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ASTM

BIT:AT
Snowflake Description

Proven track record and fair value.

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

ASTM S.p.A., an industrial holding company, operates in the sectors of motorway, planning and construction, engineering, technology, and services. The last earnings update was 228 days ago. More info.


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  • ASTM has significant price volatility in the past 3 months.
AT Share Price and Events
7 Day Returns
0.4%
BIT:AT
1.4%
IT Infrastructure
2%
IT Market
1 Year Returns
13.4%
BIT:AT
-7.1%
IT Infrastructure
-7.2%
IT Market
AT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ASTM (AT) 0.4% 2.4% 43.2% 13.4% 135.2% 92.1%
IT Infrastructure 1.4% 3.9% 21.1% -7.1% 6.6% 33.3%
IT Market 2% 3.5% 11.3% -7.2% -10.7% -33.5%
1 Year Return vs Industry and Market
  • AT outperformed the Infrastructure industry which returned -7.1% over the past year.
  • AT outperformed the Market in Italy which returned -7.2% over the past year.
Price Volatility
AT
Industry
5yr Volatility vs Market

Value

 Is ASTM 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 ASTM 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    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for ASTM.

BIT:AT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 18.2%
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:AT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IT Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 9%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.98
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.985 (1 + (1- 24%) (140.86%))
1.696
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.7
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (1.696 * 9.02%)
18.23%

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

The calculations below outline how an intrinsic value for ASTM 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:AT DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 18.23%)
2019 -8.40 Analyst x1 -7.10
2020 363.20 Analyst x1 259.81
2021 416.18 Est @ 14.59% 251.79
2022 462.33 Est @ 11.09% 236.58
2023 502.30 Est @ 8.64% 217.39
2024 537.11 Est @ 6.93% 196.61
2025 567.89 Est @ 5.73% 175.82
2026 595.68 Est @ 4.89% 155.98
2027 621.32 Est @ 4.3% 137.60
2028 645.51 Est @ 3.89% 120.91
Present value of next 10 years cash flows €1,745.39
BIT:AT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €645.51 × (1 + 2.93%) ÷ (18.23% – 2.93%)
€4,342.71
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €4,342.71 ÷ (1 + 18.23%)10
€813.44
BIT:AT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,745.39 + €813.44
€2,558.82
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €2,558.82 / 92.22
€27.75
BIT:AT Discount to Share Price
Calculation Result
Value per share (EUR) From above. €27.75
Current discount Discount to share price of €23.20
= -1 x (€23.20 - €27.75) / €27.75
16.4%

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

Current Discount
Amount off the current price ASTM is available for.
Intrinsic value
16%
Share price is €23.2 vs Future cash flow value of €27.75
Current Discount Checks
For ASTM to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • ASTM's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • ASTM's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 ASTM's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ASTM's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:AT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in EUR €2.00
BIT:AT Share Price ** BIT (2019-03-18) in EUR €23.2
Italy Infrastructure Industry PE Ratio Median Figure of 9 Publicly-Listed Infrastructure Companies 22.11x
Italy Market PE Ratio Median Figure of 239 Publicly-Listed Companies 15.9x

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

** Primary Listing of ASTM.

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

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

= 23.2 ÷ 2.00

11.61x

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

  • ASTM is good value based on earnings compared to the IT Infrastructure industry average.
  • ASTM is good value based on earnings compared to the Italy market.
Price based on expected Growth
Does ASTM's expected growth come at a high price?
Raw Data
BIT:AT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.61x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
8%per year
Italy Infrastructure Industry PEG Ratio Median Figure of 5 Publicly-Listed Infrastructure Companies 2.15x
Italy Market PEG Ratio Median Figure of 159 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.61x ÷ 8%

1.44x

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

  • ASTM is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on ASTM's assets?
Raw Data
BIT:AT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in EUR €20.11
BIT:AT Share Price * BIT (2019-03-18) in EUR €23.2
Italy Infrastructure Industry PB Ratio Median Figure of 9 Publicly-Listed Infrastructure Companies 2.44x
Italy Market PB Ratio Median Figure of 312 Publicly-Listed Companies 1.58x
BIT:AT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 23.2 ÷ 20.11

1.15x

* Primary Listing of ASTM.

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

  • ASTM is good value based on assets compared to the IT Infrastructure industry average.
X
Value checks
We assess ASTM'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 Infrastructure 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 Infrastructure industry average (and greater than 0)? (1 check)
  5. ASTM has a total score of 3/6, 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 ASTM expected to perform in the next 1 to 3 years based on estimates from 2 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
8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ASTM expected to grow at an attractive rate?
  • ASTM's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • ASTM's earnings growth is positive but not above the Italy market average.
  • ASTM's revenue growth is expected to exceed the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:AT Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:AT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 8%
BIT:AT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 9.5%
Italy Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 14.6%
Italy Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 8.4%
Italy Market Earnings Growth Rate Market Cap Weighted Average 10.8%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*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:AT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (8 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:AT Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 2,319 746 234 1
2019-12-31 2,159 599 229 1
2018-12-31 2,011 589 211 1
BIT:AT Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-06-30 1,792 578 187
2018-03-31 1,739 526 168
2017-12-31 1,685 475 150
2017-09-30 1,628 460 120
2017-06-30 1,571 444 91
2017-03-31 1,496 437 93
2016-12-31 1,420 429 94
2016-09-30 1,372 417 101
2016-06-30 1,324 405 108
2016-03-31 1,335 399 108
2015-12-31 1,345 393 108
2015-09-30 1,333 388 111

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ASTM's earnings are expected to grow by 8% yearly, however this is not considered high growth (20% yearly).
  • ASTM's revenue is expected to grow by 9.5% 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:AT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (8 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from ASTM Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:AT Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 2.36 2.36 2.36 1.00
2019-12-31 2.40 2.66 2.14 2.00
2018-12-31 2.22 2.47 1.97 2.00
BIT:AT Past Financials Data
Date (Data in EUR Millions) EPS *
2018-06-30 2.00
2018-03-31 1.80
2017-12-31 1.60
2017-09-30 1.25
2017-06-30 0.92
2017-03-31 0.96
2016-12-31 1.00
2016-09-30 1.14
2016-06-30 1.31
2016-03-31 1.30
2015-12-31 1.30
2015-09-30 1.33

*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.
  • ASTM is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess ASTM'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 Italy 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.
ASTM has a total score of 2/6, 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 ASTM performed over the past 5 years?

  • ASTM's last earnings update was 228 days ago.
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 ASTM's growth in the last year to its industry (Infrastructure).
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.
  • ASTM's year on year earnings growth rate has been positive over the past 5 years.
  • ASTM's 1-year earnings growth exceeds its 5-year average (105.6% vs 7%)
  • ASTM's earnings growth has exceeded the IT Infrastructure industry average in the past year (105.6% vs 12.7%).
Earnings and Revenue History
ASTM'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 ASTM Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:AT Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 1,792.01 186.89 11.82
2018-03-31 1,738.58 168.25 11.39
2017-12-31 1,685.15 149.60 10.97
2017-09-30 1,628.02 120.26 10.54
2017-06-30 1,570.89 90.92 10.12
2017-03-31 1,495.61 92.54 9.63
2016-12-31 1,420.33 94.16 9.14
2016-09-30 1,372.39 101.27 8.89
2016-06-30 1,324.45 108.38 8.65
2016-03-31 1,334.71 108.25 8.56
2015-12-31 1,344.97 108.12 8.46
2015-09-30 1,333.17 111.23 8.69
2015-06-30 1,321.38 114.34 8.92
2015-03-31 1,309.72 107.06 9.22
2014-12-31 1,298.06 99.79 9.52
2014-09-30 1,311.21 98.84 9.51
2014-06-30 1,324.36 97.90 9.50
2014-03-31 1,314.90 95.14 9.71
2013-12-31 1,305.44 92.37 9.91
2013-09-30 1,245.97 113.32 9.72
2013-06-30 1,186.50 134.28 9.52
2013-03-31 1,183.86 257.32 9.19
2012-12-31 1,181.22 380.36 8.85
2012-09-30 1,251.41 353.58 9.49
2012-06-30 1,262.95 329.45 9.30
2012-03-31 1,266.56 216.54 9.05

*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.
  • ASTM has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • ASTM used its assets less efficiently than the IT Infrastructure industry average last year based on Return on Assets.
  • ASTM has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess ASTM'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 Infrastructure 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.
ASTM has a total score of 4/6, 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 ASTM'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 ASTM's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • ASTM is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • ASTM's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of ASTM'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.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.7x 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 ASTM Company Filings, last reported 8 months ago.

BIT:AT Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 2,952.31 2,981.05 1,077.13
2018-03-31 2,952.31 2,981.05 1,077.13
2017-12-31 2,866.04 2,357.29 560.85
2017-09-30 2,866.04 2,357.29 560.85
2017-06-30 2,736.06 2,531.92 602.41
2017-03-31 2,736.06 2,531.92 602.41
2016-12-31 2,743.52 2,853.91 888.85
2016-09-30 2,743.52 2,853.91 888.85
2016-06-30 2,535.45 2,894.03 825.05
2016-03-31 2,535.45 2,894.03 825.05
2015-12-31 2,440.06 2,772.97 1,176.54
2015-09-30 2,440.06 2,772.97 1,176.54
2015-06-30 2,419.69 2,876.96 1,170.71
2015-03-31 2,419.69 2,876.96 1,170.71
2014-12-31 2,380.09 2,944.93 1,299.33
2014-09-30 2,380.09 2,944.93 1,299.33
2014-06-30 2,367.45 2,820.04 1,258.64
2014-03-31 2,367.45 2,820.04 1,258.64
2013-12-31 2,413.75 2,474.60 1,015.76
2013-09-30 2,413.75 2,474.60 1,015.76
2013-06-30 2,286.91 2,374.59 1,041.79
2013-03-31 2,286.91 2,374.59 1,041.79
2012-12-31 2,343.15 2,718.84 993.36
2012-09-30 2,341.35 2,743.36 994.65
2012-06-30 2,233.17 2,655.48 1,206.35
2012-03-31 2,233.17 2,655.48 1,206.35
  • ASTM's level of debt (101%) 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 (103.8% vs 101% today).
  • Debt is not well covered by operating cash flow (19.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.9x coverage).
X
Financial health checks
We assess ASTM'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. ASTM has a total score of 3/6, 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 ASTM'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
2.02%
Current annual income from ASTM dividends. Estimated to be 2.34% next year.
If you bought €2,000 of ASTM shares you are expected to receive €40 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?
  • ASTM's pays a lower dividend yield than the bottom 25% of dividend payers in Italy (2.03%).
  • ASTM's dividend is below the markets top 25% of dividend payers in Italy (4.34%).
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:AT 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 2 Analyst Estimates (S&P Global) See Below
Italy Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 3.5%
Italy Market Average Dividend Yield Market Cap Weighted Average of 176 Stocks 4.1%
Italy Minimum Threshold Dividend Yield 10th Percentile 1.1%
Italy Bottom 25% Dividend Yield 25th Percentile 2%
Italy Top 25% Dividend Yield 75th Percentile 4.3%

Industry and Market average data is calculated daily.

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

BIT:AT Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.55 1.00
2019-12-31 0.54 2.00
2018-12-31 0.51 2.00
BIT:AT Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-03-29 0.469 2.407
2018-03-14 0.469 2.296
2017-04-06 0.450 2.351
2017-03-13 0.450 3.299
2016-04-06 0.450 4.361
2016-03-10 0.450 4.504
2015-07-31 0.400 3.542
2015-03-24 0.500 4.024
2015-03-05 0.500 3.877
2014-11-07 0.400 3.790
2014-07-30 0.400 3.891
2014-07-29 0.400 3.495
2014-03-31 0.450 3.835
2014-03-06 0.450 3.637
2013-04-29 0.450 4.516
2013-04-08 0.450 4.851
2012-08-03 0.000 0.000
2012-08-02 0.000 0.000
2012-03-14 0.410 9.018
2011-11-10 0.390 5.484
2011-03-15 0.380 4.351
2010-11-11 0.440 4.365
2010-04-28 0.500 4.930
2009-03-24 0.250 3.128
2009-03-19 0.100 2.550

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of ASTM's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (7.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.4x coverage).
X
Income/ dividend checks
We assess ASTM'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 ASTM afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ASTM has a total score of 3/6, 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 ASTM'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
Alberto Rubegni
COMPENSATION €320,070
AGE 67
TENURE AS CEO 3.5 years
CEO Bio

Mr. Alberto Rubegni has been the Chief Executive Officer of ASTM S.p.A. since September 2015 and serves as its Managing Director. Mr. Rubegni serves as Chief Executive Officer of Itinera S.p.A. He served as Managing Director of Salini Impregilo S.p.A. (alternative name, Impregilo SpA) since May 2007 until 2012 and served as Chief Executive Officer since May 2008 and served as its General Manager. Mr. Rubegni has been associated with Impregilo SpA since 20 years. He has been a Director of ASTM S.p.A. since June 10, 2013. He serves as a member of the Board of Directors at Argo Finanziaria S.p.A.; BREBEMI S.p.A.; Autostrade Lombarde S.p.A.; Tangenziale Esterna S.p.A.; Sina S.p.A; and Baglietto S.p.A., companies operating in the infrastructure, logistics and nautical industries. He has been a Director of EcoRodovias Infraestrutura e Logística S.A. since April 28, 2016. He served as a Director of Salini Impregilo SpA since July 13, 2007 until July 17, 2012. He obtained a degree in Civil Engineering (Structures division).

CEO Compensation
  • Alberto's compensation has increased by more than 20% in the past year.
  • Alberto's remuneration is higher than average for companies of similar size in Italy.
Management Team

Alberto Rubegni

TITLE
CEO, MD & Director
COMPENSATION
€320K
AGE
67
TENURE
3.5 yrs

Cristina Volpe

TITLE
Secretary
Board of Directors Tenure

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

6.9
Average Tenure
59
Average Age
  • The tenure for the ASTM board of directors is about average.
Board of Directors

Gian Gros-Pietro

TITLE
Chairman
COMPENSATION
€339K
AGE
76
TENURE
6.9 yrs

Alberto Rubegni

TITLE
CEO, MD & Director
COMPENSATION
€320K
AGE
67
TENURE
5.8 yrs

Daniela Gavio

TITLE
Deputy Chairman
COMPENSATION
€753K
AGE
60
TENURE
11.8 yrs

Marcello Gavio

TITLE
Deputy Chairman
COMPENSATION
€443K
AGE
51

Giuseppe Maria Garofano

TITLE
Independent Director
COMPENSATION
€49K
AGE
74
TENURE
11.8 yrs

Marco Fazzini

TITLE
Chairman of Board of Statutory Auditors
COMPENSATION
€54K
AGE
44

Arabella Caporello

TITLE
Director
AGE
58

Luigi Ferdinando Roth

TITLE
Independent Director
COMPENSATION
€43K
AGE
78
TENURE
8.9 yrs

Caterina Bima

TITLE
Independent Director
COMPENSATION
€47K
AGE
58
TENURE
5.8 yrs

Barbara Poggiali

TITLE
Independent Director
COMPENSATION
€43K
AGE
55
TENURE
5.8 yrs
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 (€)
X
Management checks
We assess ASTM'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. ASTM 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

Why We’re Not Impressed By ASTM S.p.A.’s (BIT:AT) 6.4% ROCE

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Is ASTM SpA's (BIT:AT) ROE Of 11% Impressive?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … That means that for every €1 worth of shareholders' equity, it generated €0.11 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

At €17.90, Is It Time To Buy ASTM SpA (BIT:AT)?

saw significant share price volatility over the past couple of months on the BIT, rising to the highs of €23.75 and falling to the lows of €17.9. … A question to answer is whether ASTM's current trading price of €17.9 reflective of the actual value of the? … Let’s take a look at ASTM’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Where ASTM SpA's (BIT:AT) Earnings Growth Stands Against Its Industry

In this commentary, I will examine ASTM SpA's (BIT:AT) latest earnings update (30 June 2018) and compare these figures against its performance over the past couple of years, as well as how the rest of the infrastructure industry performed. … Check out our latest analysis for ASTM? … AT's trailing twelve-month earnings (from 30 June 2018) of €186.89m has

Simply Wall St -

These Factors Make ASTM SpA (BIT:AT) A Great Investment

Attractive stocks have exceptional fundamentals. … In the case of ASTM SpA (BIT:AT), there's … financially-sound

Simply Wall St -

Is ASTM SpA's (BIT:AT) Balance Sheet A Threat To Its Future?

Stocks with market capitalization between $2B and $10B, such as ASTM SpA (BIT:AT) with a size of €2.01b, do not attract as much attention from the investing community as do the small-caps and large-caps. … This article will examine AT’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. … Don’t forget that this is a general and concentrated examination of ASTM’s financial health, so you should conduct further analysis.

Simply Wall St -

Is It Time To Buy ASTM SpA (BIT:AT) Based Off Its PE Ratio?

The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … and want to better understand how you can grow your money by investing in ASTM SpA (BIT:AT). … ASTM SpA (BIT:AT) is trading with a trailing P/E of 12.3x, which is lower than the industry average of 21.3x.

Simply Wall St -

Should ASTM SpA (BIT:AT) Be Part Of Your Portfolio?

A large part of investment returns can be generated by dividend-paying stock given their role in compounding returns over time. … In the past 10 years ASTM SpA (BIT:AT) has returned an average of 4.00% per year to investors in the form of dividend payouts. … Does ASTM tick all the boxes of a great dividend stock?

Simply Wall St -

What Should You Know About the future of ASTM SpA's (BIT:AT)?

As analysts expect … ASTM SpA (BIT:AT) to … earnings growth of 20.14% annualised

Simply Wall St -

Does ASTM Sp.A.'s (BIT:AT) 58.89% Earnings Growth Reflect The Long-Term Trend?

Today I will assess AT's recent performance announced on 31 December 2017 and compare these figures to its historical trend and industry movements. … View our latest analysis for ASTM How Did AT's Recent Performance Stack Up Against Its Past? … Since these values are fairly short-term thinking, I have estimated an annualized five-year figure for AT's earnings, which stands at €144.29M This means on average, ASTM has been able to increasingly raise its earnings over the last few years as well.

Simply Wall St -

Company Info

Description

ASTM S.p.A., an industrial holding company, operates in the sectors of motorway, planning and construction, engineering, technology, and services. As of December 31, 2017, the company managed approximately 3,249 km of motorway network, including 1,373 km in Italy and 1,876 km internationally. It also engages in the study, planning, and management of rail and motorway works; and monitoring and control activities related to the transport infrastructures. In addition, the company is involved in the construction and maintenance of road, motorway, and railway infrastructures; and building works, as well as works for the construction of tunnels and underground railways. Additionally, the company is involved in the development of software for the management of road database; leasing fiber optics and sites for the positioning of transmission devices for companies operating in the mobile telephony sector; the outsourcing management and supply of integrated IT systems for motorway companies; planning and production of electrical, telephone, and electronic systems for motorway companies; and maintenance of road lighting systems. The company was formerly known as Autostrada Torino Milano S.p.A. and changed its name to ASTM S.p.A. in January 2013. The company was founded in 1928 and is based in Turin, Italy. ASTM S.p.A. is a subsidiary of Argo Finanziaria S.p.A.

Details
Name: ASTM S.p.A.
AT
Exchange: BIT
Founded: 1928
€2,116,391,900
92,217,512
Website: http://www.astm.it
Address: ASTM S.p.A.
Corso Regina Margherita 165,
Turin,
Turin, 10144,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT AT Common Stock Borsa Italiana IT EUR 02. Jan 1992
OTCPK ASTP.F Common Stock Pink Sheets LLC US USD 02. Jan 1992
DB TM3 Common Stock Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0K82 Common Stock London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE ATM Common Stock BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
3,780
ASTM employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/18 20:42
End of day share price update: 2019/03/18 00:00
Last estimates confirmation: 2019/02/11
Last earnings filing: 2018/08/02
Last earnings reported: 2018/06/30
Last annual earnings reported: 2017/12/31


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.