BIT:AT

Stock Analysis Report

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Executive Summary

ASTM S.p.A., an industrial holding company, operates in the sectors of motorway, planning and construction, engineering, technology, and services.


Snowflake Analysis

Adequate balance sheet average dividend payer.

Share Price & News

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


Latest Share Price and Events

Stable Share Price: AT has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-6.0%

AT

-17.5%

IT Infrastructure

-0.9%

IT Market


1 Year Return

-43.9%

AT

-47.7%

IT Infrastructure

-12.5%

IT Market

Return vs Industry: AT exceeded the Italian Infrastructure industry which returned -48.3% over the past year.

Return vs Market: AT underperformed the Italian Market which returned -12.2% over the past year.


Shareholder returns

ATIndustryMarket
7 Day-6.0%-17.5%-0.9%
30 Day-5.5%-16.2%4.2%
90 Day18.9%-2.5%16.2%
1 Year-43.9%-43.9%-47.4%-47.7%-10.3%-12.5%
3 Year16.3%10.9%-39.1%-44.0%-3.9%-12.5%
5 Year60.5%41.9%-33.3%-43.2%-7.5%-37.3%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

21.21x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: AT (€17.72) is trading above our estimate of fair value (€9.41)

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


Price To Earnings Ratio

PE vs Industry: AT is poor value based on its PE Ratio (21.2x) compared to the IT Infrastructure industry average (17.5x).

PE vs Market: AT is poor value based on its PE Ratio (21.2x) compared to the Italian market (16.2x).


Price to Earnings Growth Ratio

PEG Ratio: AT is poor value based on its PEG Ratio (1.8x)


Price to Book Ratio

PB vs Industry: AT is good value based on its PB Ratio (0.9x) compared to the IT Infrastructure industry average (1.1x).


Next Steps

Future Growth

How is ASTM forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

11.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AT's forecast earnings growth (11.7% per year) is above the savings rate (2%).

Earnings vs Market: AT's earnings (11.7% per year) are forecast to grow slower than the Italian market (24.4% per year).

High Growth Earnings: AT's earnings are forecast to grow, but not significantly.

Revenue vs Market: AT's revenue is expected to decline over the next 3 years (-2.5% per year).

High Growth Revenue: AT's revenue is forecast to decline over the next 3 years (-2.5% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AT's Return on Equity is forecast to be low in 3 years time (6.9%).


Next Steps

Past Performance

How has ASTM performed over the past 5 years?

8.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AT has high quality earnings.

Growing Profit Margin: AT's current net profit margins (3.2%) are lower than last year (8.6%).


Past Earnings Growth Analysis

Earnings Trend: AT's earnings have grown by 8% per year over the past 5 years.

Accelerating Growth: AT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: AT had negative earnings growth (-54.2%) over the past year, making it difficult to compare to the Infrastructure industry average (-14.3%).


Return on Equity

High ROE: AT's Return on Equity (5.7%) is considered low.


Next Steps

Financial Health

How is ASTM's financial position?


Financial Position Analysis

Short Term Liabilities: AT's short term assets (€2.3B) exceed its short term liabilities (€1.9B).

Long Term Liabilities: AT's short term assets (€2.3B) do not cover its long term liabilities (€2.7B).


Debt to Equity History and Analysis

Debt Level: AT's debt to equity ratio (103.4%) is considered high.

Reducing Debt: AT's debt to equity ratio has reduced from 123.6% to 103.4% over the past 5 years.

Debt Coverage: AT's debt is well covered by operating cash flow (20.6%).

Interest Coverage: AT's interest payments on its debt are well covered by EBIT (6.7x coverage).


Balance Sheet


Next Steps

Dividend

What is ASTM current dividend yield, its reliability and sustainability?

3.00%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: AT's dividend (3%) is higher than the bottom 25% of dividend payers in the Italian market (1.88%).

High Dividend: AT's dividend (3%) is low compared to the top 25% of dividend payers in the Italian market (5.25%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (18.1%), AT's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: AT's dividends in 3 years are forecast to be covered by earnings (58.8% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.4yrs

Average board tenure


CEO

Umberto Tosoni (45yo)

0.42

Tenure

Mr. Umberto Tosoni serves as Chief Executive Officer and Director at ASTM S.p.A. since February 18, 2020 and serves as its Managing Director. He is Chief Executive Officer, General Manager, Managing Direct ...


Board Members

NamePositionTenureCompensationOwnership
Umberto Tosoni
CEO, MD & Director0.42yrno datano data
Andrea Giovanni Pellegrini
Director0.42yrno datano data
Giuseppe Gatto
Independent Director4.25yrsno datano data
Barbara Poggiali
Independent Director7.08yrs€43.00kno data
Alberto Rubegni
Chairman of the Board0.42yr€320.07kno data
Caterina Bima
Independent Director7.08yrs€46.50kno data
Fabiola Mascardi
Directorno datano datano data
Paola Camagni
Chairwoman of the Board of Statutory Auditors0.17yrno datano data
Giulio Gallazzi
Directorno datano datano data
Venanzio Iacozzilli
Directorno datano datano data
Patrizia Giangualano
Director0.42yrno datano data
Franco Moscetti
Vice Chairman of the Board0.42yrno datano data

0.4yrs

Average Tenure

58yo

Average Age

Experienced Board: AT's board of directors are not considered experienced ( 0.4 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 45.4%.


Top Shareholders

Company Information

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


Key Information

  • Name: ASTM S.p.A.
  • Ticker: AT
  • Exchange: BIT
  • Founded: 1928
  • Industry: Highways and Railtracks
  • Sector: Transportation
  • Market Cap: €2.354b
  • Shares outstanding: 132.86m
  • Website: https://www.astm.it

Number of Employees


Location

  • ASTM S.p.A.
  • Corso Regina Margherita 165
  • Turin
  • Turin
  • 10144
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ATBIT (Borsa Italiana)YesCommon StockITEURJan 1992
0K82LSE (London Stock Exchange)YesCommon StockGBEURJan 1992
ASTP.FOTCPK (Pink Sheets LLC)YesCommon StockUSUSDJan 1992
ATMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURJan 1992
TM3DB (Deutsche Boerse AG)YesCommon StockDEEURJan 1992

Biography

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. operates as a subsidiary of Nuova Argo Finanziaria S.p.A. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/14 20:55
End of Day Share Price2020/07/14 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.