New Risk • 5h
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks High level of debt (156% net debt to equity). Dividend is not well covered by cash flows (104% cash payout ratio). Upcoming Dividend • Jun 15
Upcoming dividend of €1.20 per share Eligible shareholders must have bought the stock before 22 June 2026. Payment date: 24 June 2026. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of German dividend payers (4.6%). In line with average of industry peers (4.1%). Declared Dividend • May 20
Dividend of €1.20 announced Shareholders will receive a dividend of €1.20. Ex-date: 22nd June 2026 Payment date: 24th June 2026 Dividend yield will be 5.4%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 6.6% 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. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 20
ACEA S.p.A. has filed a Follow-on Equity Offering in the amount of €195.5 million. ACEA S.p.A. has filed a Follow-on Equity Offering in the amount of €195.5 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 8,500,000
Price\Range: €23 Announcement • Mar 18
ACEA S.p.A. announces Annual dividend, payable on June 24, 2026 ACEA S.p.A. announced Annual dividend of EUR 0.9500 per share payable on June 24, 2026, ex-date on June 22, 2026 and record date on June 23, 2026. Announcement • Feb 03
ACEA S.p.A. to Report Fiscal Year 2025 Results on Mar 12, 2026 ACEA S.p.A. announced that they will report fiscal year 2025 results on Mar 12, 2026 Announcement • Mar 19
ACEA S.p.A., Annual General Meeting, Apr 28, 2025 ACEA S.p.A., Annual General Meeting, Apr 28, 2025, at 10:00 W. Europe Standard Time. Announcement • Mar 14
ACEA S.p.A. announces Annual dividend, payable on June 25, 2025 ACEA S.p.A. announced Annual dividend of EUR 0.9500 per share payable on June 25, 2025, ex-date on June 23, 2025 and record date on June 24, 2025. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 1.2% per year for the foreseeable future. Minor Risks High level of debt (185% net debt to equity). Dividend is not well covered by cash flows (dividend per share is over 9x cash flows per share). Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: €0.53 (vs €0.32 in 3Q 2023) Third quarter 2024 results: EPS: €0.53 (up from €0.32 in 3Q 2023). Revenue: €1.12b (up 4.2% from 3Q 2023). Net income: €113.3m (up 69% from 3Q 2023). Profit margin: 10% (up from 6.2% in 3Q 2023). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 2% per year. Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: €0.42 (vs €0.33 in 2Q 2023) Second quarter 2024 results: EPS: €0.42 (up from €0.33 in 2Q 2023). Revenue: €964.9m (down 4.2% from 2Q 2023). Net income: €89.1m (up 28% from 2Q 2023). Profit margin: 9.2% (up from 6.9% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Upcoming Dividend • Jun 17
Upcoming dividend of €0.88 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 5.5%. Within top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.2%). Reported Earnings • May 09
First quarter 2024 earnings released: EPS: €0.39 (vs €0.34 in 1Q 2023) First quarter 2024 results: EPS: €0.39 (up from €0.34 in 1Q 2023). Revenue: €1.03b (down 15% from 1Q 2023). Net income: €82.6m (up 14% from 1Q 2023). Profit margin: 8.0% (up from 6.0% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.5% growth forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Buy Or Sell Opportunity • Apr 24
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €15.83. The fair value is estimated to be €13.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 6.1%. For the next 3 years, revenue is forecast to decline by 0.05% per annum. Earnings are forecast to grow by 3.6% per annum over the same time period. Declared Dividend • Mar 10
Dividend of €0.88 announced Shareholders will receive a dividend of €0.88. Ex-date: 24th June 2024 Payment date: 26th June 2024 Dividend yield will be 6.0%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (78% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.3% 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. EPS is expected to grow by 5.8% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: €1.38 (vs €1.32 in FY 2022) Full year 2023 results: EPS: €1.38 (up from €1.32 in FY 2022). Revenue: €4.65b (down 8.0% from FY 2022). Net income: €293.9m (up 5.1% from FY 2022). Profit margin: 6.3% (up from 5.5% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 7% per year. Buying Opportunity • Sep 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €12.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 5.1% per annum. Earnings is forecast to grow by 7.3% per annum over the same time period. Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: €0.33 (vs €0.39 in 2Q 2022) Second quarter 2023 results: EPS: €0.33 (down from €0.39 in 2Q 2022). Revenue: €1.06b (down 3.4% from 2Q 2022). Net income: €69.9m (down 16% from 2Q 2022). Profit margin: 6.6% (down from 7.6% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 5.1% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Board Change • Jun 21
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 2 experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Independent Non-Executive Director Massimiliano Capece del Sasso is the most experienced director on the board, commencing their role in 2015. Independent Non-Executive Director Alessandro Caltagirone was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Jun 12
Upcoming dividend of €0.85 per share at 6.1% yield Eligible shareholders must have bought the stock before 19 June 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 6.1%. Within top quartile of German dividend payers (4.7%). In line with average of industry peers (5.7%). Board Change • Apr 13
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Chairwoman Barbara Marinali was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 15
Full year 2022 earnings released: EPS: €1.32 (vs €1.47 in FY 2021) Full year 2022 results: EPS: €1.32 (down from €1.47 in FY 2021). Revenue: €4.96b (up 28% from FY 2021). Net income: €279.7m (down 11% from FY 2021). Profit margin: 5.6% (down from 8.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 6.3% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 1% per year. Announcement • Jan 24
ACEA S.p.A. (BIT:ACE) acquired remaining 35% stake in Deco SpA. ACEA S.p.A. (BIT:ACE) acquired remaining 35% stake in Deco SpA on January 23, 2023.ACEA S.p.A. (BIT:ACE) completed the acquisition of remaining 35% stake in Deco SpA on January 23, 2023. Reported Earnings • Nov 10
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €1.48b (up 61% from 3Q 2021). Net income: €74.4m (down 10% from 3Q 2021). Profit margin: 5.0% (down from 9.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 2.0% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 01
Second quarter 2022 earnings released: EPS: €0.39 (vs €0.35 in 2Q 2021) Second quarter 2022 results: EPS: €0.39 (up from €0.35 in 2Q 2021). Revenue: €1.18b (up 38% from 2Q 2021). Net income: €83.6m (up 13% from 2Q 2021). Profit margin: 7.1% (down from 8.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 5.0% compared to a 5.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 13
Upcoming dividend of €0.85 per share Eligible shareholders must have bought the stock before 20 June 2022. Payment date: 22 June 2022. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 5.4%. Within top quartile of German dividend payers (4.4%). In line with average of industry peers (5.0%). Reported Earnings • May 13
First quarter 2022 earnings released: EPS: €0.47 (vs €0.43 in 1Q 2021) First quarter 2022 results: EPS: €0.47 (up from €0.43 in 1Q 2021). Revenue: €1.17b (up 30% from 1Q 2021). Net income: €99.4m (up 8.1% from 1Q 2021). Profit margin: 8.5% (down from 10% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.7%, compared to a 5.5% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Apr 27
High number of new directors CEO & Director Giuseppe Gola was the last director to join the board, commencing their role in 2020. Reported Earnings • Mar 16
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €1.47 (up from €1.34 in FY 2020). Revenue: €3.97b (up 22% from FY 2020). Net income: €313.3m (up 10.0% from FY 2020). Profit margin: 7.9% (down from 8.8% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.6%. Over the next year, revenue is forecast to grow 9.7% while the industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Reported Earnings • Nov 14
Third quarter 2021 earnings released: EPS €0.39 (vs €0.35 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: €978.8m (up 19% from 3Q 2020). Net income: €82.8m (up 10% from 3Q 2020). Profit margin: 8.5% (down from 9.1% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 03
Second quarter 2021 earnings released: EPS €0.39 (vs €0.34 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: €867.9m (up 18% from 2Q 2020). Net income: €82.7m (up 13% from 2Q 2020). Profit margin: 9.5% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 15
Upcoming dividend of €0.80 per share Eligible shareholders must have bought the stock before 21 June 2021. Payment date: 23 June 2021. Trailing yield: 3.8%. Within top quartile of German dividend payers (3.2%). In line with average of industry peers (3.5%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS €0.39 (vs €0.33 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €930.0m (up 12% from 1Q 2020). Net income: €83.1m (up 18% from 1Q 2020). Profit margin: 8.9% (up from 8.5% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Mar 12
Full year 2020 earnings released The company reported a mediocre full year result with weaker profit margins, although earnings were flat and revenues improved. Full year 2020 results: Revenue: €3.38b (up 11% from FY 2019). Net income: €284.9m (flat on FY 2019). Profit margin: 8.4% (down from 9.3% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 12
Revenue misses expectations Revenue missed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 8.0%, compared to a 7.8% growth forecast for the Integrated Utilities industry in Germany. Is New 90 Day High Low • Feb 27
New 90-day low: €16.02 The company is down 10.0% from its price of €17.80 on 27 November 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Integrated Utilities industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €49.00 per share. Is New 90 Day High Low • Dec 03
New 90-day low: €16.59 The company is down 2.0% from its price of €16.88 on 04 September 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Integrated Utilities industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €38.60 per share. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue beats expectations Revenue exceeded analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 12%, compared to a 4.2% growth forecast for the Integrated Utilities industry in Germany. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS €0.35 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: €883.5m (up 18% from 3Q 2019). Net income: €75.0m (down 1.2% from 3Q 2019). Profit margin: 8.5% (down from 10% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 30
New 90-day low: €16.68 The company is down 2.0% from its price of €17.08 on 31 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 Integrated Utilities industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €44.89 per share. Is New 90 Day High Low • Sep 30
New 90-day high: €17.88 The company is up 4.0% from its price of €17.17 on 02 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Integrated Utilities industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €78.55 per share. Announcement • Sep 01
ACEA S.p.A. (BIT:ACE) completed the acquisition of 51% stake in Alto Sangro Distribuzione Gas Srl from Alma C.I.S. srl and Mediterranea Energia Soc. Cons.a.r.l. ACEA S.p.A. (BIT:ACE) signed an agreement to acquire 51% stake in Alto Sangro Distribuzione Gas Srl from Alma C.I.S. srl and Mediterranea Energia Soc. Cons.a.r.l. on March 10, 2020. The deal valued Alto Sangro Distribuzione Gas at an enterprise value of €40 million. Post the acquisition, Alma C.I.S. srl and Mediterranea Energia Soc. Cons.a.r.l.will retain a 49% stake in Alto Sangro Distribuzione Gas Srl and Alto Sangro Distribuzione will be fully consolidated by ACEA. The Italian Antitrust Authority approved the transaction on June 10, 2020. The transaction is expected to be closed by mid 2020. Unione di Banche Italiane S.p.A. (BIT:UBI) acted as financial advisor and NCTM acted as legal advisor to ACEA in the transaction.
ACEA S.p.A. (BIT:ACE) completed the acquisition of 51% stake in Alto Sangro Distribuzione Gas Srl from Alma C.I.S. srl and Mediterranea Energia Soc. Cons.a.r.l. on August 31, 2020. Announcement • Aug 11
ACEA S.p.A. (BIT:ACE) acquired Fergas Solar Srl. ACEA S.p.A. (BIT:ACE) acquired Fergas Solar Srl on August 5, 2020. Eugenio Tranchino, Luca Sfrecola and Tiziana Manenti of Watson Farley & Williams acted as legal advisers to Fergas Solar. Orrick, Herrington & Sutcliffe LLP acted as a legal adviser to ACEA.
ACEA S.p.A. (BIT:ACE) completed the acquisition of Fergas Solar Srl on August 5, 2020. Announcement • Jul 30
ACEA S.p.A. (BIT:ACE) completed the acquisition of 60% stake in Berg SPA from Eneracque SpA. ACEA S.p.A. (BIT:ACE) signed an agreement to acquire 60% stake in Berg SPA from Eneracque SpA on August 5, 2019. The transaction’s economic value in terms of enterprise value amounts to around €10 million. Post transaction, Eneracque will continue to be a minority shareholder and will take part in the company’s operational management. Grimaldi acted as legal advisor for ACEA S.p.A.
ACEA S.p.A. (BIT:ACE) completed the acquisition of 60% stake in Berg SPA from Eneracque SpA on October 18, 2019. 
