Hera S.p.A. · MIL:HER
Hera — Hera monthly analysts highlights
94 slides from Hera's investor presentation, December 2015
Slide 1: Analysts: Changes in Hera consensus
IR Utility IR contacts 2009 2010 2011 2012 2013 2014 2015 Home » The Group » Investor Relations » Analysts January January January January January January January Analysts February February February February February February February March March March (1) March (1) March March March Changes in Hera
Slide 2: Change Consensus in January 2009
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in January 2009 TP €2.56, “Buy” TP €2.60, “Buy” Company Rating • “Enìa’s Chairman stated • “2008 results expected Banca Akros Buy that he hopes that Hera will in line with estimates” Banca IMI Buy reconsider joining
Slide 3: Change Consensus in February 2009
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in February 2009 Company Rating Banca Akros Buy TP €2.80, “Buy” TP €2.56, “Buy” Banca IMI Buy • “Rumors on possible Banca Leonardo Buy • “Hera might take into M&A with Linea Group” CAI Cheuvreux Outperform considera
Slide 4: Change Consensus in March 2009
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in March 2009 TP €2.56, “Buy” • “Despite the macroeconomic Company Rating scenario, Hera substantially TP €2.80, “Buy” confirmed the target. Operating in Banca Akros Buy regulated business, Hera should be Banca IMI
Slide 5: Change Consensus in April 2009
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in April 2009 TP €2.06 (from 2,56), “Buy” Company Rating TP €2.10, “Buy” • “High Ebitda visibility, balanced asset portfolio, low impact on P&L Banca Akros Buy • “Safe strategy, with 60% of Ebitda from the current n
Slide 6: Change Consensus in May 2009
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in May 2009 TP €2.06, “Buy” TP €2.00, “Buy” Company Rating • “Q1 2009 results were overall in • “Q1 results came slightly line with forecasts, confirming the Banca Akros Buy above our expectations; limited expected
Slide 7: Change Consensus in June 2009
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in June 2009 Company Rating Banca Akros Buy Banca IMI Buy Banca Leonardo Buy CAI Cheuvreux Outperform TP €2.3 (from €2.0), “Buy” Centrobanca Undervalued best picks Equita Buy Intermonte Neutral • “Cautious business
Slide 8: Change Consensus in July 2009
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in July 2009 TP €2.3, “Buy” TP €2.06, “Buy” • “We reiterate a positive valuation • “High cash flow visibility from on Hera thanks to its safe Company Rating strategy, the weight of regulated regulated business combi
Slide 9: Change Consensus in August 2009
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in August 2009 TP €2.06, “Buy” • “Overall, we view 2Q and 1H TP €2.3, “Buy” results as positive if we consider • “We confirm our rating and TP in the difficult environment, in TP €2.80, “Buy” view of the +30% potent
Slide 10: Change Consensus in September 2009
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in September 2009 Post 2009-2013 Business Plan TP €2.0 (from €2.06), “add” TP €1.8 (from 2.0), “underperf.” (from “Buy”) (from“outperform”) TP€2.3 (from €2.8), “Buy” TP €2.1 (from €2.3), “Buy” • “The new BP targets
Slide 11: Change Consensus in September 2009
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in September 2009 Reports related to “Tax Moratorium” TP €2.0, “add” TP €1.8 “underperform” • “The expected impact of the new • “Hera should be involved only moratoria fiscale issue is lower Company Rating marginall
Slide 12: Change Consensus in October 2009
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in October 2009 TP €2.0, “add” TP €1.75, “hold” TP €2.3, “Buy” • “As a result of the tax TP €2.1, “Buy” • “The acquisition of 25% of Aimag represents an moratorium, Hera should offer the important step for Hera in o
Slide 13: Change Consensus in November 2009
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in November 2009 Company Rating TP €2.3, “Buy” Banca Akros Buy • “9M 09 results: double digit Banca IMI Add growth confirmed”. Banca Leonardo Buy TP €1.75, “hold” CAI Cheuvreux Outperform • “Hera reported 3Q09 resul
Slide 14: Change Consensus in December 2009
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in December 2009 Company Rating Banca Akros Buy TP €1.95, “Buy” Banca IMI Add TP €2.0 (from €2.35), “Buy” Banca Leonardo Buy • “The risks to our target price are CAI Cheuvreux Outperform 1) unexpected change in the
Slide 15: Change Consensus in January 2010
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in January 2010 TP €1.95, “Buy” TP €2.1, “Buy” • “We consider Hera the one of the Company Rating very few Italian local utilities without governance problems”. Banca Akros Buy TP €2.0, “Buy” Banca IMI Add • “Even in
Slide 16: Change Consensus in February 2010
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in February 2010 Company Rating TP €2.1, “Buy” Banca Akros Buy Banca IMI Add Banca Leonardo Buy CAI Cheuvreux Outperform Centrobanca Hold TP €2.0, “Buy” Equita Buy • “Hera used to be the M&A play TP €2,0, “Buy” Inte
Slide 17: Change Consensus in March 2010
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in March 2010 TP €2.1, “Buy” • “Hera’s 4Q2009 operating results TP €2.0 , “add” were above our estimates”. Company Rating • “2009 results were almost in line with our forecasts in terms of Banca Akros Buy Ebitda, bu
Slide 18: Change Consensus in April 2010
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in April 2010 Company Rating Banca Akros Buy TP €2.1, “Buy” Banca IMI Add TP €1.97, “Buy” Banca Leonardo Buy CAI Cheuvreux Outperform Centrobanca Hold TP €1,82 (from €1,75), “hold” Equita Buy • “Following the FY09 r
Slide 19: Change Consensus in May 2010
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in May 2010 TP €2.0, “add” TP €2.1, “Buy” • “Positive 1Q10 results, with • “Hera’s 1Q10 operating results TP €2.3, “Buy” EBITDA higher than our forecast”. were +8% above our estimates • “We confirm our positive stan
Slide 20: Change Consensus in June 2010
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in June 2010 TP €2.1, “Buy” Company Rating Banca Akros Buy Banca IMI Add TP €2.3, “Buy” Banca Leonardo Buy TP €2.0, “Buy” CAI Cheuvreux Outperform Centrobanca Hold • “Our TP for Hera is based on Deutsche Bank Buy SO
Slide 21: Change Consensus in July 2010
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in July 2010 TP €2.0, “outperform” • “We reiterate positive stance on TP €2.1, “Buy” the stock based on a superior • “Positive trend should continue. growth profile and reasonable We expect strong results, mainly TP
Slide 22: Change Consensus in August 2010
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in August 2010 TP €2.0, “outperform” TP €2.1, “Buy” TP €2.0, “add” • “Better than expected Q2 TP €2.3, “Buy” results. We confirm our positive • “2Q operating results were above • “Good results, above our expectation
Slide 23: Change Consensus in September 2010
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in September 2010 TP €1.96 (from €2,0) , TP €1.84, “Buy” “Buy” (from “add”) • “The new business plan could Company Rating show some upside versus the previous one in the gas business, Banca Akros Buy TP €1.75,”outpe
Slide 24: Change Consensus in October 2010
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in October 2010 TP €1.96, “Buy” TP €1.70 (da 1.75), “Buy” Company Rating • “As usual management provided high visibility on the • “We reduce our target price by Banca Akros Buy targets and strategy. During the 5 €ce
Slide 25: Change Consensus in November 2010 (1)
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in November 2010 (1) Company Rating TP €1.90 (from 1.96) “Buy” TP €2.1 “Buy” Banca Akros Buy “Hera disclosed positive Q3 Banca IMI Buy results, thanks to the higher “Bond should allow exploiting further growth oppor
Slide 26: Change Consensus in November 2010 (2)
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in November 2010 (2) Company Rating Banca Akros Buy TP €1.8 (from 2.0) “outperform” Banca IMI Buy TP €1.75 ”outperform” Banca Leonardo Buy “We remain positive on potential “Acam deal seems to be interesting CAI Cheu
Slide 27: Change Consensus in December 2010
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in December 2010 Company Rating Axia Buy TP €1.96 (from 1.90) “Buy”; Top picks TP €2.1 “Buy” Banca Akros Buy “We select Hera as our top pick for 2011 “We belive that the Italian decree for the Banca IMI Buy for its
Slide 28: Change Consensus in January 2011
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in January 2011 Company Rating Axia Buy Banca Akros Buy Banca IMI Buy Banca Leonardo Buy CAI Cheuvreux Outperform Centrobanca Buy Deutsche Bank Buy TP €1.95 (from 2.00) “Buy”; Top picks TP €2.0 “Buy” Equita Hold “He
Slide 29: Change Consensus in February 2011
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in February 2011 Company Rating Axia Buy Banca Akros Buy Banca IMI Buy Banca Leonardo Buy CAI Cheuvreux Outperform Centrobanca Buy Deutsche Bank Buy Equita Hold Intermonte Neutral Kepler Buy Mediobanca Outperform Me
Slide 30: Change Consensus in March 2011 (1)
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in March 2011 (1) TP €2.3, “Buy” TP €1.9 (from 1.8) “outperform” “We remark that the company has “We confirm our positive stance: already reached the announced Company Rating solid organic growth coupled with target
Slide 31: Change Consensus in March 2011 (2)
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in March 2011 (2) Company Rating Axia Buy TP €1.7 “Hold” TP €2.3 “Buy” Banca Akros Buy “Hera reported a good set of Banca IMI Add “2010E EBITDA up by 10% or FY2010 results, in line with our Banca Leonardo Buy 1% abo
Slide 32: Change Consensus in April 2011
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in April 2011 Company Rating Axia Buy Banca Akros Buy Banca IMI Add Banca Leonardo Buy TP €2.1 “Buy” CAI Cheuvreux Outperform “We expect stable results on a Centrobanca Buy tough comparison with the strong Deutsche
Slide 33: Change Consensus in May 2011 (1)
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in May 2011 (1) TP €2.3 “Buy” TP €2.0 (from 1.9) “Outperform” “Hera reported an impressive set of “Q1 numbers were well above our and results in the first quarter, market expectations. The +EUR39m Specifically the n
Slide 34: Change Consensus in May 2011 (2)
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in May 2011 (2) TP €2.3 “Buy” “Hera reported an impressive set of Company Rating TP €1.89 (from 1.75) “Hold” results, with solid performance in all divisions, underpinning a 40% net Banca Akros Buy “Considering the
Slide 35: Change Consensus in June 2011
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in June 2011 TP €2.0 (from 2.1) “Buy” TP €1.80 (from 1.89) “Hold” “Even if we do not expect dramatic “The approval of the referendum on the Company Rating changes in the water business public services deteriorate th
Slide 36: Change Consensus in July 2011
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in July 2011 TP €1.65 “Neutral” (initial Company Rating coverage) Banca Akros Buy “Although Hera and Iren stocks show Banca IMI Buy similar valuation multiples, we prefer Banca Leonardo Buy Hera for its lower exposu
Slide 37: Change Consensus in August 2011
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in August 2011 TP €1.82 “Hold” TP €2.3 “Buy” “2Q11 results and the outcome of the Company Rating conference call reassures us that the “Sound growth in H1 2011. We confirm our recent drop of the stock is not due to
Slide 38: Change Consensus in September 2011
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in September 2011 TP €1.9 (from €2.0) “Buy” TP €1.4 (from €2.3) “Buy” Company Rating “We included the ‘Robin tax’ in ourback estimates and valuations of Italian “Taking into account the current Banca Akros Buy utili
Slide 39: Change Consensus in October 2011
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in October 2011 Company Rating TP €1.9 “Buy” Banca Akros Buy “Hera is the only local utility that has never Banca IMI Buy had governance problems and we consider Banca Leonardo Buy this a significant plus considerin
Slide 40: Change Consensus in November 2011 (1)
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in November 2011 (1) TP €1.42 “Buy” “Hera reported 3Q11 results almost in Company Rating line with our forecasts in terms of Banca Akros Buy EBITDA. The business plan update TP €1.4 “Buy” Banca IMI Buy confirmed the
Slide 41: Change Consensus in November 2011 (2)
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in November 2011 (2) Company Rating TP €1.35 (from 1,40) “Outperform” TP €1.49 (from 1.58) “Buy” Banca Akros Buy “We note that within the sector, HERA has Banca IMI Buy “Hera our preferred choice in this undergone o
Slide 42: Change Consensus in December 2011
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in December 2011 Company Rating TP €1.42 “Buy”; Top pick 2012 Banca Akros Buy Banca IMI Buy “We selected Hera as a top pick among CA Cheuvreux Outperform the Italian local utilities we cover, as: 1) Centrobanca Hold
Slide 43: Change Consensus in January 2012
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in January 2012 Company Rating Banca Akros Buy Banca IMI Add CA Cheuvreux Outperform Centrobanca Hold TP €1.19 “Add” (from €1.42; Buy) TP €1.9 “Buy” Deutsche Bank Buy “After our revision on WACC, we reduce “We conti
Slide 44: Change Consensus in February 2012
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in February 2012 Company Rating Banca Akros Buy Banca Aletti Outperform TP €1.4 “Outperform” (initial Banca IMI Add coverage) CA Cheuvreux Outperform TP €1.27 (from 1.54) “Neutral” “When it comes to dividend Centrob
Slide 45: Change Consensus in March 2012 (1)
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in March 2012 (1) TP €1.25 (from €1.19) “Add” “FY11E reported positive operating Company Rating results. In particular, we appreciate the fact that Hera has maintained the same TP €1.4 “Buy” Banca Akros Buy dividend
Slide 46: Change Consensus in March 2012 (2)
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in March 2012 (2) Company Rating Banca Akros Buy TP €1.4 “Outperform” Banca Aletti Outperform TP €1.80 “Buy” “Our positive initial impression (see email Banca IMI Add attached below) is strengthened by further CA Ch
Slide 47: Change Consensus in April 2012
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in April 2012 Company Rating Banca Akros Buy Banca Aletti Outperform Banca IMI Add CA Cheuvreux Outperform Centrobanca Hold Deutsche Bank Buy Equita Buy Exane Outperform Intermonte Outperform Kepler Buy Mediobanca N
Slide 48: Change Consensus in May 2012
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in May 2012 TP €1.41 “Hold” Company Rating TP €1.4 “Buy” “Hera published its 1Q12 results which Banca Akros Buy were broadly in line our estimate at “We confirm our positive stance on Hera, EBITDA level while net pr
Slide 49: Change Consensus in June 2012
Back to first page Home » The Group » Investor Relations » Analysts Change Consensus in June 2012 TP €1.3 “Buy” (Initial coverage) Company Rating TP €1.4 “Buy” “Deep discount value for best placed “We judge positively the merger Hera- Banca Akros Buy consolidator in Italy. Consolidation Banca Aletti
Slide 50: Change Consensus in July 2012 (1)
Back to first page Change Consensus in July 2012 (1) TP €1.4 “Buy” TP €1.3 “Buy” Company Rating “The deal is EPS accretive by around 9%, by “Synergies should reach €25-30mn, factoring in EUR 25m of synergies. it Banca Akros Buy leading to 5-7% EPS accretion. strengths Hera’s position among the local
Slide 51: Change Consensus in July 2012 (2)
Back to first page Change Consensus in July 2012 (2) TP €1.4 “Outperform” Company Rating TP €1.80 “Buy” “We are frankly quite surprised by the Banca Akros Buy “Hera + Acegas-Aps: a good deal, price paid by Hera which, at an implied 4.2x swap rate. However, while the Banca Aletti Outperform with exce
Slide 52: Change Consensus in August 2012 (1)
Back to first page Change Consensus in August 2012 (1) TP €1.4 “Outperform” Company Rating TP €1.80 “Buy” “Positive interim results, CdP approach Banca Akros Buy “Sound H1-2012 results, advancing may open new scenarios. We adjusted our with M&A, winning the support of Banca Aletti Outperform estimat
Slide 53: Change Consensus in August 2012 (2)
Back to first page Change Consensus in August 2012 (2) Company Rating TP €1.18 “Hold” TP €1.25 “Add” Banca Akros Buy “Hera reported positive results, “We consider positive for Hera the 2Q12 Banca Aletti Outperform confirming our expectations of an results and the confirmation of the press rumors rel
Slide 54: Change Consensus in September 2012
Back to first page Change Consensus in September 2012 TP €1.4 “Outperform” “We see FSI deal as a clear positive from Company Rating TP €1.25 “Add” a strategy perspective, because it reinforces Hera's credibility as a local Banca Akros Buy “The deal should allow Hera to aggregator. Moreover, on a lon
Slide 55: Change Consensus in October 2012 (1)
Back to first page Change Consensus in October 2012 (1) TP €1.4 “In line” (from 1.45 Company Rating TP €1.80 “Buy” “Outperform”) Banca Akros Buy “Overall the challenging targets have “While we believe that Hera remains an been set on waste recovery while the attractive investment idea in absolute te
Slide 56: Change Consensus in October 2012 (2)
Back to first page TP €1.40 “Hold” Change Consensus in October 2012 (2) TP u/r “u/r” “The FY16 EBITDA target is challenging “In our view the main drivers and Company Rating as we are more conservative on the characteristics of the previous stand- waste division prospects. However, we alone business
Slide 57: Change Consensus in November 2012 (1)
Back to first page Change Consensus in November 2012 (1) Company Rating TP €1.35 “Neutral” (from 1.3 “Buy”) Banca Akros Buy TP €1.6 “Buy” “We downgrade Hera to Neutral with a new Banca Aletti In line “Results were mainly affected by the target price of €1.35 p.s. With its 23% Banca IMI Hold negative
Slide 58: Change Consensus in November 2012 (2)
Back to first page Change Consensus in November 2012 (2) Company Rating TP 1.42 “Hold” TP €1.50 “Buy” (from €1.40 “Hold”) Banca Akros Buy “As regard FY12E, we have changed “We consider positive that Hera Banca Aletti In line our forecast only excluding the confirmed the FY12 EBITDA guidance, Banca I
Slide 59: Change Consensus in December 2012
Back to first page Change Consensus in December 2012 Company Rating Banca Akros Buy Banca Aletti In line Banca IMI Hold CA Cheuvreux Outperform Centrobanca Buy Citi Neutral Deutsche Bank Buy Equita Hold Intermonte Neutral Kepler Buy Mediobanca Neutral Target Price Consensus December 31, 2012 € 1.49
Slide 60: Change Consensus in January 2013
Back to first page Change Consensus in January 2013 Company Rating TP €1.50 “Buy” Banca Akros Buy TP 1.42 “Hold” “We consider positive the news for Hera Banca Aletti In line “The merger with AcegasAps, also as a launch of a public cash and stock Banca IMI Hold aims to increase merger tender offer fo
Slide 61: Change Consensus in February 2013
Back to first page Change Consensus in February 2013 Company Rating Banca Akros Buy Banca Aletti In line Banca IMI Hold TP €1.40 (from €1.50) “Neutral” CA Cheuvreux Outperform “We have cut EPS projections by TP €1.50 “Buy” Centrobanca Buy some 3-5% for 2013-2014 while in “We consider the news positi
Slide 62: Change Consensus in March 2013
Back to first page Change Consensus in March 2013 TP €1.60 “Buy” TP €1.35 “Neutral” Company Rating “Q4 results were almost in line with “Stronger-than-expected performance of our expectations and the appealing the waste division. With these results, Banca Akros Buy dividend was confirmed, which is w
Slide 63: Change Consensus in April 2013
Back to first page Change Consensus in April 2013 Company Rating Banca Akros Buy Centrobanca Buy Citi Neutral Equita Hold ICBPI Buy Intermonte Neutral Kepler Buy Target Price Consensus April 30, 2013 € 1.51
Slide 64: Change Consensus in May 2013
Back to first page Change Consensus in May 2013 TP €1.90 (from 1.60) “Buy” “Good Q1 results, above our TP €1.35 “Neutral” Company Rating estimates. EPS up 4% on average in 2013-16E. TP (fully diluted) up to “Stronger than expected results. The Hold EUR1.9 (from EUR1.6), Buy Banca Akros strong growth
Slide 65: Change Consensus in June 2013
Back to first page Change Consensus in June 2013 Company Rating Banca Akros Hold Citi Neutral Equita Hold ICBPI Buy Intermonte Neutral KeplerCheuvreux Buy Target Price Consensus June 30, 2013 € 1.63
Slide 66: Change Consensus in July 2013
Back to first page Change Consensus in July 2013 Company Rating Banca Akros Hold Citi Neutral Equita Hold ICBPI Buy Intermonte Neutral KeplerCheuvreux Buy Target Price Consensus July 31, 2013 € 1.63
Slide 67: Change Consensus in August 2013
Back to first page Change Consensus in August 2013 Company Rating TP €1.90 “Buy” TP €1.35 “Neutral” Banca Akros Hold “Good Q2 results. Growing, once “Hera has been one of the best Citi Neutral again. Results ahead of estimates performers in utilities YTD. While the Equita Hold mainly thanks to waste
Slide 68: Change Consensus in September 2013
Back to first page Change Consensus in September 2013 TP €1.80 (from 1.90) “Buy” Company Rating “We confirm our positive stance on Hera after the release of its 2013- TP €1.35 “Neutral” Banca Akros Hold 2017 business plan. The company’s “While the plan is bang in line with our Citi Neutral strategy
Slide 69: Change Consensus in October 2013
Back to first page Change Consensus in October 2013 Company Rating Banca Akros Hold Citi Neutral Equita Hold ICBPI Buy Intermonte Neutral KeplerCheuvreux Buy Target Price Consensus October 31, 2013 € 1.61 TP €1.72 (from 1.73) “Hold” “Hera has a balanced assets structure TP €1.80 (from 1.90) “Buy” an
Slide 70: Change Consensus in November 2013
Back to first page Change Consensus in November 2013 Company Rating TP €1.90 (From 1.60) TP €1.61 “Buy” Banca Akros Hold “Outperform” (From Neutral) “The results of the first nine Citi Neutral “We believe that positive results in months are in line with our Water tariffs and lower than estimates. We
Slide 71: Change Consensus in December 2013
Back to first page Change Consensus in December 2013 Company Rating Banca Akros Hold Citi Neutral Equita Buy ICBPI Buy Intermonte Outperform KeplerCheuvreux Buy Target Price Consensus December 31, 2013 € 1.68
Slide 72: Change Consensus in January 2014
Back to first page Change Consensus in January 2014 TP €2.00 (From 1.90) TP €1.92 (from 1.61) “Buy” Company Rating “Outperform” “The integration with Amga Banca Akros Hold “We expect a positive impact Udine represents an additional Equita Buy from the merger with Amga step in the Hera expansion in I
Slide 73: Change Consensus in February 2014
Back to first page Change Consensus in February 2014 Company Rating Banca Akros Accumulate TP €1.95 (from 1.89) “Buy” TP €2.10 (from 1.60) “Accumulate” (from “Hold”) Banca IIMI Add “We increase the target price and Equita Buy reiterate our rating Buy because: “We believe Hera may continue to benefit
Slide 74: Change Consensus in March 2014
Back to first page Change Consensus in March 2014 TP €2.15 (from 1.95) “Buy” Company Rating “2013 results in line. Hera is the best TP €2.10 “Accumulate” Banca Akros Accumulate player for aggregation amongst Banca IIMI Buy utilities, with two deals closed in 18 “We confirm our positive stance months
Slide 75: Change Consensus in April 2014
Back to first page Change Consensus in April 2014 Company Rating Banca Akros Accumulate Banca IIMI Buy Equita Buy Fidentiis Buy Goldman Sachs Buy ICBPI Buy Intermonte Outperform KeplerCheuvreux Buy Mediobanca Outperform Target Price Consensus April 30, 2014 € 2,25
Slide 76: Change Consensus in May 2014
Back to first page Change Consensus in May 2014 Company Rating TP €2.35 (from 2.10) Banca Akros Accumulate TP €2.40 (from 2.35) “Outperform” “Accumulate” Banca IIMI Buy “Following 1Q14 results, we confirm “The company’s business mix is Equita Buy our positive view on the stock, due protecting Hera f
Slide 77: Change Consensus in June 2014
Back to first page Change Consensus in June 2014 Company Rating Banca Akros Buy Banca IIMI Buy Equita Buy Fidentiis Buy Goldman Sachs Buy ICBPI Buy Intermonte Outperform KeplerCheuvreux Buy Mediobanca Outperform Target Price Consensus June 30, 2014 € 2,39 TP €2.60 (from 2,35) “Buy” (from TP €2,70 (f
Slide 78: Change Consensus in July 2014
Back to first page Change Consensus in July 2014 Company Rating Banca Akros Buy Banca IIMI Buy Equita Buy Fidentiis Buy Goldman Sachs Buy ICBPI Buy Intermonte Outperform KeplerCheuvreux Buy Mediobanca Outperform Target Price Consensus July 31, 2014 € 2.39 TP €2.60 (from 2.50) “Buy” “We see a 2014E o
Slide 79: Change Consensus in August 2014
Back to first page Change Consensus in August 2014 Company Rating TP €2.60 “Buy” Banca Akros Buy TP €2.60 “Outperform” “The company’s business mix is Banca IIMI Buy “Following 1Q14 results, we confirm protecting Hera from turmoil Equita Buy our positive view on the stock, due related to the economic
Slide 80: Change Consensus in September 2014
Back to first page Change Consensus in September 2014 Company Rating TP €2.60 “Outperform” TP €2.40 (from €2.16) “Buy” Banca Akros Buy “Our favourite name to “Hera is the best placed in the Banca IIMI Buy play the consolidation game remains M&A market (thanks to less Equita Buy Hera, which in our op
Slide 81: Change Consensus in October 2014
Back to first page Change Consensus in October 2014 Company Rating TP €2.50 (from 2.60) “Outperform” TP €2.60 “Buy” Banca Akros Buy “We confirm our positive view on the “In our view, in a context that Banca IIMI Buy stock due to market share gains in remains difficult, Hera has Equita Buy waste and
Slide 82: Change Consensus in November 2014
Back to first page Change Consensus in November 2014 Company Rating TP €2.60 “Buy” Banca Akros Buy TP €2.34 “Buy” “Q3 results above our estimates. “A company you should rely Banca IIMI Buy Four main points: heavily on. The company’s Equita Buy business mix protects from Fidentiis Buy • Growing opera
Slide 83: Change Consensus in December 2014
Back to first page Change Consensus in December 2014 Company Rating Banca Akros Buy Banca IIMI Buy Equita Buy Fidentiis Buy Goldman Sachs Buy Intermonte Neutral KeplerCheuvreux Buy Mediobanca Outperform Target Price Consensus December 31, 2014 € 2.52 TP €2.85 “Convinction Buy TP €2.70 “Buy” List” “W
Slide 84: Change Consensus in January 2015
Back to first page Change Consensus in January 2015 Company Rating Banca Akros Buy Banca IMI Buy Equita Buy Fidentiis Buy Goldman Sachs Buy Intermonte Neutral KeplerCheuvreux Buy Mediobanca Outperform Target Price Consensus January 31, 2015 € 2.54 TP €2.90 (from €2.85) “Convinction Buy List” “We bel
Slide 85: Change Consensus in February 2015
Back to first page Change Consensus in February 2015 Company Rating Banca Akros Buy Banca IMI Buy Equita Buy Fidentiis Buy Goldman Sachs Buy Intermonte Neutral KeplerCheuvreux Buy Mediobanca Outperform Target Price Consensus February 28, 2015 € 2.54 TP €2.70 “Buy” “Following a reverse roadshow held
Slide 86: Change Consensus in March 2015
Back to first page Change Consensus in March 2015 Company Rating TP €2.60 “Buy” Banca Akros Buy TP €2.55 (from €2.40) “Buy” “The company’s business mix Banca IMI Buy “We confirm our Buy rating on HERA. protects from turmoil related to the Equita Buy In our view, its main strengths are its economic e
Slide 87: Change Consensus in April 2015
Back to first page Change Consensus in April 2015 Company Rating Banca Akros Buy Banca IMI Buy Equita Buy Fidentiis Buy Goldman Sachs Buy Intermonte Neutral KeplerCheuvreux Buy Mediobanca Outperform Target Price Consensus April 30, 2015 € 2.62 TP €2.70 “Outperform” TP €2.70 “Buy” “We believe that ch
Slide 88: Change Consensus in May 2015
Back to first page Change Consensus in May 2015 Company Rating TP €2.95 “Convinction Buy List” Banca Akros Buy TP €2.55 “Buy” “Hera reported solid FY14 results Banca IMI Buy “We confirm our positive stance on above consensus. We forecast Equita Hold HERA based on solid operating strong growth to con
Slide 89: Change Consensus in June 2015
Back to first page Change Consensus in June 2015 Company Rating Banca Akros Buy Banca IMI Buy Equita Hold Fidentiis Buy Goldman Sachs Buy Intermonte Neutral KeplerCheuvreux Buy Mediobanca Outperform Target Price Consensus June 30, 2015 € 2,64 TP €2.70 “Buy” “Moody’s raised its outlook on Hera to Sta
Slide 90: Change Consensus in July 2015
Back to first page Change Consensus in July 2015 Company Rating Banca Akros Buy Banca IMI Buy Equita Hold Fidentiis Buy Goldman Sachs Buy Intermonte Neutral KeplerCheuvreux Buy Mediobanca Outperform Target Price Consensus July 31, 2015 € 2,64
Slide 91: Change Consensus in August 2015
Back to first page Change Consensus in August 2015 Company Rating TP €2.60 “Buy” Banca Akros Buy TP €2.55 “Buy” "The company's business mix Banca IMI Buy " We confirm our positive stance on protects from turmoil related to the Equita Hold Hera, after the release of another economic environment. The
Slide 92: Change Consensus in September 2015
Back to first page Change Consensus in September 2015 Company Rating Banca Akros Buy Banca IMI Add Equita Hold Fidentiis Hold Goldman Sachs Buy Intermonte Neutral KeplerCheuvreux Buy MainFirst Outperform Mediobanca Outperform Target Price Consensus September 30, 2015 € 2.63 TP €2.61 “Outperform” TP
Slide 93: Change Consensus in October 2015
Back to first page Change Consensus in October 2015 Company Rating Banca Akros Buy Banca IMI Add Equita Hold Fidentiis Hold Goldman Sachs Buy Intermonte Neutral KeplerCheuvreux Buy MainFirst Outperform Mediobanca Outperform Target Price Consensus October 30, 2015 € 2.63
Slide 94: Change Consensus in November 2015
Back to first page Change Consensus in November 2015 Company Rating Banca Akros Buy Banca IMI Add Equita Hold Fidentiis Hold Goldman Sachs Buy Intermonte Neutral KeplerCheuvreux Buy MainFirst Outperform Mediobanca Outperform Target Price Consensus November 30, 2015 € 2.65 TP €2.85 “Convinction Buy L