Piazza Affari accelerates while in the whole of Europe (here the andamentoi indexes), light is shed on the securities of energy and raw materials, driven by the new extension of the price of oil: on the FTSE MIB index stands out Enel in the wake of the presentation of the new industrial plan.
Enel, earnings and ebitda growth in the plan 2017-2019
analysts greet with special favor is the dividend policy, after the upward revision of the payout. The perform hit instead Luxottica Group after the sprint scored in the last sessions. Boot non-volatile memory for Banca Mps, while purchases also award StMicroelectronics, A2a and Mediaset.
For Enel’s growth in profits and coupons
The strategic plan for 2017-2019, Enel expects to achieve an ebitda ordinary 15.5 billion in 2017 and 17.2 billion in 2019. The group estimates the net profit the ordinary to about 3.6 billion in 2017 and to about 4.7 billion in 2019, an increase compared to the previous plan. It also improves the company’s dividend policy, with the expectation of a payout equal to 65%, with reference to the net income consolidated ordinary for the year 2017 (compared to 60% of the previous plan), and 70% with reference to net profit consolidated ordinary exercises of 2018 and 2019 (compared to 65% of the previous plan). The year 2017 also, the coupon minimum will be of 0.21 euro per share. Provided, finally, even a share buyback program of up to $ 2 billion. “We assess positively the new plan, which focuses on growth, efficiency and remuneration of the shareholders”, commented the analysts of Banca Imi.
Realized on Luxottica, Ubi braking by hypothesis purchase good bank
The sockets of benefit to penalize instead Luxottica, who had previously earned 4.5% from 16 November and 22.4% from October 10. The general rise in the banks, led by Banco Popolare, Banca Pop Mi, Intesa Sanpaolo and Banca Pop Er. Left behind, instead, Ubi Banca, braking from the possible purchase of three of the four “good bank” created from the resolution of the Banca Etruria, Banca Marche, Carichieti, and Cariferrara. The interest of Ubi is to Etruria, and Marche, Chieti: according to the latest rumors on Thursday, the supervisory board of the Ssm (Single supervisory mechanism) the Ecb will meet to give the go-ahead for the operation, which will result in a capital increase of 400 million euro for Ubi Banca. “According to our calculations, with the purchase of the three good bank and an increase to 400mn in the Cet1 capital of Ubi would go back to 12% (from 11.1% in post-acquisition)”, note the analysts of Equita. “Assuming a cost cutting aggressiv e of the banks in target (-37%) – continued Equity – Ubi would achieve a return on investment of about 3-4%, in line with what the market is paying for the bank stand alone”. “In these conditions – is the conclusion – there would be no destruction or creation of value”. The equity story of Ubi is “a hostage of the involvement of the institute in the game of good bank, they underline, on their part, analysts at Mediobanca. “We understand the financial benefit of buying assets below their book value if the regulators would grant the subscription to the budget of the entire negative goodwill – they add – but at the moment it is difficult to see the sense of industrial more exposure in the Centre of Italy, where Ubi is already present.”
On the Ftse Mib index it also highlights General, under the spotlight waiting for the investor day in London on the calendar tomorrow. The company of the Lion will lift the veil on the state of progress of the industrial plan, and could announce new initiatives to sustain profitability.
Euro/dollar little moved, rising oil
On the foreign exchange market, the euro and the confirmation above $ 1.06 to 1,0616 (1,0607 yesterday’s close). The single currency also applies 117,70 yen (117,76), while the dollar/yen is a 110,87 (110,76). Stable the pound sterling, 0,8514 for a euro (0,8515) and 1,2467 dollars (1,2455). Hopes of an agreement between the producer countries to freeze the production levels are back to rising oil prices: the future January Wti gains of 1.7% 49,05 dollars per barrel, while a similar delivery on the Brent halls of’1,84% to 49,80 dollars.
stable Spreads, cala the performance of the ten-year
he made his Debut on the levels of closing of yesterday, the spread between BTp and Bund, while it decreases further the yield of ten-year Italian. The differential between the BTp and the equivalent maturity German marks 177 basis points, compared to 178 on christmas eve, when he had folded to a few basic points. The yield of ten-year Italian reduces to 2,02% compared to 2,07% from the last closing.
(Il Sole 24 Ore Radiocor Plus)
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