Italgas SpA: CMD : Constructive Synergies and Tenders Outlook

研报英文原文证据摘录

Italgas SpA: CMD : Constructive Synergies and Tenders Outlook

Update

June 23, 2026 06:45 AM GMT

Morgan Stanley & Co. International plc+MItalgas SpA | Europe Sarah E Lester, CFA

Equity Analyst

CMD : Constructive Synergies Sarah.Lester@morganstanley.comRobert Pulleyn +44 20 7425-0551

Equity Analyst and Commodity Strategist

Robert.Pulleyn@morganstanley.com +44 20 7425-4388

and Tenders Outlook Morgan Stanley Europe S.E., Paris Branch+

Arthur Sitbon, CFA

Reaction to earnings Arthur.Sitbon@morganstanley.com +33 1 42 90 71-03

Unchanged In-line Largely unchanged

Morgan Stanley & Co. International plc+

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Marina Fuentes Juan

Research Associate

Source: Company data, Morgan Stanley Research

Marina.Fuentes.Juan@morganstanley.com +44 20 7425-2268

Key Takeaways Italgas SpA (IG.MI, IG IM)

Utilities | Italy

We expect a small positive reaction in Italgas shares post Strategic Plan update

Stock Rating Equal-weight

this morning Industry View Attractive

Price target €10.00

Overall, we see incrementally constructive messaging on synergies and tenders Shr price, close (Jun 19, 2026) €10.69

vs last Plan which should be taken well 52-Week Range €11.30-6.85

Mkt cap, curr (mn) €10,817

But we see the earnings guidance more as de-risking and "small positive" given Net debt (12/26e) (mn)* €10,720

EV, curr (mn)* €21,718

the limited change vs last Plan despite meaningful delta remaining to consensus.

* = GAAP or approximated based on GAAP

Near term (2026) guide unchanged, and consensus in line but only provided last

month so as expected.

Dividend policy unchanged vs October plan

Key thematic conclusions:

• Upgraded synergies guidance: Italgas now guiding to an annual synergies