(Finance) – Mediobanca he lowered to 3.60 euros per share (from 4.00 euros) on target price on Ascopiavea group listed on Euronext STAR Milan and one of the main national operators in the natural gas distribution sector, confirming the judgement to “Outperform“The review of the recommendation came after the company released its results for the third quarter of 2022, which analysts judge.”in line with estimatesconfirming the low risk profile offered by the company through its almost total exposure to the regulated distribution of gas “.
“We have revised down ours estimates mainly after taking into account the following: the impact of high prices electricity andinflation on operating costs; the increase in the average cost of debtconsistent with the current interest rate scenario, “the research reads. On average, analysts cut their 2022-25 EBITDA and net profit estimates by 4% and 10% per year, respectively.
Mediobanca believes that Ascopiave offers a low-risk equity story, based on its almost total exposure to regulated gas distribution and high visibility on the value of its energy supply business. “The current share price implies a massive 29% discount on the RAB for the gas distribution business, which, in our opinion, cannot be justified “, is the conclusion.