Francesco Starace, Enel CEO
From Enel to Eni, passing through Tim: the giants of Piazza Affari ready to separate from smaller and more performing divisions to have new capital
He was one of the workhorses of Sergio Marchionne: the spin-off of companies from large industrial groups to enhance the underlying businesses and monetize. A reality that gradually occurred both for Exor, both more generally for others giants of Piazza Affari who could decide in this 2022 just started, of separating from smaller, better performing divisions to have new capital.
Sisal Mooney, Enel Green Power and Enel X: Enel’s ’22 plans
Let’s take for example Enel: on the one hand it took over from Sisal Mooney (in tandem with Intesa Sanpaolo) for improve the payment ecosystem connected to the world of electric cars. On the other hand, it is ready for a double move: during the presentation of the latest industrial plan, the CEO Francesco Starace did not deny the possibility of listing Enel X on the stock exchange.
“There is room, this is nothing new – the company’s number one said during the call with journalists -. We asked Elisabetta Ripa to take over this branch of the company that will become a company, then we think of opening up to the capital and bringing in other partners and we will sell a part of it. We will remain majority shareholders in this business as done with Enel Green Power”.
Another piece is that of Global Customers, that it will become a company in its own right and it is not excluded that it may see both the entry of new partners and a listing. The firm will be responsible for defining the commercial strategy and directing the allocation of capital towards customer needs. Enel is once again the protagonist of a further division of the group companies. Enel X could decide to spinoff part of its business dedicated to charging electric cars. And there are also plans to give greater autonomy to Enel Gridpsertise, which deals with the digital transformation of electricity grids.
Spin off, Eni: Plenitude will be the second charging operator in Italy with 6,500 points
Also Eni she showed herself active with this mode of business. At the end of November last year he announced the imminent Plenitude quotation, the vehicle that contains both the ex Eni Gas and Light, both the renewable energy segment. A share of between 20 and 30% should be placed on the market, with the six-legged dog therefore expected to maintain a rather firm control over the new creature, which will be led by Stefano Goberti.
Plenitude he has 10 million customers and an EBITDA of 600 million in 2021. Objective: average investments of 1.8 billion per year until 2025, with a profitability at that date in the order of 1.3 billion euros. From an industrial point of view, Plenitude will automatically be the second charging operator with 6,500 points in Italy e the goal of reaching 31,000 in Europe by 2030.
Spin off, Tim: under the leadership of Labriola, the enhancement of asset
Finally, there is one of the giants of the stock exchange Tim who had already embarked on a path of this type with Luigi Gubitosi. Which, after the third profit warning, had announced that he would proceed to the possible opening of the share capital of some of the Group companies. In particular, there has been much talk of Olivetti, Sparkle, Noovle, not counting the part of the network or Brazil Team.
The CEO of the South American branch, Pietro Labriola, has not yet gotten the “chevrons” instead of Gubitosis – it should be a little more than formal passage given the appreciation of Vivendi and the green light from Cdp – and he has not yet said what he intends to do from this point of view. What Affaritaliani.it can report is that even under the guide of Labriola Tim will evaluate how to best enhance their own asset, since the current capitalization is around 9.5 billion while the arithmetic sum of all business units reaches 27.