摩根斯坦利：欧洲公用事业行业研究报告2009年8月

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

Utilities
Italy Offers More Growth;
Snam Rete Gas Our Top Pick
We are resuming coverage on the regulated names
in Italy and Spain. The regulated utility stocks have
underperformed significantly in recent months, a reflection
of their tendency to underperform the market during broad
equity rallies, and the rigorous regulatory reviews that lie
ahead for the sector. However, fundamentals now indicate
17% average upside potential. This makes for an attractive
value proposition for those stocks that benefit from a
solid regulatory framework and strong balance sheets.
Italy offers both visibility and value – SRG is our top
pick. The mix of regulatory transparency and value is
particularly evident in Italy, where sustainable regulation
combines with 20-25% upside potential. In contrast, in
Spain we find the quality of regulation lacking while high
gearing is hampering the UK’s potential.
SRG offers the highest equity RAB growth in the
industry. We estimate that the company will grow its
equity RAB by 11.2% p.a. (including dividend) over the
next four years, more than 200bps above its closer peer,
Terna, thanks to a combination of strong cost-cutting
potential,

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：行业研究报告 摩根斯坦利 研究报告 摩根斯坦 行业研究 研究报告 行业 摩根斯坦利 欧洲 公用事业

疯狂啊，太贵了