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

Good value with mediocre balance sheet.

Risks

  • Athena Investments has significant price volatility in the past 3 months.
  • Athena Investments is not covered by any analysts.

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%

CPSE:ATHENA

-3.2%

DK Renewable Energy

-1.0%

DK Market


1 Year Return

-22.9%

CPSE:ATHENA

-22.9%

DK Renewable Energy

-0.4%

DK Market

ATHENA underperformed the Renewable Energy industry which returned 3.2% over the past year.

ATHENA underperformed the Market in Denmark which returned -0.6% over the past year.


Share holder returns

ATHENAIndustryMarket
7 Day-3.2%-3.2%-1.0%
30 Day-4.8%-4.8%-0.3%
90 Day-32.7%-32.7%0.7%
1 Year10.7%-22.9%10.7%-22.9%2.8%-0.4%
3 Year21.6%-19.5%21.6%-19.5%19.1%9.0%
5 Year-19.3%-46.6%-19.3%-46.6%56.7%33.8%

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

>50%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Athena Investments's share price is below the future cash flow value, and at a moderate discount (> 20%).

Athena Investments's share price is below the future cash flow value, and at a substantial discount (> 40%).


Price Based on Earnings

Athena Investments is good value based on earnings compared to the Europe Renewable Energy industry average.

Athena Investments is overvalued based on earnings compared to the Denmark market.


Price Based on Expected Growth

Unable to calculate PEG ratio for Athena Investments, we can't assess if its growth is good value.


Price Based on Value of Assets

Athena Investments is good value based on assets compared to the Europe Renewable Energy industry average.


Next Steps

Future Growth

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

14.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Unable to determine if Athena Investments is high growth as no revenue estimate data is available.

Athena Investments's earnings are expected to grow by 14.1% yearly, however this is not considered high growth (20% yearly).

Unable to compare Athena Investments's revenue growth to the Denmark market average as no estimate data is available.

Athena Investments's earnings growth is expected to exceed the Denmark market average.

Athena Investments's earnings growth is expected to exceed the low risk savings rate of 0.2%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Athena Investments will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

How has Athena Investments performed over the past 5 years?

50.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Athena Investments has delivered over 20% year on year earnings growth in the past 5 years.

Athena Investments's 1-year earnings growth is negative, it can't be compared to the 5-year average.

Athena Investments's 1-year earnings growth is negative, it can't be compared to the Europe Renewable Energy industry average.


Return on Equity

Athena Investments has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Athena Investments used its assets less efficiently than the Europe Renewable Energy industry average last year based on Return on Assets.


Return on Capital Employed

Athena Investments has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Athena Investments's financial position?


Financial Position Analysis

Athena Investments is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

Athena Investments's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Athena Investments's level of debt (82%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has been reduced over the past 5 years (97.3% vs 82% today).

Debt is not well covered by operating cash flow (15.6%, less than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 3.4x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0.5x debt.


Next Steps

Dividend

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

46.28%

Current Dividend Yield


Dividend Yield and Payments Analysis

Athena Investments's pays a higher dividend yield than the bottom 25% of dividend payers in Denmark (1.63%).

Athena Investments's dividend is above the markets top 25% of dividend payers in Denmark (4.62%).

Whilst dividend payments have been stable, Athena Investments has been paying a dividend for less than 10 years.

Dividend payments have increased, but Athena Investments only paid a dividend in the past 2 years.


Current Payout to Shareholders

Dividends paid are not well covered by earnings (0.1x coverage).


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.


Next Steps

Management

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

8.8yrs

Average board tenure


CEO

Alessandro Reitelli (50yo)

4.8yrs

Tenure

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

8.8yrs

Average Tenure

65yo

Average Age

The tenure for the Athena Investments board of directors is about average.


Insider Trading

No 3 month individual insider trading information.


Ownership Breakdown


Management Team

  • Alvise Recchi

    Head of Investor Relations

  • Alessandro Reitelli (50yo)

    CEO & Member of Management Board

    • Tenure: 4.8yrs
  • Francesco Vittori (39yo)

    CFO & Member of Management Board

    • Tenure: 4.8yrs
  • Laura Pacifici

    Head of Corporate Communication


Board Members

  • Peter Høstgaard-Jensen (74yo)

    Chairman

    • Tenure: 8.8yrs
  • Sigieri Diaz della Pallavicini (50yo)

    Deputy Chairman

    • Tenure: 1.3yrs
    • Compensation: 43.00k
  • Valerio Bonazzi (49yo)

    Independent Director

    • Tenure: 8.8yrs
  • Jean-Marc Janailhac (65yo)

    Independent Director

    • Tenure: 8.8yrs
  • Michèle Bellon (70yo)

    Director

    • Tenure: 5.3yrs

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: ø677.134m
  • Shares outstanding: 101.37m
  • Website: Click here

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 Analysis2019/07/17 20:39
End of Day Share Price2019/07/17 00:00
Earnings2018/12/31
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.