New Risk • May 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 11
First quarter 2026 earnings released First quarter 2026 results: EPS: €0.14. Revenue: €988.7m (up 9.6% from 1Q 2025). Net income: €276.6m (flat on 1Q 2025). Profit margin: 28% (down from 31% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Electric Utilities industry in Europe. 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 7% per year. Declared Dividend • May 08
Final dividend of €0.28 announced Dividend of €0.28 is the same as last year. Ex-date: 22nd June 2026 Payment date: 24th June 2026 Dividend yield will be 3.9%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (70% 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 7.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Apr 06
Terna S.p.A., Annual General Meeting, May 12, 2026 Terna S.p.A., Annual General Meeting, May 12, 2026, at 10:00 W. Europe Standard Time. Location: piazza giuseppe frua n 2, roma Italy Declared Dividend • Mar 30
Final dividend of €0.28 announced Dividend of €0.28 is the same as last year. Ex-date: 22nd June 2026 Payment date: 24th June 2026 Dividend yield will be 4.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (73% 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 7.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 28
Full year 2025 earnings released Full year 2025 results: Revenue: €4.03b (up 10% from FY 2024). Net income: €1.11b (up 7.1% from FY 2024). Profit margin: 28% (in line with FY 2024). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Electric Utilities industry in Europe. Annonce • Oct 24
Terna Reportedly Mulls Options Including Stake Sale in EUR 25 Billion Grid Terna S.p.A. (BIT:TRN) is evaluating options including the sale of a minority stake in Italy’s electricity grid, to pay for new projects and reduce debt, people familiar with the matter said. The state-controlled company is studying ways to fund an aggressive investment plan aimed at renewing and strengthening its Italian network, said the people, who asked not to be named discussing private conversations. The process could lead to teaming up with a financial partner, the people said. Terna estimates the value of its regulated assets will reach EUR 24.8 billion ($27.8 billion) by the end of this year as Chief Executive Officer Giuseppina Di Foggia pursues her investment program. The process of studying options is at an early stage, the people said. While the company is working with advisers, the plan is fluid, they added, cautioning that a transaction may not happen in the end. Shares of Terna reversed earlier losses to rise as much as 0.6% in Milan following Bloomberg’s report. The stock has advanced 18% this year. The company constantly analyzes financial instruments that can be used to develop the grid, and reflects those decisions in its industrial plan, a representative said. Terna declined to comment on any specific plans for a stake sale, saying it wouldn’t discuss “rumors or speculation”. Reported Earnings • May 17
First quarter 2025 earnings released First quarter 2025 results: Revenue: €901.8m (up 5.1% from 1Q 2024). Net income: €275.3m (up 2.6% from 1Q 2024). Profit margin: 31% (in line with 1Q 2024). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Electric Utilities industry in Europe. Declared Dividend • May 12
Final dividend increased to €0.28 Dividend of €0.28 is 23% higher than last year. Ex-date: 23rd June 2025 Payment date: 25th June 2025 Dividend yield will be 4.7%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (77% 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 7.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 10% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Declared Dividend • Nov 10
Dividend of €0.12 announced Shareholders will receive a dividend of €0.12. Ex-date: 18th November 2024 Payment date: 20th November 2024 Dividend yield will be 4.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (67% 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 5.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. 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 • Nov 08
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €893.0m (up 17% from 3Q 2023). Net income: €267.8m (up 19% from 3Q 2023). Profit margin: 30% (in line with 3Q 2023). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Electric Utilities industry in Europe. Reported Earnings • Jul 31
Second quarter 2024 earnings released: EPS: €0.14 (vs €0.10 in 2Q 2023) Second quarter 2024 results: EPS: €0.14 (up from €0.10 in 2Q 2023). Revenue: €886.1m (up 17% from 2Q 2023). Net income: €276.6m (up 31% from 2Q 2023). Profit margin: 31% (up from 28% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Buy Or Sell Opportunity • Jul 06
Now 21% overvalued Over the last 90 days, the stock has fallen 3.7% to €7.37. The fair value is estimated to be €6.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 3.0% per annum over the same time period. Upcoming Dividend • Jun 17
Upcoming dividend of €0.23 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 26 June 2024. Payout ratio is on the higher end at 77% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Austrian dividend payers (6.3%). Lower than average of industry peers (5.6%). Reported Earnings • May 09
First quarter 2024 earnings released First quarter 2024 results: Revenue: €858.1m (up 20% from 1Q 2023). Net income: €268.2m (up 34% from 1Q 2023). Profit margin: 31% (up from 28% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Reported Earnings • Mar 20
Full year 2023 earnings released Full year 2023 results: Revenue: €3.19b (up 9.0% from FY 2022). Net income: €882.9m (flat on FY 2022). Profit margin: 28% (down from 30% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Declared Dividend • Feb 05
Dividend of €0.21 announced Dividend of €0.21 is the same as last year. Ex-date: 24th June 2024 Payment date: 26th June 2024 Dividend yield will be 4.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (71% 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 4.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €761.8m (up 15% from 3Q 2022). Net income: €226.0m (up 20% from 3Q 2022). Profit margin: 30% (up from 28% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.7% decline forecast for the Electric Utilities industry in Europe. Reported Earnings • Jul 29
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €773.5m (up 13% from 2Q 2022). Net income: €213.3m (up 3.4% from 2Q 2022). Profit margin: 28% (down from 30% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 3.9% decline forecast for the Electric Utilities industry in Europe. Upcoming Dividend • Jun 12
Upcoming dividend of €0.21 per share at 4.0% yield Eligible shareholders must have bought the stock before 19 June 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 72% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of Austrian dividend payers (5.4%). Lower than average of industry peers (5.0%). Reported Earnings • May 07
First quarter 2023 earnings released First quarter 2023 results: Revenue: €712.5m (up 11% from 1Q 2022). Net income: €200.7m (up 4.0% from 1Q 2022). Profit margin: 28% (down from 30% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 3.4% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 24
Full year 2022 earnings released Full year 2022 results: Revenue: €2.96b (up 16% from FY 2021). Net income: €877.0m (up 11% from FY 2021). Profit margin: 30% (down from 31% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 3.7% decline forecast for the Electric Utilities industry in Europe. Annonce • Jan 06
Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) signed an agreement to acquire Edyna Transmission Srl from Alperia S.p.A. for approximately €14 million. Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) signed an agreement to acquire Edyna Transmission Srl from Alperia S.p.A. for approximately €14 million on January 5, 2023. The agreement is subject to the fulfilment of certain conditions precedent. Reported Earnings • Nov 12
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.094. Revenue: €661.6m (up 2.9% from 3Q 2021). Net income: €188.8m (down 3.6% from 3Q 2021). Profit margin: 28% (down from 31% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Reported Earnings • Jul 29
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €686.4m (up 7.8% from 2Q 2021). Net income: €206.3m (up 6.2% from 2Q 2021). Profit margin: 30% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 3.9%, compared to a 1.5% growth forecast for the industry in Austria. Upcoming Dividend • Jun 13
Upcoming dividend of €0.19 per share Eligible shareholders must have bought the stock before 20 June 2022. Payment date: 22 June 2022. Payout ratio is a comfortable 74% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Austrian dividend payers (4.6%). In line with average of industry peers (4.3%). Reported Earnings • May 13
First quarter 2022 earnings released First quarter 2022 results: EPS: €0.096. Revenue: €644.4m (up 3.6% from 1Q 2021). Net income: €191.8m (flat on 1Q 2021). Profit margin: 30% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 5.5% while the industry in Austria is not expected to grow. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 19
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.39 (up from €0.39 in FY 2020). Revenue: €2.60b (up 4.9% from FY 2020). Net income: €789.4m (flat on FY 2020). Profit margin: 30% (down from 32% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Over the next year, revenue is expected to shrink by 2.1% compared to a 2.7% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 8% per year. Annonce • Dec 30
Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) acquired Assets in the Verona Area from Megareti Spa and Azienda Generale Servizi Municipali di Verona S.p.A. for €10.5 million. Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) acquired Assets in the Verona Area from Megareti Spa and Azienda Generale Servizi Municipali di Verona S.p.A. €10.5 million on December 29, 2021. The agreement involves 122 km of high-voltage power lines owned by Megareti SpA (two of the high-voltage lines are co-owned with Dolomiti Energia) which are part of Italy’s transmission electricity grid and two AGSM Verona substations (‘ricevitorie Sud’ and ‘ricevitorie Ovest’).
Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) completed the acquisition of Assets in the Verona Area from Megareti Spa and Azienda Generale Servizi Municipali di Verona S.p.A. on December 29, 2021. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS €0.098 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: €642.9m (up 7.6% from 3Q 2020). Net income: €195.8m (up 2.2% from 3Q 2020). Profit margin: 31% (down from 32% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 02
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: €636.9m (up 3.5% from 2Q 2020). Net income: €194.2m (up 1.7% from 2Q 2020). Profit margin: 31% (in line with 2Q 2020). Upcoming Dividend • Jun 15
Upcoming dividend of €0.18 per share Eligible shareholders must have bought the stock before 21 June 2021. Payment date: 23 June 2021. Trailing yield: 4.1%. Within top quartile of Austrian dividend payers (3.2%). Higher than average of industry peers (3.7%). Reported Earnings • May 14
First quarter 2021 earnings released The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: €621.8m (up 9.6% from 1Q 2020). Net income: €190.4m (up 2.0% from 1Q 2020). Profit margin: 31% (down from 33% in 1Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS €0.39 (vs €0.38 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: €2.51b (up 8.6% from FY 2019). Net income: €786.0m (up 3.8% from FY 2019). Profit margin: 31% (down from 33% in FY 2019). The decrease in margin was driven by higher expenses. 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 10% per year. Is New 90 Day High Low • Feb 20
New 90-day low: €5.95 The company is down 8.0% from its price of €6.45 on 20 November 2020. The Austrian market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.67 per share. Is New 90 Day High Low • Nov 20
New 90-day high: €6.45 The company is up 3.0% from its price of €6.28 on 21 August 2020. The Austrian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.73 per share. Upcoming Dividend • Nov 16
Upcoming Dividend of €0.91 Per Share Will be paid on the 25th of November to those who are registered shareholders by the 23rd of November. The trailing yield of 4.0% is below the top quartile of Austrian dividend payers (4.7%), but is in line with industry peers (3.7%). Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS €0.095 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: €597.5m (up 5.2% from 3Q 2019). Net income: €191.6m (up 3.1% from 3Q 2019). Profit margin: 32% (in line with 3Q 2019). 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 7% per year. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue beats expectations Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 2.7%, compared to a 18% growth forecast for the Electric Utilities industry in Austria. Is New 90 Day High Low • Oct 29
New 90-day low: €5.78 The company is down 8.0% from its price of €6.26 on 30 July 2020. The Austrian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.72 per share. Is New 90 Day High Low • Sep 22
New 90-day low: €5.88 The company is down 2.0% from its price of €6.01 on 24 June 2020. The Austrian market is also down 2.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Electric Utilities industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.74 per share.