Italgas SpA IG

Italgas SpA (ITGGF) reports a robust 17.5% revenue increase and significant cost reductions, while Moody's upgrades its credit outlook to positive.

Europe’s biggest gas distributor lifted core earnings 25% as its 2i Rete Gas deal started paying off faster than expected.

Wondering if Italgas at €10.30 is still offering value after a strong run, or if most of the opportunity is already priced in. The stock is up 6.5% year to date and 63.5% over the past year, after a more modest 123.2% over three years and 157.1% over five years. The price has recently slipped, with 7 day returns down 1.5% and 30 day returns down 2.0%. Recent price moves sit against a backdrop of ongoing attention on European gas infrastructure and regulated utilities, where balance sheets...