BIT:ATL

Stock Analysis Report

Executive Summary

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.

Snowflake

Good value average dividend payer.

Rewards

Trading at 9.7% below its fair value

Earnings are forecast to grow by 8.97% next year

Earnings grew by 34.8% over the past year

Risk Analysis

Interest payments are not well covered by earnings

High level of non-cash earnings

Unstable dividend track record

Current net profit margin (12%) is lower than last year (16%)



Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-1.3%

ATL

-0.5%

IT Infrastructure

0.6%

IT Market


1 Year Return

23.3%

ATL

26.9%

IT Infrastructure

19.4%

IT Market

Return vs Industry: ATL underperformed the Italian Infrastructure industry which returned 26.9% over the past year.

Return vs Market: ATL exceeded the Italian Market which returned 19.4% over the past year.


Shareholder returns

ATLIndustryMarket
7 Day-1.3%-0.5%0.6%
30 Day0.3%0.8%4.8%
90 Day-1.8%-0.8%13.6%
1 Year28.3%23.3%32.1%26.9%24.9%19.4%
3 Year28.5%12.9%52.0%34.2%43.6%23.2%
5 Year39.9%14.3%60.8%31.8%24.5%-23.7%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

9.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ATL (€22.5) is trading below our estimate of fair value (€24.91)

Significantly Below Fair Value: ATL is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: ATL is good value based on its PE Ratio (13.1x) compared to the Infrastructure industry average (17.4x).

PE vs Market: ATL is good value based on its PE Ratio (13.1x) compared to the Italian market (18.4x).


Price to Earnings Growth Ratio

PEG Ratio: ATL is poor value based on its PEG Ratio (1.9x)


Price to Book Ratio

PB vs Industry: ATL is good value based on its PB Ratio (1.2x) compared to the IT Infrastructure industry average (1.5x).


Next Steps

Future Growth

How is Atlantia forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

6.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ATL's forecast earnings growth (6.9% per year) is above the savings rate (2.9%).

Earnings vs Market: ATL's earnings (6.9% per year) are forecast to grow slower than the Italian market (8.8% per year).

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

Revenue vs Market: ATL's revenue (0.7% per year) is forecast to grow slower than the Italian market (3.1% per year).

High Growth Revenue: ATL's revenue (0.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ATL's Return on Equity is forecast to be low in 3 years time (16.5%).


Next Steps

Past Performance

How has Atlantia performed over the past 5 years?

10.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ATL has a high level of non-cash earnings.

Growing Profit Margin: ATL's current net profit margins (12%) are lower than last year (16%).


Past Earnings Growth Analysis

Earnings Trend: ATL's earnings have grown by 10.1% per year over the past 5 years.

Accelerating Growth: ATL's earnings growth over the past year (34.8%) exceeds its 5-year average (10.1% per year).

Earnings vs Industry: ATL earnings growth over the past year (34.8%) exceeded the Infrastructure industry 4.7%.


Return on Equity

High ROE: ATL's Return on Equity (13.5%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Atlantia's financial position?


Financial Position Analysis

Short Term Liabilities: ATL's short term assets (€11.6B) exceeds its short term liabilities (€10.6B)

Long Term Liabilities: ATL's short term assets (11.6B) do not cover its long term liabilities (47.8B)


Debt to Equity History and Analysis

Debt Level: ATL's debt to equity ratio (275.7%) is considered high

Reducing Debt: ATL's debt to equity ratio has increased from 184.8% to 275.7% over the past 5 years.

Debt Coverage: ATL's debt is not well covered by operating cash flow (10.7%).

Interest Coverage: ATL's interest payments on its debt are not well covered by EBIT (2.9x coverage).


Balance Sheet

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

Debt Coverage by Assets: ATL's debt is not covered by short term assets (assets are 0.3x debt).


Next Steps

Dividend

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

4.00%

Current Dividend Yield


Dividend Yield vs Market

company4.0%marketbottom25%2.0%markettop25%4.4%industryaverage3.8%forecastin3Years5.4%

Current dividend yield vs market & industry

Notable Dividend: ATL's dividend (4%) is higher than the bottom 25% of dividend payers in the Italian market (2.02%).

High Dividend: ATL's dividend (4%) is low compared to the top 25% of dividend payers in the Italian market (4.36%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (52.5%), ATL's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ATL's dividends in 3 years are forecast to be covered by earnings (72.2% payout ratio).


Next Steps

Management

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

1.6yrs

Average management tenure


CEO

Atlantia has no CEO, or we have no data on them.


Management Age and Tenure

1.6yrs

Average Tenure

51yo

Average Age

Experienced Management: ATL's management team is not considered experienced ( 1.6 years average tenure), which suggests a new team.


Board Age and Tenure

0.8yrs

Average Tenure

57yo

Average Age

Experienced Board: ATL's board of directors are not considered experienced ( 0.8 years average tenure), which suggests a new board.


Insider Trading

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


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Gennarino Tozzi

    Head of Group Infrastructure Development & Executive VP

    • Tenure: 0yrs
  • Massimo Sonego (46yo)

    Head of Corporate Finance & Investor Relations and Executive VP

    • Tenure: 0yrs
  • Guglielmo Bove (55yo)

    Head of Group Compliance & Security and Executive VP

    • Tenure: 3yrs
  • Giancarlo Guenzi (64yo)

    General Manager

    • Tenure: 0.08yrs
  • Fabio Cerchiai (75yo)

    Chairman of the Board

    • Tenure: 9.6yrs
    • Compensation: €1.34m
  • Michelangelo Damasco (56yo)

    Executive VP & General Counsel

    • Tenure: 4.8yrs
  • Monica Cacciapuoti (51yo)

    Head of Remuneration Policy & Governance

    • Tenure: 0.08yrs
  • Francesco Delzio (45yo)

    Head of External Relations

    • Tenure: 0yrs
  • Marco Pace (51yo)

    Chief Group Control & Risk Management Officer

    • Tenure: 4.8yrs
  • Peter Durante (46yo)

    Chief Human Resources and Organization Officer

    • Tenure: 0.2yrs

Board Members

  • Dario Frigerio (57yo)

    Independent Director

    • Tenure: 0.8yrs
  • Carlo Malacarne (66yo)

    Independent Director

    • Tenure: 0.8yrs
  • Carlo Bertazzo (54yo)

    Non-Executive Director

    • Tenure: 0yrs
    • Compensation: €85.00k
  • Fabio Cerchiai (75yo)

    Chairman of the Board

    • Tenure: 9.6yrs
    • Compensation: €1.34m
  • Riccardo Bruno (60yo)

    Independent Director

    • Tenure: 0.8yrs
  • Cristina De Benetti (53yo)

    Independent Director

    • Tenure: 0.8yrs
  • Corrado Gatti

    Chairman of the Board of Statutory Auditors

    • Tenure: 0yrs
    • Compensation: €82.25k
  • Gioia Ghezzi (57yo)

    Independent Director

    • Tenure: 0.8yrs
  • Anna Invernizzi

    Independent Director

    • Tenure: 0.8yrs
  • Giuseppe Guizzi

    Independent Director

    • Tenure: 0.8yrs

Company Information

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


Key Information

  • Name: Atlantia S.p.A.
  • Ticker: ATL
  • Exchange: BIT
  • Founded: 1950
  • Industry: Highways and Railtracks
  • Sector: Transportation
  • Market Cap: €18.404b
  • Shares outstanding: 817.96m
  • Website: https://www.atlantia.it

Number of Employees


Location

  • Atlantia S.p.A.
  • Via Bergamini 50
  • Rome
  • Rome
  • 159
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ATLBIT (Borsa Italiana)YesOrdinary SharesITEURSep 2003
AU9DB (Deutsche Boerse AG)YesOrdinary SharesDEEURSep 2003
0I2RLSE (London Stock Exchange)YesOrdinary SharesGBEURSep 2003
ATAS.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDSep 2003
ATLMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURSep 2003
AU9SWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFSep 2003
ATLWBAG (Wiener Boerse AG)YesOrdinary SharesATEURSep 2003
ATL NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNSep 2003
ATAS.YOTCPK (Pink Sheets LLC)ADRUSUSDOct 2008

Biography

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 ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/16 20:48
End of Day Share Price2019/11/15 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.