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Share Performance

The FTSE Italia All Share index closed the first half of 2010 with a performance of -16.7%, the Italian Local Utilities index closed at -11.1%, while Hera shares closed at the official price of Euro 1.35, with a performance of -16.8% from the beginning of the year, in line with the market.

 
Share performance
 

The share’s performance seems not to reflect the positive financial statement results which, in all the years since the listing, have shown steady growth above the sector average. The level of the share price, which by at the end of the half year reached the values recorded at the beginning of 2004, reflects market capitalisation that is lower than the book value of shareholders’ equity  and an EV/EBITDA ’09 multiple that is 6 times lower.

 
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