Snam Shopping on the day of the presentation of the business plan for 2020 and the announcement of the separation by Italgas. In Milan the Snam Rete Gas after an initial jump of 5% recorded a solid rise on a day still positive for all the energy and oil sector. The board of directors of Snam approved the spin-off of Italgas that provides for the listing of the new company by the end of year, the allocation of 1 share of the new company for every 5 shares held Snam. Snam will retain a 13.5% interest and will be proposed a share buyback program of a maximum of 3.5% of the company post-demerger capital. Which according to Intermonte, it is an additional option to optimize the financial structure.
Snam, ready the spin-off of Italgas
According to analysts ICBPI, the Italgas separation (which will deal with the town gas distribution) by Snam (which will continue to be active in the transport, storage and LNG) will harness both Snam, which will consolidate its leadership and its further integration goal network & Web of the European gas markets, both Italgas that can seize the best opportunities for development related to new calls for tenders. Mediobanca Securities analysts point out that the spin off of Italgas, with the transfer of part of the debt by Snam Italgas, could free up about 200 basis points of potential in terms of debt / total assets. This potential leverage more could be used to support the current dividend policy or it could be used for the company’s strategy of expanding abroad. It goes without saying that the consolidation of the two, both controlled by CDP), the largest gas company in Italy (Italgas and the second Rete Gas, could result in considerable synergies, providing further evidence for the ongoing restructuring of the group Snam though, underscore experts, this step is not foreseen in the business plan.
as for its business plan, it continues its stated strategic outline. They were reformulated investments to 4.3 billion Euros in Italy in the transport and storage (for Snam). And ‘it is foreseen the completion of the reverse flow project and South Corridor connecting Europe through the Italian network. Rab is expected an increase of 1% per year over the plan, higher than the market consensus. Analysts of several banks business positively emphasize the indication dividend Snam 2016 post-spin-off to EUR 0.21, which represents around 80% of the estimated dividend of 025 to 0.26 for previously planned action. Positive also an indication of an expected increase of 2.5% of annual dividends in 2017 and 2018.
(Il Sole 24 Ore Thomson Plus)
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