Last update May 16, 2019

Broker Analyst Date last note/research Rating Comment
Stefano Gamberini 16 May 2019
Buy "Slightly better results, but with a worse contribution from the Energy sales area...."
Banca Akros
Emanuele Oggioni
16 May 2019
'"We confirm our estimates, which are above analysts’ consensus estimates and the company’s guidance. We have downgraded our recommendation from Accumulate to Neutral, due to limited upside after a very strong stock outperformance since our upgrade....."

Suarez Javier
Sara Piccinini
16 May 2019
''"....1Q19 numbers were strong although in line with expectations with EBITDA growth being explained by the water business, with good contribution of newly-consolidated Gori. We continue to believe that the valuation of Acea continues to be surprisingly low (6.5x EV/EBITDA) for a company that is highly-regulated, has a decent balance sheet and the possibility to grow in its core business, while maintaining a good dividend profile."
Kepler Cheuvreux Claudia Introvigne 16 May 2019
'"All is confirmed after the release of Q1 results, which continue to demonstrate the local utility’s (mostly regulated) capability to grow....."


Dario Michi 16 May 2019
'."...Acea posted increasing results YoY. In our view, the results are already factored in the current market prices..."

Main First Bank AG Enrico Bartoli 16 May 2019
'"....Q1-19 results improved our confidence that the company’s guidance for EBITDA growth in 2019 would prove conservative. Our 2019 EBITDA estimate is already above guidance and we think that further upside would arise from possible acquisitions of waste and solar PV assets over the coming quarters...."
Intermonte Federico Pezzetti
03 April 2019
'We believe this plan not only fully confirms the strong progress achieved by management over the past 18 months - both from an industrial and financial viewpoint – but also shows the clear intention to accelerate investments further with a focus on regulated businesses and innovation....."

Banca IMI Gruppo Intesa San Paolo
  09 October 2018
Suspension of equity research coverage