13 years from the delisting, Italgas back to Piazza Affari. On the day of the debut, the title has opened at the altitude of 4,062 euros against an initial value of theoretical 3,998 euros. The title Snam , however, has opened up to share 3,84, after closing Friday at 4,58 eur, and corrected at 3.78 euros after spin-off. Italgas shares were assigned to shareholders of Snam in the ratio of one to every five. The quotation comes from an operation which is technically called the partial deme rger and the proportional Snam in favour of Italgas .
For this serial number the share structure sees the Cassa depositi e prestiti as a member of the majority relative to the 26% and Snam to 13.5%. For Italgas is a return on the stock exchange after the delisting guidelines of 2003, and after the first debut on the stock market dated 1851 at the stock exchange of the Kingdom of Sardinia. “Italgas is a company with a history of 180 years behind it,” said the ceo of Borsa Italiana, Raffaele Jerusalmi, “but projected into the future.” His return in the stock exchange is “a source of great satisfaction.”
“Two national champions on the territory are better than one”, was, instead, the comment of the ceo of Snam , Marco Alverà. “With two-storey self-employed, we are stronger,” he added Alverà, who sees advantages for both companies. In particular, Snam there are advantages in terms of focus and financial flexibility, “which allows us to play in the european scenario”. The two companies are positioned among the top companies in the Country. There is a theme dimensional,” he said. However, Italgas “you can grow and have new leverage to make investments.
And the hope of Paolo Gallo, the ceo of Italgas, , is to grow the dividend, expected to 20 cents on the budget 2016, to “low single digit”, that means a +2/3% of the year. After 2018, “we will have a clearer overview about the races and we could remunerate better the shareholders,” said Gallo. Italgas will invest 2 billion euros by 2020, of which 800 million for the replacement of the counters. In addition, he will participate in the competitions for concessions in areas with a further financial commitment of 1.3 billion for acquisitions and $ 1 billion for other investments in new concessions that will win.
In this context, Gallo has ensured that the group attend “definitely” in the tender for the gas distribution in Turin. The race, which will close at the end of December; we deliver offers on December 27. “In Milan, instead we will not participate,” he said, recalling that instead of Italgas will participate in the race in Venice will be held at the end of march.
analysts at Banca Akros Italgas is 4.35 action. This is the baseline scenario, without taking into account any contribution arising from the tenders for the gas distribution. In fact, Italgas will invest 1.3 billion euros on the assets (Rab), and 0.9 billion are investments on these activities. Once run, the 2.2 billion invested will result, according to estimates by Banca Akros, in a 1 euro per share (the best scenario). However, already in the baseline scenario, Italgas offers investors a dividend yield interesting, or 4.6%, as expected in the industrial plan.
The advantage to Snam resulting from the demerger of Italgas, is also the deconsolidation of the debt of the transmission company. At the end of the 2015 Italgas had a relatively underleveraged with a net debt/total assets of around 31%. This is to be compared with 37.5% target set by the regulator in the formula for the calculation of the return that is allowed and, on the basis of the calculations of Banca Akros, with 74% of 2i rete Gas, which is the second operator in the field of gas distribution, with a market share of 17.5%.
The spin-off allows then to Snam to transfer about 1.6 billion of debt to Italgas , bringing the total debt of the distribution company with approximately € 3.5 billion. In addition to this, we need to consider 200 million euros of dividends paid by Italgas , which pushes the debt expected at the end of this year, to 3.7 billion euro. Consequently, the net debt/total assets of Italgas you move from 31% to 59%.
At the same time, the ratio net debt/total assets of Snam is expected to fall from about 52% to 49%. This, according to the analysts of Banca Akros, which will allow Snam to benefit from greater financial flexibility with approximately 600 bps of the potential on the ratio net debt/total assets. In fact, the company has set the threshold level for this ratio to 55%. “We have set a new target price for Snam post-demerger of Italgas, . The new target price is at 4.3 euros per share. At this price objective, Snam offers a dividend yield of roughly 4.9%”, concludes the analysts of Banca Akros.
Among other things this morning Snam has launched the program of purchase of treasury shares. For the implementation of a first part of the program, the company has entered into with an intermediary with a primary-level a agency buy-back agreement, for a period not exceeding 4 months from the split, according to which the financial intermediary in charge will proceed with the possible purchase of shares in Snam independent.
today Snam holds in the portfolio 1.127.250 own shares, equal to 0.03% of the share capital. The companies controlled by Snam do not possess shares of the mother-house. “The program of repurchase of shares, Snam as already announced, will be for a maximum of € 500 million, and then will cover a maximum of 3.5% of the share capital. With regard to the demerger of Italgas, , we expect that the market will judge positively the operation, thus giving both the chance of growth potential. We have a place in reviewing our rating and target price on Snam “, stress the analysts of Banca Imi.
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