During 2018 Acea participated in numerous meetings, extended presentations, utilities conferences, roadshows and reverse roadshows, with over 140 equity investors, buy-side analysts, investors and credit analysts.
The roadshows and utilities conferences organised by Borsa Italiana and the main investment banks were held in the most important European cities: Rome, Milan, London, Paris, Frankfurt and Geneva. It should be noted, in particular, that the company participated in the Italian Infrastructure Conference organised in Sydney by Mediobanca, visiting the Australian market for the first time.
In 2018, conference calls were held with the financial community to approve the company’s annual and interim results, followed by more than 100 analysts/investors.
In addition to direct relationships with analysts and investors, managed on a daily basis, economic and financial communications (price sensitive press releases, company presentations, credit ratings, stock performance, highlights, etc.) are constantly updated in the Investor Relations area of the company website.
Approximately 115 studies/reports on Acea shares were published during the year under review.
Eight business banks analyse Acea shares with a high level of continuity, four of which, as of 31 December 2018, express “positive” ratings and four of which express “neutral” ratings.
ESG evaluate Acea
Acea constantly cultivates relations with from Environmental, Social and Governance (ESG) finance professionals and, in 2018, found its position in the evaluations of analysts, ratings and benchmarks, as illustrated below.
In 2018, Oekom Research onfirmed the previous rating by assigning a C+ rating (scale D-/A+).
The Carbon Disclosure Project (CDP), an international organisation supported by 525 internBational investors, whose mission it is to ensure attention is being given to the management of the risks and the impact from climate change by major companies around the world, publishes a list each year illustrating the ranking of Italian companies committed to this cause. Acea, which has participated in this assessment for many years, scored B in 2018 (A- in 2017) (for details see Relations with the environment, Climate risks: in-depth analysis and disclosure).
Acea has been included in the Ethibel Excellence investment register since January 2015. The analyst states that: “This selection by the Ethibel Forum indicates that the company operates better than the average for its sector in terms of corporate social responsibility”.
Acea’s presence in the ECPI investment universe is also confirmed.
Throughout the year, opportunities for discussion and interaction between Acea and operators of sustainable and responsible finance are increasingly frequent, arising from requests for in-depth analysis for assessments and data
modelling. In particular, in 2018, the Group’s ESG performance was analysed by Sustainalytics, VigeoEiris, MSCI, Evalueserve (FTSE Green revenues model) and Standard Ethics.