They also like Autostrade, traded in Milan. The company builds, maintains and operates toll highways in Italy, Britain and US. It has a strong franchise in Europe, good earnings and much opportunity for growth because of consolidation in the European toll road sector, Gabelli said. He added that Autostrade generates strong free cash flow and has little debt.
In January and March, the managers bought shares at 8.21 euros, on average; they now trade at 8.23 euros, versus their target price of 11 euros.
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