Announcement • Nov 30
Atlantia SpA(BIT:ATL) dropped from FTSE All-World Index (USD) Atlantia SpA(BIT:ATL) dropped from FTSE All-World Index (USD) Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.14. Revenue: €1.37b (down 30% from 3Q 2021). Net income: €113.0m (up €117.0m from 3Q 2021). Profit margin: 8.2% (up from net loss in 3Q 2021). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Nov 12
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.14. Revenue: €2.36b (up 20% from 3Q 2021). Net income: €113.0m (up €117.0m from 3Q 2021). Profit margin: 4.8% (up from net loss in 3Q 2021). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Oct 06
Atlantia's Board Says Blackstone-Benetton Buyout Bid Is Fair Atlantia SpA (BIT:ATL) said Wednesday that its board of directors deems a takeover offer launched by U.S. fund Blackstone Inc. (NYSE:BX) and Italy's Benetton family as fair from a financial standpoint. The two parties, via their Schema Alfa SpA investment vehicle, have offered to buy out the Italian infrastructure company for around EUR 12.7 billion ($12.68 billion), or EUR 23 a share. The bidders plan to delist the company following the purchase. Announcement • Sep 22
Schematrentatre S.P.A. agreed to acquire an unknown minority stake in Telepass S.p.A from Atlantia SpA. Schematrentatre S.P.A. agreed to acquire an unknown minority stake in Telepass S.p.A from Atlantia SpA on September 21, 2022. Bank of Italy releases authorization on schema alfa on the purchase of stake. Announcement • Sep 17
ACS, Actividades de Construcción y Servicios, S.A. (BME:ACS) agreed to acquire 14.46% stakes in HOCHTIEF Aktiengesellschaft (XTRA:HOT) from Atlantia SpA (BIT:ATL) for €577.8 million. ACS, Actividades de Construcción y Servicios, S.A. (BME:ACS) agreed to acquire 14.46% stakes in HOCHTIEF Aktiengesellschaft (XTRA:HOT) from Atlantia SpA (BIT:ATL) for €577.8 million on September 15, 2022. The transaction is subject to approval of merger agreement by Atlantia SpA (BIT:ATL) board. Target board has approved the deal. Upcoming Dividend • May 16
Upcoming dividend of €0.74 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Trailing yield: 3.2%. Lower than top quartile of Austrian dividend payers (4.6%). Higher than average of industry peers (2.6%). Announcement • Apr 12
Benettons, Blackstone Reportedly to Launch Bid for Atlantia This Week Edizione Holding S.p.A. and U.S. investment fund Blackstone Inc. (NYSE:BX) are aiming to launch a takeover offer for Italian infrastructure group Atlantia SpA (BIT:ATL) this week without involving other partners for now, two sources close to the matter said. One of the sources said the bid could be announced before April 16, 2022. The takeover is aimed at taking Atlantia private to shield it from the approach of Global Infrastructure Partners (GIP) and Brookfield, which in March approached the Benettons with a proposal to buy the infrastructure group together with Spain’s ACS, the sources said. “Edizione and Blackstone are not currently discussing any plan to involve GIP and Brookfield in their bid,” one of the sources said. Edizione, which controls Atlantia with a 33% stake, and Blackstone are expected to set up a new company that will launch the offer for the infrastructure group, the sources said. The Benetton’s holding company will have the majority of the “Newco”, with Blackstone holding the rest, they said, adding that banking foundation CRT and Singapore sovereign fund GIC could join the project in a second phase. CRT declined to comment, GIC, Global Infrastructure Partners and Brookfield were not immediately available for comment. Reported Earnings • Mar 15
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €0 (down 100% from FY 2020). Net loss: €300.0m (loss narrowed 75% from FY 2020). Profit margin: (up from net loss in FY 2020). Revenue exceeded analyst estimates by 1.9%. Announcement • Jan 19
Atlantia SpA (BIT:ATL) entered into an agreement to acquire Yunex Traffic from Siemens Mobility GmbH for €950 million. Atlantia SpA (BIT:ATL) entered into an agreement to acquire Yunex Traffic from Siemens Mobility GmbH for €950 million on January 17, 2022. The transaction will be funded from available cash. Yunex Traffic had €635.4 million revenues and €54 million EBITDA in 2021. The Managing Board and Supervisory Board of Siemens AG have approved the planned transaction. Transaction is subject only to Antitrust / FDI clearance. Closing is expected by September 2022. Announcement • Jun 10
Lazard Asset Management Limited acquired 5% stake in Atlantia SpA (BIT:ATL). Lazard Asset Management Limited acquired 5% stake in Atlantia SpA (BIT:ATL) on June 1, 2021.
Lazard Asset Management Limited completed the acquisition of 5% stake in Atlantia SpA (BIT:ATL) on June 1, 2021. Executive Departure • Mar 21
Director has left the company On the 13th of March, Sabrina Benetton's tenure as Director ended after 1.4 years in the role. We don't have any record of a personal shareholding under Sabrina's name. A total of 2 executives have left over the last 12 months. Announcement • Mar 17
Atlantia Extends Talks on Unit Sale to March 27 Atlantia SpA (BIT:ATL) agreed to extend talks with a consortium led by state lender CDP over the sale of its 88% stake in motorway unit Autostrade per l’Italia to March 27, the Italian infrastructure group said on March 16, 2021. CDP, together with co-investors Macquarie and Blackstone, and Atlantia have been negotiating on Autostrade since last year as part of an effort to end a dispute triggered by the 2018 collapse of a bridge ran by the unit. Atlantia hopes for “substantial improvements” in the consortium’s offer, the group said in a statement, adding that, if a compromise is reached, it may submit the new proposal to its shareholders. In February 2021 the consortium presented a binding proposal that values all of Autostrade at €9.1 billion but Atlantia’s advisers have said the fair value of the business is at least €10.5 billion, three sources close to the matter have said. The consortium also requested Atlantia guarantee up to €700 million in potential damage claims and another roughly €800 million for a pending legal case, making the bid less attractive. Until now no concrete improvement of the proposal has been put forward, two sources with knowledge of the matter said, adding that room remained for negotiation. Reported Earnings • Mar 13
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €8.28b (down 34% from FY 2019). Net loss: €1.18b (down €1.32b from profit in FY 2019). Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 22%, compared to a 12% growth forecast for the Infrastructure industry in Austria. Is New 90 Day High Low • Feb 24
New 90-day high: €16.28 The company is up 4.0% from its price of €15.59 on 25 November 2020. The Austrian market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Infrastructure industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €29.73 per share. Announcement • Feb 23
Atlantia Reportedly to Receive Binding Offer for its 88% Stake in Autostrade Later this Week Atlantia SpA (BIT:ATL) will receive a binding offer for its 88% stake in motorway unit Autostrade per l'Italia SpA later this week. A consortium comprising Italian state lender Cassa depositi e prestiti S.p.A.(CDP) and investment funds Macquarie Group Limited (ASX:MQG) and Blackstone Group Inc. (NYSE:BX) is putting the final touches to a proposal to buy Atlantia’s stake in Autostrade, several sources close to the matter said. The proposal values the whole of Autostrade at EUR 8.5 billion to EUR 9.5 billion ($10.3 billion to $11.5 billion), the sources said. According to Italian daily La Stampa, the board of CDP will give its green light to the bid on February 22, 2021 and the valuation of the unit will be in the upper part of the EUR 8.5 billion to EUR 9.5 billion range. It is not clear whether such an offer could be accepted by Atlantia after hedge fund TCI, which has an indirect stake in the group of around 10%, has said the fair value of 88% of Autostrade should be between EUR 11 billion and EUR 12 billion. A deadline for the CDP-led consortium to present a binding offer for Autostrade will expire on February 24, 2021. Atlantia, which is controlled by the powerful Benetton family, will hold a board meeting to review the bid on February 26, 2021. Announcement • Feb 09
Atlantia Extends Deadline of Firm Bid for Autostrade Stake Atlantia SpA (BIT:ATL) has extended to February 24, 2021 the deadline for a binding offer by a consortium of Cassa depositi e prestiti S.p.A.(CDP), The Blackstone Group Inc. (NYSE:BX) and Macquarie Group Limited (ASX:MQG) to acquire a controlling 88.06% stake in subsidiary Autostrade per l'Italia SpA. The extension was granted on February 5, 2021 by Atlantia's board at the earlier request of the investor group, according to a bourse filing. The vendor added that it will expect a binding offer not conditional on syndication or financing. The Italian holding company revealed last week that the CDP consortium had asked for the extension at the end of January 2021, seeking more time in order to table "an improved and more compelling proposal" for Atlantia's majority holding in Autostrade. The consortium has been in talks with Atlantia over acquiring control of the toll road operating unit since October 2020, but differences in valuation have prolonged the time needed to reach a deal. The investors could submit an offer valuing the business between €8.5 billion ($10.2 billion) and €9.5 billion, according to earlier media reports. Announcement • Feb 03
CDP, PE Firms Ask for More Time to Better Their Bid for Atlantia Unit Autostrade The consortium comprising Cassa depositi e prestiti S.p.A. (CDP), The Blackstone Group Inc. (NYSE:BX) and Macquarie Group Limited (ASX:MQG) has asked Atlantia SpA (BIT:ATL) to give it until the end of February to improve its final bid for the Italian conglomerate's majority stake in Autostrade per l'Italia SpA. Atlantia revealed on February 1, 2021 that it is evaluating the request sent by the investors last week, which expressed confidence that they could table "an improved and more compelling proposal" for control of Autostrade. In late December 2020, CDP, Blackstone and Macquarie were given until the end of January 2021to sweeten their bid for Atlantia's 88.06% interest in Autostrade, after an earlier revised non-binding proposal was deemed undervaluing. The consortium has been in talks with Atlantia over the disposal since October 2020, but differences in valuation have prolonged the time needed to reach a deal. Is New 90 Day High Low • Jan 30
New 90-day low: €13.07 The company is down 1.0% from its price of €13.22 on 30 October 2020. The Austrian market is up 38% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €27.63 per share. Announcement • Dec 30
Atlantia to Await CDP-Led Consortium Due Diligence on Autostrade Atlantia SpA (BIT:ATL) will review a revised non-binding offer by Cassa depositi e prestiti S.p.A. (CDP), The Blackstone Group Inc. (NYSE:BX) and Macquarie Group Limited (ASX:MQG) for its majority stake in Autostrade per l'Italia SpA and will give the investors until end-January, 2021 to complete their due diligence checks. Atlantia said in a filing on December 28, 2020 that apart from being non-binding, the offer tabled by the consortium on December 23, 2020 did not meet the board's expectations, was based on a lower valuation of Autostrade and remains subject to potential adjustments once due diligence is completed. The infrastructure group, controlled by the Benetton family, has nevertheless decided to grant the consortium more time to analyse information on the division. Atlantia added that it will evaluate a potential binding offer for its 88.06% stake in Autostrade as long as it is "respectful of the company's interest". Financial details of the revised proposal were not disclosed. Earlier media reports suggested that the new bid was about €400 million ($489.8m) lower than the original offer, which was allegedly between €8.5 billion and €9.5 billion. Atlantia has called an extraordinary shareholder meeting for January 15, 2021 forging on with plans for a potential spin-off of Autostrade. CDP, Blackstone and Macquarie were in October 2020 given more time to improve their initial proposal to acquire the majority stake in Autostrade because of differences in valuation. Is New 90 Day High Low • Nov 24
New 90-day high: €15.74 The company is up 12% from its price of €14.05 on 26 August 2020. The Austrian market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Infrastructure industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €22.68 per share. Analyst Estimate Surprise Post Earnings • Nov 19
Revenue misses expectations Revenue missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 2.0% compared to a 5.0% decline forecast for the Infrastructure industry in Austria. Announcement • Nov 14
Atlantia Might Sell Shares in Stalexport-Autostrada Having received several declarations from potential investors, Atlantia SpA (BIT:ATL), the Italian motorway and airport holding, has decided to consider selling its shares in the Stalexport Autostrada Dolnoslaska S.A. Currently, Atlantia owns 61.2% of the Polish company's shares. All or some of them will be sold if a decision is made to go ahead with the sale. Is New 90 Day High Low • Oct 30
New 90-day low: €12.99 The company is down 4.0% from its price of €13.56 on 31 July 2020. The Austrian market is also down 4.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Infrastructure industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €20.40 per share. Announcement • Oct 19
Partners Group Holding AG (SWX:PGHN), on behalf of its clients agreed to acquire 49% stake in TELEPASS S.p.A. from Atlantia SpA (BIT:ATL) for €1.05 billion. Partners Group Holding AG (SWX:PGHN), on behalf of its clients agreed to acquire 49% stake in TELEPASS S.p.A. from Atlantia SpA (BIT:ATL) for €1.05 billion on October 17, 2020. Post acquisition, Partners Group and Atlantia will jointly own TELEPASS. Transaction is subject to usual authorizations and conditions and is expected to close in the first half of 2021. Mediobanca Banca di Credito Finanziario S.p.A. (BIT:MB), Intesa Sanpaolo S.p.A. (BIT:ISP) and The Goldman Sachs Group, Inc. (NYSE:GS) acted as financial advisor to Atlantia SpA. . Bonelli Erede and Gianni Origoni Grippo acted as legal advisors and due diligence provider to Atlantia. Announcement • Oct 15
CDP Reportedly Teams Up with Blackstone, Macquarie for Atlantia's Autostrade Stake Cassa depositi e prestiti S.p.A. (CDP) has teamed up with The Blackstone Group Inc. (NYSE:BX) and infrastructure fund Macquarie to prepare a bid for Atlantia SpA (BIT:ATL) stake in its motorway unit, La Repubblica and Il Messagero said, citing sources. Infrastructure group Atlantia said on October 13, 2020 it had entered exclusive talks until October 18, 2020 with state lender Cassa Despositi e Prestiti (CDP) over the sale of the group’s motorway assets. It added at the time that it was open to considering a potential offer from CDP and other investors for its 88% stake in Autostrade per l'Italia SpA . CDP, Blackstone, Macquarie could could not immediately be reached for a comment. Atlantia declined to comment. Announcement • Sep 26
Autostrade SpA acquired a 10.9116% equity stake in Societa Italiana del Traforo Autostradale del Frejus SpA from Cassa di Risparmio di Torino for approximately ITL 32.5 billion. Autostrade SpA acquired a 10.9116% equity stake in Societa Italiana del Traforo Autostradale del Frejus SpA on June 8, 2001 from Cassa di Risparmio di Torino for a reported consideration of ITL 32.5 billion. KPMG Corporate Finance LLC acted as financial advisor to Fondazione Cassa di Risparmio di Torino.
Autostrade SpA completed the acquisition of a 10.9116% equity stake in Societa Italiana del Traforo Autostradale del Frejus SpA on June 8, 2001. Announcement • Aug 11
Align Capital Partners, LP acquired Electronic Transaction Consultants Corporation from Atlantia SpA (BIT:ATL). Align Capital Partners, LP acquired Electronic Transaction Consultants Corporation from Atlantia SpA (BIT:ATL) on August 10, 2020. Electronic Transaction Consultants Corporation was advised on the transaction by JD Merit & Co., an affiliate of CDI Global. Align Capital Partners, LP received legal counsel from McGuireWoods LLP and Capstone Headwaters advised on the financing.
Align Capital Partners, LP completed the acquisition of Electronic Transaction Consultants Corporation from Atlantia SpA (BIT:ATL) on August 10, 2020. 