The key message is that the company wants to implement a compelling capital rotation, namely the opening to minority investors of Autostrade per l’Italia as well as Telepass, while developing a partnership with ACS/Hochtief as well as Getlink. As reported net debt was lower than our forecast by about €2.5bn and EBITDA mainly in line after one-off items are stripped out, we expect to increase our target price by some 5-10% and to keep our recommendation unchanged.
07 Mar 2019
FY18: mainly in line with our expectations, net debt surprised us positively
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FY18: mainly in line with our expectations, net debt surprised us positively
- Published:
07 Mar 2019 -
Author:
Felix Brunotte -
Pages:
3
The key message is that the company wants to implement a compelling capital rotation, namely the opening to minority investors of Autostrade per l’Italia as well as Telepass, while developing a partnership with ACS/Hochtief as well as Getlink. As reported net debt was lower than our forecast by about €2.5bn and EBITDA mainly in line after one-off items are stripped out, we expect to increase our target price by some 5-10% and to keep our recommendation unchanged.