BIT:ENAV

Stock Analysis Report

Executive Summary

ENAV S.p.A. provides air navigation services primarily in Italy.


Snowflake Analysis

Flawless balance sheet with acceptable track record.

Share Price & News

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


Latest Share Price and Events

Stable Share Price: ENAV's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

10.5%

ENAV

-1.9%

IT Infrastructure

6.3%

IT Market


1 Year Return

-20.3%

ENAV

-39.8%

IT Infrastructure

-24.1%

IT Market

Return vs Industry: ENAV exceeded the Italian Infrastructure industry which returned -39.8% over the past year.

Return vs Market: ENAV exceeded the Italian Market which returned -24.1% over the past year.


Shareholder returns

ENAVIndustryMarket
7 Day10.5%-1.9%6.3%
30 Day-28.4%-32.7%-22.7%
90 Day-27.2%-37.8%-28.1%
1 Year-16.9%-20.3%-37.5%-39.8%-20.9%-24.1%
3 Year16.1%1.6%-29.7%-36.5%-13.2%-21.9%
5 Yearn/a-24.1%-36.7%-23.3%-49.4%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

17.71x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ENAV (€3.87) is trading above our estimate of fair value (€3.31)

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


Price To Earnings Ratio

PE vs Industry: ENAV is poor value based on its PE Ratio (17.7x) compared to the Infrastructure industry average (11.4x).

PE vs Market: ENAV is poor value based on its PE Ratio (17.7x) compared to the Italian market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: ENAV is poor value based on its PEG Ratio (3.8x)


Price to Book Ratio

PB vs Industry: ENAV is overvalued based on its PB Ratio (1.8x) compared to the IT Infrastructure industry average (0.8x).


Next Steps

Future Growth

How is ENAV forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

4.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ENAV's forecast earnings growth (4.6% per year) is above the savings rate (1.2%).

Earnings vs Market: ENAV's earnings (4.6% per year) are forecast to grow slower than the Italian market (11.2% per year).

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

Revenue vs Market: ENAV's revenue (2.4% per year) is forecast to grow faster than the Italian market (1.7% per year).

High Growth Revenue: ENAV's revenue (2.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ENAV's Return on Equity is forecast to be low in 3 years time (10.7%).


Next Steps

Past Performance

How has ENAV performed over the past 5 years?

19.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ENAV has a large one-off loss of €132.3M impacting its December 31 2019 financial results.

Growing Profit Margin: ENAV's current net profit margins (13.7%) are higher than last year (13.5%).


Past Earnings Growth Analysis

Earnings Trend: ENAV's earnings have grown by 19% per year over the past 5 years.

Accelerating Growth: ENAV's earnings growth over the past year (3.5%) is below its 5-year average (19% per year).

Earnings vs Industry: ENAV earnings growth over the past year (3.5%) exceeded the Infrastructure industry -8.9%.


Return on Equity

High ROE: ENAV's Return on Equity (10.2%) is considered low.


Next Steps

Financial Health

How is ENAV's financial position?


Financial Position Analysis

Short Term Liabilities: ENAV's short term assets (€275.4M) exceed its short term liabilities (€254.6M).

Long Term Liabilities: ENAV's short term assets (€275.4M) exceed its long term liabilities (€92.1M).


Debt to Equity History and Analysis

Debt Level: ENAV is debt free.

Reducing Debt: ENAV has no debt compared to 5 years ago when its debt to equity ratio was 18.5%.

Debt Coverage: ENAV has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: ENAV has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet

Inventory Level: ENAV has a high level of physical assets or inventory.

Debt Coverage by Assets: ENAV's debt is not covered by short term assets (assets are -2x debt).


Next Steps

Dividend

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

5.41%

Current Dividend Yield


Upcoming Dividend Payment

TodayMar 30 2020Ex Dividend DateMay 25 2020Dividend Pay DateMay 27 20202 days from Ex DividendBuy in the next 56 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: ENAV's dividend (5.41%) is higher than the bottom 25% of dividend payers in the Italian market (2.52%).

High Dividend: ENAV's dividend (5.41%) is low compared to the top 25% of dividend payers in the Italian market (5.88%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, ENAV has been paying a dividend for less than 10 years.

Growing Dividend: ENAV's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (95.8%), ENAV's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ENAV's dividends in 3 years are not forecast to be well covered by earnings (98.5% payout ratio).


Next Steps

Management

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

3.9yrs

Average board tenure


CEO

Roberta Neri (55yo)

4.67s

Tenure

€367,638

Compensation

Ms. Roberta Neri has been the Chief Executive Officer of ENAV S.p.A. since July 07, 2015. Ms. Neri worked for ACEA S.p.A. She served as Planning and Finance Director at ACEA S.p.A. until March 2009. From S ...


CEO Compensation Analysis

Compensation vs Market: Roberta's total compensation ($USD0.00) is below average for companies of similar size in the Italian market ($USD1.07M).

Compensation vs Earnings: Insufficient data to compare Roberta's compensation with company performance.


Board Members

NamePositionTenureCompensationOwnership
Roberta Neri
CEO & Director4.67yrs€367.64kno data
Maria Di Matteo
Non-Executive Director4.75yrs€49.53kno data
Nicola Maione
Chairman of the Board1.33yrs€41.08kno data
Mario Vinzia
Non Executive Director3.92yrsno datano data
Franca Brusco
Member of Board of Statutory Auditors3.92yrsno datano data
Giuseppe Acierno
Independent Directorno datano datano data
Fabiola Mascardi
Independent Directorno datano datano data
Carlo Paris
Independent Directorno datano datano data
Antonio Santi
Independent Directorno datano datano data
Dario Righetti
Chairman of the Board of Statutory Auditors0.92yrno datano data

3.9yrs

Average Tenure

55yo

Average Age

Experienced Board: ENAV's board of directors are considered experienced (3.9 years average tenure).


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.


Ownership Breakdown

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


Top Shareholders

Company Information

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


Key Information

  • Name: ENAV S.p.A.
  • Ticker: ENAV
  • Exchange: BIT
  • Founded:
  • Industry: Airport Services
  • Sector: Transportation
  • Market Cap: €2.098b
  • Shares outstanding: 541.74m
  • Website: https://www.enav.it

Number of Employees


Location

  • ENAV S.p.A.
  • Via Salaria 716
  • Rome
  • Rome
  • 138
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ENAVBIT (Borsa Italiana)YesCommon StockITEURJul 2016
ENVDB (Deutsche Boerse AG)YesCommon StockDEEURJul 2016
0RIELSE (London Stock Exchange)YesCommon StockGBEURJul 2016
ENAVMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURJul 2016
EENN.FOTCPK (Pink Sheets LLC)YesCommon StockUSUSDJul 2016

Biography

ENAV S.p.A. provides air navigation services primarily in Italy. The company operates in two segments, Flight Assistance Services and Maintenance Services. It offers air traffic control services, including air traffic handling, ATM platform, surveillance and navigation, and telecoms; airspace design; meteorology services, such as weather reports and forecasts; aeronautical information; flight inspection; engineering and maintenance; research and innovation; air traffic management training; and online services. The company also engages in the international activities, such as European aviation safety, network management, and deployment management; and the provision of business consulting services comprising aeronautical consulting and design, training, and flight calibration. In addition, it installs, maintains, and monitors various hardware and software systems; and develops and tests new technologies, as well as offers consultancy and services to international markets. The company is based in Rome, Italy. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/29 23:29
End of Day Share Price2020/03/27 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.