Atlantia is a holding company with subsidiaries and associates whose business is the construction and operation of motorways, airports and transport infrastructure, parking areas and intermodal systems, or who engage in activities related to the management of motorway or airport traffic.
  • TickerATL
  • ISINIT0003506190
  • SectorIndustrial Transportation
  • CountryItaly
Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/04/2020

Discussions are underway to devise a methodology that factors in CO2 emissions avoided thanks to insulation products in a possible scope 4. Saint-Gobain harbours greater avoided emissions potential than its rivals, which we value at € 8 per share. In the shorter term, the group is likely to announce an exceptional dividend (Q3), appoint Benoit Bazin as CEO (H1 2021) and revive its underperforming asset divestment programme (2021). (See report published yesterday) - ...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : A (small) step towards the sale of Aspi

>Creation of a structure with a view to a possible spin-off - Atlantia announced on Thursday afternoon that its board had decided to create a structure for the purpose of acquiring assets stemming from the spin-off, including a stake that could be as high as 88% in Autostrade per l’Italia (i.e. Atlantia’s entire stake). This new company - which will be called “Autostrade Concessioni e Costruzioni Spa” - will be listed. The structure of the deal and the spin-off plan ...

Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/09/2020

Des discussions seraient en cours pour définir une méthodologie intégrant les émissions de CO2 évitées par les produits isolants dans un possible scope 4. Saint-Gobain dispose d’un potentiel supérieur à celui de ses concurrents. Nous l’évaluons à 8 € par action. A plus court terme, le groupe devrait annoncer un dividende exceptionnel (T3), nommer Benoit Bazin au poste de CEO (S1 2021) et relancer son programme de cessions d’actifs sous-performants (2021). (Cf étude publiée hier) - ...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : Un (tout petit) pas vers la cession d’Aspi

>Création d’une structure en vue d’un éventuel spin-off - Atlantia a annoncé jeudi après-midi que son Board a décidé la création d’une structure ayant pour objet l’acquisition des actifs issus du spin-off, incluant une participation qui pourra aller jusqu’à 88% ‘Autostrade per l’Italia (soit l’intégralité de la participation d’Atlantia). Cette nouvelle société - qui se nommera « Autostrade Concessioni e Costruzioni Spa » - a vocation à être cotée. La structure de la ...

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/05/2020

In this report we analyse the notable differences between the published results of phase I tests for COVID-19 vaccines even though, at this stage, it is difficult to compare one trial with another. Phase I results have been positive overall, in terms of both safety (primary challenge) but also efficacy, with all recording the production of neutralising antibodies. We think that the results published by BioNtech and Moderna lend even greater credibility to the mRNA approach. We are sti...

Valérie GASTALDY

Short term view - ATLANTIA SPA : The bounce is gaining strength.

The background trend is clearly bearish. The bounce is gaining strength. It is too early to qualify this market action as a bullish reversal. The background trend would be questioned should prices rise above €23.600.

Valérie GASTALDY

Analyse court terme - ATLANTIA SPA : Le rebond gagne en vigueur.

La tendance de fond est clairement orientée à la baisse. Le rebond gagne en vigueur. Il est trop tôt pour parler de retournement haussier. La tendance de fond serait remise en cause en cas de franchissement de 23,600 €.

Valérie GASTALDY

Analyse court terme - ATLANTIA SPA : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 20,120 € prochainement. Le prochain objectif est à 17,538 €, puis 15,680 €. Le franchissement de 23,600 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Short term view - ATLANTIA SPA : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €20.120. The next target is at €17.538, then €15.680. Passing €23.600 would question the continuation of the fall.

Jérôme VINERIER

Medium term view - ATLANTIA SPA : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €14.119, then €11.185. Passing €23.233 would question the continuation of the fall.

Atlantia: 1 director sold

A director at Atlantia sold 27,000 shares at 21.231EUR and the significance rating of the trade was 93/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : A (small) step towards the sale of Aspi

>Creation of a structure with a view to a possible spin-off - Atlantia announced on Thursday afternoon that its board had decided to create a structure for the purpose of acquiring assets stemming from the spin-off, including a stake that could be as high as 88% in Autostrade per l’Italia (i.e. Atlantia’s entire stake). This new company - which will be called “Autostrade Concessioni e Costruzioni Spa” - will be listed. The structure of the deal and the spin-off plan ...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : Un (tout petit) pas vers la cession d’Aspi

>Création d’une structure en vue d’un éventuel spin-off - Atlantia a annoncé jeudi après-midi que son Board a décidé la création d’une structure ayant pour objet l’acquisition des actifs issus du spin-off, incluant une participation qui pourra aller jusqu’à 88% ‘Autostrade per l’Italia (soit l’intégralité de la participation d’Atlantia). Cette nouvelle société - qui se nommera « Autostrade Concessioni e Costruzioni Spa » - a vocation à être cotée. La structure de la ...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : Q2 affected by COVID and provisions. Difficult negotiations with the CDP on the sale of Aspi.

>EBITDA l-f-l growth higher than expected but fresh € 700m provision - Yesterday evening Atlantia reported Q2 results with sales down 50.1% to € 1,504m, beating the consensus by 10%. Affected by COVID-19, all segments showed declines: -50% for Italian motorways, -46% for Abertis, -50% for foreign motorways, -80% for international airports and -90% for Italian airports.EBITDA came to € 29m, down 98.5% affected by the fall in traffic and provisions amounting to € ...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : T2 impacté par la COVID et des provisions. Négociations difficiles avec la CDP sur la cession d’Aspi.

>EBITDA lfl supérieur aux attentes mais nouvelle provision de 700 M€ - Atlantia a publié hier soir ses résultats T2 avec un chiffre d’affaires en baisse de 50.1% à 1 504 M€ supérieur au consensus de 10%. Impactés par la COVID19, tous les segments sont en recul : -50% pour les autoroutes italiennes, -46% pour Abertis, -50% pour les autoroutes étrangères, -80% pour les aéroports internationaux et -90% pour les aéroports italiens.L’EBITDA s’élève à 29 M€ en baisse d...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : We can ASPIre to better…

>An agreement with the Italian government looks very likely - The Italian government announced on 15 July that it had accepted the latest proposal made by Atlantia concerning the dispute over the Autostrade per l'Italia (ASPI) motorway concession. This proposal includes (i) compensation for an amount of € 3.4bn (ii) acceptance of the discipline on pricing introduced by ART and most importantly (iii) the loss of control on ASPI. This could take the form of the immedia...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 13/01/2020 - Industrie Pharmaceutique

Pharma: Une première opération d’acquisition en 2020 pour Eli Lilly BBVA (Achat) : Emission d'€1md de titres Tier 2 à 2030 avec un coupon de 1% Atlantia (Conserver) : Envisage une cession de 49% de Telepass, le processus de révocation des concessions autoroutière est ralenti Ryanair (Conserver) : Revoit à la hausse sa prévision de RN pour 2020, compris entre €950m à €1,05 md Jaguar Land Rover (Vente) : Vente de 557.706 voitures en 2019 (-5,9%) Casino (Achat souches courtes, Conserver souches longues) : Envisage de céder son enseigne Leader Price à...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 10/01/2020 - Transport maritime

Transport maritime : La nouvelle réglementation environnementale OMI 2020 devrait aboutir à une hausse tarifaire dans le secteurDette souveraine : Un marché primaire dynamique en ce début d’annéeSantander (Achat) : Emission d’un nouveau titre AT1 CoCo avec un coupon de 4,375%Air France-KLM (Achat) : Le trafic de passagers a augmenté de +3,5% en décembre, pour un coefficient d’occupation de 86,4% (+0,7pt)IAG (Achat) : Le trafic de passagers a augmenté de +6,4% en décembre, pour un coefficient d’occupation de 83,9% (+3,5pt)Orange (Achat Hybrides) : Envisage l'IPO de ses activités au Moyen-Orient...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 18/12/2019 - FedEx- EN

FedEx (U/P Vs. M/P): New Profit Warning JAB Holdings: Considers An Initial Public Offering of Its Coffee Business Credit Agricole (O/P): Impairment of Goodwill On Its Subsidiary LCL of €600m Peugeot (O/P) And Fiat Chrysler Automobiles (O/P): Green Light For The Merger Takko Fashion (M/P Vs O/P) - 9M-19: EBITDA of €132m (+25.6%) Hema (U/P) - 9M-19: EBITDA of €70m (-3.8%) Atlantia (M/P): The Italian Government Plans To Postpone Its Decision On The Italian Concession Until Early 2020

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 12/11/2019 - Atlantia- FR

Atlantia (Achat) : EBITDA de €5,7 mds (+115%, +1% en comparable) sur les 9M-19 Telecom Italia (Achat) : Réduction de la dette, développement des services cloud en partenariat avec Google Iliad (Achat) Une offre de rachat d’actions de €1,4md, financée par une augmentation de capital Credito Emiliano - 9M-19 : RN de €158m (+4,5%) Mediobanca (Achat) : La participation de Leonardo Del Vecchio est passée à environ 9,9% BPCE (Achat) - 9M-19 :  Résultat avant impôts de €4,1 mds (-5,5%) Expedia (Achat) - 9M-19 : Résultat opérationnel de $743m (+2...

Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/04/2020

Discussions are underway to devise a methodology that factors in CO2 emissions avoided thanks to insulation products in a possible scope 4. Saint-Gobain harbours greater avoided emissions potential than its rivals, which we value at € 8 per share. In the shorter term, the group is likely to announce an exceptional dividend (Q3), appoint Benoit Bazin as CEO (H1 2021) and revive its underperforming asset divestment programme (2021). (See report published yesterday) - ...

Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/09/2020

Des discussions seraient en cours pour définir une méthodologie intégrant les émissions de CO2 évitées par les produits isolants dans un possible scope 4. Saint-Gobain dispose d’un potentiel supérieur à celui de ses concurrents. Nous l’évaluons à 8 € par action. A plus court terme, le groupe devrait annoncer un dividende exceptionnel (T3), nommer Benoit Bazin au poste de CEO (S1 2021) et relancer son programme de cessions d’actifs sous-performants (2021). (Cf étude publiée hier) - ...

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/05/2020

In this report we analyse the notable differences between the published results of phase I tests for COVID-19 vaccines even though, at this stage, it is difficult to compare one trial with another. Phase I results have been positive overall, in terms of both safety (primary challenge) but also efficacy, with all recording the production of neutralising antibodies. We think that the results published by BioNtech and Moderna lend even greater credibility to the mRNA approach. We are sti...

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/08/2020

Nous analysons ici les différences notables entre les phases 1 publiées sur le vaccin contre la COVID-19, bien qu’il soit, à ce stade, délicat de comparer une étude à une autre. Les résultats de phase 1 sont dans l’ensemble positifs en termes de sécurité (enjeu premier) mais aussi d’efficacité avec la production, pour l’ensemble, d’anticorps neutralisants. Nous croyons que les résultats de BioNtech et Moderna crédibilisent d’autant plus l’approche à ARNm. Nous maintenons notre recomma...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2020

The shock caused by the COVID-19 pandemic is much bigger than the previous impacts seen since the Bureau Veritas IPO (October 2007), whether from the financial crisis (2008-2009), the sudden drop in oil prices (2014-2015) or the trade war (2019). Q2 2020 results will show historically large organic declines (double digits in some cases) even though sector groups theoretically have resilient and diversified profiles. Eurofins and Bureau Veritas are our Top Picks. We downgrade Applus to...

ATLANTIA suffers a double requalification, which weighs heavily on its rating, now at Slightly Negative.

The independent financial analyst theScreener just downgraded the general evaluation of ATLANTIA (IT), active in the Transportation Services industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the analysis date July 10, 2020, the closing price was EUR 13.39 and its target price was estimated at EUR 10.36.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

Atlantia – AGM 29 May 2020

In light of the uncertainties generated by Covid-19 pandemic, and taking into account Atlantia's commitments related to higher highway maintenance (agreed after the collapse of "Morandi Bridge" in Genoa in August 2018), in item 1 the Board proposes not to distribute dividends on 2019 results, and to carry forward the entire amount of the profit for the year. In view of the recent events relating to Covid-19, ECGS is in favour of postponing decisions on the dividend, reductions or suspensions that would allow companies to avoid liquidity risks or not generate risk for their survival. Hence, we ...

Expert Corporate Governance Service (ECGS)

Atlantia April 18th, 2019

In item 1, the Board proposes to distribute a dividend of € 0.90 per share on 2018 results, to be paid on May 22 (ex-dividend date: May 20). We regret that the proposed dividend distribution (€ 736 million) is not covered by free cash flow (- € 15'729 million in 2018), and concerns may arise over the financial situation of the Company (net debt represents 2.5 times its market capitalization). Therefore, we recommend opposition. In item 3, we also recommend opposing the authorization to buy-back shares, as the maximum price of the repurchase (120% of the market price) exceeds our voting policy...

Atlantia SPA – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Etude l' AG du 02/08/2017

The EGM (item 1) is called to authorize the Board to increase the share capital by up to maximum 160'310'000 shares (19.4% of existing share capital) to service the acquisition of Abertis Infraestructuras SA. The offer for 100% of Abertis shares amounts to € 16.4 billion, equal to € 16.50 per share, to be partially paid in shares for a maximum of 23.2% of Abertis share capital. Abertis' shareholders may opt, in whole or in part, for a payment in shares at a ratio of 0.697 Atlantia Special Shares for each Abertis share. The offer is subject to the acceptance of the partial share exchange offer ...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 21/04/2017

In item 3, the Board proposes the adoption of two long-term incentive plans to replace the "Phantom Stock Option Plan 2016-2019" which terminated in 2016: a "phantom stock grant plan" and a "phantom stock option plan", providing for a cash payment respectively equal to aggregate market price of performance shares and the difference between the share market price and a predefined exercise price. We strongly regret that the main terms of the incentive plans (performance conditions and maximum amount) were not defined before requesting approval of shareholders. Furthermore, concerns may arise ove...

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