(Tiper Stock Exchange) – Mediobanca has lowered to €3.50 per share (from 3.65 euros) the 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 recommendation “OutperformThe judgment review comes after the company releases i results for the first half of 2023, which analysts judge to be in line with EBITDA level estimates, better than bottom line expectations. Furthermore, the bottom line comparison was negatively affected by the still weak contribution of EstEnergy.
During the conference call, the managing director of Ascopiave has confirmed interest in gas storage assets which Edison intends to retire, as anticipated by the Italian press in recent weeks. The CEO commented that the acquisition would be consistent with the company’s strategy based on the main focus on regulated gas activities. Ascopiave would consider the possibility of participating in the process together with other partners.
“The operation would represent an investment option for the 0.4 billion euro that Ascopiave will collect by 2026 from the put options on its stakes in EstEnergy and HeraComm – writes Mediobanca – However, we believe it is appropriate to underline that the impact of any acquisition on the value of the security would depend on the premium which would be paid (upon closing) in respect of RAB’s value of €0.5 billion of such assets.”