Last Update 23 Oct 24
Fair value Decreased 4.53%- strong economic moat: no competitor, Licensed by the state - very profitable business (Net Margin > 30%)
- Risk: uncertain future gas transition demand due to reduction of fossil fuel usage (-5...15 % 2023-2027)
- Chance: multi molecule gas plattform (H2, CO2, Biomethane) -> Prepare Infrastructure (Backbone, industry enabler), Ruxit -> more LNG, gas from Africa -> access EU via meditarian sea
- highly capitel intesiv (huge Capex), onging Investments (H2 ready -> H2 proof, CCS Ravenna, Biomethan platform, Duel Fuel compressor stations, methan leakage monitoring, Iot, Digitaliziation ...), 40 % EU Taxonomie conform
- Critical infrastructure: H2/CCS Transition in Europe, diversified (stake in few european pipline operator)
- South H2 corridor (3300 km): Most cost-effective corridor (€ 0.4-0.6/kg to Germany) with embedded line pack storage
- Baa2, BBB+, Italy has 30% stake
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