(Finance) – Positive session in Piazza Affari For Aceaa Roman multi-utility listed on Euronext Milan, after theEnergy Authority has published the regulations for water distribution. The main changes were anticipated in the consultation paper at the beginning of November and are that the return on invested capital (WACC) component for 2024-25 rises from 4.8% to 6.13% (+130 bps), slightly higher compared to the mid-point of the range 5.5-6.54% compared to the current 4.8%.
Equita analysts talking about “positive indications for the sector“, because the return on capital has been increased by 130 bps compared to their +70 bps estimate in 2024 and opex is inflated in line with real inflation.
According to the broker, the companies exposed to water distribution are local utilities. In particular, the most exposed is Acea with approximately 54% of EBITDA from water distribution (potential positive impact of 2% on EBITDA), Iren and Hera have an exposure of around 20%, while A2A only 3% of EBITDA.
Good performance Aceawhich stands at 13.86 euros, with a 2.14% increase. At an operational level, the session is expected to continue under the banner of bull with resistance seen at 14.01 and next at 14.39. Support at 13.63.