Soars the title on the Stock Exchange Iren, which at the opening gains 4,63%, to 1,31 euros, scoring one of the best increases on Piazza Affari. The purchases were triggered by the publication of the new 2015-20 business plan of the multi-utility controlled by the municipalities of Genoa, Turin, Reggio Emilia, Parma and Piacenza. Between now and 2020, the company expects to double profits, achieve an Ebitda of 860 million euros and increase investments up to 1,8 billion.
Iren expects that theEbitda will increase by approximately 220 million euros compared to 2014, with an annual growth rate of 5,1%. 85% of the result will already be achieved in 2018 (Cagr 6,8%).
As for doubling the profits, "will allow a growth of the dividend per share - writes the company - compatible with the deleveraging objectives pursued by the group". There dividend policy, which will be "satisfactory for the shareholders - explains Iren - and at the same time financially sustainable", will have "a lower limit consisting of the dividend paid in 2015 (0,523 euro per share) and growth of around 10% per year as of 2018”.
The plan also includes investments accumulated for about 1,8 billion euros, of which 630 million in development. Of the total investments, 450 million (about 3% of cumulative turnover over the plan period) will be dedicated to projects with innovative technological characteristics.
As for the debt, according to the company, in 2020 it will be lower by around 300 million euros, reaching below 2 billion. The net debt/Ebitda ratio is expected to drop sharply: from 3,7 to 2,9 times in 2018 until it reaches 2,3 times in 2020.
Finally, Iren plans to carry out a "role of aggregator pole within the reference territories, taking advantage of the recent Government support action for the consolidation between utilities and local public companies – concludes the note -. From this point of view, the strategy pursued is to complete one's business portfolio by moving from a provincial to a regional level and consolidating as far as possible local companies in which Iren already has equity investments. Despite the various opportunities present on the market, which the Group is strongly intending to seize, a prudent approach has been adopted and no M&A operations have been included in the plan".
