New Risk • Apr 19
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 288% Dividend yield: 3.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (288% cash payout ratio). 공시 • Mar 30
Acinque S.p.A., Annual General Meeting, Apr 27, 2026 Acinque S.p.A., Annual General Meeting, Apr 27, 2026, at 10:30 W. Europe Standard Time. Location: via a canova n 3, monza Italy Declared Dividend • Mar 20
Dividend of €0.085 announced Dividend of €0.085 is the same as last year. Ex-date: 6th July 2026 Payment date: 8th July 2026 Dividend yield will be 4.0%, which is lower than the industry average of 4.4%. Sustainability & Growth Dividend is covered by both earnings (74% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 9.3% 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. 공시 • Mar 19
Acinque S.p.A. announces Annual dividend, payable on July 08, 2026 Acinque S.p.A. announced Annual dividend of EUR 0.0850 per share payable on July 08, 2026, ex-date on July 06, 2026 and record date on July 07, 2026. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: €0.013 (vs €0.018 in 3Q 2024) Third quarter 2025 results: EPS: €0.013 (down from €0.018 in 3Q 2024). Revenue: €111.0m (down 24% from 3Q 2024). Net income: €2.58m (down 28% from 3Q 2024). Profit margin: 2.3% (down from 2.5% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 03
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €109.6m (up 11% from 2Q 2024). Net income: €5.55m (up 64% from 2Q 2024). Profit margin: 5.1% (up from 3.4% in 2Q 2024). The increase in margin was driven by higher revenue. Upcoming Dividend • Jun 30
Upcoming dividend of €0.085 per share Eligible shareholders must have bought the stock before 07 July 2025. Payment date: 09 July 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.0%. Lower than top quartile of Italian dividend payers (5.3%). Lower than average of industry peers (5.9%). Reported Earnings • May 14
First quarter 2025 earnings released First quarter 2025 results: Revenue: €220.1m (up 22% from 1Q 2024). Net income: €9.90m (down 5.4% from 1Q 2024). Profit margin: 4.5% (down from 5.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Declared Dividend • Mar 21
Dividend of €0.085 announced Dividend of €0.085 is the same as last year. Ex-date: 7th July 2025 Payment date: 9th July 2025 Dividend yield will be 4.0%, which is lower than the industry average of 4.4%. Sustainability & Growth Dividend is not covered by earnings (145% earnings payout ratio). However, it is well covered by cash flows (8% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 61% to bring the payout ratio under control, which is more than the 2.5% EPS growth achieved over the last 5 years. New Risk • Mar 18
New major risk - Revenue and earnings growth Earnings have declined by 4.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.9% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (145% payout ratio). Reported Earnings • Mar 18
Full year 2024 earnings released Full year 2024 results: Revenue: €589.3m (down 6.4% from FY 2023). Net income: €21.1m (up 97% from FY 2023). Profit margin: 3.6% (up from 1.7% in FY 2023). The increase in margin was driven by lower expenses. New Risk • Feb 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Dividend is not well covered by earnings (145% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.0% net profit margin). Upcoming Dividend • Jul 01
Upcoming dividend of €0.085 per share Eligible shareholders must have bought the stock before 08 July 2024. Payment date: 10 July 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.1%. Lower than top quartile of Italian dividend payers (5.6%). Lower than average of industry peers (7.3%). Reported Earnings • May 15
First quarter 2024 earnings released: EPS: €0.053 (vs €0.033 in 1Q 2023) First quarter 2024 results: EPS: €0.053 (up from €0.033 in 1Q 2023). Revenue: €180.2m (up 7.3% from 1Q 2023). Net income: €10.5m (up 61% from 1Q 2023). Profit margin: 5.8% (up from 3.9% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. New Risk • Apr 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 157% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: €0.054 (vs €0.16 in FY 2022) Full year 2023 results: EPS: €0.054 (down from €0.16 in FY 2022). Revenue: €650.3m (flat on FY 2022). Net income: €10.7m (down 65% from FY 2022). Profit margin: 1.6% (down from 4.7% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. 공시 • Sep 19
An unknown buyer agreed to acquire a 70% stake in AGESP Energia S.r.l. from Acinque S.p.A. An unknown buyer agreed to acquire a 70% stake in AGESP Energia S.r.l. from Acinque S.p.A. on September 18, 2023. New Risk • Aug 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.8% net profit margin). Reported Earnings • Jul 31
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €118.0m (down 21% from 2Q 2022). Net income: €7.42m (down 53% from 2Q 2022). Profit margin: 6.3% (down from 11% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.7% net profit margin). Upcoming Dividend • Jun 12
Upcoming dividend of €0.085 per share at 4.2% yield Eligible shareholders must have bought the stock before 19 June 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Italian dividend payers (5.4%). In line with average of industry peers (4.6%). Reported Earnings • Mar 18
Full year 2022 earnings released Full year 2022 results: Revenue: €710.2m (up 56% from FY 2021). Net income: €30.8m (down 31% from FY 2021). Profit margin: 4.3% (down from 9.7% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €149.2m (up 75% from 2Q 2021). Net income: €15.7m (up 23% from 2Q 2021). Profit margin: 11% (down from 15% in 2Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Jun 13
Upcoming dividend of €0.095 per share Eligible shareholders must have bought the stock before 20 June 2022. Payment date: 22 June 2022. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Italian dividend payers (4.9%). Lower than average of industry peers (5.1%). Reported Earnings • May 14
First quarter 2022 earnings released First quarter 2022 results: EPS: €0.052. Revenue: €218.8m (up 82% from 1Q 2021). Net income: €10.2m (down 23% from 1Q 2021). Profit margin: 4.7% (down from 11% in 1Q 2021). Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €0.23 (up from €0.091 in FY 2020). Revenue: €448.7m (up 21% from FY 2020). Net income: €44.5m (up 148% from FY 2020). Profit margin: 9.9% (up from 4.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 31
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €98.2m (up 52% from 2Q 2020). Net income: €12.8m (up €15.2m from 2Q 2020). Profit margin: 13% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 15
Upcoming dividend of €0.08 per share Eligible shareholders must have bought the stock before 21 June 2021. Payment date: 23 June 2021. Trailing yield: 3.0%. Lower than top quartile of Italian dividend payers (3.6%). Lower than average of industry peers (5.9%). Reported Earnings • Mar 14
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: €387.5m (down 5.6% from FY 2019). Net income: €17.9m (down 3.3% from FY 2019). Profit margin: 4.6% (up from 4.5% 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 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 18% share price gain to €2.48, the stock is trading at a trailing P/E ratio of 27.5x, up from the previous P/E ratio of 23.3x. This compares to an average P/E of 14x in the Gas Utilities industry in Europe. Total returns to shareholders over the past three years are 23%. Is New 90 Day High Low • Dec 01
New 90-day high: €2.18 The company is up 7.0% from its price of €2.03 on 02 September 2020. The Italian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is up 9.0% over the same period. Is New 90 Day High Low • Oct 21
New 90-day low: €1.98 The company is down 7.0% from its price of €2.13 on 23 July 2020. The Italian market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is down 3.0% over the same period.