Equita cuts Italgas on limited valuation upside

Italgas SpA

24/06/2026 09:16

** Equita cuts Italgas IG.MI to "hold" from "buy", saying the Italian gas distributor's current valuation offers limited upside
** The upside implied by the strategic plan relies on drivers that remain only "partially visible", Equita says

    ** It sees the target of €2.4 billion ($2.72 billion) investment associated with gas tenders as a "challenging" objective
  
** The broker adjusts its 2032 EBITDA estimate to €3.2 billion (vs €3.3 billion targeted by the company), implying an adjusted annual EPS growth of about 8%

    ** It keeps its 2026-32 estimates broadly unchanged
  

    ** Out of 15 analysts covering Italgas, six rate it "strong buy"/"buy" and nine "hold" - LSEG data
($1 = 0.8815 euros)

(Reporting by Mirko Miorelli)
((Mirko.Miorelli@thomsonreuters.com))