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Investing.com - Bernstein has resumed coverage on Italgas SpA (BIT:IG) with a Market Perform rating and a price target of EUR8.30, according to a research note released Wednesday.
The research firm highlighted Italgas’ strong operational efficiency performance from FY17 to FY24, which resulted in a -5.5% compound annual growth rate (CAGR) in operating expenses per redelivery point during this period.
Bernstein identified significant efficiency opportunities following Italgas’ integration of 2i Rete Gas, which it described as "seemingly outsourcing-heavy," though the firm noted these benefits "remain to be seen."
The research firm’s EUR150 million efficiency estimate for FY30 falls below Italgas’ own forecast of EUR200 million, with Bernstein’s projection implying a cost-cutting pace in line with the company’s historical achievements.
Bernstein expects Italgas’ earnings per share and dividend per share to grow at a CAGR of 7.4% between FY25 and FY30, positioning it among the fastest-growing European networks, with the company’s total shareholder return approaching historical highs of almost 15%.
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