Terna on highs since the beginning of the year, incoming plan with focus on investments and dividends

(Il Sole 24 Ore Radiocor Plus) - Terna is among the best stocks on the Ftse Mib on the eve of the presentation of the new 2024-28 plan and the approval of the 2023 accounts. The share price rose to its highest level since the beginning of February, returning to €7.6.

CEO Giuseppina Di Foggia will present - at the end of the next meeting - the figures for 2023, the strategies and targets for the next five years. In a note, clarifying the press rumours that emerged over the weekend, the group indicated 16.5 billion euro as the amount of total investments envisaged over the plan's horizon. The commitment in terms of capital investment 'is significant', comments Intermonte, pointing out that it represents an increase of over 50% compared to the previous plan: decarbonisation, market efficiency, resilience and sustainability will remain the main strategic drivers, according to the broker.

The dividend policy will be one of the factors at the centre of attention of investment houses: Intermonte expects that "the 8 per cent annual growth ending in 2023 can continue" with an average annual compound growth "in the mid-single digit area" (thus around 5 per cent) and replace the 75 per cent payout ratio indication for 2024 and 2025 in the last plan; Equita Sim expects a 2 per cent annual increase for the dividend per share in the period 2024-28 starting from a base of 34.5 cents on the 2023 financial year and a 75 per cent payout. Equita estimates an adjusted ebitda in 2028 at EUR 2.79 billion and a net profit at EUR 980 million. 'Among regulated companies,' the sim writes, 'Terna has the most attractive growth prospects as an accelerator of the energy transition. The 10-year development plan for the national electricity grid envisages projects worth 30 billion (including projects that will end beyond the period

of plan)'.