Analysts

Analysts

Last update 15 May 2018

Broker Analysts
Date last
note/research
Rating
Comment*
Mediobanca
Suarez Javier
Sara Piccinini
14 May 2018 Outperform '"......In terms of valuation, <7x EV/EBITDA continues to look attractive for a company that has c.80% EBITDA in regulated activities, a very decent balance sheet and the possibility to expand its core business, while maintaining a good dividend.."
Kepler Cheuvreux
Claudia Introvigne

14 May 2018

Buy
'"ACEA is implementing its business plan, with an increase in capex (EUR133m in Q1, or up 5% YOY) and in regulated growth. With +7% YOY growth in EBITDA (up to EUR229m), it registered the highest quarterly growth among Italian local utilities."
Banca IMI Gruppo Intesa SanPaolo
Inti Merino Rimini
11 May 2018
Add '"The results indicated a solid trend and are in line with the business plan, also as regards investments..."
Equita
Stefano Gamberini
11 May 2018
Hold  
Intermonte Federico Pezzetti
11 May 2018
Neutral 
'"We judge 1Q18 results positively and we have confirmed our FY2018 estimates."
 
Fidentiis Dario Michi 11 May 2018 Hold '"...... Acea posted increasing results YoY. In our view, the results are already factored in the current market prices and thus investors’ attention is on the NWC dynamic....."
Main First
Enrico Bartoli
10 March 2018

Outperform '"Q1 results were better than expected and they hjghlighted that Acea is on track in NWC normalilzation...."

Banca Akros

  29 November 2017 Neutral  '".....For sure, this business plan is a clear sign of discontinuity vs. the past. We have factored-in the new strategic guidelines, slightly improving our previous estimates."

*note taken from more extensive studies