Altea Green Power S.p.A.: Strong Growth Potential and Undervaluation Highlighted by Buy RatingWe thus broadly confirmed our estimates. 4Q25 should see a significant cash inflow, driven by large milestone payments, supporting the AGP YE NFP target. In our view, AGP’s 3GW pipeline remains well diversified across geographies and end- markets, combining merchant and regulated exposure after recalibrating expectations from the MACSE auction. While this supports the group’s growth trajectory, we believe BESS monetization progress in the coming quarters will be key to bridging FY28 targets and strengthen confidence in the mid-term growth trajectory. Our updated valuation confirms our previous TP of Eu10.6/share. At the current share price, AGP stands out as a clearly undervalued opportunity, trading at an undemanding 2.5x EV/EBITDA 26E. BUY reiterated.