Ascopiave slips, brokers reject the attainable change on the prime | EUROtoday

Listen to the audio model of the article

(Il Sole 24 Ore Radiocor) – The ballet on the governance of Ascopiave sends the inventory into the crimson, which closes down 4.66% at 3.685 euros, after the downgrade sanctioned by the Kepler Cheuvreux analysts exactly in mild of the «threat of a change of administration, which might have an effect on the credibility of the present industrial plansimply printed a month in the past.” Last week, as is known, Asco Holding – a vehicle controlled by dozens of municipalities in the Treviso area and controlling shareholder of Ascopiave – proposed to the multiutility a series of statutory amendments to be approved at an extraordinary meeting to be held on 22 April before the ordinary meeting, in turn called to renew the board of the listed company. These include the fact that the president cannot have delegations and the incompatibility between the position of general manager and that of director: a dismissal (or in any case a strong downsizing) for Cecconato, who is president, CEO and CEO of the company, of which he has been the historical guide for nine years now.

A proposal which, obviously, was destined to trigger the most disparate reactions. Therefore not only that of the Ascopiave board of directors, but also that of some public shareholders of Asco Holding (according to rumors quantifiable between 10 and 15% of the capital), who over the weekend would have taken a position against what some insiders defined as a real political blitz. From Asco Holding, in an informal manner, it had been filtered instead that the governance reform proposal had no personal character towards Cecconato, but only the objective of rebalancing, regardless, an excessive concentration of power. The fact is that in the end Asco Holding itself has decided to lower the tone for the moment and its board of directors has decided to postpone the call of an extraordinary meeting for the modification of the statute to propose it again when the situation is calmer. However, the process of the ordinary meeting continues: Asco Holding will present the list for the renewal of the board of directors, from which Cecconato will probably be excluded, who has however a permanent contract as general manager.

The market and analysts, at least today, do not like all this. “The efficiency of the 2025 accounts confirms the creation of structural worth, additionally because of the capital achieve, the dividends acquired and the sale of the stake in EstEnergy. (The three way partnership with Hera on retail clients in Veneto) – underlines Kepler – Following a stable efficiency of the inventory (+16% because the starting of the 12 months, +34% within the final 12 months), linked to the convincing administration technique and because the progress charge in fuel distribution accelerates, we’ve got diminished our ranking from Buy to Hold. We replace our goal worth based mostly on the sum of the elements from 4.1 to 4.2 euros, after making use of a 5% low cost because of the threat of a change of administrationwhich might have an effect on the credibility of the present industrial plan, simply printed a month in the past”. Ascopiave, concludes Kepler, is listed with a discount of around 10% on 2026/27 assets (mainly Rad, ed.), with an interesting dividend yield of around 5%.