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Saras

BIT:SRS
Snowflake Description

Flawless balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SRS
BIT
€1B
Market Cap
  1. Home
  2. IT
  3. Energy
Company description

Saras S.p.A. engages in the oil refinery business in Italy and internationally. The last earnings update was 37 days ago. More info.


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  • Saras has significant price volatility in the past 3 months.
SRS Share Price and Events
7 Day Returns
-2.9%
BIT:SRS
1.1%
IT Oil and Gas
1.6%
IT Market
1 Year Returns
-41.1%
BIT:SRS
-2.3%
IT Oil and Gas
-4.7%
IT Market
SRS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Saras (SRS) -2.9% -11% -28.8% -41.1% -23.7% 18.5%
IT Oil and Gas 1.1% -2.7% -7.3% -2.3% -3.2% -22.8%
IT Market 1.6% -0.6% -2% -4.7% 8.3% -37.1%
1 Year Return vs Industry and Market
  • SRS underperformed the Oil and Gas industry which returned -2.3% over the past year.
  • SRS underperformed the Market in Italy which returned -4.7% over the past year.
Price Volatility
SRS
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Saras 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 Saras 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 Saras.

BIT:SRS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 13%
Perpetual Growth Rate 10-Year IT Government Bond Rate 2.9%

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 BIT:SRS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IT Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 9%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.914 (1 + (1- 24%) (36.49%))
1.112
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (1.112 * 9.02%)
12.97%

Discounted Cash Flow Calculation for BIT:SRS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Saras 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.

BIT:SRS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 12.97%)
2019 48.00 Analyst x1 42.49
2020 197.58 Analyst x4 154.82
2021 161.13 Analyst x4 111.76
2022 130.67 Analyst x3 80.23
2023 108.00 Analyst x1 58.70
2024 94.58 Est @ -12.42% 45.51
2025 87.19 Est @ -7.82% 37.13
2026 83.18 Est @ -4.59% 31.36
2027 81.24 Est @ -2.33% 27.11
2028 80.63 Est @ -0.75% 23.82
Present value of next 10 years cash flows €612.95
BIT:SRS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €80.63 × (1 + 2.93%) ÷ (12.97% – 2.93%)
€827.19
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €827.19 ÷ (1 + 12.97%)10
€244.38
BIT:SRS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €612.95 + €244.38
€857.33
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €857.33 / 936.01
€0.92
BIT:SRS Discount to Share Price
Calculation Result
Value per share (EUR) From above. €0.92
Current discount Discount to share price of €1.24
= -1 x (€1.24 - €0.92) / €0.92
-35.8%

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

  • The current share price of Saras 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 Saras's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Saras's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:SRS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.12
BIT:SRS Share Price ** BIT (2019-06-19) in EUR €1.24
Europe Oil and Gas Industry PE Ratio Median Figure of 91 Publicly-Listed Oil and Gas Companies 9.26x
Italy Market PE Ratio Median Figure of 240 Publicly-Listed Companies 15.87x

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

** Primary Listing of Saras.

BIT:SRS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 1.24 ÷ 0.12

10.23x

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

  • Saras is overvalued based on earnings compared to the Europe Oil and Gas industry average.
  • Saras is good value based on earnings compared to the Italy market.
Price based on expected Growth
Does Saras's expected growth come at a high price?
Raw Data
BIT:SRS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.23x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
-11%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 58 Publicly-Listed Oil and Gas Companies 0.88x
Italy Market PEG Ratio Median Figure of 163 Publicly-Listed Companies 1.21x

*Line of best fit is calculated by linear regression .

BIT:SRS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.23x ÷ -11%

-0.93x

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

  • Saras earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Saras's assets?
Raw Data
BIT:SRS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €1.18
BIT:SRS Share Price * BIT (2019-06-19) in EUR €1.24
Italy Oil and Gas Industry PB Ratio Median Figure of 5 Publicly-Listed Oil and Gas Companies 0.98x
Italy Market PB Ratio Median Figure of 324 Publicly-Listed Companies 1.43x
BIT:SRS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1.24 ÷ 1.18

1.06x

* Primary Listing of Saras.

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

  • Saras is overvalued based on assets compared to the IT Oil and Gas industry average.
X
Value checks
We assess Saras'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 Oil and Gas 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 Oil and Gas industry average (and greater than 0)? (1 check)
  5. Saras has a total score of 1/6, 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.

Future Performance

 How is Saras expected to perform in the next 1 to 3 years based on estimates from 9 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
-11%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Saras expected to grow at an attractive rate?
  • Saras's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Saras's earnings are expected to decrease over the next 1-3 years, this is below the Italy market average.
  • Saras's revenue growth is positive but not above the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:SRS Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:SRS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts -11%
BIT:SRS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 2.5%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 6.4%
Italy Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Italy Market Earnings Growth Rate Market Cap Weighted Average 9.2%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*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
BIT:SRS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:SRS Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 228 52
2022-12-31 10,853 268 104 2
2021-12-31 10,668 325 154 5
2020-12-31 10,482 421 299 8
2019-12-31 10,099 380 148 6
BIT:SRS Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 9,997 413 114
2018-12-31 10,331 248 140
2018-09-30 10,925 259 286
2018-06-30 9,291 390 268
2018-03-31 8,189 293 171
2017-12-31 7,667 280 241
2017-09-30 7,733 249 154
2017-06-30 7,694 115 121
2017-03-31 7,415 107 289
2016-12-31 6,827 275 196
2016-09-30 6,296 550 99
2016-06-30 6,562 377 123

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Saras's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Saras's revenue is expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).
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
BIT:SRS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Saras Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:SRS Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.06 0.06 0.06 1.00
2022-12-31 0.12 0.14 0.11 2.00
2021-12-31 0.17 0.24 0.14 6.00
2020-12-31 0.29 0.39 0.22 7.00
2019-12-31 0.17 0.26 0.12 7.00
BIT:SRS Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.12
2018-12-31 0.15
2018-09-30 0.31
2018-06-30 0.29
2018-03-31 0.18
2017-12-31 0.26
2017-09-30 0.16
2017-06-30 0.13
2017-03-31 0.31
2016-12-31 0.21
2016-09-30 0.11
2016-06-30 0.13

*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.
  • Saras is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Saras'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 Italy 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.
Saras has a total score of 0/6, 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.

Past Performance

  How has Saras 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 Saras's growth in the last year to its industry (Oil and Gas).
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.
  • Saras has delivered over 20% year on year earnings growth in the past 5 years.
  • Saras's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Saras's 1-year earnings growth is negative, it can't be compared to the Europe Oil and Gas industry average.
Earnings and Revenue History
Saras'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 Saras Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:SRS Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 9,997.48 113.84 171.06
2018-12-31 10,330.94 140.43 169.13
2018-09-30 10,925.30 285.57 164.34
2018-06-30 9,290.92 267.78 163.06
2018-03-31 8,188.63 171.24 160.61
2017-12-31 7,667.05 240.84 161.56
2017-09-30 7,732.52 153.84 163.67
2017-06-30 7,693.56 121.30 162.66
2017-03-31 7,415.38 288.65 160.63
2016-12-31 6,827.47 196.33 161.60
2016-09-30 6,295.56 98.88 163.13
2016-06-30 6,561.63 123.09 162.40
2016-03-31 7,524.39 149.27 165.84
2015-12-31 8,196.05 223.66 166.95
2015-09-30 8,855.16 141.58 156.28
2015-06-30 9,353.18 51.57 152.48
2015-03-31 9,395.00 -136.02 147.30
2014-12-31 10,168.47 -261.85 142.83
2014-09-30 10,827.31 -160.17 143.74
2014-06-30 11,256.59 -153.16 142.99
2014-03-31 11,258.09 -320.96 143.21
2013-12-31 11,171.63 -271.08 145.48
2013-09-30 11,228.02 -318.57 150.57
2013-06-30 11,488.36 -172.14 158.48
2013-03-31 11,380.35 -104.47 150.74
2012-12-31 11,823.17 -88.58 150.21
2012-09-30 11,812.39 -28.97 157.45
2012-06-30 11,446.79 -141.05 152.25

*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.
  • Saras has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Saras used its assets less efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • Saras's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Saras'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 Oil and Gas 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.
Saras has a total score of 1/6, 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.

Health

 How is Saras'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 Saras's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Saras is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Saras's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Saras'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.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 4.5x 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 Saras Company Filings, last reported 2 months ago.

BIT:SRS Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,100.45 424.91 359.94
2018-12-31 1,104.07 335.69 281.09
2018-09-30 1,116.91 309.45 416.26
2018-06-30 1,043.51 319.44 395.11
2018-03-31 1,096.45 308.87 253.07
2017-12-31 1,072.30 387.06 423.68
2017-09-30 939.96 272.52 337.04
2017-06-30 884.89 305.70 283.12
2017-03-31 1,014.88 292.35 308.86
2016-12-31 922.73 315.92 359.67
2016-09-30 877.63 515.10 751.53
2016-06-30 855.21 697.65 856.55
2016-03-31 884.69 731.09 1,046.63
2015-12-31 884.90 745.70 860.54
2015-09-30 937.59 595.23 641.05
2015-06-30 890.60 765.69 845.38
2015-03-31 734.29 770.20 751.81
2014-12-31 659.74 656.96 716.79
2014-09-30 795.62 679.28 595.08
2014-06-30 838.63 526.10 484.31
2014-03-31 869.86 593.59 539.05
2013-12-31 921.20 547.84 539.48
2013-09-30 954.69 552.87 383.77
2013-06-30 990.48 515.66 357.51
2013-03-31 1,195.89 538.93 373.38
2012-12-31 1,196.70 551.12 345.28
2012-09-30 1,278.47 506.64 439.84
2012-06-30 1,167.38 342.89 312.30
  • Saras's level of debt (38.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (68.2% vs 38.6% today).
  • Debt is well covered by operating cash flow (97.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 12.9x coverage).
X
Financial health checks
We assess Saras'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. Saras has a total score of 6/6, 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.

Dividends

 What is Saras'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
6.43%
Current annual income from Saras dividends. Estimated to be 8.07% next year.
If you bought €2,000 of Saras shares you are expected to receive €129 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?
  • Saras's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (2.13%).
  • Saras's dividend is above the markets top 25% of dividend payers in Italy (4.51%).
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
BIT:SRS 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 9 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 58 Stocks 5.5%
Italy Market Average Dividend Yield Market Cap Weighted Average of 185 Stocks 4.2%
Italy Minimum Threshold Dividend Yield 10th Percentile 1.1%
Italy Bottom 25% Dividend Yield 25th Percentile 2.1%
Italy Top 25% Dividend Yield 75th Percentile 4.5%

Industry and Market average data is calculated daily.

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

BIT:SRS Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.00 1.00
2022-12-31 0.09 2.00
2021-12-31 0.10 8.00
2020-12-31 0.14 10.00
2019-12-31 0.08 10.00
BIT:SRS Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-27 0.080 5.465
2019-03-04 0.080 4.615
2018-04-27 0.120 6.423
2018-03-12 0.120 6.454
2017-04-24 0.100 4.986
2017-02-27 0.100 5.697
2016-04-25 0.170 11.282
2016-03-14 0.170 11.952
2010-11-12 0.000 0.000
2010-08-10 0.000 0.000
2010-08-09 0.000 0.000
2010-05-14 0.000 0.000
2010-03-26 0.000 0.000
2010-02-26 0.000 0.000

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

  • Saras has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Saras has only been paying a dividend for 3 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Saras's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Saras's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 Saras afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Saras 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.

Management

 What is the CEO of Saras'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
Dario Scaffardi
COMPENSATION €1,438,427
AGE 60
TENURE AS CEO 1.1 years
CEO Bio

Mr. Dario Scaffardi has been the Chief Executive Officer of Saras S.p.A. since May 03, 2018 and has been its General Manager since October 2006 . Mr. Scaffardi served as an Executive Vice President of Saras S.p.A. since February 27, 2013 until 2018 nd also served as its Executive Vice Chairman and General Director until 2018.. Mr. Scaffardi joined Saras S.p.A. in 1992 after having served at Medov S.p.A., Saipem S.p.A. (a member of the Eni group), Cameli & Co. S.p.A. and Indutech S.p.A. He served as Supply and Trading Director of Saras S.p.A. since 1999 responsible for all commercial activities, including third party refining contracts and the purchase, sale and transport of petroleum products. He has been Director of Saras S.p.A. since October 2006. Mr. Scaffardi graduated with a degree in naval and mechanical engineering from University of Genoa and completed postgraduate courses at Oxford, the SDA Bocconi School of Management in Milan and Columbia University in New York City.

CEO Compensation
  • Dario's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Dario's remuneration is higher than average for companies of similar size in Italy.
Management Team Tenure

Average tenure and age of the Saras management team in years:

0.7
Average Tenure
56.5
Average Age
  • The average tenure for the Saras management team is less than 2 years, this suggests a new team.
Management Team

Dario Scaffardi

TITLE
CEO, GM & Director
COMPENSATION
€1M
AGE
60
TENURE
1.1 yrs

Angelo Moratti

TITLE
Founder & Vice Chairman
COMPENSATION
€309K
AGE
55

Franco Balsamo

TITLE
Chief Financial Officer
TENURE
3.7 yrs

Francesca Pezzoli

TITLE
Head of Investor & Media Relations

Simona Berri

TITLE
General Counsel & Head of Corporate Affairs
COMPENSATION
€94K
AGE
53
TENURE
2.8 yrs

Patrizia Radice

TITLE
Chief Human Resources Officer
TENURE
0.4 yrs

Giuseppe Citterio

TITLE
Chief Oil & Energy Officer
AGE
61
TENURE
0.7 yrs

Vincenzo Greco

TITLE
Chief Security ICT & Procurement Officer
AGE
58
TENURE
0.7 yrs

Marco Schiavetti

TITLE
Chief Commercial Officer
AGE
52
TENURE
0.4 yrs

Carlo Guarrata

TITLE
Chief Industrial Operations Officer
TENURE
0.4 yrs
Board of Directors Tenure

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

10.1
Average Tenure
56
Average Age
  • The average tenure for the Saras board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Massimo Moratti

TITLE
Chairman
AGE
73
TENURE
1.1 yrs

Dario Scaffardi

TITLE
CEO, GM & Director
COMPENSATION
€1M
AGE
60
TENURE
12.7 yrs

Angelo Moratti

TITLE
Founder & Vice Chairman
COMPENSATION
€309K
AGE
55
TENURE
10.2 yrs

Gilberto Callera

TITLE
Lead Independent Director
COMPENSATION
€125K
AGE
79
TENURE
10.1 yrs

Giancarla Branda

TITLE
Chairman of Statutory Auditors
AGE
57
TENURE
3.5 yrs

Angelo Moratti

TITLE
Non-Executive Director
COMPENSATION
€249K
AGE
45

Gabriele Moratti

TITLE
Non Executive Director
COMPENSATION
€136K
AGE
40

Isabelle Harvie-Watt

TITLE
Independent Director
COMPENSATION
€80K

Laura Fidanza

TITLE
Independent Director
COMPENSATION
€80K
AGE
45

Adriana Cerretelli

TITLE
Independent Director
COMPENSATION
€80K
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 (€)
10. Sep 18 Sell Angelo Moratti S.a.p.a. Company 05. Sep 18 05. Sep 18 -47,550,000 €2.00 €-95,100,016
10. Sep 18 Sell Angelo Moratti S.a.p.a. Company 05. Sep 18 05. Sep 18 -47,550,000 €2.00 €-95,100,016
X
Management checks
We assess Saras'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. Saras 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.

News

Simply Wall St News

Did Saras S.p.A. (BIT:SRS) Use Debt To Deliver Its ROE Of 10%?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Saras: 10% = €114m ÷ €1.1b (Based on the trailing twelve months to March 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … In my book the highest quality companies have high return on equity, despite low debt.

Simply Wall St -

What Should Investors Know About Saras S.p.A.'s (BIT:SRS) Future?

(BIT:SRS) announced its earnings release on 31 March 2019, the consensus outlook from analysts appear highly confident, with earnings expected to grow by a high double-digit of 78% in the upcoming year, relative to the historical 5-year average growth rate of 49%. … To get an idea of the overall earnings growth trend for SRS, I’ve plotted out each year’s earnings expectations and inserted a line of best fit to determine an annual rate of growth from the slope of this line. … BIT:SRS Past and Future Earnings, May 27th 2019 From the current net income level of €140m and the final forecast of €179m by 2022, the annual rate of growth for SRS’s earnings is -14%.

Simply Wall St -

Saras S.p.A. (BIT:SRS): Poised For Long-Term Success?

Investors may find it useful to understand how market analysts view Saras's earnings growth trajectory over the next few years and whether the future looks brighter. … View our latest analysis for Saras Market analysts' consensus outlook for the upcoming year seems buoyant, with earnings growing by a robust 21%. … Earnings are predicted to peak in the following year, reaching €292m before decreasing in 2022 BIT:SRS Past and Future Earnings, May 12th 2019 While it is useful to be aware of the growth rate each year relative to today’s level, it may be more insightful to evaluate the rate at which the company is rising or falling on average every year.

Simply Wall St -

Is Saras S.p.A. (BIT:SRS) Expensive For A Reason? A Look At Its Intrinsic Value

by taking the expected future cash flows and discounting them to their present value. … I will use the Discounted Cash Flow (DCF) model. … If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Saras S.p.A. (BIT:SRS): What's The Analyst Consensus Outlook?

Saras S.p.A.'s (BIT:SRS) most recent earnings announcement in December 2018a … signalled … business

Simply Wall St -

Is Saras S.p.A. (BIT:SRS) An Attractive Dividend Stock?

Dividends play an important role in compounding returns in the long run and end up forming a sizeable part of investment returns. … Let's dig deeper into whether Saras should have a place in your portfolio. … Check out our latest analysis for Saras

Simply Wall St -

Could Saras S.p.A.'s (BIT:SRS) Investor Composition Influence The Stock Price?

A look at the shareholders of Saras S.p.A. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … With a market capitalization of €1.6b, Saras is a decent size, so it is probably on the radar of institutional investors.

Simply Wall St -

Saras S.p.A. (BIT:SRS) Is Employing Capital Very Effectively

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … How Do You Calculate Return On Capital Employed

Simply Wall St -

Does Saras S.p.A. (BIT:SRS) Have A Good P/E Ratio?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … How Do I Calculate A Price To Earnings Ratio … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

How Financially Strong Is Saras S.p.A. (BIT:SRS)?

(BIT:SRS) with its market cap of €1.7b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn.

Simply Wall St -

Company Info

Description

Saras S.p.A. engages in the oil refinery business in Italy and internationally. The company operates through Refining, Marketing, Generation of Power By The Combined Cycle Plant, Generation of Power By Wind Farms, and Other Activities segments. The company sells and distributes oil products, such as diesel, gasoline, diesel fuel for heating, liquefied petroleum gas, virgin naphtha, and aviation fuel in the retail and wholesale markets. It also generates and sells electricity through an integrated gasification combined cycle plant with a total installed capacity of 575 megawatts; and a wind farm with a total installed capacity of 96 megawatts. In addition, it provides environmental protection services, including environmental engineering, environmental analysis and measurement systems, analytical and laboratory services, and environmental monitoring services; and offers reinsurance products. Further, the company owns and manages depots located in Arcola and Cartagena; and a retail network of 95 service stations. The company was founded in 1962 and is headquartered in Milan, Italy.

Details
Name: Saras S.p.A.
SRS
Exchange: BIT
Founded: 1962
€1,164,396,621
936,010,146
Website: http://www.saras.it
Address: Saras S.p.A.
Via Dell'Unione, 1,
Milan,
Milan, 20122,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT SRS Common Stock Borsa Italiana IT EUR 18. May 2006
BST S7A Common Stock Boerse-Stuttgart DE EUR 18. May 2006
LSE 0O2D Common Stock London Stock Exchange GB EUR 18. May 2006
BATS-CHIXE SRSM Common Stock BATS 'Chi-X Europe' GB EUR 18. May 2006
OTCPK SAAF.Y UNSPONSORED ADR Pink Sheets LLC US USD 09. May 2011
Number of employees
Current staff
Staff numbers
1,946
Saras employees.
Industry
Oil and Gas Refining and Marketing
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 20:37
End of day share price update: 2019/06/19 00:00
Last estimates confirmation: 2019/06/17
Last earnings filing: 2019/05/13
Last earnings reported: 2019/03/31
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.