Financials Terna S.p.A.

Equities

TRN

IT0003242622

Electric Utilities

Market Closed - Borsa Italiana Other stock markets 11:44:59 2024-05-10 am EDT			5-day change	1st Jan Change
7.872 ^EUR	+1.92%		+5.38%	+4.21%

May. 10	Terna shareholders' meeting authorizes buyback of up to EUR8 million	AN
May. 09	Mib bearish; focus on quarterly reports and BoE	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,967	12,554	14,277	13,839	15,152	15,789	-	-
Enterprise Value (EV) ¹	20,226	21,727	24,280	22,285	25,516	27,434	29,163	31,323
P/E ratio	15.8 x	16 x	18.1 x	16.2 x	17.1 x	16 x	16.9 x	15.3 x
Yield	4.19%	4.31%	4.09%	4.56%	4.5%	4.63%	4.72%	4.9%
Capitalization / Revenue	5.21 x	4.99 x	5.48 x	4.67 x	4.75 x	4.47 x	4.32 x	3.97 x
EV / Revenue	8.81 x	8.64 x	9.32 x	7.52 x	8.01 x	7.76 x	7.97 x	7.87 x
EV / EBITDA	11.6 x	11.9 x	13.1 x	10.8 x	11.8 x	11.2 x	11.6 x	11.2 x
EV / FCF	89.1 x	-71.7 x	-111 x	28.9 x	-21.4 x	-31 x	-18.4 x	-21.4 x
FCF Yield	1.12%	-1.39%	-0.9%	3.46%	-4.66%	-3.22%	-5.43%	-4.67%
Price to Book	2.86 x	2.87 x	3.03 x	2.25 x	-	2.28 x	2.14 x	2.07 x
Nbr of stocks (in thousands)	2,009,992	2,008,686	2,006,897	2,005,616	2,005,778	2,005,778	-	-
Reference price ²	5.954	6.250	7.114	6.900	7.554	7.872	7.872	7.872
Announcement Date	3/10/20	3/24/21	3/17/22	3/22/23	3/19/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,295	2,514	2,605	2,964	3,187	3,535	3,659	3,978
EBITDA ¹	1,741	1,830	1,855	2,059	2,169	2,447	2,517	2,789
EBIT ¹	1,155	1,187	1,200	1,334	1,362	1,571	1,586	1,778
Operating Margin	50.33%	47.22%	46.08%	44.98%	42.75%	44.45%	43.34%	44.7%
Earnings before Tax (EBT) ¹	1,077	1,093	1,122	1,233	1,245	1,380	1,323	1,453
Net income ¹	757.3	786	789.4	857	885.4	983.2	950.3	1,031
Net margin	33%	31.26%	30.31%	28.91%	27.78%	27.81%	25.97%	25.91%
EPS ²	0.3770	0.3910	0.3930	0.4260	0.4410	0.4905	0.4649	0.5133
Free Cash Flow ¹	227.1	-303	-218.6	771.2	-1,190	-884	-1,584	-1,464
FCF margin	9.89%	-12.05%	-8.39%	26.01%	-37.35%	-25.01%	-43.3%	-36.8%
FCF Conversion (EBITDA)	13.04%	-	-	37.45%	-	-	-	-
FCF Conversion (Net income)	29.99%	-	-	89.99%	-	-	-	-
Dividend per Share ²	0.2495	0.2695	0.2911	0.3144	0.3396	0.3644	0.3717	0.3856
Announcement Date	3/10/20	3/24/21	3/17/22	3/22/23	3/19/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	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	2025 Q1	2025 Q2
Net sales ¹	2,295	1,183	1,259	703.2	644.4	686.4	1,331	661.6	972.1	712.5	772.5	1,485	761.8	939.9	858.1	896.7	885.1	901.3	-	-
EBITDA	-	876	910	480.9	461.3	485.6	946.9	465.3	647	500	519	1,019	537	612.6	627.9	-	-	-	-	-
EBIT ¹	-	573.7	585	317.9	293.7	313.7	607.4	288.9	437.2	313.4	325.6	639	340.7	382.6	418.7	397.4	413.7	429.9	-	-
Operating Margin	-	48.49%	46.47%	45.21%	45.58%	45.7%	45.64%	43.67%	44.97%	43.99%	42.15%	43.03%	44.72%	40.71%	48.79%	44.32%	46.74%	47.69%	-	-
Earnings before Tax (EBT)	-	534.6	544	307.4	269.3	301.9	571.2	268.8	393.4	281.3	298.7	580	318.6	346	382.2	-	-	-	-	-
Net income ¹	-	377.5	385	209	191.8	206.3	398.1	188.8	270.1	200.2	210.8	411	230.3	244.1	268.2	233.3	262.5	245.7	-	-
Net margin	-	31.91%	30.58%	29.72%	29.76%	30.06%	29.91%	28.54%	27.79%	28.1%	27.29%	27.68%	30.23%	25.97%	31.26%	26.02%	29.66%	27.26%	-	-
EPS ²	-	0.1880	0.1920	0.1000	0.1000	0.1000	-	0.0900	-	-	-	-	-	-	-	0.1103	0.1345	0.1127	-	-
Dividend per Share ²	-	0.0900	0.1000	0.2911	-	0.1100	-	0.1100	-	-	0.1061	0.1061	-	-	-	0.0922	0.0922	0.0922	0.0958	0.0958
Announcement Date	3/10/20	7/29/20	7/29/21	3/17/22	5/11/22	7/28/22	7/28/22	11/9/22	3/22/23	5/5/23	7/27/23	7/27/23	11/8/23	3/19/24	5/8/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,259	9,173	10,003	8,446	10,365	11,645	13,374	15,533
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.743 x	5.013 x	5.393 x	4.102 x	4.779 x	4.758 x	5.313 x	5.57 x
Free Cash Flow ¹	227	-303	-219	771	-1,190	-884	-1,584	-1,464
ROE (net income / shareholders' equity)	18.4%	18.2%	17.3%	15.8%	14.2%	14.8%	13.4%	13.8%
ROA (Net income/ Total Assets)	5.1%	5.14%	4.93%	3.8%	-	4.1%	3.63%	3.72%
Assets ¹	14,837	15,292	16,000	22,581	-	23,986	26,161	27,732
Book Value Per Share ²	2.080	2.180	2.350	3.060	-	3.450	3.670	3.800
Cash Flow per Share ²	0.7400	0.5200	0.6500	1.260	-	0.8500	0.8800	0.9900
Capex ¹	1,264	1,351	1,521	1,757	2,290	2,617	3,407	3,454
Capex / Sales	55.07%	53.74%	58.38%	59.26%	71.86%	74.02%	93.12%	86.84%
Announcement Date	3/10/20	3/24/21	3/17/22	3/22/23	3/19/24	-	-	-

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

Ratings for Terna S.p.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.872 EUR

Average target price

8.01 EUR

Spread / Average Target

+1.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
TERNA S.P.A.	+4.21%	17.01B
NEXTERA ENERGY	+21.49%	152B
SOUTHERN COMPANY	+11.44%	85.44B
IBERDROLA, S.A.	+2.86%	82.74B
DUKE ENERGY CORPORATION	+5.80%	79.24B
ENEL S.P.A.	+0.37%	73.89B
CONSTELLATION ENERGY CORPORATION	+83.87%	67.75B
AMERICAN ELECTRIC POWER COMPANY, INC.	+12.79%	48.29B
GE VERNOVA INC.	0.00%	45.85B
DOMINION ENERGY, INC.	+12.91%	44.48B

Other Electric Utilities