|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||12.16 - 12.24|
|52 Week Range||10.73 - 14.00|
|Beta (5Y Monthly)||0.71|
|PE Ratio (TTM)||15.66|
|Forward Dividend & Yield||1.01 (8.19%)|
|Ex-Dividend Date||May 19, 2019|
|1y Target Est||N/A|
On average, over time, stock markets tend to rise higher. This makes investing attractive. But if you choose that...
MILAN/ROME (Reuters) - Atlantia shares gained more than 6% on Tuesday as comments from a minister rekindled hopes that the infrastructure group could reach a compromise with the government over its lucrative motorway concession. Speaking on Radio 24, Deputy Transport Minister Giancarlo Cancelleri, from the 5-Star Movement that has led calls for Atlantia to be stripped of its concession, acknowledged the government could decide not to revoke the license. Cancelleri said he personally favored cancellation but that the government had not yet taken a decision.
(Bloomberg) -- The Democratic Party, the main establishment force in Italy’s government, roared back to life on Sunday with an authoritative victory in a key regional vote that shut down talk of a snap election. Italian bonds surged.In retaining control over the center-left stronghold of Emilia-Romagna, the Democrats signaled a power shift in Prime Minister Giuseppe Conte’s coalition, rejuvenating a four-month-old government that’s struggled under the weight of populist demands from its partner, the Five Star Movement.The PD-led bloc won 51% of the vote against 44% for Salvini’s center-right, Interior Ministry figures showed.Just two years after losing power and seeing their party reduced to near-irrelevance, the Democrats are now turning things around -- at least partly at Five Star’s expense. The anti-establishment Five Star polled just 3.5% in Emilia-Romagna.Though nominally the senior partner based on number of seats in parliament, Five Star risks losing its influence in the coalition.“The choice is now between two main contenders,” the Democrats’ leader, Nicola Zingaretti, told reporters, referring to his party and Salvini’s League. “Five Star will find itself facing this dilemma.”Five Star is also setting up for a leadership battle following the resignation of Foreign Minister Luigi Di Maio as party leader. More than 20 lawmakers have abandoned Five Star or been expelled from the party since Conte’s second government took office in September.Italy’s benchmark yield fell the most since August, as markets signaled relief over reduced prospects of early elections. Ten-year yields dropped 19.5 basis points to 1.04%, on the fading risk of a new government led by the League, whose euroskeptic lawmakers regularly make comments that rile markets.“The most feared event didn’t materialize,” Paolo Pizzoli, senior economist at ING Bank NV in Milan, said in an interview. “The risk of a political crisis in the short term has been eliminated for now. There’s an increased perception of government stability and a reduced risk of anti-Europe rhetoric resurfacing.”For the markets, the defeat for Salvini coupled with the poor showing by Five Star appears to be a win/win, with the anti-establishment movement no longer in position to call the shots in government and agitate for policies that are unpopular with investors.“Part of the yield reduction could be due to the poor showing from Five Star,” Pizzoli said. “It could reduce the level of conflicts within the government. Some requests from Five Star could be scaled back and a strengthened Democratic Party could impose its own agenda.”The Five Star collapse in Emilia-Romagna may, for example, give the insurgent movement less clout in a tussle over whether to strip the country’s main toll-road operator, Atlantia SpA’s Autostrade per l’Italia, of its licenses after a deadly bridge disaster.“It’s right to use this result to change the political axis of the government,” Andrea Orlando, the Democrats’ deputy secretary, told Radio Capital. “Five Star should give up on demands which make things difficult for the government.”The Democrats’ post-election posturing suggests they’ll want the final say on a new program Conte plans to draw up in the aftermath of the weekend vote.Conte’s Agenda 2023, the program he hopes will see the government through to the end of the parliamentary term, will likely include tax cuts, a boost for private and state investment and a faster judicial system.After bringing down Conte’s first coalition over the summer in a doomed bid to spark new elections, Salvini has now failed twice to push Italy to a snap vote. Speaking to reporters in Bologna, Emilia-Romagna’s capital, Salvini said “only God knows” when the next general elections will be.To contact the reporters on this story: John Follain in Rome at email@example.com;Flavia Rotondi in Rome at firstname.lastname@example.org;Marco Bertacche in Milan at email@example.comTo contact the editors responsible for this story: Ben Sills at firstname.lastname@example.org, Jerrold Colten, Dan LiefgreenFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The new CEO of Italy's Atlantia signalled a fresh approach on Friday to the crisis caused by the deadly collapse of a bridge operated by its motorway arm in 2018, apologising for the disaster and seeking talks with the government. Carlo Bertazzo's predecessor was heavily criticised by politicians for a delay in apologising for the death of 43 people and also took a more confrontational approach to Rome's threat to strip Atlantia of its highway concession. "First of all, we apologise to the families of the victims and to all Italians," Bertazzo told La Stampa newspaper in his first interview since taking over at Atlantia, which is 30% owned by the Benetton family.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Just as investors were enjoying Italian equities’ biggest annual advance in two decades, along comes a vote that may spoil the party.Regional elections on Sunday could weaken the government, especially after the leader of the Five Star Movement, the biggest party in the ruling coalition, quit earlier this week. A win by the populist Matteo Salvini’s League in one of the Democratic Party’s historical strongholds would raise the prospect of an early election and a potential comeback for a euroskeptic agenda.The renewed political risks come hot on the heels of a rally that pushed the benchmark FTSE MIB Index up 28% last year, its best performance since 1998. Shares of banks may be particularly vulnerable, with a gauge of Italian lenders poised for its worst week since October as bond yields climbed following the resignation of the Five Star Movement’s Luigi Di Maio. Some state-controlled companies and infrastructure firm Atlantia will also be in the spotlight.READ: A Fresh Bout of Italian Political Risk Puts Investors on EdgeHere’s a list of stocks to watch going into the regional vote:FinancialsLenders including UniCredit SpA, Intesa Sanpaolo SpA and Banco BPM SpA, and insurers such as Assicurazioni Generali SpA are sensitive to the spread between Italian debt, known as BTPs, and German bunds, which are likely to react to the outcome of the vote.“In Italy, financials are the most exposed to political volatility, given their exposure to BTPs,” said Francesco Castelli, head of fixed income at Banor Capital.Separately, the restructuring plans of Monte dei Paschi di Siena SpA are “exposed to implicit support” from the current government and to an agreement with the European Union regarding the transfer of the bank’s bad loans, Castelli said.Such an accord is a key step toward the sale of the lender and the government’s commitment to exit its 68% stake by 2021.Paschi shares have outperformed local peers this year, and are up 32% as investors bet on the de-risking and M&A prospects.AtlantiaThe government has decided to wait until after the vote to make a decision on whether to cancel the motorway concession of transport infrastructure company Atlantia, according to reports in the Italian media. The company could be stopped from operating 3,000 kilometers of highway following the deaths of 43 people when a bridge in Genoa collapsed in August 2018.The Five Star Movement has been very vocal about revoking the licenses of the Autostrade per l’Italia unit, with resigning leader Luigi Di Maio repeating on Wednesday that his group will press for the move.Still, the government is looking for a “balanced solution,” Finance Minister Roberto Gualtieri said Thursday. And Atlantia CEO Carlo Bertazzo said the company is open to a deal with the government on Autostrade as long as the solution guarantees the group’s financial stability, according to an interview with La Stampa on Friday.State-Controlled CompaniesA flurry of appointments or confirmations of chief executive officers of state-controlled companies, which are large-caps on the local stock exchange, is due in the spring.Eni SpA, Enel SpA, Leonardo SpA, Terna Rete Elettrica Nazionale SpA and Poste Italiane SpA’s top executives are up for review in the coming weeks and the election result may affect this.Defensive PlaysCompanies with a more defensive profile may perform well amid instability, including some global champions with little relation to local developments, such as Ferrari NV.Companies including Amplifon SpA, DiaSorin SpA, Recordati SpA, Davide Campari-Milano SpA and Interpump Group SpA “are safe harbors from Italian political risks,” said Angelo Meda, head of equities at asset manager Banor SIM SpA in Milan. “If anything disruptive emerges from the regional vote on Sunday, it’s likely that they will outperform.”\--With assistance from Sonia Sirletti and Giovanni Salzano.To contact the reporter on this story: Chiara Remondini in Milan at email@example.comTo contact the editors responsible for this story: Celeste Perri at firstname.lastname@example.org, Namitha Jagadeesh, Dan LiefgreenFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's Investors Service has today placed on review for downgrade the Baa3 senior secured bank loan rating of Azzurra Aeroporti S.p.A. (Azzurra Aeroporti) and the Baa2 issuer rating of Aéroports de la Côte d'Azur (ACA). The ratings review follows publication of the decision by the Council of State, which dismissed ACA's request to cancel the tariff decision by the Independent Supervisory Authority (ISA) from April 2019. In light of the above decision and given that ACA's tariff proposal to the Transport Regulatory Authority (TRA) -- a regulatory authority for the aviation industry, which replaced ISA effective 1 October 2019 -- was rejected in November, there is significant uncertainty around any changes to ACA's tariffs this year.
Is Atlantia S.p.A. (BIT:ATL) a good dividend stock? How can we tell? Dividend paying companies with growing earnings...
(Bloomberg Opinion) -- The Benetton name has become tarnished in Italy. The billionaire family has become synonymous with troubled infrastructure group Atlantia SpA, now facing serious financial repercussions over the tragic collapse of the Morandi road bridge in 2018. The episode starkly underscores how business is a complex social activity which depends on much more than legal contracts between its stakeholders.The investigation into what caused a section of the bridge to give way, claiming 43 lives, has yet to conclude. But Prime Minister Giuseppe Conte has told La Repubblica newspaper there was grave negligence by Atlantia subsidiary Autostrade per l’Italia (the Benettons own 30% of Atlantia). As punishment, the government has changed the law so it could revoke the road operator’s lucrative motorway concession and pay it significantly lower compensation than the existing contract would have allowed.For its part, Autostrade asserts that it has always met its obligations under the concession agreement, spending more on maintenance than it had originally committed to do.Rome’s disregard for contractual obligations should not be seen as a symptom of capricious Italian politics. It’s plausible that other governments would have made similar moves faced with the same public uproar.Indeed, the authorities might be justified in breaching the contract if that were necessary to prevent unpalatable outcomes. The terms say that Autostrade should be compensated for termination at the net present value (NPV) of the asset’s future cash flows. This is estimated by analysts to be about 20 billion euros ($22 billion) or more. The penalty for gross negligence is 10%, implying a roughly 2 billion euros fine depending on where the NPV was agreed. The sight of Autostrade walking away with 90% of fair value if gross negligence were proven to have contributed to such an awful event would be intolerable.True, there is scope to levy additional deductions for “damage suffered by the grantor” (the transport ministry). But the opportunity for legal wrangling over that number must be high. The new law solves this by setting the starting point for compensation at book value, which could be half the NPV and so prices in a massive damages claim from the outset.The principal difficulty with the government’s radicalism is that it comes ahead of the formal conclusion of the investigation and proposes an arbitrary compensation number that lacks transparent justification. The practical problem is that it’s hard to see how any company other than Autostrade can operate Italy’s motorways.There’s still scope for a negotiated resolution. The government’s priority should be to take any necessary enforcement action arising from the probe, and to ensure the motorway infrastructure is safe. It also needs to incentivize good behavior by concession holders. There’s the understandable worry that the near-term demands of Atlantia’s debt interest and shareholder dividends trumped necessary spending to prevent problems that would take time to emerge.As for Atlantia, it would be unwise to see its goal here as extracting a decent financial settlement, ridding itself of the concession and walking away. Short-term investors who have piled into the shares are probably betting that it has European law on its side and will do just that. The Benettons, whose large holding confers a sizeable stewardship responsibility, hopefully think differently.The real challenge for Atlantia is to regain its license to operate in the broadest sense — rebuilding a lasting partnership between itself and the society in which it does business. Exiting the concession won’t achieve that. Nor will a protracted legal battle in defense of contractual entitlements. A long-term agreement providing appropriate redress for any past failings, and holding Atlantia’s feet to the fire to ensure the motorway infrastructure is safe and stays that way, must be the common goal.To contact the author of this story: Chris Hughes at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2020 Bloomberg L.P.
Atlantia risks going bankrupt if Italy's government revokes its motorway licence with limited compensation, the infrastructure group's CEO told an Italian daily on Saturday, adding an alternative compromise could be found. Atlantia has come under fire after the collapse of a concrete bridge operated by its Autostrade per l'Italia unit killed 43 people in the port city of Genoa in August 2018. The Rome government is considering revoking Autostrade's motorway licence and recently passed measures that reduce compensation owed for the early termination of a contract if the concession holder is in breach of its obligations.
Moody's Investors Service, ("Moody's") has today downgraded to Ba2 from Ba1 the senior unsecured rating and to (P)Ba2 from (P)Ba1 the rating of the euro medium-term note (EMTN) programme of Italian motorway and airport infrastructure company Atlantia S.p.A. (Atlantia). Moody's also downgraded to Ba1 from Baa3 the senior unsecured ratings and to (P)Ba1 from (P)Baa3 the senior unsecured EMTN programme rating of toll road operator Autostrade per l'Italia S.p.A. (ASPI).
Italy's Atlantia is still interested in supporting the relaunch, and not the rescue, of ailing carrier Alitalia [CAITLA.UL], the chairman of the infrastructure group said in an interview on Friday. "The government asked to draw up an actual relaunch plan and not one to rescue Alitalia, and that is what we are interested in.. With Delta not available to manage the airline it was unthinkable to launch a true industrial plan," Fabio Cerchiai told daily Il Messaggero. Alitalia, which has been run by administrators since May 2017 is expected to run out of money at the end of this year.
Does the December share price for Atlantia S.p.A. (BIT:ATL) reflect what it's really worth? Today, we will estimate...
Moody's Investors Service (Moody's) has today downgraded to Ba1 from Baa3 the senior unsecured rating and to (P)Ba1 from (P)Baa3 the senior unsecured euro medium-term note (EMTN) programme rating of Atlantia S.p.A. (Atlantia), holding company for the group's motorway and airport infrastructure businesses. Concurrently, Moody's downgraded to Baa3 from Baa2 the issuer and senior unsecured ratings, and to (P)Baa3 from (P)Baa2 the senior unsecured EMTN programme rating of toll road operator Autostrade per l'Italia S.p.A. (ASPI).
The Benettons are the biggest investor in infrastructure group Atlantia, owner of Autostrade per l'Italia which operates the motorway in Genoa where the viaduct gave way. "I want to clarify a big misunderstanding: no member of our family has ever run Autostrade," Luciano Benetton, 84, who has taken back the reins of the family businesses, wrote in the letter published in full by la Repubblica daily on Sunday. The Benetton family has come under heavy attack following the disaster in August 2018 and the ruling 5-Star Movement has called for Autostrade to be stripped of its motorway concession.
The Italian government is risking the wrath of the European Commission (EC) in agreeing to provide a €400 million ($440 million) bridge loan to struggling Alitalia after the airline failed to reach a bailout agreement with two potential investors by a Nov. 21 deadline. EC officials are in close contact with Rome concerning whether the proposed capital injection would run afoul of commission rules on state aid, European media report. Italian state-run railway group Ferrovie dello Stato (FS) and Italian holding company Atlantia were unable to agree to terms demanded by the government as part of a €1 billion rescue scheme.
With the Nov. 21 deadline passed for a binding offer to rescue financially ailing Alitalia, another member of the consortium formed to bail out the carrier has balked at the failure of the Italian government and proposed investors to come to terms on a deal. Italian state-owned railway group Ferrovie dello Stato (FS) had expressed willingness to take a 40% stake in the €1 billion ($1.1 billion) bailout of the Italian flag carrier. The FS announcement mirrors that of Italian holding company Atlantia two days ago that conditions were not in place to warrant an investment in a resuscitated Alitalia.
An Alitalia rescue plan ran into trouble on Wednesday when its main sponsor, railway group Ferrovie dello Stato, said conditions were not in place to set up an investor consortium to save the struggling Italian carrier. Alitalia, which has been run by administrators since May 2017, is burning through cash reserves and is expected to run out of money at the end of this year. Ferrovie's comments came a day after infrastructure group Atlantia, touted to be one of the key potential investors in Alitalia together with a foreign airline, said it was not ready to join a consortium.