View ValuationERG 향후 성장Future 기준 점검 1/6ERG (는) 각각 연간 16.4% 및 4.5% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 17.1% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 8.7% 로 예상됩니다.핵심 정보16.4%이익 성장률17.15%EPS 성장률Renewable Energy 이익 성장6.8%매출 성장률4.5%향후 자기자본이익률8.69%애널리스트 커버리지Good마지막 업데이트22 May 2026최근 향후 성장 업데이트업데이트 없음모든 업데이트 보기Recent updatesBoard Change • May 20Less than half of directors are independentFollowing the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Marina Natale was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.공시 • Mar 19ERG S.p.A. announces Annual dividend, payable on May 20, 2026ERG S.p.A. announced Annual dividend of EUR 1.0000 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026.공시 • Mar 16ERG S.p.A., Annual General Meeting, Apr 22, 2026ERG S.p.A., Annual General Meeting, Apr 22, 2026, at 10:30 W. Europe Standard Time.공시 • Dec 16+ 3 more updatesERG S.p.A. to Report Q3, 2026 Results on Nov 13, 2026ERG S.p.A. announced that they will report Q3, 2026 results on Nov 13, 2026공시 • Mar 14+ 1 more updateERG S.p.A., Annual General Meeting, Apr 22, 2025ERG S.p.A., Annual General Meeting, Apr 22, 2025, at 10:30 W. Europe Standard Time.공시 • Jan 17ERG S.p.A. (BIT:ERG) completed the acquisition of BayWa r.e. UK Limited from BayWa r.e. AG.ERG S.p.A. (BIT:ERG) signed a share purchase agreement to acquire BayWa r.e. UK Limited from BayWa r.e. AG for an enterprise value of £60 million on December 20, 2024. The closing is expected by January 2025. ERG S.p.A. (BIT:ERG) completed the acquisition of BayWa r.e. UK Limited from BayWa r.e. AG on January 17, 2025.공시 • Dec 20ERG S.p.A. to Report Fiscal Year 2024 Final Results on Apr 22, 2025ERG S.p.A. announced that they will report fiscal year 2024 final results at 12:05 PM, Central European Standard Time on Apr 22, 2025New Risk • Aug 04New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 92% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company.Reported Earnings • Aug 04Second quarter 2024 earnings releasedSecond quarter 2024 results: Revenue: €186.7m (up 25% from 2Q 2023). Net income: €50.4m (up 64% from 2Q 2023). Profit margin: 27% (up from 21% 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 2.2% growth forecast for the Renewable Energy industry in Germany.Reported Earnings • May 17First quarter 2024 earnings releasedFirst quarter 2024 results: EPS: €0.53. Revenue: €225.0m (up 2.3% from 1Q 2023). Net income: €78.0m (down 7.1% from 1Q 2023). Profit margin: 35% (down from 38% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Renewable Energy industry in Germany.Upcoming Dividend • May 13Upcoming dividend of €1.00 per shareEligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.2%).공시 • Apr 26ERG S.p.A. (BIT:ERG) completed the acquisition of 75% stake in 317 MW portfolio of wind and solar assets in Iowa and Illinois from Apex Clean Energy Holdings, LLC.ERG S.p.A. (BIT:ERG) signed an agreement to acquire 75% stake in 317 MW portfolio of wind and solar assets in Iowa and Illinois from Apex Clean Energy Holdings, LLC for $270 million on December 21, 2023. ERG will own a 75% stake of the holding and Apex the remaining 25%. The transaction's closing is subject to, inter alia, to investment approval from certain U.S. and European authorities (including CFIUS, HSR Commission, DG-Comp) and the consent to the change of control from relevant third parties (including Tax Equity Investor and PPA counterparts). The transaction's closing is expected within the first half of 2024. Rothschild&Co served as financial advisor, White&Case as legal advisor, Ernst&Young as Accounting and Tax Advisor and Credit Agricole as Debt advisor to ERG S.p.A. Apex was advised on the transaction by J.P. Morgan Securities LLC and Santander. As of February 8, 2024, ERG SpA has secured approval from the European Commission to acquire a majority stake in a 317-MW wind and solar farm portfolio.ERG S.p.A. (BIT:ERG) completed the acquisition of 75% stake in 317 MW portfolio of wind and solar assets in Iowa and Illinois from Apex Clean Energy Holdings, LLC on April 24, 2024.New Risk • Mar 30New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 69% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company.Declared Dividend • Mar 17Dividend of €1.00 announcedDividend of €1.00 is the same as last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 4.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (116% earnings payout ratio). However, it is covered by cash flows (74% cash payout ratio). The dividend has increased by an average of 7.2% 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. The company's earnings per share (EPS) would need to grow by 29% to bring the payout ratio under control. EPS is expected to grow by 5.5% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.Reported Earnings • Mar 14Full year 2023 earnings releasedFull year 2023 results: Revenue: €767.0m (up 7.4% from FY 2022). Net income: €226.0m (up 167% from FY 2022). Profit margin: 30% (up from 12% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Renewable Energy industry in Germany.공시 • Dec 20+ 4 more updatesERG S.p.A. to Report First Half, 2024 Results on Aug 02, 2024ERG S.p.A. announced that they will report first half, 2024 results on Aug 02, 2024Reported Earnings • Nov 19Third quarter 2023 earnings releasedThird quarter 2023 results: EPS: €0.23. Revenue: €156.0m (down 17% from 3Q 2022). Net income: €35.0m (down 27% from 3Q 2022). Profit margin: 22% (down from 26% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Renewable Energy industry in Germany.New Risk • Aug 04New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 20% 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 Risks Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Cash payout ratio: 133%New Risk • Jul 31New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 176% Cash payout ratio: 105% Minor Risks High level of debt (42% net debt to equity). Profit margins are more than 30% lower than last year (17% net profit margin).Reported Earnings • Jul 30Second quarter 2023 earnings releasedSecond quarter 2023 results: Revenue: €163.0m (up 2.3% from 2Q 2022). Net income: €36.0m (down 89% from 2Q 2022). Profit margin: 22% (down from 201% in 2Q 2022). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.Reported Earnings • May 18First quarter 2023 earnings releasedFirst quarter 2023 results: EPS: €0.56. Revenue: €226.0m (up 4.6% from 1Q 2022). Net income: €84.0m (flat on 1Q 2022). Profit margin: 37% (down from 39% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • May 15Upcoming dividend of €1.00 per share at 3.7% yieldEligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. The company is paying out more than 100% of its profits and is paying out 91% of its cash flow. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.6%).Board Change • Apr 08High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Chairman of Board of Statutory Auditors Paolo Prandi was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.공시 • Dec 23+ 4 more updatesERG S.p.A. to Report First Half, 2023 Results on Jul 28, 2023ERG S.p.A. announced that they will report first half, 2023 results on Jul 28, 2023공시 • Sep 10ERG S.p.A. (BIT:ERG) and a third-party investor acquired 172-MW wind farm portfolio in Italy from EDP Renewables Italia Holding, S.r.l.ERG S.p.A. (BIT:ERG) and a third-party investor signed an agreement to acquire 172-MW wind farm portfolio in Italy from EDP Renewables Italia Holding, S.r.l. on July 29, 2022. According to the agreement one minority stake in one of the wind farms will be directly acquired by a third-party investor. The transaction fee in terms of enterprise value as of December 31, 2021 is of around €420 million. The closing of the transaction, subject to the approval of the Italian Antitrust Authority, will be perfectioned by the third quarter of 2022. In the transaction, UniCredit acted as financial adviser, Legance as legal adviser, Deloitte as accounting and tax and Fichtner as technical adviser to ERG S.p.A. (BIT:ERG). ERG S.p.A. (BIT:ERG) and a third-party investor completed the acquisition of 172-MW wind farm portfolio in Italy from EDP Renewables Italia Holding, S.r.l. on September 9, 2022.Upcoming Dividend • May 16Upcoming dividend of €0.90 per shareEligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (4.3%). Higher than average of industry peers (1.8%).Reported Earnings • Mar 18Full year 2021 earnings: Revenues exceed analyst expectationsFull year 2021 results: Revenue: €1.24b (up 27% from FY 2020). Net income: €202.0m (up 87% from FY 2020). Profit margin: 16% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Over the next year, revenue is expected to shrink by 50% compared to a 36% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 22% per year.Valuation Update With 7 Day Price Move • Mar 01Investor sentiment improved over the past weekAfter last week's 16% share price gain to €26.66, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 24x in the Renewable Energy industry in Europe. Total returns to shareholders of 78% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €13.78 per share.Reported Earnings • Aug 01Second quarter 2021 earnings released: EPS €0.18 (vs €0.11 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €248.9m (up 13% from 2Q 2020). Net income: €27.4m (up 68% from 2Q 2020). Profit margin: 11% (up from 7.4% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings.공시 • Jul 01Verbund, Italy's ERG Reportedly Vie for Spanish Solar AssetsGrupotec in a deal potentially worth more than EUR 1 billion ($1.2 billion) including planned investment, two people familiar with the matter said. The contest is the latest between international groups to beef up their holdings in Spain's fast-growing solar sector, which has attracted increasing investor attention as governments and corporations globally seek to shift to renewable energy and cut planet-warming carbon emissions. Valencia-based Grupotec has hired specialised boutiques Augusta and Astris Finance as advisers to help it sell a portfolio which, once built, could have a generation capacity of almost 3GW, the people familiar with the matter said. Grupotec, ERG S.p.A. (BIT:ERG) and Astris did not respond to requests for comment. Augusta did not comment.Upcoming Dividend • May 17Upcoming dividend of €0.75 per shareEligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (3.9%).Reported Earnings • Apr 04Full year 2020 earnings released: EPS €0.72 (vs €0.21 in FY 2019)The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €977.6m (down 4.6% from FY 2019). Net income: €107.9m (up 242% from FY 2019). Profit margin: 11% (up from 3.1% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.Reported Earnings • Mar 17Full year 2020 earnings releasedThe company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €990.9m (down 4.3% from FY 2019). Net income: €105.8m (up 235% from FY 2019). Profit margin: 11% (up from 3.0% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings.Is New 90 Day High Low • Jan 22New 90-day high: €25.52The company is up 20% from its price of €21.30 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €95.03 per share.Is New 90 Day High Low • Dec 31New 90-day high: €22.68The company is up 6.0% from its price of €21.44 on 02 October 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy 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 €94.64 per share.Analyst Estimate Surprise Post Earnings • Nov 17Revenue misses expectationsRevenue missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 5.4%, compared to a 26% growth forecast for the Renewable Energy industry in Germany.Is New 90 Day High Low • Oct 27New 90-day low: €19.72The company is down 1.0% from its price of €19.97 on 29 July 2020. The German market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €54.87 per share.이익 및 매출 성장 예측DB:ER9 - 애널리스트 향후 추정치 및 과거 재무 데이터 (EUR Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/2028883184119467512/31/2027845173125458712/31/202682217017641383/31/2026776104275480N/A12/31/202574492232404N/A9/30/2025754167563460N/A6/30/2025734136283463N/A3/31/2025721158235431N/A12/31/2024733189250484N/A9/30/2024762196400830N/A6/30/2024757228304604N/A3/31/2024746213445754N/A12/31/2023741214577883N/A9/30/2023693119147438N/A6/30/2023714129314636N/A3/31/202371885288614N/A12/31/202271485350662N/A9/30/20221,223277-757155N/A6/30/202271162258493N/A3/31/20221,121223-297-20N/A12/31/202160184-50177N/A9/30/2021667151128343N/A6/30/2021624130184366N/A3/31/2021981120320448N/A12/31/2020862108299411N/A9/30/202097536365461N/A6/30/202098534477561N/A3/31/20201,00231516588N/A12/31/20191,02432N/A541N/A9/30/20191,01787N/A432N/A6/30/20191,03796N/A348N/A3/31/20191,042102N/A268N/A12/31/20181,030104N/A287N/A9/30/20181,075111N/A302N/A6/30/20181,048110N/A329N/A3/31/20181,044109N/A384N/A12/31/20171,058107N/A400N/A9/30/20171,03393N/A495N/A6/30/20171,03697N/A502N/A3/31/20171,037104N/A461N/A12/31/20161,03697N/A382N/A9/30/201699547N/A380N/A6/30/201697723N/A230N/A3/31/201695831N/A131N/A12/31/201592921N/A189N/A9/30/20154,723-28N/A91N/A6/30/201598217N/A216N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: ER9 의 연간 예상 수익 증가율(16.4%)이 saving rate(1.9%)보다 높습니다.수익 vs 시장: ER9 의 연간 수익(16.4%)이 German 시장(17.1%)보다 느리게 성장할 것으로 예상됩니다.고성장 수익: ER9 의 수입은 증가할 것으로 예상되지만 상당히 증가하지는 않을 것입니다.수익 대 시장: ER9 의 수익(연간 4.5%)이 German 시장(연간 6.8%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: ER9 의 수익(연간 4.5%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: ER9의 자본 수익률은 3년 후 8.7%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YUtilities 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/24 08:04종가2026/05/22 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스ERG S.p.A.는 23명의 분석가가 다루고 있습니다. 이 중 8명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Francesco SalaBanca Akros S.p.A. (ESN)Tommaso MarabiniBanca Akros S.p.A. (ESN)Francesco SalaBanca Akros S.p.A. (ESN)20명의 분석가 더 보기
Board Change • May 20Less than half of directors are independentFollowing the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Marina Natale was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
공시 • Mar 19ERG S.p.A. announces Annual dividend, payable on May 20, 2026ERG S.p.A. announced Annual dividend of EUR 1.0000 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026.
공시 • Mar 16ERG S.p.A., Annual General Meeting, Apr 22, 2026ERG S.p.A., Annual General Meeting, Apr 22, 2026, at 10:30 W. Europe Standard Time.
공시 • Dec 16+ 3 more updatesERG S.p.A. to Report Q3, 2026 Results on Nov 13, 2026ERG S.p.A. announced that they will report Q3, 2026 results on Nov 13, 2026
공시 • Mar 14+ 1 more updateERG S.p.A., Annual General Meeting, Apr 22, 2025ERG S.p.A., Annual General Meeting, Apr 22, 2025, at 10:30 W. Europe Standard Time.
공시 • Jan 17ERG S.p.A. (BIT:ERG) completed the acquisition of BayWa r.e. UK Limited from BayWa r.e. AG.ERG S.p.A. (BIT:ERG) signed a share purchase agreement to acquire BayWa r.e. UK Limited from BayWa r.e. AG for an enterprise value of £60 million on December 20, 2024. The closing is expected by January 2025. ERG S.p.A. (BIT:ERG) completed the acquisition of BayWa r.e. UK Limited from BayWa r.e. AG on January 17, 2025.
공시 • Dec 20ERG S.p.A. to Report Fiscal Year 2024 Final Results on Apr 22, 2025ERG S.p.A. announced that they will report fiscal year 2024 final results at 12:05 PM, Central European Standard Time on Apr 22, 2025
New Risk • Aug 04New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 92% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company.
Reported Earnings • Aug 04Second quarter 2024 earnings releasedSecond quarter 2024 results: Revenue: €186.7m (up 25% from 2Q 2023). Net income: €50.4m (up 64% from 2Q 2023). Profit margin: 27% (up from 21% 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 2.2% growth forecast for the Renewable Energy industry in Germany.
Reported Earnings • May 17First quarter 2024 earnings releasedFirst quarter 2024 results: EPS: €0.53. Revenue: €225.0m (up 2.3% from 1Q 2023). Net income: €78.0m (down 7.1% from 1Q 2023). Profit margin: 35% (down from 38% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Renewable Energy industry in Germany.
Upcoming Dividend • May 13Upcoming dividend of €1.00 per shareEligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.2%).
공시 • Apr 26ERG S.p.A. (BIT:ERG) completed the acquisition of 75% stake in 317 MW portfolio of wind and solar assets in Iowa and Illinois from Apex Clean Energy Holdings, LLC.ERG S.p.A. (BIT:ERG) signed an agreement to acquire 75% stake in 317 MW portfolio of wind and solar assets in Iowa and Illinois from Apex Clean Energy Holdings, LLC for $270 million on December 21, 2023. ERG will own a 75% stake of the holding and Apex the remaining 25%. The transaction's closing is subject to, inter alia, to investment approval from certain U.S. and European authorities (including CFIUS, HSR Commission, DG-Comp) and the consent to the change of control from relevant third parties (including Tax Equity Investor and PPA counterparts). The transaction's closing is expected within the first half of 2024. Rothschild&Co served as financial advisor, White&Case as legal advisor, Ernst&Young as Accounting and Tax Advisor and Credit Agricole as Debt advisor to ERG S.p.A. Apex was advised on the transaction by J.P. Morgan Securities LLC and Santander. As of February 8, 2024, ERG SpA has secured approval from the European Commission to acquire a majority stake in a 317-MW wind and solar farm portfolio.ERG S.p.A. (BIT:ERG) completed the acquisition of 75% stake in 317 MW portfolio of wind and solar assets in Iowa and Illinois from Apex Clean Energy Holdings, LLC on April 24, 2024.
New Risk • Mar 30New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 69% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company.
Declared Dividend • Mar 17Dividend of €1.00 announcedDividend of €1.00 is the same as last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 4.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (116% earnings payout ratio). However, it is covered by cash flows (74% cash payout ratio). The dividend has increased by an average of 7.2% 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. The company's earnings per share (EPS) would need to grow by 29% to bring the payout ratio under control. EPS is expected to grow by 5.5% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.
Reported Earnings • Mar 14Full year 2023 earnings releasedFull year 2023 results: Revenue: €767.0m (up 7.4% from FY 2022). Net income: €226.0m (up 167% from FY 2022). Profit margin: 30% (up from 12% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Renewable Energy industry in Germany.
공시 • Dec 20+ 4 more updatesERG S.p.A. to Report First Half, 2024 Results on Aug 02, 2024ERG S.p.A. announced that they will report first half, 2024 results on Aug 02, 2024
Reported Earnings • Nov 19Third quarter 2023 earnings releasedThird quarter 2023 results: EPS: €0.23. Revenue: €156.0m (down 17% from 3Q 2022). Net income: €35.0m (down 27% from 3Q 2022). Profit margin: 22% (down from 26% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Renewable Energy industry in Germany.
New Risk • Aug 04New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 20% 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 Risks Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Cash payout ratio: 133%
New Risk • Jul 31New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 176% Cash payout ratio: 105% Minor Risks High level of debt (42% net debt to equity). Profit margins are more than 30% lower than last year (17% net profit margin).
Reported Earnings • Jul 30Second quarter 2023 earnings releasedSecond quarter 2023 results: Revenue: €163.0m (up 2.3% from 2Q 2022). Net income: €36.0m (down 89% from 2Q 2022). Profit margin: 22% (down from 201% in 2Q 2022). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.
Reported Earnings • May 18First quarter 2023 earnings releasedFirst quarter 2023 results: EPS: €0.56. Revenue: €226.0m (up 4.6% from 1Q 2022). Net income: €84.0m (flat on 1Q 2022). Profit margin: 37% (down from 39% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • May 15Upcoming dividend of €1.00 per share at 3.7% yieldEligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. The company is paying out more than 100% of its profits and is paying out 91% of its cash flow. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.6%).
Board Change • Apr 08High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Chairman of Board of Statutory Auditors Paolo Prandi was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.
공시 • Dec 23+ 4 more updatesERG S.p.A. to Report First Half, 2023 Results on Jul 28, 2023ERG S.p.A. announced that they will report first half, 2023 results on Jul 28, 2023
공시 • Sep 10ERG S.p.A. (BIT:ERG) and a third-party investor acquired 172-MW wind farm portfolio in Italy from EDP Renewables Italia Holding, S.r.l.ERG S.p.A. (BIT:ERG) and a third-party investor signed an agreement to acquire 172-MW wind farm portfolio in Italy from EDP Renewables Italia Holding, S.r.l. on July 29, 2022. According to the agreement one minority stake in one of the wind farms will be directly acquired by a third-party investor. The transaction fee in terms of enterprise value as of December 31, 2021 is of around €420 million. The closing of the transaction, subject to the approval of the Italian Antitrust Authority, will be perfectioned by the third quarter of 2022. In the transaction, UniCredit acted as financial adviser, Legance as legal adviser, Deloitte as accounting and tax and Fichtner as technical adviser to ERG S.p.A. (BIT:ERG). ERG S.p.A. (BIT:ERG) and a third-party investor completed the acquisition of 172-MW wind farm portfolio in Italy from EDP Renewables Italia Holding, S.r.l. on September 9, 2022.
Upcoming Dividend • May 16Upcoming dividend of €0.90 per shareEligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (4.3%). Higher than average of industry peers (1.8%).
Reported Earnings • Mar 18Full year 2021 earnings: Revenues exceed analyst expectationsFull year 2021 results: Revenue: €1.24b (up 27% from FY 2020). Net income: €202.0m (up 87% from FY 2020). Profit margin: 16% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Over the next year, revenue is expected to shrink by 50% compared to a 36% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 22% per year.
Valuation Update With 7 Day Price Move • Mar 01Investor sentiment improved over the past weekAfter last week's 16% share price gain to €26.66, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 24x in the Renewable Energy industry in Europe. Total returns to shareholders of 78% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €13.78 per share.
Reported Earnings • Aug 01Second quarter 2021 earnings released: EPS €0.18 (vs €0.11 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €248.9m (up 13% from 2Q 2020). Net income: €27.4m (up 68% from 2Q 2020). Profit margin: 11% (up from 7.4% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings.
공시 • Jul 01Verbund, Italy's ERG Reportedly Vie for Spanish Solar AssetsGrupotec in a deal potentially worth more than EUR 1 billion ($1.2 billion) including planned investment, two people familiar with the matter said. The contest is the latest between international groups to beef up their holdings in Spain's fast-growing solar sector, which has attracted increasing investor attention as governments and corporations globally seek to shift to renewable energy and cut planet-warming carbon emissions. Valencia-based Grupotec has hired specialised boutiques Augusta and Astris Finance as advisers to help it sell a portfolio which, once built, could have a generation capacity of almost 3GW, the people familiar with the matter said. Grupotec, ERG S.p.A. (BIT:ERG) and Astris did not respond to requests for comment. Augusta did not comment.
Upcoming Dividend • May 17Upcoming dividend of €0.75 per shareEligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (3.9%).
Reported Earnings • Apr 04Full year 2020 earnings released: EPS €0.72 (vs €0.21 in FY 2019)The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €977.6m (down 4.6% from FY 2019). Net income: €107.9m (up 242% from FY 2019). Profit margin: 11% (up from 3.1% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.
Reported Earnings • Mar 17Full year 2020 earnings releasedThe company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €990.9m (down 4.3% from FY 2019). Net income: €105.8m (up 235% from FY 2019). Profit margin: 11% (up from 3.0% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings.
Is New 90 Day High Low • Jan 22New 90-day high: €25.52The company is up 20% from its price of €21.30 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €95.03 per share.
Is New 90 Day High Low • Dec 31New 90-day high: €22.68The company is up 6.0% from its price of €21.44 on 02 October 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy 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 €94.64 per share.
Analyst Estimate Surprise Post Earnings • Nov 17Revenue misses expectationsRevenue missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 5.4%, compared to a 26% growth forecast for the Renewable Energy industry in Germany.
Is New 90 Day High Low • Oct 27New 90-day low: €19.72The company is down 1.0% from its price of €19.97 on 29 July 2020. The German market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €54.87 per share.