As this turned into a pretty long post again, quickly the highlights. I do think that Italgas SpA, the recent Spin-off from SNAM SpA represents a potentially interesting special situation investment because:
- overall sentiment towards Italy is really bad (“Renzi referendum”)
- the Spin-off was not timed well just a day before the US election
- the current uncertainties within Italian regulation changes further deters potential investors
- all this is reflected in asset multiples at the very low-end for comparable regulated assets
For those reasons I initiated a 2,7% position for my portfolio for my “Special Situation” bucket.
DISCLAIMER: This is not investment advice. Please do your own research !!!!