RBC now favors Terna over Snam in Italian networks, ups Italgas

Italgas SpA

23/09/2025 08:20

** RBC switches its preference to Terna TRN.MI from Snam SRG.MI as it lays out its earnings growth outlook for Italian networks through 2030

** It upgrades power grid operator Terna to "outperform" from "sector perform", forecasting a mid-single-digit EPS growth for Terna through 2030

** In turn, it cuts Snam to "sector perform" from "outperform" as it sees below 2% EPS growth for the gas grid group

** It also upgrades Europe's biggest gas distributor Italgas IG.MI to "outperform" from "sector perform", saying that its valuation remains attractive while "transformative 2i Rete acquisition" drives a near 10% annual EPS growth outlook through 2030

($1 = 0.8480 euros)

(Reporting by Laura Contemori)

((Laura.contemori@thomsonreuters.com))