An impact of around fifty million a year on net income. This is the estimate ofTerna CEO Matteo Del Fante on the economic consequences of the sentence of the Constitutional Court which effectively canceled the Robin Tax: “What emerged from the analysts is in line with our assessments: we are talking about around fifty million a year on net profit, around 10% increase in our bottom line”.
Despite everything, Del Fante clarifies that the company does not foresee "no dividend increase, given that this item has not been calculated at all by our plans and that we are at the door of a major regulatory review ". The decision of the Consulta, therefore, does not change the investment policy of the company which, as Del Fanta recalled, in any case has "a fairly significant level of payout with the current dividend compared to profits, not the highest on the market, but around a percentage of 80%”.
Swiss credit revises the earnings estimates of the main Italian utilities after the Constitutional Court has effectively canceled the Robin Hood Tax. "A positive provision for the sector, although already reflected in the current Stock Exchange assessments", underline the analysts who identify Terna, Snam and Enel as the names most exposed to the provision with respectively 100%, 85% and 38% of the 'Ebit in the past impacted by the Robin Hood Tax.
Terna earnings per share for 2015 was increased by 11% and that of 2016 by 4,8%: the recommendation remains underpeform with the target price raised from 3,3 to 3,4 euros. The target price rises slightly for Snam, from 4 to 4,1 euro (with a neutral rating), with earnings per share for 2015 rising by 8,9% and for 2016 by 2%. In the end Enel, with unchanged rating and target price (neutral, 3,6 euro) and earnings per share for 2015 and 2016 which rose respectively by 6,4% and 2%. Equita also points out that the companies that will benefit from the abolition of the Robin Hood Tax will be those regulated and active in renewables.
“We value a positive impact approximately 10% of Terna's 2016 profits and 7% for Snam – underlined the analysts – For the municipal companies the most relevant impacts are for Iren, equal to 10% of profits and for A2A with about 7%. For Acea the calculation is more complex but we estimate it could be around 5-6% while for Ivy around 3%".
