Ascopiave S.p.A., the Utilities sector company, was revisited by a Wall Street analyst yesterday. Analyst Monica Bosio from Intesa Sanpaolo maintained a Hold rating on the stock and has a €3.60 price target.
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Monica Bosio’s rating is based on several factors influencing Ascopiave S.p.A.’s current market position. The company has shown growth in its core gas distribution business, which is crucial for the market to recognize its fundamental value. However, to maintain this momentum, further mergers and acquisitions are necessary, as the visibility on future opportunities remains limited.
Ascopiave’s recent financial results were in line with expectations, with earnings growth driven by non-recurring capital gains and strategic mergers. Despite these positive aspects, the stock is currently trading at multiples that are not particularly attractive compared to sector averages. The valuation reflects a slight premium over the expected EV/RAB for 2025-2026, but it remains below the double-digit premiums of its Italian peers. These factors contribute to the Hold rating, as the stock’s current valuation does not present a compelling opportunity for significant re-rating.