ITALGAS S.P.A. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5.415 EUR | +0.28% |
|
+1.79% | +4.54% |
| May. 16 | Italgas, CDP Reti "looks favorably" on 2i Rete Gas acquisition | AN |
| May. 15 | Mib rises after Eurozone GDP; focus on U.S. data | AN |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 4,405 | 4,208 | 4,901 | 4,205 | 4,200 | 4,393 | - | - |
| Enterprise Value (EV) 1 | 8,890 | 8,944 | 9,881 | 10,205 | 4,200 | 11,069 | 11,134 | 11,169 |
| P/E ratio | 10.5 x | 11.1 x | 13.4 x | 10.4 x | - | 9.3 x | 9.26 x | 8.83 x |
| Yield | 4.7% | 5.33% | 4.87% | 6.11% | - | 6.99% | 7.16% | 7.85% |
| Capitalization / Revenue | 3.5 x | 2.92 x | 3.58 x | 2.74 x | 2.37 x | 2.37 x | 2.31 x | 2.19 x |
| EV / Revenue | 7.07 x | 6.2 x | 7.21 x | 6.64 x | 2.37 x | 5.97 x | 5.86 x | 5.56 x |
| EV / EBITDA | 9.8 x | 9.21 x | 9.79 x | 9.43 x | 3.55 x | 8.39 x | 8.14 x | 7.71 x |
| EV / FCF | -597 x | -634 x | 199 x | -12.7 x | - | 29 x | 55.4 x | 41 x |
| FCF Yield | -0.17% | -0.16% | 0.5% | -7.87% | - | 3.45% | 1.8% | 2.44% |
| Price to Book | 2.82 x | 2.42 x | 2.59 x | 2.22 x | - | 1.7 x | 1.54 x | 1.47 x |
| Nbr of stocks (in thousands) | 809,136 | 809,136 | 809,768 | 810,246 | 810,745 | 811,242 | - | - |
| Reference price 2 | 5.444 | 5.200 | 6.052 | 5.190 | 5.180 | 5.415 | 5.415 | 5.415 |
| Announcement Date | 3/11/20 | 3/11/21 | 3/10/22 | 3/9/23 | 3/12/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,258 | 1,442 | 1,371 | 1,537 | 1,775 | 1,856 | 1,901 | 2,010 |
| EBITDA 1 | 907.5 | 971.4 | 1,009 | 1,083 | 1,184 | 1,319 | 1,368 | 1,449 |
| EBIT 1 | 516 | 546.8 | 583.2 | 622.8 | 681.2 | 783.9 | 813.1 | 856.1 |
| Operating Margin | 41.02% | 37.91% | 42.54% | 40.51% | 38.38% | 42.25% | 42.77% | 42.6% |
| Earnings before Tax (EBT) 1 | 547.5 | 555.6 | 525.3 | 588.5 | 586.1 | 657.5 | 691.6 | 726.9 |
| Net income 1 | 417.2 | 383 | 362.8 | 407.3 | 439.6 | 469.3 | 472.9 | 504.5 |
| Net margin | 33.17% | 26.56% | 26.47% | 26.49% | 24.77% | 25.29% | 24.88% | 25.1% |
| EPS 2 | 0.5200 | 0.4700 | 0.4500 | 0.5000 | - | 0.5822 | 0.5847 | 0.6132 |
| Free Cash Flow 1 | -14.9 | -14.1 | 49.7 | -803 | - | 382 | 200.9 | 272.5 |
| FCF margin | -1.18% | -0.98% | 3.63% | -52.23% | - | 20.59% | 10.57% | 13.56% |
| FCF Conversion (EBITDA) | - | - | 4.93% | - | - | 28.95% | 14.68% | 18.8% |
| FCF Conversion (Net income) | - | - | 13.7% | - | - | 81.4% | 42.48% | 54.02% |
| Dividend per Share 2 | 0.2560 | 0.2770 | 0.2950 | 0.3170 | - | 0.3782 | 0.3876 | 0.4249 |
| Announcement Date | 3/11/20 | 3/11/21 | 3/10/22 | 3/9/23 | 3/12/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 646.8 | 665.4 | 340.3 | 365.1 | 354 | 353.4 | 707.4 | 379.6 | 450.3 | 479.9 | 451.9 | 931.8 | 438 | 405 | 431.3 | 501.9 | 486.5 | 402.8 |
| EBITDA 1 | 462.7 | 489.1 | 259.9 | 259.9 | 250 | 263.3 | 513.3 | 272.1 | 297.3 | 297.2 | 309.8 | 607 | 303.5 | 273.2 | 325.7 | - | - | - |
| EBIT 1 | 252.8 | 279.4 | 151.2 | 152.6 | 141.9 | 154.1 | 296 | 158.9 | 167.9 | 172.5 | 186.3 | 358.8 | 177.9 | 144.5 | 192.7 | 206.9 | 197.6 | 200.9 |
| Operating Margin | 39.08% | 41.99% | 44.43% | 41.8% | 40.08% | 43.6% | 41.84% | 41.86% | 37.29% | 35.94% | 41.23% | 38.51% | 40.62% | 35.68% | 44.68% | 41.23% | 40.62% | 49.87% |
| Earnings before Tax (EBT) 1 | 227.4 | 248.7 | 138.2 | 132 | 128.2 | 144.7 | 272.9 | 144.3 | 171.3 | 153 | 160.9 | 313.9 | 150.2 | 122 | 170.5 | - | - | - |
| Net income 1 | 153.4 | 171.2 | 97.5 | 89.2 | 88.9 | 60.1 | 188.3 | 100.2 | 118.7 | 103.6 | 109.6 | 213.2 | 103.5 | 122.9 | 117.6 | - | - | - |
| Net margin | 23.72% | 25.73% | 28.65% | 24.43% | 25.11% | 17.01% | 26.62% | 26.4% | 26.36% | 21.59% | 24.25% | 22.88% | 23.63% | 30.35% | 27.27% | - | - | - |
| EPS | - | - | - | - | - | 0.1200 | - | - | - | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | 0.2770 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 7/27/20 | 7/27/21 | 10/27/21 | 3/10/22 | 5/2/22 | 7/25/22 | 7/25/22 | 10/27/22 | 3/9/23 | 5/4/23 | 7/25/23 | 7/25/23 | 10/25/23 | 3/12/24 | 5/14/24 | - | - | - |
1EUR in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 4,485 | 4,737 | 4,980 | 6,000 | - | 6,676 | 6,742 | 6,777 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 4.942 x | 4.876 x | 4.936 x | 5.542 x | - | 5.06 x | 4.927 x | 4.676 x |
| Free Cash Flow 1 | -14.9 | -14.1 | 49.7 | -803 | - | 382 | 201 | 273 |
| ROE (net income / shareholders' equity) | 26.7% | 23.2% | 20% | 20.4% | - | 19.7% | 18.1% | 17.5% |
| ROA (Net income/ Total Assets) | 6.15% | 4.41% | 3.76% | 3.85% | - | 4.19% | 4.16% | 4.03% |
| Assets 1 | 6,785 | 8,681 | 9,638 | 10,591 | - | 11,190 | 11,382 | 12,519 |
| Book Value Per Share 2 | 1.930 | 2.150 | 2.340 | 2.330 | - | 3.190 | 3.510 | 3.680 |
| Cash Flow per Share 2 | 0.8600 | 0.9400 | 1.030 | 0.7100 | - | 1.320 | 1.330 | 1.360 |
| Capex 1 | 740 | 742 | 782 | 766 | - | 887 | 857 | 923 |
| Capex / Sales | 58.83% | 51.44% | 57.06% | 49.83% | - | 47.82% | 45.1% | 45.92% |
| Announcement Date | 3/11/20 | 3/11/21 | 3/10/22 | 3/9/23 | 3/12/24 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
5.415
EUR
Average target price
5.892
EUR
Spread / Average Target
+8.81%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +4.54% | 4.78B | |
| +7.19% | 15.33B | |
| +33.91% | 11.1B | |
| +18.04% | 9.22B | |
| +6.84% | 8.11B | |
| +8.74% | 7.8B | |
| +36.84% | 6.09B | |
| -29.18% | 5.48B | |
| +0.69% | 5.19B | |
| +0.82% | 5.09B |
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- Financials Italgas S.p.A.
