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01. Italgas reached its all-time high since IPO
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Over the last six and a half months, Italgas stock price followed an uninterrupted upward movement:starting from a low at 4.43 euro on 12 October 2018, the stock peaked at 5.61 euro on 10 April 2019.

After the sharp correction that dominated the last part of 2018, in the early months of the year stock markets rebounded significantly, leveraging on a more dovish attitude of Central Banks, reflecting a weaker growth profile of global economies as well as greater optimism on the outcome of USA-China trade talks.Italgas shares not only experienced a strong price hike, but also proved to be less volatile than the FTSE MIB index, in line with the defensive profile of the utility sector, and supported by a solid consensus on the perspectives of Company’s fundamentals.

Official listing: Italian Stock Exchange – MTA
Segment: Blue Chips
Type: ordinary shares
Index membership: FTSE MIB, FTSE Italy All-Share, Euro Stoxx, Euro Stoxx Utility, DJSI e FTSE4Good
Number of outstanding shares: 809,135,502
ISIN Code: IT0005211237
Reuters Code: IG.MI
Bloomberg Code: IG IM
Price as at 30 Apr. 2019: 5.56 euro
Mkt capitalization as at 30 Apr. 2019: 4.50 billion euro

Head of Investor Relations:Marco Porro

Through the upward movement started in October 2018, the Italgas stock price closed the gap with the average target price. In mid-October, when prices were around 4.5 euro, the stock traded at a 12% discount to the target price of 5.15 euro. Even though in the last few months the target price gradually reached 5.4 euro, the stock price grew at a more dynamic pace. Therefore, presently it trades above the current average target price. As a result of such a re-alignment, the 20 brokers covering Italgas mainly have neutral recommendations (14 Hold/Neutral), with 4 Buy/Add and 2 Sell.