Positive day for Piazza Affari. The Ftse Mib, recovering from the 1% drop on the eve of the day, closed + 0.42% at 24,401 points. Today the spotlight is on Brussels with the EU council and NATO summit, both with the presence of the American president, Joe Biden, (EU council, NATO and G7). New sanctions against Russia are expected and at the center of the debate is the energy issue with Washington having a plan ready to guarantee natural gas supplies for Europe.
Among the individual stories of Piazza Affari, TIM stands out today, reaching over + 8% to € 0.326 in the wake of the latest rumors that see the KKR fund confirm the structure of the offer presented last November, i.e. the American fund remains interested in the entire group and not to individual assets and the operation would be financed largely with equity. As for the timing, kkr awaits the possible access to the due diligence. Meanwhile, the British fund CVC reiterated yesterday that it is interested in the Business part of Tim’s ServiceCo.
Among the utilities, Enel performed well (+ 1.07%). Terna was also highlighted (+ 2.73%) after the update of the 2021-2025 “Driving Energy” business plan presented by the CEO Stefano Donnarumma. Terna expects group revenues in 2025 to grow to 3.08 billion euros and Ebitda to 2.14 billion, with an average annual growth (CAGR) over the plan period of over 4% for revenues and over 3% for Ebitda. As regards the dividend policy, from 2022 to 2023 the forecast of a cagr of the dividend per share (DPS) equal to 8%, compared to the dividend for the year 2021, has been confirmed. For the years 2024 and 2025, the expectation of a payout of 75%.
Finally, also today spotlight on Leonardo (+ 0.28% to 9.32 euros) after yesterday Prime Minister Draghi in a hearing in Parliament declared that Italy will also raise military spending to 2% of GDP. The timing of the implementation of the increase in defense spending is unclear, with some press sources recently speculating a gradual increase reaching the 2% target in 2026-27. Leonardo generates over 80% of turnover in the military / government business and last year generated 17% of sales in Italy and therefore it is reasonable to imagine that he will be one of the main beneficiaries of this choice.