EU Energy Sector Specialist Commentary: Oil - Gas - Utilities - Infrastructure

研报英文原文证据摘录

EU Energy Sector Specialist Commentary: Oil - Gas - Utilities - Infrastructure

hensive program of one-on-one/small group meetings with global C-suite executives representing leading

Oil & Gas, OFS, E&P, Utility, Renewable and Mining companies. Registration now open, 45 companies confirmed (let me

know if you want the list(, 1x1 deadline Nov 2nd. Full Agenda to follow in due course. To register for the conference, please

click here

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Company News

J.P. Morgan Access

Sector Calendar

J.P. Morgan Global Utilities & Infrastructure Contacts

SNAM - Solid and well managed... but well priced in too (Research Available)

- We reinstate our recommendation on Snam with a Neutral rating (prev N) after a long period of no rating. In the last 18 months,

Snam shares have re-rated in line with the European utilities sector, thanks to an acceleration in the growth profile of the

company’s regulated domestic business via a combination of acquired growth (including a shift in priorities in acquisitions from

the European market to the local market via Stogit Adriatica, OLT or Rovigo LNG) and larger greenfield opportunities (with the

approval of the gasification process in Sardinia and the inclusion of the CCS business as a regulated business).

- As a result, the company is now a credible mid-single-digit growth story in RAB/EBITDA/Net income to 2030, as per our

forecasts. However, with a c. 60% total return in the last 18 months, we believe the shares have fully priced in our central-case

scenario, while we see a balanced risk/reward proposition from regulatory developments (minor risks) and M&A (active portfolio

management).

- Our €6.22 end-2027 PT (prev end-25 €4.85) is derived from the average of a RAB-based SOTP and a DDM.