
"Gas networks are today more than ever a strategic infrastructure for the energy security of our country". This sentence, pronounced by number one Nicola Cecconato, sums up the spirit of the new business plan to 2029 of Ascopiave, whose share price - despite the wave of sales in the energy sector at Piazza Affari - closed up 3% at Euro 3.59 on 12 February.
The watchword is, therefore, all on gas. Suffice it to say that of the 675 million investments envisaged by the Veneto utility's business plan, as much as 607 million will go to gas distribution - in which Ascopiave has already made two key acquisitions in the past year, in particular with a deal worth over 400 million with A2A - and of these, 246 million will be linked to growth through external lines, with possible tenders both in the North East and in the Centre South, and 361 million to the current management perimeter. Cecconato highlighted how, thanks to M&A, the group has now become Italy's second-largest operator in gas distribution (also because Italgas has just bought 2i Rete gas) and this 'allows it to exploit operational synergies, strengthen management efficiency and consolidate its presence in the reference territories'. Not to mention that this year the company will also take over the assets that Italgas itself had to sell, in the province of Padua, due to Antitrust.
Given Ascopiave's intention to also diversify into renewables and green gas, albeit with marginal investments, how does this translate into numbers? The estimate to 2029 is an Ebitda of 191 million (+39 million compared to the 2025 provisional) and a net profit of 43 million (last year will close with 84 million but is affected by significant extraordinary items) as well as a net financial position of 911 million, i.e. 4.8 times the gross marginality, in any case above the sector average.
"A growth path that is based on a balanced and sustainable financial structure and aims at a progressive improvement of the group's economic and financial results. - summarised Cecconato, who is chairman and managing director - This development will allow the continuation of an attractive and sustainable shareholder remuneration policy, with a forecast of increasing dividends over the plan period'. In this regard, a 16 cents per share (for a yield of 4.4% at today's prices) coupon is forecast for the 2025 financial year, and then the plan outlines growth of 1 cent per share in subsequent years until 2028.
Finally, regarding possible alliances with other operators, Cecconato provided a very clear identikit: they will have to be industrial-type partners, with a medium and long-term strategic vision. And the range of action may not be limited to the Veneto region, where the risiko between utilities has been languishing for too many years, despite the fact that the challenges of the market increasingly require industrial and financial tonnage.
