value and opportunity

Management Summary

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 !!!!

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