DB:AVA

Stock Analysis Report

Executive Summary

Ascopiave S.p.A. distributes and sells natural gas in Italy.

Snowflake

Fundamentals

Excellent balance sheet with solid track record.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

7.3%

AVA

-0.6%

DE Gas Utilities

0.1%

DE Market


1 Year Return

27.3%

AVA

9.6%

DE Gas Utilities

8.8%

DE Market

Return vs Industry: AVA exceeded the German Gas Utilities industry which returned 9.6% over the past year.

Return vs Market: AVA exceeded the German Market which returned 8.8% over the past year.


Shareholder returns

AVAIndustryMarket
7 Day7.3%-0.6%0.1%
30 Day7.0%1.8%5.9%
90 Day5.3%5.1%15.0%
1 Year40.5%27.3%15.5%9.6%12.2%8.8%
3 Year93.3%57.9%57.9%37.3%25.5%14.5%
5 Year207.9%120.0%50.2%12.4%40.1%21.0%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

21.82x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: AVA (€3.89) is trading above our estimate of fair value (€2.83)

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


Price To Earnings Ratio

PE vs Industry: AVA is poor value based on its PE Ratio (21.8x) compared to the Gas Utilities industry average (17.1x).

PE vs Market: AVA is poor value based on its PE Ratio (21.8x) compared to the German market (19.8x).


Price to Earnings Growth Ratio

PEG Ratio: AVA is poor value based on its PEG Ratio (6.7x)


Price to Book Ratio

PB vs Industry: AVA is overvalued based on its PB Ratio (2.2x) compared to the XE Gas Utilities industry average (1.4x).


Next Steps

Future Growth

How is Ascopiave forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

3.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AVA's forecast earnings growth (3.2% per year) is above the savings rate (0.2%).

Earnings vs Market: AVA's earnings (3.2% per year) are forecast to grow slower than the German market (12.7% per year).

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

Revenue vs Market: AVA's revenue is expected to decline over the next 3 years (-35.5% per year).

High Growth Revenue: AVA's revenue is forecast to decline over the next 3 years (-35.5% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if AVA's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Ascopiave performed over the past 5 years?

0.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AVA has high quality earnings.

Growing Profit Margin: AVA's current net profit margins (8%) are higher than last year (7.9%).


Past Earnings Growth Analysis

Earnings Trend: AVA's earnings have grown by 0.3% per year over the past 5 years.

Accelerating Growth: AVA's earnings growth over the past year (67.6%) exceeds its 5-year average (0.3% per year).

Earnings vs Industry: AVA earnings growth over the past year (67.6%) exceeded the Gas Utilities industry 10.8%.


Return on Equity

High ROE: AVA's Return on Equity (10.4%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Ascopiave's financial position?


Financial Position Analysis

Short Term Liabilities: AVA's short term assets (€424.6M) exceeds its short term liabilities (€378.5M)

Long Term Liabilities: AVA's short term assets (424.6M) exceeds its long term liabilities (109.5M)


Debt to Equity History and Analysis

Debt Level: AVA's debt to equity ratio (57.3%) is considered high

Reducing Debt: AVA's debt to equity ratio has reduced from 58.8% to 57.3% over the past 5 years.

Debt Coverage: AVA's debt is well covered by operating cash flow (27.6%).

Interest Coverage: AVA's interest payments on its debt are well covered by EBIT (62.8x coverage).


Balance Sheet

Inventory Level: AVA has a low level of unsold assets or inventory.

Debt Coverage by Assets: AVA's debt is covered by short term assets (assets are 1.8x debt).


Next Steps

Dividend

What is Ascopiave's current dividend yield, its reliability and sustainability?

3.09%

Current Dividend Yield


Dividend Yield vs Market

company3.1%marketbottom25%1.4%markettop25%3.7%industryaverage5.1%forecastin3Years4.6%

Current dividend yield vs market & industry

Notable Dividend: AVA's dividend (3.09%) is higher than the bottom 25% of dividend payers in the German market (1.38%).

High Dividend: AVA's dividend (3.09%) is low compared to the top 25% of dividend payers in the German market (3.68%).


Stability and Growth of Payments

Stable Dividend: AVA's dividend payments have been volatile in the past 10 years.

Growing Dividend: AVA's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (67.3%), AVA's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: AVA's dividends in 3 years are not forecast to be well covered by earnings (92.8% payout ratio).


Next Steps

Management

What is the CEO of Ascopiave's salary, the management and board of directors tenure and is there insider trading?

4.4yrs

Average management tenure


CEO

Nicola Cecconato (54yo)

2.5yrs

Tenure

0

Mr. Nicola Cecconato serves as President and Chief Executive Officer at Veneto Sviluppo S.p.A. since May 04, 2017. He serves as Chairman of the Board of Ascopiave S.p.A. and its Director since May 18, 2017 ...


Management Age and Tenure

4.4yrs

Average Tenure

Experienced Management: AVA's management team is considered experienced (4.4 years average tenure).


Board Age and Tenure

4.1yrs

Average Tenure

49yo

Average Age

Experienced Board: AVA's board of directors are considered experienced (4.1 years average tenure).


Insider Trading

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


Ownership Breakdown

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


Management Team

  • Irene Rossetto

    Information Officer

    • Tenure: 4.4yrs
  • Antonio Vendraminelli

    Chief Technology Officer

    • Tenure: 5.8yrs
  • Sandro Piazza

    Head of Internal Audit Department

    • Tenure: 4.4yrs
  • Nicola Cecconato (54yo)

    Chairman

    • Tenure: 2.5yrs
  • Riccardo Paggiaro

    Chief Financial Officer

    • Tenure: 1.8yrs

Board Members

  • Dimitri Coin (49yo)

    Independent Non Executive Director

    • Tenure: 8.6yrs
    • Compensation: €50.00k
  • Enrico Quarello (45yo)

    Independent Non Executive Director

    • Tenure: 7.8yrs
    • Compensation: €50.00k
  • Greta Pietrobon (36yo)

    Independent Non Executive Director

    • Tenure: 5.6yrs
    • Compensation: €50.00k
  • Signor Biancolin (67yo)

    Statutory Auditor

    • Tenure: 5.6yrs
    • Compensation: €18.64k
  • Giorgio Martorelli (43yo)

    Independent Director

    • Tenure: 2.5yrs
  • Nicola Cecconato (54yo)

    Chairman

    • Tenure: 2.5yrs
  • Antonella Lillo (58yo)

    Non-Executive Director

    • Tenure: 2.5yrs
  • Antonio Schiro (49yo)

    Chairman of the Board of Auditor

    • Tenure: 2.6yrs
  • Roberta Marcolin (51yo)

    Statutory auditor

    • Tenure: 2.6yrs

Company Information

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


Key Information

  • Name: Ascopiave S.p.A.
  • Ticker: AVA
  • Exchange: DB
  • Founded:
  • Industry: Gas Utilities
  • Sector: Utilities
  • Market Cap: €911.066m
  • Shares outstanding: 224.95m
  • Website: https://www.gruppoascopiave.it

Number of Employees


Location

  • Ascopiave S.p.A.
  • Via Verizzo, 1030
  • Pieve di Soligo
  • Treviso
  • 31053
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ASCBIT (Borsa Italiana)YesCommon StockITEURDec 2006
AVADB (Deutsche Boerse AG)YesCommon StockDEEURDec 2006
0DMELSE (London Stock Exchange)YesCommon StockGBEURDec 2006
ASCMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURDec 2006

Biography

Ascopiave S.p.A. distributes and sells natural gas in Italy. The company holds concessions and direct assurances for the supply of the service in 230 municipalities; and operates a distribution network of  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/13 21:03
End of Day Share Price2019/11/13 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.