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Italgas

DB:I10
Snowflake Description

Average dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
I10
DB
€4B
Market Cap
  1. Home
  2. DE
  3. Utilities
Company description

Italgas S.p.A., together with its subsidiaries, engages in the distribution of natural gas in Italy. The last earnings update was 40 days ago. More info.


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I10 Share Price and Events
7 Day Returns
-2.2%
DB:I10
-0.8%
Europe Gas Utilities
1.8%
DE Market
1 Year Returns
7%
DB:I10
9.6%
Europe Gas Utilities
-6%
DE Market
I10 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Italgas (I10) -2.2% -0.4% 7.9% 7% - -
Europe Gas Utilities -0.8% -0.4% 4.1% 9.6% 36.2% 29.1%
DE Market 1.8% 4.6% 7.4% -6% 10.1% 15.3%
1 Year Return vs Industry and Market
  • I10 underperformed the Gas Utilities industry which returned 9.6% over the past year.
  • I10 outperformed the Market in Germany which returned -6% over the past year.
Price Volatility
I10
Industry
5yr Volatility vs Market
Related Companies

I10 Value

 Is Italgas undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Italgas to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Italgas.

DB:I10 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.4%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:I10
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 9%
Gas Utilities Unlevered Beta Simply Wall St/ S&P Global 0.37
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.37 (1 + (1- 24%) (89.99%))
0.747
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 9.02%)
7.44%

Discounted Cash Flow Calculation for DB:I10 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Italgas is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:I10 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.44%)
2019 99.00 Analyst x2 92.14
2020 132.31 Analyst x4 114.61
2021 204.00 Analyst x2 164.47
2022 172.00 Analyst x2 129.06
2023 225.50 Analyst x2 157.48
2024 246.97 Est @ 9.52% 160.53
2025 263.60 Est @ 6.73% 159.47
2026 276.20 Est @ 4.78% 155.51
2027 285.64 Est @ 3.42% 149.68
2028 292.66 Est @ 2.46% 142.74
Present value of next 10 years cash flows €1,425.70
DB:I10 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €292.66 × (1 + 0.23%) ÷ (7.44% – 0.23%)
€4,064.96
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €4,064.96 ÷ (1 + 7.44%)10
€1,982.60
DB:I10 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,425.70 + €1,982.60
€3,408.30
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €3,408.30 / 809.14
€4.21
DB:I10 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:I10 represents 0.98516x of BIT:IG
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.98516x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 4.21 x 0.98516
€4.15
Value per share (EUR) From above. €4.15
Current discount Discount to share price of €5.44
= -1 x (€5.44 - €4.15) / €4.15
-31.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Italgas is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Italgas's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Italgas's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:I10 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.39
BIT:IG Share Price ** BIT (2019-04-18) in EUR €5.53
Europe Gas Utilities Industry PE Ratio Median Figure of 8 Publicly-Listed Gas Utilities Companies 17.84x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.59x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Italgas.

DB:I10 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:IG Share Price ÷ EPS (both in EUR)

= 5.53 ÷ 0.39

14.25x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Italgas is good value based on earnings compared to the Europe Gas Utilities industry average.
  • Italgas is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Italgas's expected growth come at a high price?
Raw Data
DB:I10 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.25x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
5.3%per year
Global Gas Utilities Industry PEG Ratio Median Figure of 29 Publicly-Listed Gas Utilities Companies 2.44x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

DB:I10 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.25x ÷ 5.3%

2.68x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Italgas is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Italgas's assets?
Raw Data
DB:I10 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €1.64
BIT:IG Share Price * BIT (2019-04-18) in EUR €5.53
Europe Gas Utilities Industry PB Ratio Median Figure of 9 Publicly-Listed Gas Utilities Companies 1.81x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:I10 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:IG Share Price ÷ Book Value per Share (both in EUR)

= 5.53 ÷ 1.64

3.36x

* Primary Listing of Italgas.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Italgas is overvalued based on assets compared to the Europe Gas Utilities industry average.
X
Value checks
We assess Italgas's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Gas Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Gas Utilities industry average (and greater than 0)? (1 check)
  5. Italgas has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

I10 Future Performance

 How is Italgas expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Italgas expected to grow at an attractive rate?
  • Italgas's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Italgas's earnings growth is positive but not above the Germany market average.
  • Italgas's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:I10 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:I10 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 5.3%
DB:I10 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts -3.1%
Europe Gas Utilities Industry Earnings Growth Rate Market Cap Weighted Average 40%
Europe Gas Utilities Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:I10 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:I10 Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,397 810 416 5
2022-12-31 1,332 759 387 6
2021-12-31 1,264 719 362 10
2020-12-31 1,230 696 350 13
2019-12-31 1,198 692 329 13
DB:I10 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 1,615 750 314
2018-09-30 1,648 306
2018-06-30 1,610 866 304
2018-03-31 1,591 527 296
2017-12-31 1,601 547 293
2017-06-30 606 -42 -98
2017-03-31 423 52 -108
2016-12-31 467 -78 -124
2016-06-30 1,385 546 290
2016-03-31 1,391 532 315

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Italgas's earnings are expected to grow by 5.3% yearly, however this is not considered high growth (20% yearly).
  • Italgas's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:I10 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Italgas Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:I10 Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.51 0.52 0.51 2.00
2022-12-31 0.47 0.49 0.46 2.00
2021-12-31 0.45 0.47 0.41 8.00
2020-12-31 0.43 0.45 0.40 12.00
2019-12-31 0.41 0.43 0.40 13.00
DB:I10 Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.39
2018-09-30
2018-06-30 0.37
2018-03-31
2017-12-31 0.36
2017-06-30 -0.09
2017-03-31
2016-12-31 -0.15
2016-06-30 1.15
2016-03-31 1.25

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Italgas is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Italgas's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Italgas has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

I10 Past Performance

  How has Italgas performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Italgas's growth in the last year to its industry (Gas Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Italgas's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Italgas's 1-year earnings growth exceeds its 5-year average (7.1% vs -6.2%)
  • Italgas's earnings growth has exceeded the Europe Gas Utilities industry average in the past year (7.1% vs 3.8%).
Earnings and Revenue History
Italgas's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Italgas Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:I10 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 1,615.29 313.70 233.67
2018-09-30 1,648.35 305.87 249.75
2018-06-30 1,609.80 303.82 253.33
2018-03-31 1,590.85 295.95 254.65
2017-12-31 1,600.97 292.77 231.69
2017-06-30 605.88 -98.19 209.02
2017-03-31 423.29 -108.43 99.14
2016-12-31 466.71 -123.79 101.34
2016-06-30 1,385.00 290.00 2.00
2016-03-31 1,391.00 315.00 2.50
2015-12-31 1,397.00 340.00 3.00
2014-12-31 1,333.00 406.00 3.00
2013-12-31 1,319.00 301.00 3.00
2012-12-31 1,281.41 355.75 155.13

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Italgas has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Italgas used its assets more efficiently than the Europe Gas Utilities industry average last year based on Return on Assets.
  • Italgas's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Italgas's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Gas Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Italgas has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

I10 Health

 How is Italgas's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Italgas's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Italgas's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Italgas's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Italgas's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Italgas Company Filings, last reported 3 months ago.

DB:I10 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,329.35 4,023.78 138.60
2018-09-30 1,242.40 3,777.30
2018-06-30 1,165.26 3,722.21 89.51
2018-03-31 1,263.96 3,705.05 17.47
2017-12-31 1,185.64 3,723.22 2.95
2017-06-30 1,038.00 3,684.00 2.00
2017-03-31 1,135.00 3,472.00
2016-12-31 1,064.29 3,619.04 1.66
2016-06-30 2,838.00 1,742.00 1.00
2016-03-31 2,838.00 1,742.00 1.00
2015-12-31 2,724.00 1,850.00 2.00
2014-12-31 2,596.00 1,819.00 47.00
2013-12-31 2,355.00 1,664.00
2012-12-31 2,239.77 1,366.06 0.41
  • Italgas's level of debt (302.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (70.7% vs 302.7% today).
  • Debt is not well covered by operating cash flow (18.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 12.1x coverage).
X
Financial health checks
We assess Italgas's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Italgas has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

I10 Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.23%
Current annual income from Italgas dividends. Estimated to be 4.76% next year.
If you bought €2,000 of Italgas shares you are expected to receive €85 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Italgas's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • Italgas's dividend is above the markets top 25% of dividend payers in Germany (3.71%).
Upcoming dividend payment

Purchase Italgas before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:I10 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
Europe Gas Utilities Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:I10 Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.31 4.00
2022-12-31 0.29 5.00
2021-12-31 0.27 11.00
2020-12-31 0.26 15.00
2019-12-31 0.24 14.00
DB:I10 Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-12 0.234 4.263
2019-02-22 0.234 4.383
2018-03-23 0.208 4.268
2018-03-12 0.208 4.375
2017-04-03 0.200 4.246
2016-11-07 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Italgas has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Italgas only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of Italgas's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
X
Income/ dividend checks
We assess Italgas's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Italgas afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Italgas has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

I10 Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Paolo Gallo
AGE 57
TENURE AS CEO 2.7 years
CEO Bio

Mr. Paolo Gallo serves as the Chief Executive Officer and General Manager of Italgas S.p.A. Mr. Gallo serves as Communications Manager at Grandi Stazioni SpA. From 2014 to 2016, he was the Chief Executive Officer of Grandi Stazioni S.p.A, of which he previously oversaw the privatization. Mr. Gallo served as Chief Operating Officer, Chief Executive Officer and General Manager of ACEA S.p.A. since October 2010 until 2014. He served as the Chief Executive Officer of Edipower S.p.A since July 2008 and also served as its Managing Director. He served as Chief Operating Officer of Edipower from 2003 to 2011. From 2002 to 2011 he was in the Edison Group, initially as Head of Strategy and Innovation. He started his career in Fiat Avio S.p.A. in 1988 and held several roles and responsibilities over 13 years. In 1997 he began working in the energy field, developing new initiatives in Italy, India and Brazil. He recollected all Fiat Group’s electricity generation activities in Fiat Energia – of which he served as Chief Executive Officer until 2002. Mr. Gallo serves as Chairman at Italgas Reti. He serves as a Director at Italgas S.p.A. since August 4, 2016 and Grandi Stazioni SpA. From 1992 to 1993, he was Dean of the MBA programme at the School of Business Administration of the University of Turin, where he lectured “Industrial Investmens Economical-Financial evaluations” until 2002. He is also co-author of relevant publications in the sector. Mr. Gallo received his degree in Aeronautical Engineering from the Polytechnic University of Turin. He subsequently earned an MBA from Turin University.

CEO Compensation
  • Insufficient data for Paolo to compare compensation growth.
  • Insufficient data for Paolo to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure of the Italgas management team in years:

2.4
Average Tenure
  • The tenure for the Italgas management team is about average.
Management Team

Paolo Gallo

TITLE
CEO, GM & Director
AGE
57
TENURE
2.7 yrs

Antonio Paccioretti

TITLE
Finance & Services General Manager
TENURE
2.4 yrs

Alessio Minutoli

TITLE
Head of Legal
TENURE
2.4 yrs

Chiara Ganz

TITLE
Head of External Relations and Communications

Bruno Burigana

TITLE
Senior Vice President of Human Resources & Organization

Pier Borra

TITLE
Senior Vice President of Commercial Development

Nunzio Ferrulli

TITLE
Head of Public and Regulatory Affairs
AGE
42

Silvio Bianchi

TITLE
Head of Internal Audit
TENURE
2.4 yrs

Raffaella Marcuccio

TITLE
Head of Procurement E-Material Management
TENURE
2.1 yrs

Salvatore Bilardo

TITLE
Head of Security
TENURE
2.3 yrs
Board of Directors Tenure

Average tenure and age of the Italgas board of directors in years:

2.7
Average Tenure
53.5
Average Age
  • The average tenure for the Italgas board of directors is less than 3 years, this suggests a new board.
Board of Directors

Lorenzo Bini Smaghi

TITLE
Chairman of the Board
AGE
62
TENURE
2.7 yrs

Paolo Gallo

TITLE
CEO, GM & Director
AGE
57
TENURE
2.7 yrs

Cinzia Farisè

TITLE
Non-Executive Independent Director
AGE
54
TENURE
3.7 yrs

Paola Petrone

TITLE
Non-Executive Independent Director
AGE
51
TENURE
2.7 yrs

Gian Balducci

TITLE
Chairman of Board of Statutory Auditors
AGE
57
TENURE
2.7 yrs

Paolo Mosa

TITLE
Non-Executive Director
AGE
58
TENURE
2.7 yrs

Nicola Bedin

TITLE
Non-Executive Independent Director
AGE
41
TENURE
2.7 yrs

Maurizio Dainelli

TITLE
Non-Executive Director
AGE
41
TENURE
2.7 yrs

Yunpeng He

TITLE
Non-Executive Director
AGE
53
TENURE
2.7 yrs

Federica Lolli

TITLE
Non-Executive Independent Director
AGE
44
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Italgas's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Italgas has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

I10 News

Simply Wall St News

I10 Company Info

Description

Italgas S.p.A., together with its subsidiaries, engages in the distribution of natural gas in Italy. The company is involved in the transmission of gas through local pipeline networks from the delivery points at the metering and reduction stations interconnected with the transport networks to the points of redelivery to the end consumers, such as households, enterprises, etc. It also provides metering services, which include determining, gathering, making available, and storing data of the natural gas picked up in the distribution network. As of December 31, 2017, the company operated a distribution network of 57,773 kilometers that served 1,500 municipalities. In addition, it distributes and sells water. The company was founded in 1837 and is headquartered in Milan, Italy.

Details
Name: Italgas S.p.A.
I10
Exchange: DB
Founded: 1837
€4,471,282,784
809,135,502
Website: http://www.italgas.it
Address: Italgas S.p.A.
Via Carlo Bo, 11,
Milan,
Milan, 20143,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT IG New Ordinary Shares Borsa Italiana IT EUR 07. Nov 2016
DB I10 New Ordinary Shares Deutsche Boerse AG DE EUR 07. Nov 2016
LSE 0RK1 New Ordinary Shares London Stock Exchange GB EUR 07. Nov 2016
WBAG IG New Ordinary Shares Wiener Boerse AG AT EUR 07. Nov 2016
BATS-CHIXE IGM New Ordinary Shares BATS 'Chi-X Europe' GB EUR 07. Nov 2016
Number of employees
Current staff
Staff numbers
3,667
Italgas employees.
Industry
Gas Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 21:55
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/03/12
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.