Mediobanca analyst Enrico Bartoli maintained a Hold rating on Ascopiave S.p.A. on May 8 and set a price target of €3.95.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Enrico Bartoli has given his Hold rating due to a combination of factors, balancing supportive fundamentals with unresolved strategic issues. The recent consolidation of A2A and Società Impianti Metano assets has lifted EBITDA in line with expectations, and the enlarged perimeter, together with the option exercises in EstEnergy and HeraComm, has streamlined Ascopiave’s portfolio and enhanced transparency on asset value.
At the same time, net income has fallen short of forecasts, pressured by higher depreciation, financial charges and the tax hike embedded in the Energy Decree, while weaker hydro output has limited the contribution from renewables. Although the shares trade at what he views as a depressed EV/RAB multiple and there is optionality from new tenders and AI-driven efficiency projects, the ongoing governance transition leaves the future strategic direction uncertain, prompting him to maintain a Neutral stance and a target price of €3.95 per share.
In another report released on May 8, Kepler Capital also maintained a Hold rating on the stock with a €3.70 price target.