DB:2ZP

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Executive Summary

Avio S.p.A., through its subsidiaries, engages in the construction and development of space launchers, and solid and liquid propulsion systems for space travel in Italy and internationally.


Snowflake Analysis

Excellent balance sheet with proven track record.


Similar Companies

Share Price & News

How has Avio's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 2ZP has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.7%

2ZP

0.8%

DE Aerospace & Defense

-1.6%

DE Market


1 Year Return

20.3%

2ZP

-25.2%

DE Aerospace & Defense

8.3%

DE Market

Return vs Industry: 2ZP exceeded the German Aerospace & Defense industry which returned -27.2% over the past year.

Return vs Market: 2ZP exceeded the German Market which returned 3.7% over the past year.


Shareholder returns

2ZPIndustryMarket
7 Day1.7%0.8%-1.6%
30 Day-7.7%-3.0%0.2%
90 Day4.9%5.9%12.8%
1 Year20.3%20.3%-24.7%-25.2%10.7%8.3%
3 Year17.9%11.0%-13.6%-18.2%3.8%-4.5%
5 Yearn/a10.1%-0.9%9.6%-5.2%

Price Volatility Vs. Market

How volatile is Avio's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Avio undervalued compared to its fair value and its price relative to the market?

14.57x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: 2ZP (€14) is trading above our estimate of fair value (€6.17)

Significantly Below Fair Value: 2ZP is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: 2ZP is good value based on its PE Ratio (14.6x) compared to the XE Aerospace & Defense industry average (17.1x).

PE vs Market: 2ZP is good value based on its PE Ratio (14.6x) compared to the German market (20.9x).


Price to Earnings Growth Ratio

PEG Ratio: 2ZP is poor value based on its PEG Ratio (1.5x)


Price to Book Ratio

PB vs Industry: 2ZP is good value based on its PB Ratio (1.3x) compared to the XE Aerospace & Defense industry average (1.5x).


Next Steps

Future Growth

How is Avio forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

10.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 2ZP's forecast earnings growth (10% per year) is above the savings rate (0.2%).

Earnings vs Market: 2ZP's earnings (10% per year) are forecast to grow slower than the German market (23.3% per year).

High Growth Earnings: 2ZP's earnings are forecast to grow, but not significantly.

Revenue vs Market: 2ZP's revenue (6.1% per year) is forecast to grow faster than the German market (5.8% per year).

High Growth Revenue: 2ZP's revenue (6.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 2ZP's Return on Equity is forecast to be low in 3 years time (9.5%).


Next Steps

  • Explore growth companies in the Capital Goods industry.

Past Performance

How has Avio performed over the past 5 years?

52.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 2ZP has high quality earnings.

Growing Profit Margin: 2ZP's current net profit margins (6.7%) are higher than last year (5.5%).


Past Earnings Growth Analysis

Earnings Trend: 2ZP's earnings have grown significantly by 52.8% per year over the past 5 years.

Accelerating Growth: 2ZP's earnings growth over the past year (7.6%) is below its 5-year average (52.8% per year).

Earnings vs Industry: 2ZP earnings growth over the past year (7.6%) exceeded the Aerospace & Defense industry -0.3%.


Return on Equity

High ROE: 2ZP's Return on Equity (8.9%) is considered low.


Next Steps

Financial Health

How is Avio's financial position?


Financial Position Analysis

Short Term Liabilities: 2ZP's short term assets (€362.4M) exceed its short term liabilities (€310.5M).

Long Term Liabilities: 2ZP's short term assets (€362.4M) exceed its long term liabilities (€211.7M).


Debt to Equity History and Analysis

Debt Level: 2ZP's debt to equity ratio (25.9%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if 2ZP's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: 2ZP's debt is well covered by operating cash flow (83.2%).

Interest Coverage: 2ZP earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is Avio current dividend yield, its reliability and sustainability?

3.04%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: 2ZP's dividend (3.04%) is higher than the bottom 25% of dividend payers in the German market (1.25%).

High Dividend: 2ZP's dividend (3.04%) is low compared to the top 25% of dividend payers in the German market (3.83%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, 2ZP has been paying a dividend for less than 10 years.

Growing Dividend: 2ZP's dividend payments have increased, but the company has only paid a dividend for 2 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (44.3%), 2ZP's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 2ZP's dividends in 3 years are forecast to be well covered by earnings (42.6% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.3yrs

Average board tenure


CEO

Giulio Ranzo

no data

Tenure

Dr. Giulio Ranzo, Ph.D. has been the Chief Executive Officer at Avio S.p.A. since October 2, 2015. Dr. Ranzo served as a General Manager at Avio S.p.A. since October 2, 2015. Dr. Ranzo served as a Director ...


Board Members

NamePositionTenureCompensationOwnership
Giulio Ranzo
CEO, GM & Directorno datano datano data
Roberto Italia
Chairman of the Boardno datano datano data
Vito Di Battista
Chairman of the Board of Statutory Auditorsno datano datano data
Luigi Pasquali
Directorno datano datano data
Elena Pisonero Ruiz
Independent Director0.25yrno datano data
Stefano Pareglio
Independent Director0.25yrno datano data
Donatella Sciuto
Independent Directorno datano datano data
Donatella Isaia
Independent Director0.25yrno datano data
Monica Auteri
Independent Directorno datano datano data
Giovanni Tempini
Independent Directorno datano datano data
Raffaele Cappiello
Independent Director0.25yrno datano data
Letizia Colucci
Director0.25yrno datano data

0.3yrs

Average Tenure

57.5yo

Average Age

Experienced Board: 2ZP's board of directors are not considered experienced ( 0.3 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Avio S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Avio S.p.A.
  • Ticker: 2ZP
  • Exchange: DB
  • Founded: 1984
  • Industry: Aerospace and Defense
  • Sector: Capital Goods
  • Market Cap: €359.014m
  • Shares outstanding: 26.36m
  • Website: https://www.avio.com

Number of Employees


Location

  • Avio S.p.A.
  • via Leonida Bissolati No. 76
  • Rome
  • Rome
  • 187
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AVIOBIT (Borsa Italiana)YesOrdinary SharesITEURJul 2015
0R9SLSE (London Stock Exchange)YesOrdinary SharesGBEURJul 2015
2ZPDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJul 2015
AVIOMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJul 2015

Biography

Avio S.p.A., through its subsidiaries, engages in the construction and development of space launchers, and solid and liquid propulsion systems for space travel in Italy and internationally. The company off ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/08/03 21:33
End of Day Share Price2020/08/03 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.