Why Atlantia is on the Stock Exchange (after the sale of Aspi)
What happens to the Atlantia stock on the Stock Exchange. Facts, numbers and comments
WHAT HAPPENS IN ATLANTIA ON THE STOCK EXCHANGE
Analysts' green light after Atlantia's double announcement on the 1-2 billion buyback and a new dividend policy, which will see the distribution of 600 million against the 2021 financial statements (with subsequent growth of the coupon). The holding, meanwhile, continues its run to Piazza Affari, where it led the Ftse Mib with a rise of 4%.
THE COMMENT OF THE EXPERTS
For Bestinver experts, this is "positive news", as it increases the visibility on shareholder remuneration and "should favor a recovery in the share price".
THE NEWS FROM ASPI
Already yesterday, analysts had updated Atlantia's judgment to 'buy' (from 'hold') given that the exit from Aspi, sold to the consortium of CDP plus funds, "will put an end to almost three years of uncertainty, bringing the title back to portfolios of a much wider range of investors ”.
THE ANALYSIS OF MILANO FINANZA
Atlantia, once the sale of Aspi has been completed, will have resources available for an estimated amount of around 8 billion euros, Mf / Milano Finanza emphasized : "Fresh vehicles to be used for growth and support of the group's platforms to seize the opportunities that, at international level, they will be identified in the sectors of motorway and airport concessions, payment systems and mobility services; new investment areas to be identified in transport and mobility infrastructures, as well as in adjacent sectors, to increase diversification and resilience and exploit the synergies between group companies, increasing the value of assets. In addition, Atlantia will promote a corporate venture capital fund, open to new partners, aimed at offering feeding, coaching and go to market services to start-ups and innovative initiatives in the field of mobility, with a budget of several hundred million. of Euro".
THE POST BUYBACK SCENARIOS
The decision to launch a buyback for 1-2 billion euros, or about 7-15% of Atlantia's current market capitalization – according to observers from Santander – could reduce the discount to which the holding deals. As for the coupon, a three-year dividend policy of 600 million euros per year, with a growth of 3-5%, implies an annual 'dividend yield' of 4.5% already in 2022.
THE NEXT MOVES OF ATLANTIA
With respect to Atlantia's desire to strengthen its existing partnerships, "we believe this means, for example, that any new investment the company will make in the toll roads will either be through Abertis or will continue to grow Telepass".
THE UBS REPORT ON ATLANTIA
Atlantia, UBS analysts add, has decades of experience in concessions, especially highways and airports, so 'in our opinion it makes sense to use this experience in new investments'. The dividend of € 600 million is "slightly below our estimates", even though the yield at 4.5% is described as 'not bad'. In any case, coupons and buy-backs' should offer good support for the stock ”.
THE POSITIVE NEWS ACCORDING TO STIFEL
The investment bank Stifel also speaks of "positive" news for the stock but, at the same time, underlines how Atlantia's strategic orientations "continue to offer certain risks for investors, in particular as regards the external growth of the company ".
THE ROLE OF ABERTIS
Abertis will be the main contributor to Atlantia's EBITDA after the sale of Aspi and the significant financial resources available at the holding level entail a reinvestment risk for investors.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/atlantia-aspi-borsa/ on Tue, 15 Jun 2021 13:56:53 +0000.