Board Change • Jun 26
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 3 experienced directors. 1 highly experienced director. Statutory Auditor Signor Biancolin is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jun 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. Lead Independent Director Giovanni Zoppas was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • May 09
First quarter 2026 earnings released: EPS: €0.034 (vs €0.043 in 1Q 2025) First quarter 2026 results: EPS: €0.034 (down from €0.043 in 1Q 2025). Revenue: €70.8m (up 29% from 1Q 2025). Net income: €7.47m (down 20% from 1Q 2025). Profit margin: 11% (down from 17% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • May 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. Lead Independent Director Giovanni Zoppas was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Apr 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Shares are highly illiquid. Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (185% cash payout ratio). Declared Dividend • Apr 13
Dividend increased to €0.16 Dividend of €0.16 is 6.7% higher than last year. Ex-date: 4th May 2026 Payment date: 6th May 2026 Dividend yield will be 4.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but not covered by cash flows (164% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 60% over the next 3 years. Since a fall of 56% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Declared Dividend • Mar 19
Dividend increased to €0.16 Dividend of €0.16 is 6.7% higher than last year. Ex-date: 4th May 2026 Payment date: 6th May 2026 Dividend yield will be 4.1%, which is lower than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but not covered by cash flows (164% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 70% over the next 3 years. Since a fall of 56% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Announcement • Mar 18
Ascopiave S.p.A. announces Annual dividend, payable on May 06, 2026 Ascopiave S.p.A. announced Annual dividend of EUR 0.1600 per share payable on May 06, 2026, ex-date on May 04, 2026 and record date on May 05, 2026. Announcement • Mar 16
Ascopiave S.p.A., Annual General Meeting, Apr 23, 2026 Ascopiave S.p.A., Annual General Meeting, Apr 23, 2026, at 15:00 W. Europe Standard Time. Reported Earnings • Mar 10
Full year 2025 earnings released: EPS: €0.40 (vs €0.17 in FY 2024) Full year 2025 results: EPS: €0.40 (up from €0.17 in FY 2024). Revenue: €244.3m (up 19% from FY 2024). Net income: €86.8m (up 142% from FY 2024). Profit margin: 36% (up from 18% in FY 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Dec 16
Ascopiave S.p.A. to Report Fiscal Year 2025 Results on Mar 05, 2026 Ascopiave S.p.A. announced that they will report fiscal year 2025 results on Mar 05, 2026 Announcement • Nov 27
Ascopiave S.p.A. (BIT:ASC) signed a preliminary purchase agreement to acquire Societa' Impianti Metano S.R.L. from Gruppo S.I.M.E. Srl for €46 million. Ascopiave S.p.A. (BIT:ASC) signed a preliminary purchase agreement to acquire Societa' Impianti Metano S.R.L. from Gruppo S.I.M.E. Srl for €46 million on November 26, 2025. A cash consideration of €46 million will be paid by Ascopiave S.p.A, which may be subject to adjustment after closing, as is usual. Ascopiave is going to finance the acquisition through its available funds or bank credit lines first and foremost.
For the period ending December 31, 2024, Societa' Impianti Metano S.R.L. reported EBITDA of €5.4 million.
The deal shall be subject to the condition precedent of the successful completion of the so-called Golden Power procedure. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: €0.05 (vs €0.036 in 3Q 2024) Third quarter 2025 results: EPS: €0.05 (up from €0.036 in 3Q 2024). Revenue: €75.9m (up 61% from 3Q 2024). Net income: €10.8m (up 37% from 3Q 2024). Profit margin: 14% (down from 17% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jul 02
Ascopiave S.p.A. (BIT:ASC) completed the acquisition of Gas network assets from A2A S.p.A. (BIT:A2A). Ascopiave S.p.A. (BIT:ASC) signed a preliminary purchase agreement to acquire Gas network assets from A2A S.p.A. (BIT:A2A) for €430 million on December 19, 2024. A cash consideration of €430 million will be paid by Ascopiave S.p.A. As part of consideration, €430 million is paid towards assets of Gas network assets of A2A S.p.A. Ascopiave will finance the acquisition mainly through the resources derived from the exercise of the put option on its minority stake in EstEnergy and, for the remaining part, through the assumption of new financial debt.
For the period ending December 31, 2023, Gas network assets of A2A S.p.A. reported EBITDA of €44 million.
The deal is subject to the occurrence of conditions precedent as usual for this type of transaction, including the so-called Golden Power procedure. The closing is expected by July 2025.
Ascopiave S.p.A. (BIT:ASC) completed the acquisition of Gas network assets from A2A S.p.A. (BIT:A2A) on June 30, 2025. Announcement • Jul 01
Ascopiave S.p.A. completed the acquisition of Portfolio of assets consisting of approximately 490,000 gas distribution points in Lombardy from Unareti S.p.A. and LD Reti S.R.L. Ascopiave S.p.A. (BIT:ASC) proposed a non-binding offer to acquire Portfolio of assets consisting of approximately 490,000 gas distribution points in Lombardy from Unareti S.p.A. and LD Reti S.R.L. for €430 million on July 30, 2024. The parties agree to continue the negotiation process, and A2A grants Ascopiave an exclusive negotiation period until December 15, 2024, to carry out the usual due diligence activities with the aim of potentially reaching the signing of a binding agreement by that date.
The potential completion of the transaction will be subject, among other things, to the positive outcome of the due diligence, the negotiation of mutually satisfactory contractual agreements, the obtaining of necessary authorizations from the competent authorities, as well as the approval of the corporate bodies of A2A and Ascopiave. on December 13, 2024, , A2A S.p.A. and Ascopiave S.p.A. inform that today a technical extension of this exclusive period has been agreed from December 15 to December 24, 2024 inclusive, to allow the parties to finalize the negotiation.
Ascopiave S.p.A. entered into a preliminary purchase agreement to acquire Portfolio of assets consisting of approximately 490,000 gas distribution points in Lombardy from Unareti S.p.A. and LD Reti S.R.L. on December 19, 2024. The agreed base price for the transaction is €430 million, which reflects the valuation of the business unit as of December 31, 2023, subject to adjustment after closing, as customary. The deal is subject to the occurrence of conditions precedent as usual for this type of transaction, including the so-called Golden Power procedure.
For the year ended December 2023, the portfolio reported EBITDA of €44 million.
The closing is expected by July 2025. Ascopiave will finance the acquisition mainly through the resources derived from the exercise of the put option on its minority stake in EstEnergy and, for the remaining part, through the assumption of new financial debt.
Ascopiave S.p.A. completed the acquisition of Portfolio of assets consisting of approximately 490,000 gas distribution points in Lombardy from Unareti S.p.A. and LD Reti S.R.L. on June 30, 2025. The operation was completed following the fulfillment of the relevant condition precedents and the contribution by Unareti S.p.A. and LD Reti S.r.l. to AP RETI GAS North S.r.l. of the assets included in the aforementioned business units. The purchase price paid by Ascopiave S.p.A., which reflects the valuation of the business unit as of December 31, 2023, amounts to €430 million and will be subject to post-closing adjustments, as is customary. The transaction will be effective from July 1,
2025. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: €0.043 (vs €0.03 in 1Q 2024) First quarter 2025 results: EPS: €0.043 (up from €0.03 in 1Q 2024). Revenue: €54.8m (up 16% from 1Q 2024). Net income: €9.28m (up 42% from 1Q 2024). Profit margin: 17% (up from 14% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year. New Risk • May 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.7% 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 Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 161% Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future. Minor Risk High level of debt (45% net debt to equity). Announcement • Apr 23
Ascopiave S.p.A. announces Annual dividend, payable on May 07, 2025 Ascopiave S.p.A. announced Annual dividend of EUR 0.1500 per share payable on May 07, 2025, ex-date on May 05, 2025 and record date on May 06, 2025. Announcement • Mar 17
Ascopiave S.p.A., Annual General Meeting, Apr 17, 2025 Ascopiave S.p.A., Annual General Meeting, Apr 17, 2025, at 15:00 W. Europe Standard Time. New Risk • Mar 12
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 138% Dividend yield: 5.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 138% Minor Risk High level of debt (43% net debt to equity). Reported Earnings • Nov 10
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €47.2m (up 14% from 3Q 2023). Net income: €7.87m (up €7.06m from 3Q 2023). Profit margin: 17% (up from 2.0% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Gas Utilities industry in Europe. Reported Earnings • Jul 31
Second quarter 2024 earnings released: EPS: €0.052 (vs €0.029 in 2Q 2023) Second quarter 2024 results: EPS: €0.052 (up from €0.029 in 2Q 2023). Revenue: €51.7m (up 20% from 2Q 2023). Net income: €11.3m (up 81% from 2Q 2023). Profit margin: 22% (up from 14% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: €0.03 (vs €0.027 in 1Q 2023) First quarter 2024 results: EPS: €0.03 (up from €0.027 in 1Q 2023). Revenue: €47.4m (up 17% from 1Q 2023). Net income: €6.55m (up 13% from 1Q 2023). Profit margin: 14% (in line with 1Q 2023). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Declared Dividend • Apr 12
Dividend increased to €0.14 Dividend of €0.14 is 7.7% higher than last year. Ex-date: 6th May 2024 Payment date: 8th May 2024 Dividend yield will be 6.0%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (84% 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 1.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 13% over the next 3 years. Since a fall of 6.7% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Declared Dividend • Mar 29
Dividend increased to €0.14 Dividend of €0.14 is 7.7% higher than last year. Ex-date: 6th May 2024 Payment date: 8th May 2024 Dividend yield will be 5.9%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (84% 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 1.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 13% over the next 3 years. Since a fall of 6.7% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: €0.17 (vs €0.14 in FY 2022) Full year 2023 results: EPS: €0.17 (up from €0.14 in FY 2022). Revenue: €180.8m (up 11% from FY 2022). Net income: €36.1m (up 16% from FY 2022). Profit margin: 20% (in line with FY 2022). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 25
Upcoming dividend of €0.13 per share at 4.7% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 04 May 2023. Payout ratio is on the higher end at 90%, and the cash payout ratio is above 100%. Trailing yield: 4.7%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (4.4%). Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: €0.14 (vs €0.21 in FY 2021) Full year 2022 results: EPS: €0.14 (down from €0.21 in FY 2021). Revenue: €163.7m (up 21% from FY 2021). Net income: €31.2m (down 31% from FY 2021). Profit margin: 19% (down from 34% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Nov 17
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. 3 highly experienced directors. Director Enrico Quarello is the most experienced director on the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 05
Third quarter 2022 earnings released Third quarter 2022 results: Net income: (down €2.84m from profit in 3Q 2021). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improved over the past week After last week's 17% share price gain to €2.27, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Gas Utilities industry in Europe. Total loss to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.47 per share. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: €0.051 (vs €0.061 in 2Q 2021) Second quarter 2022 results: EPS: €0.051 (down from €0.061 in 2Q 2021). Revenue: €47.3m (up 71% from 2Q 2021). Net income: €11.1m (down 16% from 2Q 2021). Profit margin: 24% (down from 48% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 19% compared to a 11% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €3.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 9.0% in the next 2 years. Buying Opportunity • Jul 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be €3.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.3% per annum. Earnings is also forecast to grow by 1.6% per annum over the same time period. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: €0.056 (vs €0.063 in 1Q 2021) First quarter 2022 results: EPS: €0.056 (down from €0.063 in 1Q 2021). Revenue: €34.1m (down 11% from 1Q 2021). Net income: €12.2m (down 11% from 1Q 2021). Profit margin: 36% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 41%, compared to a 1.4% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • May 04
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. 3 highly experienced directors. Director Enrico Quarello is the most experienced director on the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 13
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €0.21 (down from €0.26 in FY 2020). Revenue: €134.9m (down 18% from FY 2020). Net income: €45.3m (down 23% from FY 2020). Profit margin: 34% (down from 36% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.1%. Over the next year, revenue is forecast to grow 26% compared to a 2.3% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Feb 24
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 3 experienced directors. 1 highly experienced director. Director Enrico Quarello is the most experienced director on the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS €0.10 (vs €0.034 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €33.6m (down 22% from 3Q 2020). Net income: €2.84m (down 63% from 3Q 2020). Profit margin: 8.5% (down from 18% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 26
Upcoming dividend of €0.16 per share Eligible shareholders must have bought the stock before 03 May 2021. Payment date: 05 May 2021. Trailing yield: 4.1%. Within top quartile of British dividend payers (4.1%). Lower than average of industry peers (6.1%).