Reported Earnings • May 06
First quarter 2026 earnings released: EPS: €0.18 (vs €0.21 in 1Q 2025) First quarter 2026 results: EPS: €0.18. Revenue: €661.7m (up 1.0% from 1Q 2025). Net income: €178.9m (up 6.0% from 1Q 2025). Profit margin: 27% (up from 26% in 1Q 2025). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Gas Utilities industry in Europe. Declared Dividend • May 05
Dividend increased to €0.43 Dividend of €0.43 is 6.4% higher than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 4.2%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (82% cash payout ratio). The dividend has increased by an average of 8.9% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 05
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. 2 independent directors (7 non-independent directors). Non-executive Independent Director Gianmarco Montanari was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annonce • Mar 24
Italgas S.p.A., Annual General Meeting, Apr 21, 2026 Italgas S.p.A., Annual General Meeting, Apr 21, 2026, at 11:00 W. Europe Standard Time. Declared Dividend • Mar 23
Dividend increased to €0.43 Dividend of €0.43 is 6.4% higher than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 4.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (82% cash payout ratio). The dividend has increased by an average of 8.9% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Mar 23
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. 2 independent directors (7 non-independent directors). Non-executive Independent Director Gianmarco Montanari was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Declared Dividend • Mar 06
Dividend increased to €0.43 Dividend of €0.43 is 6.4% higher than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 4.2%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (126% cash payout ratio). The dividend has increased by an average of 8.9% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Mar 05
Italgas S.p.A. announces Annual dividend, payable on May 20, 2026 Italgas S.p.A. announced Annual dividend of EUR 0.4320 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. Board Change • Mar 03
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. 1 highly experienced director. 1 independent director (8 non-independent directors). Non-executive Independent Director Gianmarco Montanari was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annonce • Feb 19
Italgas S.p.A. to Report Fiscal Year 2025 Results on Mar 04, 2026 Italgas S.p.A. announced that they will report fiscal year 2025 results Pre-Market on Mar 04, 2026 Reported Earnings • Nov 01
Third quarter 2025 earnings released Third quarter 2025 results: EPS: €0.17. Revenue: €238.8m (down 45% from 3Q 2024). Net income: €176.8m (up 47% from 3Q 2024). Profit margin: 74% (up from 28% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 27
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €471.5m (down 37% from 2Q 2024). Net income: €147.8m (up 27% from 2Q 2024). Profit margin: 31% (up from 16% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Gas Utilities industry in Europe. Buy Or Sell Opportunity • Jul 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.4% to €6.93. The fair value is estimated to be €5.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. New Risk • Jul 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (122% cash payout ratio). Shareholders have been diluted in the past year (25% increase in shares outstanding). Board Change • Jun 17
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. 1 highly experienced director. 1 independent director (8 non-independent directors). Non-executive Independent Director Gianmarco Montanari was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annonce • May 29
Italgas S.p.A. has filed a Follow-on Equity Offering in the amount of €1.019969 billion. Italgas S.p.A. has filed a Follow-on Equity Offering in the amount of €1.019969 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 202,938,478
Price\Range: €5.026
Transaction Features: Rights Offering Board Change • May 12
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. Lead Independent Director Claudio de Marco was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Declared Dividend • Mar 28
Dividend increased to €0.41 Dividend of €0.41 is 15% higher than last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 6.2%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (69% earnings payout ratio) but not covered by cash flows (152% cash payout ratio). The dividend has increased by an average of 9.3% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Mar 28
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 3 experienced directors. 1 highly experienced director. CEO, GM & Director Paolo Gallo is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: €0.59 (vs €0.54 in FY 2023) Full year 2024 results: EPS: €0.59 (up from €0.54 in FY 2023). Revenue: €2.50b (down 4.2% from FY 2023). Net income: €478.9m (up 8.9% from FY 2023). Profit margin: 19% (up from 17% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Annonce • Mar 12
Italgas S.p.A., Annual General Meeting, May 13, 2025 Italgas S.p.A., Annual General Meeting, May 13, 2025, at 14:00 W. Europe Standard Time. Board Change • Mar 05
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 3 experienced directors. 1 highly experienced director. CEO, GM & Director Paolo Gallo is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Declared Dividend • Feb 17
Dividend increased to €0.41 Dividend of €0.41 is 15% higher than last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 6.9%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (62% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.3% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Feb 12
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 3 experienced directors. 1 highly experienced director. CEO, GM & Director Paolo Gallo is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jan 15
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 3 experienced directors. 1 highly experienced director. CEO, GM & Director Paolo Gallo is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 25
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €0.15. Revenue: €437.0m (flat on 3Q 2023). Net income: €120.2m (up 16% from 3Q 2023). Profit margin: 28% (up from 24% in 3Q 2023). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 16
Now 20% undervalued Over the last 90 days, the stock has risen 19% to €5.79. The fair value is estimated to be €7.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 6.3%. For the next 3 years, revenue is forecast to decline by 0.6% per annum. Earnings are forecast to grow by 9.0% per annum over the same time period. Reported Earnings • Jul 25
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €431.1m (down 46% from 2Q 2023). Net income: €116.8m (up 6.5% from 2Q 2023). Profit margin: 27% (up from 14% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to grow by 1.2%. Annonce • Jul 13
Italgas S.p.A. to Report First Half, 2024 Results on Jul 24, 2024 Italgas S.p.A. announced that they will report first half, 2024 results on Jul 24, 2024 Annonce • May 16
Italgas Begins Exclusive Talks to Buy 2i Rete Gas Italgas S.p.A. (BIT:IG), Europe's biggest gas distributor, said on May 13, 2024 that it started exclusive talks to acquire smaller rival 2i Rete Gas SpA. A merger between the two would be a major step in the consolidation of the gas distribution market in Italy with 2i Rete gas adding a 20% market share to Italgas' 35%, according to analyst calculations. 2i Rete Gas, which is Italy's second-largest distributor for the fuel, said in February it wanted to list on the Milan bourse, but in March media speculation emerged about an approach by Italgas valuing the rival at EUR 4 billion to EUR 5 billion ($4.3 billion to $5.4 billion). Sources told Reuters on May 13, 2024 that Italgas had nudged up a preliminary offer, winning the green light from the rival's shareholders for several weeks of exclusive talks. Italian infrastructure fund F2i has a 64% stake in 2i Rete Gas. Dutch pension fund APG and buyout group Ardian together hold the remaining 36.1% under the vehicle Finavias. "Without interrupting the listing process, F2i and Finavias have granted Italgas a period of exclusivity in order to complete a due diligence preparatory to a possible binding purchase offer," investors in 2i Rete Gas said in a separate statement. Should the acquisition go through, Italgas will finance the acquisition via a bridge credit facility underwritten by JP Morgan, which could be refinanced through a combination of equity, debt or equity like instruments, the suitor said. JP Morgan is acting as financial adviser and Legance is acting as legal adviser to Italgas. Rothschild is advising Ardian and APG, while Lazard is assisting F2i. Reported Earnings • May 15
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.14. Revenue: €431.3m (down 10% from 1Q 2023). Net income: €117.6m (up 14% from 1Q 2023). Profit margin: 27% (up from 22% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to grow by 1.4%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 13
Upcoming dividend of €0.35 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 65% but the company is not cash flow positive. Trailing yield: 6.6%. Within top quartile of Austrian dividend payers (5.8%). In line with average of industry peers (6.4%). Declared Dividend • Mar 17
Dividend increased to €0.35 Dividend of €0.35 is 11% higher than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 6.6%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (59% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.4% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 5.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 14
Full year 2023 earnings released Full year 2023 results: Revenue: €1.82b (down 19% from FY 2022). Net income: €439.6m (up 7.9% from FY 2022). Profit margin: 24% (up from 18% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Gas Utilities industry in Europe. Reported Earnings • Oct 27
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.13. Revenue: €438.0m (up 34% from 3Q 2022). Net income: €103.5m (up 3.3% from 3Q 2022). Profit margin: 24% (down from 31% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 4.3% p.a. on average during the next 3 years compared to a 1.7% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has fallen by 1% per year. Annonce • Oct 18
Italgas S.p.A. (BIT:IG) completed the acquisition of Acqua S.r.l., Idrolatina S.r.l., and Acqua Campania S.p.A from Veolia Environnement SA (ENXTPA:VIE). Italgas S.p.A. (BIT:IG) signed a purchase agreement to acquire Acqua S.r.l., Idrolatina S.r.l., and Acqua Campania S.p.A from Veolia Environnement SA (ENXTPA:VIE) for approximately €115 million on June 9, 2023. The consideration which includes partially depending upon certain targets of the operational companies. Through this transaction Italgas will acquire 100% of Acqua S.r.l., which in turn directly holds 98.7% of Idrosicilia S.p.A. and, indirectly, 75% of the equity of Siciliacque S.p.A, 100% of Idrolatina S.r.l., which in turn holds about 49% of Acqualatina S.p.A and 47.9% of Acqua Campania S.p.A from Veolia. The closing of the transaction is subject to the fulfillment of certain conditions precedent, including the involvement or approval by the Public Bodies which awarded the water service concession.
Italgas S.p.A. (BIT:IG) completed the acquisition of Acqua S.r.l., Idrolatina S.r.l., and Acqua Campania S.p.A from Veolia Environnement SA (ENXTPA:VIE) on October 16, 2023. Nepta is the new name of the Italgas that will manage all the Group's water activities. The transaction has approved by the Granting Authorities. Reported Earnings • Jul 27
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €451.9m (down 35% from 2Q 2022). Net income: €109.6m (up 10% from 2Q 2022). Profit margin: 24% (up from 14% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to fall by 3.4% p.a. on average during the next 3 years compared to a 2.7% decline forecast for the Gas Utilities industry in Europe. Annonce • Jun 10
Italgas S.p.A. (BIT:IG) signed a purchase agreement to acquire Acqua S.r.l., Idrolatina S.r.l., and Acqua Campania S.p.A from Veolia Environnement SA (ENXTPA:VIE) for approximately €115 million. Italgas S.p.A. (BIT:IG) signed a purchase agreement to acquire Acqua S.r.l., Idrolatina S.r.l., and Acqua Campania S.p.A from Veolia Environnement SA (ENXTPA:VIE) for approximately €115 million on June 9, 2023. The consideration which includes partially depending upon certain targets of the operational companies. Through this transaction Italgas will acquire 100% of Acqua S.r.l., which in turn directly holds 98.7% of Idrosicilia S.p.A. and, indirectly, 75% of the equity of Siciliacque S.p.A, 100% of Idrolatina S.r.l., which in turn holds about 49% of Acqualatina S.p.A and 47.9% of Acqua Campania S.p.A from Veolia. The closing of the transaction is subject to the fulfillment of certain conditions precedent, including the involvement or approval by the Public Bodies which awarded the water service concession. Upcoming Dividend • May 15
Upcoming dividend of €0.32 per share at 5.3% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Within top quartile of Austrian dividend payers (5.2%). Higher than average of industry peers (4.4%). Reported Earnings • May 07
First quarter 2023 earnings released First quarter 2023 results: EPS: €0.13. Revenue: €479.9m (up 36% from 1Q 2022). Net income: €103.6m (up 17% from 1Q 2022). Profit margin: 22% (down from 25% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 6% per year. Annonce • May 06
Italgas to Merge 3 Greek Companies Owned by Depa Infrastructure Italgas S.p.A. (BIT:IG) plans to merge 3 Greek companies owned by Depa Infrastructure in one to increase efficiency. Italgas CEO: asked about Warchest for M&A, says group cannot spend now as much as it did for Depa Infrastructure. Reported Earnings • Mar 14
Full year 2022 earnings released Full year 2022 results: Revenue: €1.56b (down 27% from FY 2021). Net income: €407.3m (up 12% from FY 2021). Profit margin: 26% (up from 17% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Annonce • Jan 27
Italgas S.p.A., Annual General Meeting, Apr 20, 2023 Italgas S.p.A., Annual General Meeting, Apr 20, 2023. Annonce • Dec 24
Phaeton S.A. acquired 10% stake in Italgas Newco S.r.l from Italgas S.p.A. (BIT:IG) for €40 million. Phaeton S.A. acquired 10% stake in Italgas Newco S.r.l from Italgas S.p.A. (BIT:IG) for €40 million on December 22, 2022.Phaeton S.A. completed the acquisition of 10% stake in Italgas Newco S.r.l from Italgas S.p.A. (BIT:IG) on December 22, 2022. Reported Earnings • Nov 23
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.12. Revenue: €328.1m (down 3.6% from 3Q 2021). Net income: €100.2m (up 2.8% from 3Q 2021). Profit margin: 31% (up from 29% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 2.5% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Chairwoman Benedetta Navarra was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.12. Revenue: €379.8m (up 12% from 3Q 2021). Net income: €100.3m (up 2.9% from 3Q 2021). Profit margin: 26% (down from 29% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 3% per year. Annonce • Sep 07
Italgas S.p.A. (BIT:IG) acquired 49% stake in Gas Distribution Company Thessaloniki - Thessalia S.A. from Eni Gas e Luce S.p.A. Italgas S.p.A. (BIT:IG) acquired 49% stake in Gas Distribution Company Thessaloniki - Thessalia S.A. from Eni Gas e Luce S.p.A on September 2, 2022. J.P. Morgan acted as Sole Financial Advisor to Italgas S.p.A. on the acquisition.
Italgas S.p.A. (BIT:IG) completed the acquisition of 49% stake in Gas Distribution Company Thessaloniki - Thessalia S.A. from Eni Gas e Luce S.p.A on September 2, 2022. Annonce • Sep 02
Italgas S.p.A. (BIT:IG) completed the acquisitions of DEPA Infrastructure SA from Hellenic Petroleum S.A. (ATSE:ELPE) and Hellenic Republic Asset Development Fund S.A. Italgas S.p.A. (BIT:IG) signed a sale and purchase agreement to acquire DEPA Infrastructure SA from Hellenic Petroleum S.A. (ATSE:ELPE) and Hellenic Republic Asset Development Fund S.A. for an equity value of approximately €730 million on December 10, 2021. The transaction will be financed from the credit lines of Italgas. The completion of the acquisition is subject to the fulfilment of certain conditions, such as the approval of the transaction by the Greek supervisory authority RAE and the clearing of the Greek antitrust authority HCC. Italgas was decleard as winning bidder for the privatization of DEPA Infrastructure on September 9, 2021. The transaction is expected to be completed in the second quarter of 2022. Hellenic Petroleum Holdings Societe Anonyme will use the proceeds of over €250m directed towards new Energy. As of August 25, 2022, The transaction is expected to be completed in the third quarter of 2022. JPMorgan Chase & Co. (NYSE:JPM) acted as a financial advisor to Italgas S.p.A.
Italgas S.p.A. (BIT:IG) completed the acquisitions of DEPA Infrastructure SA from Hellenic Petroleum S.A. (ATSE:ELPE) and Hellenic Republic Asset Development Fund S.A. on September 1, 2022. Buying Opportunity • Aug 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be €6.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 7.1% per annum. Earnings is also forecast to grow by 9.6% per annum over the same time period. Annonce • Aug 04
Italgas S.p.A. (BIT:IG) entered to an agreement to acquire LPG distribution and sales business from Fiamma 2000 Spa for € 31.7 million. Italgas S.p.A. (BIT:IG) entered to an agreement to acquire LPG distribution and sales business from Fiamma 2000 Spa for € 31.7 million on August 3, 2022. The closing is expected to take place in the second half of 2022. Reported Earnings • Jul 26
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €353.4m (down 50% from 2Q 2021). Net income: €99.4m (up 11% from 2Q 2021). Profit margin: 28% (up from 13% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 31% compared to a 12% decline forecast for the industry in Austria. Buying Opportunity • Jul 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be €6.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10.0% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings is also forecast to grow by 8.0% per annum over the same time period. Buying Opportunity • Jun 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.5%. The fair value is estimated to be €6.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10.0% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings is also forecast to grow by 8.0% per annum over the same time period. Upcoming Dividend • May 16
Upcoming dividend of €0.29 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 64% but the company is paying out more than the cash it is generating. Trailing yield: 4.8%. Within top quartile of Austrian dividend payers (4.6%). In line with average of industry peers (5.2%). Reported Earnings • May 04
First quarter 2022 earnings released First quarter 2022 results: EPS: €0.11. Revenue: €354.0m (up 6.2% from 1Q 2021). Net income: €88.9m (up 9.5% from 1Q 2021). Profit margin: 25% (in line with 1Q 2021). Over the next year, revenue is expected to shrink by 33% compared to a 6.3% decline forecast for the industry in Austria. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. Non-Executive Director Qinjing Shen was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 04
Full year 2021 earnings released: EPS: €0.45 (vs €0.48 in FY 2020) Full year 2021 results: EPS: €0.45 (down from €0.48 in FY 2020). Revenue: €2.13b (up 1.8% from FY 2020). Net income: €362.8m (down 5.7% from FY 2020). Profit margin: 17% (down from 18% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 32% compared to a 7.8% decline forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Reported Earnings • Mar 12
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €1.37b (down 35% from FY 2020). Net income: €362.8m (down 5.3% from FY 2020). Profit margin: 27% (up from 18% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 9.9% compared to a 5.8% decline forecast for the industry in Austria. Annonce • Mar 04
Italgas S.p.A. (BIT:IG) acquired an unknown minority stake in Picarro Inc. for $15 million. Italgas S.p.A. (BIT:IG) acquired an unknown minority stake in Picarro Inc. for $15 million on March 2, 2022.
Italgas S.p.A. (BIT:IG) completed the acquisition of an unknown minority stake in Picarro Inc. on March 2, 2022. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS €0.12 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: €340.3m (up 2.7% from 3Q 2020). Net income: €97.5m (up 4.7% from 3Q 2020). Profit margin: 29% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 6% per year. Annonce • Sep 11
Italgas Names Preferred Bidder for DEPA Greek privatisation agency HRADF has named Italgas S.p.A. (BIT:IG) as preferred bidder in a tender for the sale of state-controlled gas distribution network Depa Commercial S.A. (DEPA Infrastructure), it said on September 9, 2021. Greece is selling its 65% stake in DEPA Infrastructure. Italgas outbid EP Investment Advisors, s.r.o. HRADF, which is managing the sale, asked the Italian firm to improve its financial bid for the gas grid. On September 9, 2021, HRADF unsealed Italgas' improved offer, which includes an upfront fee of €733 million ($866 million) and both it and Hellenic approved it, the agency said. Italgas adding it expected the deal to close by year-end after authorizations had been secured. Chief Executive Officer Paolo Gallo said the group's know-how and experience in digital networks would help Greece decarbonise its economy. "We will support the phase-out programme from coal and lignite via natural gas, while at the same time promoting the energy transition to renewable sources such as biomethane, e-gas and green hydrogen," Gallo said. Greek Energy Minister Kostas Skrekas said the new investor would provide DEPA funding access and spend on expanding the gas grid. "We're talking about investment which will create many new jobs, cut energy cost for households and businesses and help meet the country's ambitious targets to cut carbon emissions," Skrekas said in a press release. A Greek court of auditors will need to approve the tender file for the transaction to be completed, HRADF said. Annonce • Sep 04
Italgas Reportedly Outbids EP Investment for Depa Infrastructure Italgas S.p.A. (BIT:IG) outbid EP Investment Advisors, s.r.o. in a tender for the sale of Greece’s state-controlled Depa Commercial S.A., Greek energy news site energypress.eu reported on September 3, 2021. Hellenic Petroleum S.A. (ATSE:ELPE) are jointly selling their 65% and 35% stakes respectively in DEPA Infrastructure. The country’s privatisation agency (HRADF), which is managing the sale, said on September 2, 2021 it had unsealed the two binding offers submitted by Italgas and EP and that it would initiate a process to ask bidders to increase them. It did not disclose the highest bidder or the size of each offer. Citing unidentified sources, the report said Italgas had submitted the highest bid, which was believed to be close to €700 million ($831 million). HRADF and Hellenic Petroleum declined to comment. Italgas said it would not comment on rumours. Two sources close to the process said on September 3, 2021 that improved offers were expected by September 8, 2021 before HRADF’s board convenes to discuss the matter, most likely on September 9, 2021. Reported Earnings • Jul 31
Second quarter 2021 earnings released The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: €332.1m (down 49% from 2Q 2020). Net income: €94.9m (up 21% from 2Q 2020). Profit margin: 29% (up from 12% in 2Q 2020). The increase in margin was driven by lower expenses. Annonce • Jul 15
Italgas S.p.A. (BIT:IG) completed the acquisition of Isgastrentatre SPA from Consorzio Fra Cooperative Di Produzione E Lavoro. Italgas S.p.A. (BIT:IG) agreed to acquire Isgas33 from Consorzio Fra Cooperative Di Produzione E Lavoro for approximately €25 million on January 28, 2021. The amount of transaction (enterprise value) has been set equal to the RAB to be approved by ARERA in the first half of 2021, currently provisionally estimated at approximately € 25 million. The transaction is expected to close on July 5, 2021. Post completion, once certain precedent conditions have been met, Italgas will take over the entire stake in Isgas33.
Italgas S.p.A. (BIT:IG) completed the acquisition of Isgastrentatre SPA from Consorzio Fra Cooperative Di Produzione E Lavoro on July 13, 2021. Annonce • Jun 16
Italgas to Bid for Greece's DEPA Alone Italgas S.p.A. (BIT:IG) executives says company will bid for Greece's Depa Commercial S.A. alone, deadline for binding bids July 15 - CEO. The company plans to grow its energy efficiency business through acquisitions - CFO. The company would only consider acquisitions outside Italy for gas distribution business, no new opportunities at the moment - CEO. Upcoming Dividend • May 17
Upcoming dividend of €0.28 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 5.0%. Within top quartile of Austrian dividend payers (3.2%). Lower than average of industry peers (6.0%). Reported Earnings • Apr 01
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: €1.44b (down 23% from FY 2019). Net income: €383.0m (down 8.2% from FY 2019). Profit margin: 27% (up from 23% in FY 2019). The increase in margin was driven by lower expenses. Reported Earnings • Mar 13
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: €1.33b (down 28% from FY 2019). Net income: €345.4m (down 17% from FY 2019). Profit margin: 26% (up from 23% in FY 2019). The increase in margin was driven by lower expenses. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations Revenue exceeded analyst estimates by 6.2%. Over the next year, revenue is forecast to grow 2.7%, compared to a 2.5% growth forecast for the Gas Utilities industry in Austria. Is New 90 Day High Low • Feb 26
New 90-day low: €4.90 The company is down 10.0% from its price of €5.44 on 27 November 2020. The Austrian market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.48 per share. Is New 90 Day High Low • Feb 02
New 90-day low: €4.94 The company is down 1.0% from its price of €5.00 on 03 November 2020. The Austrian market is up 35% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.53 per share. Annonce • Jan 27
Italgas S.p.A. to Report Fiscal Year 2020 Results on Apr 14, 2021 Italgas S.p.A. announced that they will report fiscal year 2020 results on Apr 14, 2021 
