SIAS SpA – Mixed Q1 report & special dividend

It was an interesiting week for SIAS SpA shareholders already. Today, SIAS published Q1 numbers.

Traffic decreased significantly, but was compensated more or less through tariff hikes.

The most interesting part of the press releae was however this one:

As already highlighted in Management Discussion & Analysis of the Financial Statements as of 31 December 2011, SIAS S.p.A. has signed an agreement on 24 February 2012 with Autostrade per l’Italia S.p.A. concerning the disposal of the entire stake held in Autostrade Sud America S.r.l. (representative of 45,765% of share capital) for an overall amount of EUR 565.2 million; on 8 March 2012 the first installment – equal to EUR 100 million – of the consideration has been collected. The predictable completion of the transaction in the above mentioned terms (expected by 30 June 2012) could result in the distribution of an extraordinary dividend, in one or more tranches, associated to the capital gain produced by the same disposal.

As I have written earlier, the capital gain has been around 380 mn EUR.

So this could mean a special dividend of up to EUR 1,50 per share. I consider this announcement as extremely positive, as the fear of Gavio using SIAS for further Impregilo purchases should be no longer valid.

Maybe this explains the crazy reversal int he stock price from yesterday’s lows:

Together with the normal dividend, at the current price of 4,80 EUR one gets back more than 40% of the shareprice in the next 12 months. That should be quite some support for the share price.

On this basis I will accumulate up to a full position beginning next week.

By the way, yesterday’s 1% purchase was executed at the VWAP of 4,39 EUR per share.

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