The board of directors of Italgas approved the new plan with horizon 2027which provides investments of 7,9 billion euros (+0,4 billion compared to the previous plan), of which 2 billion for gas tenders, 380 million for M&A and 1,4 billion for the digitization of the networks.
The goal, we read, is "to complete the digital transformation of the assets in 2022 and make Italgas to all intents and purposes a protagonist of the energy transition", while maintaining a "solid and efficient financial structure to support growth opportunities and continue to guarantee an adequate return for shareholders”.
As for what other budget targets, the Rab consolidated should grow at an average annual rate of around 4,2%, reaching 10,3 billion at the end of 2027, but with the contribution of local tenders it could reach 11,9 billion.
The current one has been confirmed for the four-year period 2020-2023 dividend policy, which "reflects Italgas' commitment to guaranteeing shareholders an attractive, growing and sustainable remuneration". Therefore, the four-year policy announced in October 2020 is confirmed, which provides for the distribution of a dividend equal to the higher of the amount resulting from the 2019 dividend per share (0,256 euro) increased by 4% per year and the dividend per share equal to 65% of the adjusted net earnings per share.
For the solo 2021 technical investments between 850 and 900 million and revenues of more than 1,35 billion are expected, with an Ebitda of around 1 billion and an Ebit of 560-580 million. With the completion of the tenders, a turnover of around 2027 billion is expected by 2,1 with an estimated Ebitda of around 1,6 billion, while the financial leverage should settle at just over 60%.
The new Italgas plan 2021-2027 provides for the increase of drop-off points served from 7,6 million in 2020 to 8,2 million in 2027, but with the contribution of area tenders the number of PDRs will reach 10 million at the end of the plan.
In addition, thanks to digitization they are estimated efficiencies for 250 million (+40 million from the previous plan).
On the energy efficiency front, Italgas "expands its perimeter thanks to the binding agreements for the acquisition of ESCo Ceresa, a company founded in 1921 and specialized in the supply of energy services, with a significant portfolio of 3.700 customers (of which over 800 condominiums ) mainly located in the Turin area”. Ceresa has revenues of approximately 20 million and an Ebitda of 3,5 million; the valuation of the Enterprise Value of the company is equal to 22 million euros.
Finally, as regards the ESG profile, a 2027% reduction in greenhouse gas emissions and a 30% reduction in energy consumption is expected by 25.
“Digital transformation remains the main enabler of our growth path with the aim of completing the digitization of the network in 2022 and designing the roadmap that will confirm the strategic role of the gas networks as a driving force for the energy transition to achieve the EU objectives. zero carbon". This was underlined by the managing director of Italgas, Paolo Gallo, commenting on the new 2021-27 Strategic Plan.
“With 7,9 billion euro, an increase compared to the investment program presented last October, Italgas confirms its position as one of the leading Italian industrial groups in terms of its ability to plan, execute and generate value for the communities it serves, capable of strong impetus for the restart of the country. The largest share of the investments is intended for the repurposing of the 73.000 km of network and its further extension towards territories not yet reached, also to support the development of biomethane, expected for this decade, and other renewable gases such as green hydrogen, to be welcomed and distributed across our network,” added Gallo.
