Monica Bosio, an analyst from Intesa Sanpaolo, reiterated the Hold rating on Ascopiave S.p.A.. The associated price target is €3.50.
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Monica Bosio’s rating is based on several factors that reflect Ascopiave S.p.A.’s current market position and future prospects. The company has shown solid performance in the first half of the year, with its strategic shift towards becoming a predominantly regulated player in Italy being well integrated into its current stock prices. This transformation is largely driven by mergers and acquisitions, which are already reflected in the fair market multiples.
Despite the speculative appeal due to its role as a consolidator in the gas distribution sector, the market has not fully priced in potential future transactions due to low visibility. The company’s financial results, while stable, are not seen as a major driver for the stock, with the market focusing more on its strategic repositioning and potential for further M&A activities. Additionally, while there is potential for growth through external acquisitions, the long administrative processes and uncertainties surrounding gas tenders present challenges. Overall, the stock is trading at a slight premium, which is considered fair, but the market has yet to fully recognize the value of its renewables and associates’ portfolio.
0DME’s price has also changed slightly for the past six months – from EUR2.790 to EUR3.015, which is a 8.06% increase.