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Atlantia

BIT:ATL
Snowflake Description

Moderate growth potential second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ATL
BIT
€19B
Market Cap
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Last updated 2019/04/25 20:54
Company description

Atlantia S.p.A., through its subsidiaries, engages in the construction and operation of motorways, airports and transport infrastructure, parking areas, and intermodal systems worldwide. The last earnings update was 13 days ago. More info.

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ATL Share Price and Events
7 Day Returns
3.1%
BIT:ATL
2.3%
IT Infrastructure
-1.1%
IT Market
1 Year Returns
-13.9%
BIT:ATL
-8.9%
IT Infrastructure
-8.7%
IT Market
ATL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Atlantia (ATL) 3.1% 6% 13% -13.9% -3.2% 26%
IT Infrastructure 2.3% 3.3% 12.4% -8.9% 8.9% 36.8%
IT Market -1.1% 1.8% 8.6% -8.7% 2.6% -35.2%
1 Year Return vs Industry and Market
  • ATL underperformed the Infrastructure industry which returned -8.9% over the past year.
  • ATL underperformed the Market in Italy which returned -8.7% over the past year.
Price Volatility
ATL
Industry
5yr Volatility vs Market
Related Companies

ATL Value

 Is Atlantia 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 Atlantia 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 Atlantia.

BIT:ATL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 15 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 21%
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:ATL
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 0.99
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.991 (1 + (1- 24%) (249.59%)) 		2.254
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (2 * 9.02%) 		20.97%

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

The calculations below outline how an intrinsic value for Atlantia 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:ATL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 20.97%)
2019 3,537.03 Analyst x4 2,923.80
2020 3,148.70 Analyst x7 2,151.53
2021 3,204.70 Analyst x5 1,810.14
2022 3,511.00 Analyst x1 1,639.32
2023 3,540.21 Est @ 0.83% 1,366.37
2024 3,591.99 Est @ 1.46% 1,145.99
2025 3,660.38 Est @ 1.9% 965.34
2026 3,741.38 Est @ 2.21% 815.63
2027 3,832.27 Est @ 2.43% 690.60
2028 3,931.17 Est @ 2.58% 585.60
Present value of next 10 years cash flows €14,094.33
BIT:ATL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €3,931.17 × (1 + 2.93%) ÷ (20.97% – 2.93%) 		€22,430.78
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €22,430.78 ÷ (1 + 20.97%)10 		€3,341.37
BIT:ATL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €14,094.33 + €3,341.37 		€17,435.69
Equity Value per Share
(EUR)		 = Total value / Shares Outstanding
= €17,435.69 / 817.96 		€21.32
BIT:ATL Discount to Share Price
Calculation Result
Value per share (EUR) From above. €21.32
Current discount Discount to share price of €23.62
= -1 x (€23.62 - €21.32) / €21.32 		-10.8%

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

  • The current share price of Atlantia 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 Atlantia's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Atlantia's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:ATL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €1.00
BIT:ATL Share Price ** BIT (2019-04-25) in EUR €23.62
Italy Infrastructure Industry PE Ratio Median Figure of 9 Publicly-Listed Infrastructure Companies 22.91x
Italy Market PE Ratio Median Figure of 242 Publicly-Listed Companies 16.04x

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

** Primary Listing of Atlantia.

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

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

= 23.62 ÷ 1.00

 23.72x

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

  • Atlantia is overvalued based on earnings compared to the IT Infrastructure industry average.
  • Atlantia is overvalued based on earnings compared to the Italy market.
Price based on expected Growth
Does Atlantia's expected growth come at a high price?
Raw Data
BIT:ATL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 23.72x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts		 17%per year
Italy Infrastructure Industry PEG Ratio Median Figure of 7 Publicly-Listed Infrastructure Companies 2.15x
Italy Market PEG Ratio Median Figure of 161 Publicly-Listed Companies 1.3x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 23.72x ÷ 17%

 1.39x

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

  • Atlantia is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Atlantia's assets?
Raw Data
BIT:ATL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €10.32
BIT:ATL Share Price * BIT (2019-04-25) in EUR €23.62
Italy Infrastructure Industry PB Ratio Median Figure of 9 Publicly-Listed Infrastructure Companies 2.3x
Italy Market PB Ratio Median Figure of 317 Publicly-Listed Companies 1.5x
BIT:ATL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 23.62 ÷ 10.32

 2.29x

* Primary Listing of Atlantia.

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

  • Atlantia is good value based on assets compared to the IT Infrastructure industry average.
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Value checks
We assess Atlantia'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. Atlantia 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.

ATL Future Performance

 How is Atlantia expected to perform in the next 1 to 3 years based on estimates from 15 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
17%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Atlantia expected to grow at an attractive rate?
  • Atlantia's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Atlantia's earnings growth is expected to exceed the Italy market average.
  • Atlantia's revenue growth is expected to exceed the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:ATL Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:ATL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 17%
BIT:ATL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 10.1%
Italy Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 14.3%
Italy Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 7.3%
Italy Market Earnings Growth Rate Market Cap Weighted Average 10.5%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.4%

*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:ATL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:ATL Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 12,225 1
2022-12-31 11,619 5,208 1,884 3
2021-12-31 11,951 5,481 1,735 9
2020-12-31 11,545 5,158 1,633 14
2019-12-31 11,624 5,289 1,619 12
BIT:ATL Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 7,180 2,944 814
2018-09-30 6,305 2,502 1,042
2018-06-30 6,221 2,431 1,183
2018-03-31 6,248 2,253 1,212
2017-12-31 6,169 2,416 1,173
2017-09-30 6,433 1,174
2017-06-30 6,171 2,611 1,234
2017-03-31 6,142 2,462 1,139
2016-12-31 6,030 2,362 1,126
2016-09-30 5,951 2,338 912
2016-06-30 5,924 2,156 889
2016-03-31 5,916 2,186 978

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Atlantia's earnings are expected to grow by 17% yearly, however this is not considered high growth (20% yearly).
  • Atlantia's revenue is expected to grow by 10.1% 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:ATL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from Atlantia Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:ATL Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 2.50 2.50 2.50 1.00
2021-12-31 2.10 2.59 1.37 8.00
2020-12-31 1.94 2.46 1.28 10.00
2019-12-31 1.95 2.40 1.62 9.00
BIT:ATL Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 1.00
2018-09-30 1.35
2018-06-30 1.45
2018-03-31 1.47
2017-12-31 1.43
2017-09-30 1.43
2017-06-30 1.50
2017-03-31 1.39
2016-12-31 1.37
2016-09-30 1.11
2016-06-30 1.08
2016-03-31 1.18

*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.
  • Atlantia is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Show me more growth companies in the Infrastructure industry
X
Future performance checks
We assess Atlantia'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.
Atlantia has a total score of 3/6, 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.

ATL Past Performance

  How has Atlantia 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 Atlantia'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.
  • Atlantia's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Atlantia's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Atlantia's 1-year earnings growth is negative, it can't be compared to the IT Infrastructure industry average.
Earnings and Revenue History
Atlantia'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 Atlantia Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:ATL Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 7,179.89 814.45
2018-09-30 6,304.81 1,042.03
2018-06-30 6,221.02 1,182.78
2018-03-31 6,247.81 1,212.03
2017-12-31 6,168.74 1,173.03
2017-09-30 6,432.76 1,174.34 -24.26
2017-06-30 6,171.47 1,234.24
2017-03-31 6,141.76 1,139.34 -24.26
2016-12-31 6,029.76 1,126.34
2016-09-30 5,950.98 911.54
2016-06-30 5,924.35 888.51
2016-03-31 5,915.98 977.54
2015-12-31 5,864.98 845.54
2015-09-30 6,096.91 869.72
2015-06-30 5,808.44 765.98
2015-03-31 5,496.91 583.72
2014-12-31 5,471.91 675.72
2014-09-30 5,296.32 624.85
2014-06-30 5,008.32 620.85
2014-03-31 4,768.32 637.85
2013-12-31 4,579.32 624.85
2013-09-30 4,307.58 682.25
2013-06-30 4,640.92 599.05
2013-03-31 5,008.32 807.76
2012-12-31 4,945.22 818.76
2012-09-30 4,874.25 783.85
2012-06-30 4,797.86 934.91

*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.
  • Atlantia has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Atlantia used its assets less efficiently than the IT Infrastructure industry average last year based on Return on Assets.
  • Atlantia's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Atlantia'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.
Atlantia 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.

ATL Health

 How is Atlantia'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 Atlantia's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Atlantia is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Atlantia's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Atlantia'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 0.2x 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 Atlantia Company Filings, last reported 3 months ago.

BIT:ATL Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 16,331.75 48,222.38 5,312.69
2018-09-30 11,828.00 21,904.00 9,204.00
2018-06-30 11,558.87 18,142.22 4,977.55
2018-03-31 11,969.00 19,211.00 6,108.00
2017-12-31 11,762.98 18,223.67 5,821.06
2017-09-30 11,990.00 18,143.00 5,979.00
2017-06-30 9,816.24 17,470.60 3,181.05
2017-03-31 10,147.00 18,417.00 4,252.00
2016-12-31 9,923.12 18,081.19 3,595.35
2016-09-30 9,023.00 15,377.00 2,578.00
2016-06-30 8,643.29 15,241.70 2,131.64
2016-03-31 8,627.00 16,052.00 3,364.00
2015-12-31 8,482.82 15,982.83 3,206.37
2015-09-30 8,635.00 14,143.00 1,783.00
2015-06-30 8,609.62 14,266.33 1,645.11
2015-03-31 8,615.00 14,649.00 2,092.00
2014-12-31 8,263.32 15,162.28 2,311.54
2014-09-30 8,417.00 15,554.00 2,425.00
2014-06-30 8,213.84 15,455.23 1,962.37
2014-03-31 8,280.00 17,533.00 4,168.00
2013-12-31 8,209.67 18,314.74 4,761.77
2013-09-30 5,731.01 15,782.70 3,483.24
2013-06-30 5,476.08 15,719.91 2,820.89
2013-03-31 5,702.70 16,051.60 3,317.10
2012-12-31 5,526.68 15,795.82 3,208.69
2012-09-30 5,722.18 14,741.49 2,296.35
2012-06-30 4,579.45 14,037.71 756.34
  • Atlantia's level of debt (295.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (223% vs 295.3% today).
  • Debt is not well covered by operating cash flow (6.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.3x coverage).
X
Financial health checks
We assess Atlantia'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. Atlantia has a total score of 2/6, 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.

ATL Dividends

 What is Atlantia'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
3.81%
Current annual income from Atlantia dividends. Estimated to be 5.6% next year.
If you bought €2,000 of Atlantia shares you are expected to receive €76 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?
  • Atlantia's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (2.15%).
  • Atlantia's dividend is below the markets top 25% of dividend payers in Italy (4.46%).
Upcoming dividend payment

Purchase Atlantia before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:ATL 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 15 Analyst Estimates (S&P Global) See Below
Italy Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 3.6%
Italy Market Average Dividend Yield Market Cap Weighted Average of 185 Stocks 4.1%
Italy Minimum Threshold Dividend Yield 10th Percentile 1.2%
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:ATL Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.79 1.00
2022-12-31 1.56 2.00
2021-12-31 1.41 9.00
2020-12-31 1.35 16.00
2019-12-31 1.20 17.00
BIT:ATL Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-07 0.900 3.976
2018-04-09 1.300 6.195
2018-03-02 1.300 5.042
2017-05-02 0.970 3.702
2016-03-31 0.880 3.895
2016-03-04 0.880 3.652
2015-03-30 0.800 3.353
2015-03-06 0.800 3.319
2015-02-26 0.800 3.442
2014-10-20 0.746 3.698
2014-03-31 0.746 3.882
2014-03-07 0.746 4.040
2013-03-08 0.746 5.112
2012-05-18 0.711 6.059
2011-03-28 0.677 5.775
2011-03-11 0.677 4.667
2010-03-05 0.644 4.554
2010-01-04 0.644 4.171
2009-10-09 0.626 4.160

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 Atlantia's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
X
Income/ dividend checks
We assess Atlantia's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - 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 Atlantia afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Atlantia 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.

ATL Management

 What is the CEO of Atlantia'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
Giovanni Castellucci
COMPENSATION €4,255,037
AGE 59
TENURE AS CEO 12.8 years
CEO Bio

Engineer Giovanni Castellucci has been Chief Executive Officer of Atlantia S.p.A. since June 30, 2006 and is its General Manager and Executive Director. He was the Chief Operating Officer at Atlantia S.p.A. (formerly, Autostrade SpA) since June 2001. He was Managing Director of Atlantia S.p.A. Engineer Castellucci had been the Chief Executive Officer of Autostrade per l'Italia S.p.A., a subsidiary of Atlantia S.p.A. since April 2005 until 2019 and served as its Managing Director since April 2005. He served as Chief Executive Officer and General Manager of Atlantia at Autostrade per l'Italia S.p.A until 2019. He served as the General Manager of Autostrade Group since June 2001. From 1988 to 1999, he worked with Boston Consulting Group (BCG), where he initially served as Consultant, Case Leader and Manager in the Paris branch until 1991 and then in Milan since 1991. Subsequently, he became a Partner and Head of Italian for the Consumer Goods, Services sectors and Pharma Practices at BCG. He served as Managing Director of Atlantia S.p.A. He served as Chief Executive Officer of Barilla Group since January 2000 and its Managing Director until February 2001. He served as a Director of Autostrada Del Brennero SpA. He serves as a Director of Aeroporti di Roma SpA. He served as a Director of Autostrade per l'Italia S.p.A until 2019. He is a Director of Abertis Infraestructuras, S.A. since December 10, 2018. He served as a Director at Aeroporti di Roma SpA from March 11, 2008 to March 11, 2009. Engineer Castellucci graduated in Mechanical Engineering in 1984 at the Florence University and obtained a Master in Business Administration from Bocconi University in Milan in 1987.

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

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

5.3
Average Tenure
54
Average Age
  • The average tenure for the Atlantia management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Fabio Cerchiai

TITLE
Chairman of the Board
COMPENSATION
€1M
AGE
74

Giovanni Castellucci

TITLE
CEO, GM & Executive Director
COMPENSATION
€4M
AGE
59
TENURE
12.8 yrs

Giancarlo Guenzi

TITLE
CFO & Manager
AGE
63
TENURE
11.4 yrs

Massimo Sonego

TITLE
Head of Corporate Finance & Investor Relations and Executive VP
AGE
45

Michelangelo Damasco

TITLE
Executive VP & General Counsel
AGE
55
TENURE
4.3 yrs

Guglielmo Bove

TITLE
Head of Group Compliance & Security and Executive VP
AGE
54
TENURE
2.4 yrs

Francesco Delzio

TITLE
Head of External Relations
AGE
44

Monica Cacciapuoti

TITLE
Chief Human Resources Officer
AGE
50
TENURE
6.3 yrs

Gennarino Tozzi

TITLE
Head of Group Infrastructure Development & Executive VP

Marco Pace

TITLE
Chief Group Control & Risk Management Officer
AGE
50
TENURE
4.2 yrs
Board of Directors

Giovanni Castellucci

TITLE
CEO, GM & Executive Director
COMPENSATION
€4M
AGE
59

Corrado Gatti

TITLE
Chairman of the Board of Statutory Auditors
COMPENSATION
€82K

Fabio Cerchiai

TITLE
Chairman of the Board
COMPENSATION
€1M
AGE
74
TENURE
9 yrs

Carla Angela

TITLE
Independent Non-Executive Director
COMPENSATION
€85K

Gianni Coda

TITLE
Independent Non-Executive Director
COMPENSATION
€85K
AGE
72

Giuliano Mari

TITLE
Independent Non-Executive Director
COMPENSATION
€136K

Carlo Bertazzo

TITLE
Non-Executive Director
COMPENSATION
€85K
AGE
53

Bernardo Bertoldi

TITLE
Independent Non-Executive Director
COMPENSATION
€86K

Massimo Lapucci

TITLE
Independent Non-Executive Director
COMPENSATION
€85K

Lucy Marcus

TITLE
Independent Non-Executive Director
COMPENSATION
€85K
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 Atlantia'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. Atlantia 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.

ATL News

Simply Wall St News

Don't Sell Atlantia S.p.A. (BIT:ATL) Before You Read This

We'll look at Atlantia S.p.A.'s (BIT:ATL) P/E ratio and reflect on what it tells us about the company's share price. … How Do I Calculate Atlantia's Price To Earnings Ratio … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St - –

Is Atlantia S.p.A. (BIT:ATL) Investing Your Capital Efficiently?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … How Do You Calculate Return On Capital Employed

Simply Wall St - –

Some Atlantia (BIT:ATL) Shareholders Are Down 18%

In fact, the price has declined 18% in a year, falling short of the returns you could get by investing in an index fund. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … The share price fall of 18% isn't as bad as the reduction in earnings per share.

Simply Wall St - –

Is Atlantia S.p.A.'s (BIT:ATL) ROE Of 11% Impressive?

This article is for those who would like to learn about Return On Equity (ROE). … 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 - –

Will Atlantia S.p.A.'s (BIT:ATL) Earnings Grow In The Year Ahead?

Help shape the future of investing tools and you could win a $250 gift card! … analyst consensus outlook appear cautiously optimistic, … as a 31% increase in profits is expected in the upcoming year,

Simply Wall St - –

Is Atlantia S.p.A.'s (BIT:ATL) CEO Being Overpaid?

First, this article will compare CEO compensation with compensation at other large companies. … Third, we'll reflect on the total return to shareholders over three years, as a second measure of business performance. … How Does Giovanni Castellucci's Compensation Compare With Similar Sized Companies?

Simply Wall St - –

An Examination Of Atlantia S.p.A. (BIT:ATL)

(BIT:ATL) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … that has been a rockstar for income investors, currently trading at an attractive share price

Simply Wall St - –

Is It Too Late To Buy Atlantia S.p.A. (BIT:ATL) At Its December Price?

Looking at Atlantia S.p.A.’s (BIT:ATL) fundamentals some investors are wondering if its last closing price of €17.985 represents a good value for money for this high growth stock. … Let’s look into this by assessing ATL's expected growth over the next few years. … According to the analysts covering the company, the following few years should bring about good growth prospects for Atlantia

Simply Wall St - –

An Intrinsic Calculation For Atlantia SpA (BIT:ATL) Shows It's 35.36% Undervalued

by taking the foreast future cash flows of the company and discounting them back to today's value. … Discounted Cash Flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St - –

Atlantia SpA (BIT:ATL): The Return Story

and want a simplistic look at the return on Atlantia SpA (BIT:ATL) stock. … This is because the actual cash flow generated by the business dictates the potential for income (dividends) and capital appreciation (price increases), which are the two ways to achieve positive returns when buying a stock. … To understand Atlantia’s capital returns we will look at a useful metric called return on capital employed.

Simply Wall St - –

ATL Company Info

Description

Atlantia S.p.A., through its subsidiaries, engages in the construction and operation of motorways, airports and transport infrastructure, parking areas, and intermodal systems worldwide. It operates 14,000 kilometers of toll motorways in Italy and France. The company manages, maintains, constructs, and widens related motorways operated under concession; and provides support for the Italian motorway operators. It also develops, operates, and manages Rome’s Fiumicino and Ciampino airports; and operates the airports of Nice, Cannes-Mandelieu, and Saint-Tropez. In addition, the company engages in the design, project management, monitoring, and maintenance of road networks and airport infrastructures; operation of tolling systems; and provision of systems integration, hardware and software maintenance, customer, and consultancy services in the field of free-flow electronic tolling systems. Further, it produces and operates free-flow tolling systems, traffic and transport management systems, and electronic payment systems. Additionally, the company offers insurance brokerage, as well as engineering services. Atlantia S.p.A. was founded in 1950 and is headquartered in Rome, Italy.

Details
Name: Atlantia S.p.A.
ATL
Exchange: BIT
Founded: 1950
€19,320,321,537
817,964,502
Website: http://www.atlantia.it
Address: Atlantia S.p.A.
Via Bergamini 50,
Rome,
Rome, 00159,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT ATL Ordinary Shares Borsa Italiana IT EUR 22. Sep 2003
OTCPK ATAS.F Ordinary Shares Pink Sheets LLC US USD 22. Sep 2003
DB AU9 Ordinary Shares Deutsche Boerse AG DE EUR 22. Sep 2003
LSE 0I2R Ordinary Shares London Stock Exchange GB EUR 22. Sep 2003
SWX AU9 Ordinary Shares SIX Swiss Exchange CH CHF 22. Sep 2003
WBAG ATL Ordinary Shares Wiener Boerse AG AT EUR 22. Sep 2003
BMV ATL N Ordinary Shares Bolsa Mexicana de Valores MX MXN 22. Sep 2003
BATS-CHIXE ATLM Ordinary Shares BATS 'Chi-X Europe' GB EUR 22. Sep 2003
OTCPK ATAS.Y ADR Pink Sheets LLC US USD 24. Oct 2008
Number of employees
Current staff
Staff numbers
29,090
Atlantia employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 20:54
End of day share price update: 2019/04/25 00:00
Last estimates confirmation: 2019/04/23
Last earnings filing: 2019/04/12
Last earnings reported: 2018/12/31
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.

Related Companies

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