MILANO – Return to the dividend with 600 million on the plate for the first year, a share buyback plan that could be worth 2 billion. And 8 billion of resources for three objectives: to develop the assets already in the belly (motorways, airports, payment systems and mobility services); diversify into adjacent sectors; launch a corporate venture capital to invest in startups. Here’s what Atlantia will look like after Autostrade per l’Italia. Having signed the agreement that will lead the infrastructural holding – which belongs to the Benetton family – to sell Aspi to Cdp in partnership with the funds, the management of Atlantia has begun to meet with the financial community to take stock of future developments.
Highways, all the bankruptcies of the state
by Oscar Giannino
Indications that seem to convince the market, so much so that the stock stands out in Piazza Affari for the strong purchase flows (follow live) that lead it to gain five percentage points in the middle of the day in the face of a weak price list. The operators in particular reward the intention to return to distribute the dividend (suspended from the 2018 financial year), based on a new policy for the financial years 2021-2023 and the forecast to distribute approximately 600 million in the first financial year, with an estimated annual growth between 3% and 5% for subsequent ones.
Atlantia estimates that it will have liquidity available for 8 billion after the sale of Aspi (valued at just over 9 billion, Atlantia owns 88%). “As a way of using the liquidity available according to the investment plans, the company considers submitting to the shareholders’ meeting a buy-back program of treasury shares, for an amount ranging from 1 to 2 billion, to be launched on the market after the completion of the sale of Autostrade per l’Italia “, explained the holding.
The Benetton era on the motorways ends: a 5 billion dollar deal. A treasure for the future is on hand at Atlantia
Edition, the safe of the Benettons which Atlantia holds 30% through Sintonia, explained in a note that it appreciates and shares the strategic lines developed by the Company, as well as the underlying values that inspired them. Edition – in its role as stable and long-term shareholder – intends to support the Company in its direct commitment to seize and develop the strategic opportunities it has set for itself. For this reason, without prejudice to its convinced support for the policy that the Company intends to pursue in terms of return on the investment of the shareholders, Edizione considers it appropriate not to adhere to the buy-back plan announced by the Company, as a tangible sign of its intention to keep unchanged. your investment.
As for the more strictly industrial aspects, the CEO of Atlantia, Carlo Bertazzo, summarized the position in the note: “During these months we have worked to design the development guidelines of the new Atlantia which now proposes itself as a strategic holding of investment, with a focus on transport infrastructures and global macro-trends, which are revolutionizing the world of mobility. The focus on new technologies, the digital world, quality of service and sustainability will be central to us. portfolio of synergistic assets, focusing on innovation as an enabler of integrated services and solutions with high impact and value for users “. And he continued: “Our growth model is based – and will also be founded in the future – on strategic alliances, of real partnership, which we intend to strengthen and expand, in the belief that this is the most efficient way to achieve the set objectives. , integrating and sharing business skills and knowledge from other countries “.
The three lines of development indicated are, as mentioned:
Growth and support of the Group’s platforms – development of the current portfolio of assets ensuring the financial support necessary to seize the opportunities that, at an international level, will be identified in the sectors of motorway and airport concessions, payment systems and mobility services;
New investment areas – opportunities to be identified in transport and mobility infrastructures, as well as in adjacent sectors, to increase diversification and resilience and exploit synergies between group companies, increasing the value of assets;
Corporate Venture Capital – Atlantia will also promote a global 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 an endowment to regime of several hundred million euros.
.