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Italian (Borsa Italiana) Utilities Sector Analysis

UpdatedFeb 11, 2026
DataAggregated Company Financials
Companies19
  • 7D2.0%
  • 3M6.4%
  • 1Y34.2%
  • YTD6.1%

The Utilities industry is up 2.0% in the last week, with Enel up 1.9%. This means that the industry has gained 34% over the past year. As for the next few years, earnings are expected to grow by 3.4% per annum.

Sector Valuation and Performance

Has the Italian Utilities Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Feb 2026€186.2b€145.6b€11.9b16.1x15.7x1.3x
Fri, 09 Jan 2026€182.1b€145.6b€11.9b16x15.4x1.3x
Sun, 07 Dec 2025€173.2b€145.3b€11.9b14.6x14.5x1.2x
Tue, 04 Nov 2025€174.6b€145.4b€11.8b14.8x14.8x1.2x
Thu, 02 Oct 2025€162.3b€145.0b€11.7b13.6x13.8x1.1x
Sat, 30 Aug 2025€158.2b€145.0b€11.7b13.3x13.5x1.1x
Mon, 28 Jul 2025€154.9b€144.6b€12.5b14.7x12.4x1.1x
Wed, 25 Jun 2025€157.8b€144.4b€12.5b14.2x12.7x1.1x
Fri, 23 May 2025€158.8b€144.2b€12.5b14.6x12.7x1.1x
Sun, 20 Apr 2025€147.1b€142.5b€12.5b13.3x11.8x1x
Tue, 18 Mar 2025€141.5b€142.9b€12.2b14.9x11.6x1x
Thu, 13 Feb 2025€137.0b€146.0b€10.7b14.1x12.8x0.9x
Sat, 11 Jan 2025€137.1b€146.0b€10.7b14.1x12.8x0.9x
Mon, 09 Dec 2024€138.5b€146.0b€10.7b14.7x13x0.9x
Wed, 06 Nov 2024€137.6b€149.2b€10.4b14x13.2x0.9x
Fri, 04 Oct 2024€136.8b€149.4b€10.5b14.3x13x0.9x
Sun, 01 Sep 2024€135.5b€149.3b€10.5b14x12.9x0.9x
Tue, 30 Jul 2024€131.8b€150.3b€10.6b14.1x12.5x0.9x
Thu, 27 Jun 2024€128.1b€152.6b€9.7b13.5x13.2x0.8x
Sat, 25 May 2024€129.6b€153.0b€9.7b13.1x13.4x0.8x
Mon, 22 Apr 2024€122.6b€168.1b€8.8b14.1x14x0.7x
Wed, 20 Mar 2024€124.5b€178.4b€10.0b14x12.4x0.7x
Fri, 16 Feb 2024€122.2b€182.2b€9.3b16x13.1x0.7x
Sun, 14 Jan 2024€134.9b€182.2b€9.3b17.7x14.5x0.7x
Tue, 12 Dec 2023€130.4b€182.2b€9.3b16.8x14x0.7x
Thu, 09 Nov 2023€122.4b€207.0b€7.8b16.2x15.7x0.6x
Sat, 07 Oct 2023€115.5b€212.4b€7.6b16.2x15.3x0.5x
Mon, 04 Sep 2023€125.4b€212.5b€7.6b17.3x16.6x0.6x
Wed, 02 Aug 2023€126.1b€212.5b€7.2b17.4x17.6x0.6x
Fri, 30 Jun 2023€125.3b€227.9b€6.9b16.3x18x0.5x
Sun, 28 May 2023€124.3b€227.3b€6.9b15x17.9x0.5x
Tue, 25 Apr 2023€125.8b€235.8b€7.0b15.3x18.1x0.5x
Thu, 23 Mar 2023€117.1b€228.8b€5.9b16.4x20x0.5x
Sat, 18 Feb 2023€116.9b€225.5b€6.7b13.9x17.4x0.5x
Price to Earnings Ratio

17.4x


Total Market Cap: €116.9bTotal Earnings: €6.7bTotal Revenue: €225.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Italian Utilities Sector Price to Earnings3Y Average 14.3x202420252026
Current Industry PE
  • Investors are relatively neutral on the Italian Utilities industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 14.3x.
  • The 3-year average PS ratio of 0.85x is lower than the industry's current PS ratio of 1.3x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 21% per year over the last three years.
  • Meanwhile revenues for these companies have declined 14% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

Which industries have driven the changes within the Italian Utilities sector?

IT Market0.84%
Utilities2.01%
Gas Utilities3.01%
Electric Utilities2.26%
Renewable Energy0.96%
Other Utilities0.11%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 22.6x.
    • Analysts are expecting annual earnings growth of 10.4%, which is higher than its past year's earnings decline of 18.6% per year.
  • Investors are most pessimistic about the Other Utilities industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 10.6x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 10% over the next 5 years.
  • This is better than its past earnings decline of 19% per year.
  • In contrast, the Other Utilities industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ENEL Enel€9.591.9%
+€1.8b		39.5%PE15.7x
TRN Terna€9.554.3%
+€786.6m		22.2%PE17.8x
SRG Snam€5.973.1%
+€597.1m		34.2%PE14.7x
IG Italgas€10.433.2%
+€324.7m		77.5%PE16.6x
ACE ACEA€24.623.2%
+€161.5m		38.4%PE13.3x

Latest News

A2A
€2.55
A2A
7D
-1.7%
1Y
12.4%

A2A: Updated Assumptions And 2026 Board Calendar Will Shape Measured Outlook

Narrative Update Analysts have lifted their fair value estimate for A2A from €2.71 to €2.81, citing updated assumptions around revenue growth, discount rate and future P/E as the key drivers behind the new price target. What's in the News Board meeting scheduled for March 17, 2026, to approve the draft financial statements and the 2025 consolidated financial statements (Key Developments).
SRG
€5.97
Snam
7D
3.1%
1Y
34.2%

SRG: Lower Discount Rate And Sector View Will Support Fair Valuation

Analysts have lifted their price target on Snam to €5.40 from €5.15, reflecting updated assumptions around discount rates and future P/E, while keeping their fair value estimate and core operating forecasts unchanged. Analyst Commentary Analysts lifting the price target to €5.40 while keeping core forecasts steady signals that the change is mainly tied to updated valuation inputs rather than a shift in the underlying earnings view.
ERG
€23.10
ERG
7D
2.8%
1Y
21.3%

ERG: Lower Discount Rate And Higher Margins Will Shape Fair Near-Term Outlook

Analysts have lifted their fair value estimate for ERG from $23.43 to $23.90, citing updated assumptions for discount rates, profit margins and future P/E that they see as better reflecting the company’s risk profile and earnings power. What's in the News Board meeting scheduled for March 11, 2026 to review and approve ERG S.p.A.'s consolidated financial statements and draft financial statements as of December 31, 2025 (Key Developments).
IRE
€2.79
Iren
7D
1.0%
1Y
32.4%

IRE: Future Earnings Resilience Will Support Fair Value Despite Softer Long Term Outlook

Analysts have slightly adjusted their price target for Iren to reflect a fair value of €2.92. Small changes to the discount rate, revenue growth expectations, profit margin and future P/E assumptions guided this update.
ACE
€24.62
ACEA
7D
3.2%
1Y
38.4%
ENEL
€9.59
Enel
7D
1.9%
1Y
39.5%

ENEL: Guidance Upgrade And Mixed Ratings Will Shape Medium Term Expectations

Analysts have nudged their fair value estimate for Enel higher to €9.37 from €9.25, reflecting updated assumptions on discount rates, profit margins and future P/E, as well as recent Street research that includes a higher price target from one firm and a Neutral stance with a €9.50 target from another. Analyst Commentary Recent Street research on Enel gives you a mixed but useful read on how analysts are thinking about valuation, execution risk and growth visibility around the current share price and the refreshed fair value estimate.
TRN
€9.55
Terna
7D
4.3%
1Y
22.2%
HER
€4.19
Hera
7D
-0.6%
1Y
16.6%

HER: Future Outlook Will Remain Supportive With Slightly Softer Margins And Higher Earnings Multiple

Analysts have raised their price target for Hera from €4.35 to €4.52, reflecting updated assumptions of slightly softer revenue contraction, a modestly lower profit margin, and a higher future P/E multiple. Valuation Changes Fair Value Estimate raised from €4.35 to €4.52, indicating a small upward adjustment in the target level.
IG
€10.43
Italgas
7D
3.2%
1Y
77.5%
ARN
€19.00
Alerion Clean Power
7D
1.3%
1Y
24.2%

Alerion Clean Power S.p.A.'s (BIT:ARN) Intrinsic Value Is Potentially 75% Above Its Share Price

Jan 22
Alerion Clean Power S.p.A.'s (BIT:ARN) Intrinsic Value Is Potentially 75% Above Its Share Price
FRE
€0.22
Frendy Energy
7D
-2.7%
1Y
-14.8%
ECK
€2.44
Ecosuntek
7D
-2.4%
1Y
47.0%

The Return Trends At Ecosuntek (BIT:ECK) Look Promising

Sep 02
The Return Trends At Ecosuntek (BIT:ECK) Look Promising
IB
€12.10
Iniziative Bresciane
7D
-1.6%
1Y
-18.2%