Analysts

Analysts

Last update 12 november 2018

Broker Analysts
Date last
note/research
Rating
Comment*
Equita Stefano Gamberini
12 November 2018
Hold
'"...The stock trading with a 2019E PE of 13x and a yield of 5.1% is cheap, and underperformed the sector YTD (abs. perf. -16% Vs -7% for the sector)..."
Concessions: any worries? We now value the water business through the RAB plus a compensation value versus our previous DCF valuation)........
Main First Enrico Bartoli
12 November 2018
Outperform
'"...We expect that further upside to investments would derive from the business plan update scheduled in April 2019. Despite Acea is almost fully exposed to regulated businesses its multiples trade at large discount versus Italian fully regulated utilities....."
Mediobanca
Suarez Javier
Sara Piccinini
12 November 2018
Outperform
'".....this agreemen strengthen the cooperation between Acea and the Region for the improvement of the water service and eventually to bring the company (Gori) under the full consolidation of Acea."....."
Kepler Cheuvreux Claudia Introvigne
09 November 2018
Buy
'"....We appreciate its safe profile (75% EBITDA is regulated, made up of water and electricity distribution) and its generous dividend policy, and we confirm our EUR15.5 TP and Buy rating..."
Intermonte 
Paolo Citi
Federico Pezzetti
09 November 2018
Neutral '"....Following its weak YTD performance we no longerconsider the stock expensive, as it is trading at 5.8x 2019 EV/EBITDA, broadly in line with itsclosest peers..."
Banca Akros
Emanuele Oggioni 09 November 2018
Neutral
'".... The growth is mainly driven by regulated businesses (water and electricity distribution, due to RAB increase) which stand at 75% of the total EBITDA...."
Fidentiis
Dario Michi 09 November 2018 Hold '"Another sound set of results, guidance slightly up"
Banca IMI Gruppo Intesa San Paolo
 

09 October 2018

Suspension of equity research coverage