CPSE:ATHENA

Stock Analysis Report

Executive Summary

Athena Investments A/S develops, constructs, and operates renewable energy projects primarily in Italy and Spain.

Snowflake

Fundamentals

Excellent balance sheet and fair value.

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

3.2%

ATHENA

0.4%

DK Renewable Energy

0.2%

DK Market


1 Year Return

-14.7%

ATHENA

13.6%

DK Renewable Energy

12.2%

DK Market

Return vs Industry: ATHENA underperformed the Danish Renewable Energy industry which returned 13.6% over the past year.

Return vs Market: ATHENA underperformed the Danish Market which returned 12.2% over the past year.


Shareholder returns

ATHENAIndustryMarket
7 Day3.2%0.4%0.2%
30 Day1.9%-1.6%-1.5%
90 Day-6.2%1.8%1.3%
1 Year22.4%-14.7%16.9%13.6%15.5%12.2%
3 Year8.6%-28.1%70.0%57.8%34.2%23.0%
5 Year29.0%-14.6%65.5%47.7%69.0%44.9%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ATHENA (DKK6.36) is trading below our estimate of fair value (DKK61.92)

Significantly Below Fair Value: ATHENA is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: ATHENA is unprofitable, so we can't compare its PE Ratio to the Renewable Energy industry average.

PE vs Market: ATHENA is unprofitable, so we can't compare its PE Ratio to the Danish market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ATHENA's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: ATHENA is good value based on its PB Ratio (0.7x) compared to the XE Renewable Energy industry average (1.5x).


Next Steps

Future Growth

How is Athena Investments forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

57.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ATHENA is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: ATHENA is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: ATHENA is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: Insufficient data to determine if ATHENA's revenue is forecast to grow faster than the Danish market.

High Growth Revenue: Insufficient data to determine if ATHENA's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

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


Next Steps

Past Performance

How has Athena Investments performed over the past 5 years?

9.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: ATHENA is unprofitable, but has reduced losses over the past 5 years at a rate of 9.8% per year.

Accelerating Growth: Unable to compare ATHENA's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: ATHENA is unprofitable, making it difficult to compare its past year earnings growth to the Renewable Energy industry (20.3%).


Return on Equity

High ROE: ATHENA has a negative Return on Equity (-35.9%), as it is currently unprofitable.


Return on Assets

ROA vs Industry: ATHENA is currently unprofitable, so its Return on Assets is negative.


Return on Capital Employed

ROCE Improving: ATHENA is currently unprofitable, so its Return on Capital Employed is negative.


Next Steps

Financial Health

How is Athena Investments's financial position?


Financial Position Analysis

Short Term Liabilities: ATHENA's short term assets (€244.2M) exceeds its short term liabilities (€146.9M)

Long Term Liabilities: ATHENA's short term assets (244.2M) exceeds its long term liabilities (47.6M)


Debt to Equity History and Analysis

Debt Level: ATHENA's debt to equity ratio (40.9%) is considered high

Reducing Debt: ATHENA's debt to equity ratio has reduced from 96.5% to 40.9% over the past 5 years.


Balance Sheet

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

Debt Coverage by Assets: ATHENA's debt is covered by short term assets (assets are 4.780260x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable ATHENA has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: ATHENA is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 24.8% per year.


Next Steps

Dividend

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

48.63%

Current Dividend Yield


Dividend Yield vs Market

company48.6%marketbottom25%1.7%markettop25%5.2%industryaverage3.2%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: ATHENA's dividend (48.63%) is higher than the bottom 25% of dividend payers in the Danish market (1.73%).

High Dividend: ATHENA's dividend (48.63%) is in the top 25% of dividend payers in the Danish market (5.17%)

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

Growing Dividend: ATHENA's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: ATHENA is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

9.0yrs

Average board tenure


CEO

Alessandro Reitelli (50yo)

5yrs

Tenure

0

Mr. Alessandro Reitelli has been the Chief Executive Officer at Greentech Energy Systems A/S since October 2014. Mr. Reitelli served as Chief Operating Officer Ad Interim at Greentech Energy Systems A/S si ...


Board Age and Tenure

9.0yrs

Average Tenure

65yo

Average Age

Experienced Board: ATHENA's board of directors are considered experienced (9 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


Management Team

  • Alvise Recchi

    Head of Investor Relations

    • Tenure: 0yrs
  • Alessandro Reitelli (50yo)

    CEO & Member of Management Board

    • Tenure: 5yrs
  • Francesco Vittori (39yo)

    CFO & Member of Management Board

    • Tenure: 5yrs
  • Laura Pacifici

    Head of Corporate Communication

    • Tenure: 0yrs

Board Members

  • Peter Høstgaard-Jensen (74yo)

    Independent Chairman

    • Tenure: 9yrs
  • Sigieri Diaz della Pallavicini (50yo)

    Deputy Chairman

    • Tenure: 1.5yrs
    • Compensation: €43.00k
  • Valerio Bonazzi (49yo)

    Independent Director

    • Tenure: 9yrs
  • Jean-Marc Janailhac (65yo)

    Independent Director

    • Tenure: 9yrs
  • Michèle Bellon (70yo)

    Independent Director

    • Tenure: 5.5yrs

Company Information

Athena Investments A/S's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Athena Investments A/S
  • Ticker: ATHENA
  • Exchange: CPSE
  • Founded: 1924
  • Industry: Renewable Electricity
  • Sector: Utilities
  • Market Cap: ø644.694m
  • Shares outstanding: 101.37m
  • Website: https://www.athenainvestments.com

Number of Employees


Location

  • Athena Investments A/S
  • Harbour House
  • Sundkrogsgade 21
  • Copenhagen
  • Capital Region of Denmark
  • 2100
  • Denmark

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ATHENACPSE (OMX Nordic Exchange Copenhagen)YesShare CapitalDKDKKFeb 2007
G3EDB (Deutsche Boerse AG)YesShare CapitalDEEURFeb 2007

Biography

Athena Investments A/S develops, constructs, and operates renewable energy projects primarily in Italy and Spain. The company focuses on the wind and solar power technologies. As of December 31, 2018, it h ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/22 20:37
End of Day Share Price2019/10/22 00:00
Earnings2019/06/30
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.