ATL.MI - Atlantia S.p.A.

Milan - Milan Delayed Price. Currency in EUR
20.74
-0.37 (-1.75%)
At close: 5:36PM CET
Stock chart is not supported by your current browser
Previous Close21.11
Open21.17
Bid20.82 x 0
Ask20.84 x 0
Day's Range20.69 - 21.17
52 Week Range19.47 - 24.95
Volume1,523,740
Avg. Volume2,001,750
Market Cap16.963B
Beta (5Y Monthly)0.71
PE Ratio (TTM)12.21
EPS (TTM)1.70
Earnings DateMar 23, 2020
Forward Dividend & Yield0.90 (4.26%)
Ex-Dividend DateMay 20, 2019
1y Target Est22.82
  • Investors Who Bought Atlantia (BIT:ATL) Shares A Year Ago Are Now Up 12%
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    Investors Who Bought Atlantia (BIT:ATL) Shares A Year Ago Are Now Up 12%

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  • Italy Establishment Has Upper Hand Again After Salvini Loss
    Bloomberg

    Italy Establishment Has Upper Hand Again After Salvini Loss

    (Bloomberg) -- The Democratic Party, the main establishment force in Italy’s government, roared back to life on Sunday with a convincing 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 center-left bloc led by Democratic Party candidate Stefano Bonaccini won the regional election with 51.4% of votes, according to final results published on the website of Italy’s Interior Ministry. Lucia Borgonzoni from the center-right grouping led by Matteo Salvini’s League got 43.6%.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’s main candidate 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 the 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 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.(Updates with final voting figures in third paragraph)To contact the reporters on this story: John Follain in Rome at jfollain2@bloomberg.net;Flavia Rotondi in Rome at rotondi@bloomberg.net;Marco Bertacche in Milan at mbertacche@bloomberg.netTo contact the editors responsible for this story: Ben Sills at bsills@bloomberg.net, 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.

  • Populists Humiliated in Italy Vote
    Bloomberg

    Populists Humiliated in Italy Vote

    (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 jfollain2@bloomberg.net;Flavia Rotondi in Rome at rotondi@bloomberg.net;Marco Bertacche in Milan at mbertacche@bloomberg.netTo contact the editors responsible for this story: Ben Sills at bsills@bloomberg.net, 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.

  • Moody's

    Aeroports de la Cote d'Azur -- Moody's reviews Azzurra Aeroporti and Aeroports de la Cote d'Azur ratings for downgrade

    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.

  • Should Atlantia S.p.A. (BIT:ATL) Be Part Of Your Dividend Portfolio?
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    Should Atlantia S.p.A. (BIT:ATL) Be Part Of Your Dividend Portfolio?

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  • Bloomberg

    Billionaire Benettons Must Tread Carefully in Italy

    (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 chughes89@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis 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.

  • Moody's

    Autostrade per l'Italia S.p.A. -- Moody's downgrades ratings of Atlantia, ASPI and ADR by one notch and places under review for downgrade

    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).

  • An Intrinsic Calculation For Atlantia S.p.A. (BIT:ATL) Suggests It's 31% Undervalued
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    An Intrinsic Calculation For Atlantia S.p.A. (BIT:ATL) Suggests It's 31% Undervalued

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  • Moody's

    Autostrade per l'Italia S.p.A. -- Moody's downgrades Atlantia's rating to Ba1 and Autostrade per l'Italia's rating to Baa3; negative outlook

    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).

  • Why Atlantia S.p.A.’s (BIT:ATL) Return On Capital Employed Looks Uninspiring
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    Why Atlantia S.p.A.’s (BIT:ATL) Return On Capital Employed Looks Uninspiring

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  • Moody's

    Autostrade per l'Italia S.p.A. -- Moody's extends review for downgrade on Atlantia, Autostrade per l'Italia and Aeroporti di Roma's ratings

    Moody's Investors Service (Moody's) has today said that it is extending the review for downgrade on the ratings of Atlantia S.p.A. (Atlantia), holding company for the group's motorway and airport infrastructure businesses, the toll road operator Autostrade per l'Italia S.p.A. (ASPI) and airport operator Aeroporti di Roma S.p.A. (ADR). The review was initiated on 4 July 2019 after publication of a report commissioned by the Italian Ministry of Transportation and Infrastructure (MIT), assessing options in respect of the future of the ASPI concession following the collapse of the Polcevera viaduct in August 2018 and which implied heightened downside risks for the ASPI concession.

  • Taking A Look At Atlantia S.p.A.'s (BIT:ATL) ROE
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  • Read This Before You Buy Atlantia S.p.A. (BIT:ATL) Because Of Its P/E Ratio
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  • Reuters

    UPDATE 3-Italy's prime minister hopes for EU harmony, economic revival

    Italy's prime minister said on Monday his new coalition combining the anti-establishment 5-Star Movement and the pro-Europe Democratic Party (PD) would usher in a wave of reforms and avoid the rows that stymied his old government. In a speech to parliament unveiling his policy priorities, Giuseppe Conte called for smoother relations with the European Union, saying he would work with Brussels to rewrite the bloc's budget rules and its immigration laws. The PD and 5-Star agreed to join forces under Conte's leadership after the far-right League walked out of the previous, argumentative coalition with 5-Star in a failed effort to trigger early elections.

  • Reuters

    UPDATE 5-Italy's 5-Star votes in favour of PD coalition, opening way for government

    Members of Italy's anti-establishment 5-Star Movement overwhelmingly backed a proposed coalition with the centre-left Democratic Party (PD) on Tuesday, opening the way for a new government to take office in the coming days. In an online ballot, 79.3% of 5-Star supporters voted in favour of joining forces with the PD, their long-time political adversaries, while 20.7% opposed the alliance, party leader Luigi Di Maio told reporters.

  • Reuters

    UPDATE 1-Italy's 5-Star unsettles PD with tough terms for coalition deal

    Italy's 5-Star Movement will enter a coalition with the opposition Democratic Party (PD) only if it agrees to a string of policy demands, the 5-Star leader said on Friday, setting an uncompromising tone for the negotiations. Luigi Di Maio's hardline message dented growing optimism that a deal might be at hand, causing financial markets to fall, while a stunned PD sought immediate clarification that 5-Star still wanted an accord. Salvini's move backfired when 5-Star and the PD unexpectedly said they would be willing to try to lay aside old animosities and forge a new coalition, with Prime Minister Giuseppe Conte, who is not a member of any party, remaining at the helm.

  • Atlantia (BIT:ATL) Has A Somewhat Strained Balance Sheet
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    Atlantia (BIT:ATL) Has A Somewhat Strained Balance Sheet

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