BIT:SAL

Stock Analysis Report

Executive Summary

Salini Impregilo S.p.A. engages in construction activities worldwide.

Snowflake

Fundamentals

Average dividend payer with imperfect balance sheet.


Similar Companies

Share Price & News

How has Salini Impregilo's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-1.2%

SAL

0.3%

IT Construction

0.5%

IT Market


1 Year Return

2.4%

SAL

-19.9%

IT Construction

11.6%

IT Market

Return vs Industry: SAL exceeded the Italian Construction industry which returned -19.9% over the past year.

Return vs Market: SAL underperformed the Italian Market which returned 11.6% over the past year.


Shareholder returns

SALIndustryMarket
7 Day-1.2%0.3%0.5%
30 Day-7.6%-5.0%0.07%
90 Day24.2%9.5%1.2%
1 Year2.4%2.4%-18.1%-19.9%16.5%11.6%
3 Year-26.1%-29.1%25.2%13.7%25.2%8.0%
5 Year-24.1%-28.6%64.5%33.1%21.1%-26.1%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Salini Impregilo undervalued compared to its fair value and its price relative to the market?

1.04x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: SAL (€1.89) is trading above our estimate of fair value (€1.47)

Significantly Below Fair Value: SAL is trading above our estimate of fair value.


Price To Earnings Ratio

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

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


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: SAL is good value based on its PB Ratio (1x) compared to the IT Construction industry average (1.8x).


Next Steps

Future Growth

How is Salini Impregilo forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

46.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

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

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

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

Revenue vs Market: SAL's revenue (6.7% per year) is forecast to grow faster than the Italian market (3% per year).

High Growth Revenue: SAL's revenue (6.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SAL's Return on Equity is forecast to be low in 3 years time (8.3%).


Next Steps

Past Performance

How has Salini Impregilo performed over the past 5 years?

-63.6%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: SAL is unprofitable, and losses have increased over the past 5 years at a rate of -63.6% per year.

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

Earnings vs Industry: SAL is unprofitable, making it difficult to compare its past year earnings growth to the Construction industry (8.1%).


Return on Equity

High ROE: SAL has a negative Return on Equity (-5.55%), as it is currently unprofitable.


Return on Assets

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


Return on Capital Employed

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


Next Steps

Financial Health

How is Salini Impregilo's financial position?


Financial Position Analysis

Short Term Liabilities: SAL's short term assets (€5.9B) exceeds its short term liabilities (€4.9B)

Long Term Liabilities: SAL's short term assets (5.9B) exceeds its long term liabilities (1.9B)


Debt to Equity History and Analysis

Debt Level: SAL's debt to equity ratio (220.2%) is considered high

Reducing Debt: SAL's debt to equity ratio has increased from 118.2% to 220.2% over the past 5 years.

Debt Coverage: SAL's debt is not well covered by operating cash flow (3.6%).

Interest Coverage: Insufficient data to determine if SAL's interest payments on its debt are well covered by EBIT.


Balance Sheet

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

Debt Coverage by Assets: SAL's debt is covered by short term assets (assets are 2.650140x debt).


Next Steps

Dividend

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

13.78%

Current Dividend Yield


Dividend Yield vs Market

company13.8%marketbottom25%2.1%markettop25%4.4%industryaverage3.6%forecastin3Years2.4%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: SAL's dividend (13.78%) is higher than the bottom 25% of dividend payers in the Italian market (2.08%).

High Dividend: SAL's dividend (13.78%) is in the top 25% of dividend payers in the Italian market (4.41%)

Stable Dividend: SAL's dividend payments have been volatile in the past 10 years.

Growing Dividend: SAL's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

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


Future Payout to Shareholders

Future Dividend Coverage: SAL's dividends in 3 years are forecast to be well covered by earnings (24.8% payout ratio).


Next Steps

Management

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

6.2yrs

Average management tenure


CEO

Pietro Salini (61yo)

0yrs

Tenure

€8,920,733

Compensation

Dr. Pietro Salini serves as Chief Executive Officer and Managing Director at Todini Costruzioni Generali S.p.A. Dr. Salini serves as Chief Executive Officer and Managing Director at Salini Costruttori S.p. ...


CEO Compensation Analysis

Compensation vs. Market: Pietro's total compensation ($USD0.00) is too low to compare against companies of similar size in the Italian market ($USD0.00).

Compensation vs Earnings: Pietro's compensation has increased whilst the company is unprofitable.


Management Age and Tenure

6.2yrs

Average Tenure

58yo

Average Age

Experienced Management: SAL's management team is seasoned and experienced (6.2 years average tenure).


Board Age and Tenure

7.3yrs

Average Tenure

62yo

Average Age

Experienced Board: SAL's board of directors are considered experienced (7.3 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.


Recent Insider Transactions

Buy€814,45919 Aug 19
Salini Costruttori S.p.A.
EntityCompany
Shares468,472
Max Price€1.78
Buy€298,35028 Mar 19
Salini Costruttori S.p.A.
EntityCompany
Shares150,000
Max Price€1.99
Buy€1,522,44922 Mar 19
Salini Costruttori S.p.A.
EntityCompany
Shares761,000
Max Price€2.01
Buy€3,351,36511 Feb 19
Salini Costruttori S.p.A.
EntityCompany
Shares1,700,000
Max Price€1.99
Buy€9,375,33005 Feb 19
Salini Costruttori S.p.A.
EntityCompany
Shares4,893,351
Max Price€1.93
Buy€9,565,79930 Jan 19
Salini Costruttori S.p.A.
EntityCompany
Shares5,450,000
Max Price€1.88
Buy€8,966,83224 Jan 19
Salini Costruttori S.p.A.
EntityCompany
Shares5,400,000
Max Price€1.71
Buy€6,213,16418 Jan 19
Salini Costruttori S.p.A.
EntityCompany
Shares3,844,786
Max Price€1.66
Buy€4,177,82814 Jan 19
Salini Costruttori S.p.A.
EntityCompany
Shares2,600,000
Max Price€1.67
Buy€3,047,16308 Jan 19
Salini Costruttori S.p.A.
EntityCompany
Shares2,100,000
Max Price€1.51
Buy€4,606,18702 Jan 19
Salini Costruttori S.p.A.
EntityCompany
Shares3,551,000
Max Price€1.39
Sell€177,10029 Oct 18
Simonpietro Salini
EntityIndividual
Shares100,000
Max Price€1.77

Ownership Breakdown


Management Team

  • Fabrizio Rossini

    Head of Investor Relations

    • Tenure: 0yrs
  • Massimo Ferrari (58yo)

    General Manager of Group Finance & Corporate

    • Tenure: 6.2yrs
    • Compensation: €1.32m
  • Pietro Salini (61yo)

    CEO & Director

    • Tenure: 0yrs
    • Compensation: €8.92m
  • Claudio Lautizi

    General Manager of Global Operations

    • Tenure: 0.8yrs
    • Compensation: €1.34m
  • Michele Longo

    Group General Manager of Domestic Operations

    • Tenure: 6.2yrs
    • Compensation: €867.51k
  • Alessandro Rosa

    Director of Administration

    • Tenure: 0yrs
    • Compensation: €895.66k
  • Gian Grondona (48yo)

    Group HR

    • Tenure: 0yrs

Board Members

  • Mario Cattaneo (89yo)

    Independent Director

    • Tenure: 7.3yrs
    • Compensation: €126.01k
  • Geert Linnebank (63yo)

    Independent Director

    • Tenure: 7.3yrs
    • Compensation: €90.51k
  • Roberto Giovanni Cera (64yo)

    Director

    • Tenure: 7.3yrs
    • Compensation: €61.35k
  • Nicola Greco (70yo)

    Deputy Chairperson

    • Tenure: 1.2yrs
    • Compensation: €89.51k
  • Francesco Carbonetti (78yo)

    Member of Corporate Governance Advisory Board

    • Tenure: 0yrs
  • Pietro Salini (61yo)

    CEO & Director

    • Tenure: 0yrs
    • Compensation: €8.92m
  • Marina Brogi (52yo)

    Independent Director

    • Tenure: 7.3yrs
    • Compensation: €107.51k
  • Laudomia Pucci di Barsento (58yo)

    Independent Director

    • Tenure: 7.3yrs
    • Compensation: €77.18k
  • Giuseppina Capaldo (50yo)

    Independent Director

    • Tenure: 7.3yrs
    • Compensation: €122.47k
  • Giacinto Sarubbi (56yo)

    Chairperson of Board of Statutory Auditors

    • Tenure: 0yrs

Company Information

Salini Impregilo S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Salini Impregilo S.p.A.
  • Ticker: SAL
  • Exchange: BIT
  • Founded:
  • Industry: Construction and Engineering
  • Sector: Capital Goods
  • Market Cap: €935.588m
  • Shares outstanding: 492.46m
  • Website: https://www.salini-impregilo.com

Number of Employees


Location

  • Salini Impregilo S.p.A.
  • Via dei Missaglia 97
  • Milan
  • Milan
  • 20142
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SALRBIT (Borsa Italiana)Saving SharesITEURJan 1992
SALBIT (Borsa Italiana)YesOrdinary SharesITEURJan 1992
0BJPLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
IPGO.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
IPJ1DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
0N4OLSE (London Stock Exchange)Saving SharesGBEURJan 1992
SALMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992
SALRMBATS-CHIXE (BATS 'Chi-X Europe')Saving SharesGBEURJan 1992
IMPJ.YOTCPK (Pink Sheets LLC)ADRUSUSDOct 2008

Biography

Salini Impregilo S.p.A. engages in construction activities worldwide. It undertakes the construction of dams and hydroelectric plants, hydraulic works, railways and metro systems, airports and motorways, a ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/20 20:43
End of Day Share Price2019/10/18 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.