How Turin will warm up with Iren
How the shareholding structure of the Iren multi-utility changes after the entrance to the Metropolitan City of Turin
The Metropolitan City of Turin enters Iren, acquiring the stake on the market. The share, equal to 2.5%, could merge with that held by the Municipality of Turin, equal to 13.8%.
THE ENTRANCE
Metropolitan City, with the support of Intesa Sanpaolo , acquired 2.5% of Iren, a multi-utility that deals with electricity, gas, district heating, integrated water services, environmental and technological services. The shopping was carried out on the market, at a premium of 8%.
TITLE FLOUNCE IN THE STOCK EXCHANGE
Iren celebrates on the stock market, with the stock that yesterday closed at over 2.14 to 2.39 euros. A figure lower than the 2.53 euros per share, to which the reverse Abb was launched.
SHAREHOLDERS
The first shareholder of Iren is the Municipality of Genoa, with 18.85%. The Municipality of Turin is instead at 13.8%, after the dilution of its shareholding, which was equal to that of Genoa. The Municipality of Reggio Emilia has a 6.42% share, while the Municipality of Parma has 3.16% and the Municipality of Piacenza at 1.37%. Other Municipalities of the Province of Reggio Emilia own 5.29% and Municipalities of La Spezia and other Municipalities of the Province 1.89%. Other municipalities own 0.04%. Metropolitan City of Turin owns 2.5%. The free float is 45.45%.
METROPOLITAN CITY AND MUNICIPALITY TOGETHER
And if it is true that the Metropolitan City is different from the Municipality, it is also true that the two shares will most likely merge, and the two entities will form a single team.
THE INTENTIONS OF A METROPOLITAN CITY
And the Municipality of Turin could support the Metropolitan City in the request to join the syndicate and block agreement of Iren's public shareholders.
EQUITA: POSITIVE ENTRANCE
Apart from intentions, Equita promotes the entry into Iren: "this is an operation already pre-announced in January of this year when the first indications were circulated on the possibility that the holding of the Metropolitan City would acquire a package of shares up to 3 % as a consequence of the sale of the equity investments in Sitaf ".
The broker adds that Iren trades at approximately 10.5 times the P / E and 6 times the EV / Ebitda over 2023, with a yield of 5.2%, "which we believe to be particularly attractive and unreasonably at a discount compared to the other municipal companies. in the field". The SIM confirms the buy with a target price of 2.9 euros.
THE NUMBERS OF IREN
Iren closed 2020 with revenues of € 3,725 million, down by 12.8% compared to € 4,275 million in 2019, the decline, the company explains, is "mainly attributable to the Covid-19 impact, to prices commodities and the mild climate ". Group net profit also fell, to € 235 million, -0.4% compared to € 236 million in 2019. Ebitda grew slightly to € 927 million.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/come-torino-si-scaldera-con-iren/ on Wed, 14 Apr 2021 07:53:30 +0000.