Stock price when the opinion was issued
He doesn't have enough information about ATL keeping the Autostrade, the Italian toll road network. They could lose the license to operate it. He owned it after the recession and did very well with it until 2011 when the government taxed them. Also, any infrastructure company is sensitive to interest rate moves, and he has feared a rise.
Quasi-equity company that owns toll roads, airports and cell towers in Italy, Chile, Brazil, Poland, Spain, France and elsewhere. 4.3% yield and 10% dividend growth. A steady grower. (Analysts' price target: Euros 29.20)