(Il Sole 24 Ore Radiocor) – Heavy session for utilities in Piazza Affari, following the Government’s announcement of the details of the tax increase on extra profits for 2022. On the market, the most penalized is A2a after the presentation of the plan which saw a investment reduction. Sales also affect Enel and Hera while Italgas limits losses.
The Government has decided to introduce a change to the 2022 taxation with a rise in the levy rate on the increase in the gross margin for VAT purposes from 25% to 35%. Then introduced a tax on profits (33% of profits above 20%, as per the EU proposal for the energy sector). “From the taxation of extra profits, the sector had seen impacts of between 30 and 70 million euros depending on the company – Equita analysts say – which would therefore be increased by 40%”. For analysts “this is negative news for the segment even if the amounts are not particularly significant”.
As regards A2a, the analysts of Intermonte (neutral, target price at 1.40) note that compared to last year’s plan, investments have been reduced by 11% (from 18 to 16 billion), the EBITDA target confirmed to 2026, the one to 2030 reduced. Net profit revised to 600 million from 500 to 2026, downwards to 700 million from 780 to 2030. Analysts at Equita (buy with target at 1.83) consider the conservative approach “positive” this phase with the reduction of the investment plan in the period 2021-26″ and attribute the improvement of the targets to 2026 “to a scenario effect in the Energy area, while the lower contribution of the networks will have to be verified. It will be important to verify the confirmation of the dividend policy», they underline. Banca Akros confirms its neutrality on the stock, emphasizing the lower investments in a scenario of higher interest rates, gas price volatility and concerns about supplies.
Mazzoncini: interested in Edison assets
«It is too early to tell, but if important generation assets like those of Edison end up on the market, it is obvious that A2A will be interested». Thus Renato Mazzoncini, in an interview with Radiocor, commented on the possible game that could open around the Foro Buonaparte company if Edf decides to start a progressive exit from the capital, which it now controls 100%. At the moment, no decision has yet been taken by the Parisian giant, on which the State has launched a takeover bid to completely nationalize it. Among the possible interesting subjects on the market, in addition to the name of A2A, that of the F2i fund has circulated, which already controls – in addition to various portfolios of renewables – also Sorgenia.