Italgas in the light, market appreciates accounts and looks to 2i Rete Gas transaction

(Il Sole 24 Ore Radiocor) - Purchases on Italgas, which in Piazza Affari gains about one point, after the company led by Paolo Gallo published nine-month data on the eve of the event, which saw a profit of 361.7 million, up 14.2% and an ebitda of +10.9%. Going into detail, Intermonte analysts point out that the third quarter results are "substantially in line with our expectations and with consensus at all levels". Following the accounts, the brokers confirm 'estimates and target price'.

The experts focus on the deal with 2i Rete Gas which, according to Intermonte, "has a clear industrial and strategic logic, and the potential for value creation from synergies and efficiencies seems significant. At this stage, we confirm our recommendation, given the recent positive performance (+16% compared to the Ftse Mib in the last 3 months) and the potential impact of the capital increase. Following the recent performance, the stock is trading at a premium of 16% to the 2024 EV/Rab ratio, offering a dividend yield of 6.6%". Along the same lines, Equita points out that revenues are 'slightly lower (due to non-regulated Superbonus-related activities) more than offset by better cost management'.

Underlining the confirmation of the guidance for 2024, the experts believe that 'the only element of the guidance where we could close at the lower end of the guidance is capex, mainly due to slightly lower centralised capex; please note that centralised capex does not contribute to Rab growth, so a lower level of such capex does not imply a different Rab evolution from the one indicated in the 2024-2023 Plan'. Following the results "we have left our estimates substantially unchanged, remaining broadly in line with the 2024 guidance. The stock remains attractively traded with an expected 2024 price/earnings of 10 times and a yield of 6.6%, with minimum growth of +5% year-on-year in subsequent years. We believe the stock's appeal is mainly related to the macro scenario considering the stock's high dividend yield.