Morgan Stanley revises up the earnings per share (Eps) of Snam and Terna: the two Italian companies have just today benefited from the new ones decisions of the Authority per l'Energia, which established favorable tariffs for the transport of gas and electricity, so much so that in the morning the two titles immediately flew to historic highs in Piazza Affari (+3,65% Snam, 4,936 euro; +2,4% Terna a 4,782 euros mid-afternoon).
According to US bank analysts, in light of the Authority's move the consensus on the EPS for the two-year period 2016-2017 must be revised upwards by 5% on average for both companies, at the top of the range fixed between +3,4 and +5,1%. As regards the RAB (the profitability index of businesses regulated by the authority), Morgan Stanley forecasts growth of 2016% for Snam and 15% for Terna in 22.
As regards Snam, the company that manages the energy network, Morgan Stanley specifically expects increased yields of 5,4% EPS for transport, 6,5% for storage and 6,1% for distribution, compared to what was calculated after the publication of the Authority's consultation document a month ago. The potential - underlines the American bank - is even higher and is close to +19%, while from 2018 – taking it for granted that revenues will remain unchanged – the increase will be a further +12% compared to what was previously forecast.
