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.
They own toll roads in Spain now. Also India, Brazil and Chile. They own the duty free shops in the Rome and Nice airports. They're getting blamed for the Genoa bridge collapse (they own Italian toll roads), which has hit the stock. He's waiting to see how the Italian government reacts.