Loading...

ENAV

BIT:ENAV
Snowflake Description

Excellent balance sheet with proven track record.

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

ENAV S.p.A. provides air navigation services primarily in Italy. The last earnings update was 25 days ago. More info.


Add to Portfolio Compare Print
ENAV Share Price and Events
7 Day Returns
0.9%
BIT:ENAV
-1.4%
IT Infrastructure
0%
IT Market
1 Year Returns
8.7%
BIT:ENAV
-10.5%
IT Infrastructure
-7.9%
IT Market
ENAV Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ENAV (ENAV) 0.9% -0.2% 10.1% 8.7% - -
IT Infrastructure -1.4% 0.4% 13.7% -10.5% 8.7% 37%
IT Market 0% 1.5% 8.9% -7.9% -9.2% -34.3%
1 Year Return vs Industry and Market
  • ENAV outperformed the Infrastructure industry which returned -10.5% over the past year.
  • ENAV outperformed the Market in Italy which returned -7.9% over the past year.
Price Volatility
ENAV
Industry
5yr Volatility vs Market

ENAV Value

 Is ENAV 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 ENAV 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 ENAV.

BIT:ENAV Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.5%
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:ENAV
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))
= 0.989 (1 + (1- 24%) (13.45%))
1.06
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.06
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (1.06 * 9.02%)
12.5%

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

The calculations below outline how an intrinsic value for ENAV 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:ENAV DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 12.5%)
2019 166.80 Analyst x1 148.27
2020 119.40 Analyst x2 94.35
2021 125.90 Analyst x1 88.43
2022 135.80 Analyst x1 84.79
2023 130.99 Est @ -3.54% 72.70
2024 128.89 Est @ -1.6% 63.59
2025 128.58 Est @ -0.24% 56.39
2026 129.50 Est @ 0.71% 50.48
2027 131.28 Est @ 1.38% 45.49
2028 133.70 Est @ 1.85% 41.19
Present value of next 10 years cash flows €745.69
BIT:ENAV DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €133.70 × (1 + 2.93%) ÷ (12.5% – 2.93%)
€1,439.25
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,439.25 ÷ (1 + 12.5%)10
€443.36
BIT:ENAV Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €745.69 + €443.36
€1,189.04
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,189.04 / 541.74
€2.19
BIT:ENAV Discount to Share Price
Calculation Result
Value per share (EUR) From above. €2.19
Current discount Discount to share price of €4.83
= -1 x (€4.83 - €2.19) / €2.19
-120.2%

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

  • The current share price of ENAV 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 ENAV's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ENAV's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:ENAV PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.21
BIT:ENAV Share Price ** BIT (2019-04-18) in EUR €4.83
Italy Infrastructure Industry PE Ratio Median Figure of 9 Publicly-Listed Infrastructure Companies 22.89x
Italy Market PE Ratio Median Figure of 241 Publicly-Listed Companies 15.82x

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

** Primary Listing of ENAV.

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

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

= 4.83 ÷ 0.21

22.89x

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

  • ENAV is good value based on earnings compared to the IT Infrastructure industry average.
  • ENAV is overvalued based on earnings compared to the Italy market.
Price based on expected Growth
Does ENAV's expected growth come at a high price?
Raw Data
BIT:ENAV PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.89x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
5.4%per year
Italy Infrastructure Industry PEG Ratio Median Figure of 7 Publicly-Listed Infrastructure Companies 2.15x
Italy Market PEG Ratio Median Figure of 160 Publicly-Listed Companies 1.27x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 22.89x ÷ 5.4%

4.22x

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

  • ENAV is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on ENAV's assets?
Raw Data
BIT:ENAV PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €2.10
BIT:ENAV Share Price * BIT (2019-04-18) in EUR €4.83
Italy Infrastructure Industry PB Ratio Median Figure of 9 Publicly-Listed Infrastructure Companies 2.3x
Italy Market PB Ratio Median Figure of 315 Publicly-Listed Companies 1.54x
BIT:ENAV PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 4.83 ÷ 2.10

2.3x

* Primary Listing of ENAV.

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

  • ENAV is good value based on assets compared to the IT Infrastructure industry average.
X
Value checks
We assess ENAV'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. ENAV has a total score of 2/6, 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.

ENAV Future Performance

 How is ENAV expected to perform in the next 1 to 3 years based on estimates from 5 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
5.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ENAV expected to grow at an attractive rate?
  • ENAV's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • ENAV's earnings growth is positive but not above the Italy market average.
  • ENAV's revenue growth is positive but not above the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:ENAV Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:ENAV Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 5.4%
BIT:ENAV Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 3.3%
Italy Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 14.2%
Italy Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 7.6%
Italy Market Earnings Growth Rate Market Cap Weighted Average 10.5%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.8%

*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:ENAV Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:ENAV Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 966 144 2
2021-12-31 946 131 2
2020-12-31 934 120 5
2019-12-31 907 230 111 5
BIT:ENAV Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 848 308 114
2018-09-30 844 284 111
2018-06-30 848 250 107
2018-03-31 848 222 101
2017-12-31 849 194 101
2017-09-30 836 96
2017-06-30 827 200 81
2017-03-31 824 197 81
2016-12-31 825 225 76
2016-09-30 832 275 73
2016-06-30 830 213 73
2016-03-31 821 261 68

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ENAV's earnings are expected to grow by 5.4% yearly, however this is not considered high growth (20% yearly).
  • ENAV's revenue is expected to grow by 3.3% 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:ENAV 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 5 Analyst Estimates (S&P Global) See Below

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

BIT:ENAV Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.24 0.24 0.24 1.00
2020-12-31 0.23 0.24 0.22 4.00
2019-12-31 0.21 0.23 0.20 4.00
BIT:ENAV Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.21
2018-09-30
2018-06-30 0.20
2018-03-31
2017-12-31 0.19
2017-09-30
2017-06-30 0.15
2017-03-31
2016-12-31 0.11
2016-09-30
2016-06-30 0.08
2016-03-31 0.07

*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.
  • ENAV is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess ENAV'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.
ENAV has a total score of 1/6, 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.

ENAV Past Performance

  How has ENAV 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 ENAV'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.
  • ENAV has delivered over 20% year on year earnings growth in the past 5 years.
  • ENAV's 1-year earnings growth is less than its 5-year average (12.7% vs 21.1%)
  • ENAV's earnings growth has exceeded the IT Infrastructure industry average in the past year (12.7% vs 11.2%).
Earnings and Revenue History
ENAV'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 ENAV Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:ENAV Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 848.42 114.39 589.14
2018-09-30 843.80 110.63 601.86
2018-06-30 848.28 107.48 593.66
2018-03-31 847.98 101.29 598.01
2017-12-31 848.80 101.50 600.40
2017-09-30 836.34 95.55 607.93
2017-06-30 826.55 81.16 604.07
2017-03-31 823.99 80.97 605.80
2016-12-31 825.26 76.35 605.95
2016-09-30 831.80 73.47 608.62
2016-06-30 829.69 72.55 605.49
2016-03-31 821.22 68.14 569.17
2015-12-31 812.96 66.08 600.06
2015-09-30 830.20 79.88 503.12
2015-06-30 804.67 49.37 597.00
2015-03-31 774.56 25.95 601.46
2014-12-31 799.29 40.01 602.58
2013-12-31 804.03 49.57 588.19

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

ENAV Health

 How is ENAV'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 ENAV's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • ENAV is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • ENAV's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of ENAV'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.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.1x 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 ENAV Company Filings, last reported 3 months ago.

BIT:ENAV Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,137.56 352.18 325.31
2018-09-30 1,122.67 362.55 305.51
2018-06-30 1,057.98 364.55 181.59
2018-03-31 1,114.17 382.60 297.45
2017-12-31 1,119.96 381.13 263.33
2017-09-30 1,048.51 318.40 72.99
2017-06-30 1,048.51 318.40 72.99
2017-03-31 1,115.14 333.66 206.85
2016-12-31 1,119.83 332.35 231.01
2016-09-30 1,107.52 349.23 199.42
2016-06-30 1,060.63 355.69 118.39
2016-03-31 1,076.88 366.07 205.96
2015-12-31 1,090.55 363.61 174.14
2015-09-30
2015-06-30 1,219.31 235.40 139.41
2015-03-31 1,234.06 227.90 118.25
2014-12-31 1,234.06 227.90 118.25
2013-12-31 1,241.85 180.57 94.30
  • ENAV's level of debt (31%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (14.6% vs 31% today).
  • Debt is well covered by operating cash flow (87.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 45.7x coverage).
X
Financial health checks
We assess ENAV'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. ENAV has a total score of 5/6, 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.

ENAV Dividends

 What is ENAV'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
4.13%
Current annual income from ENAV dividends. Estimated to be 4.43% next year.
If you bought €2,000 of ENAV shares you are expected to receive €83 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?
  • ENAV's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (2.12%).
  • ENAV's dividend is below the markets top 25% of dividend payers in Italy (4.43%).
Upcoming dividend payment

Purchase ENAV 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:ENAV 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 5 Analyst Estimates (S&P Global) See Below
Italy Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 3.7%
Italy Market Average Dividend Yield Market Cap Weighted Average of 183 Stocks 4%
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 4.4%

Industry and Market average data is calculated daily.

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

BIT:ENAV Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.23 1.00
2021-12-31 0.22 2.00
2020-12-31 0.21 5.00
2019-12-31 0.21 4.00
BIT:ENAV Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-27 0.200 4.134
2019-03-11 0.200 4.159
2018-03-12 0.186 4.350
2017-04-03 0.176 4.420
2017-03-16 0.176 4.763
2016-11-10 0.000 0.000
2016-09-27 0.000 0.000
2016-07-26 0.050 1.372

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

  • Whilst dividend payments have been stable, ENAV has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but ENAV only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of ENAV'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 not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess ENAV'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 ENAV afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ENAV has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

ENAV Management

 What is the CEO of ENAV'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
Roberta Neri
COMPENSATION €367,638
TENURE AS CEO 3.8 years
CEO Bio

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 September 2010 to 2011, she served as Chief Executive Officer and Vice President of Marco Polo Engineering, for the part owned by Amber Capital. She served as chairwoman and Chief Executive Officer of Manesa S.r.l. Ms. Neri began her career in 1989 in Italsiel, where she dealt with the analysis, planning and creation of projects for the computerized management of corporate procedures. Subsequently, she worked for ACEA S.p.A. dealing with financing, budget planning, management control and strategic planning. Since August 2015, she has been chairwoman of the board of directors of Techno Sky. From November 2013 to November 2014, she served as chairwoman of the board of statutory auditors of Filas S.p.A. Finanziaria Laziale di Sviluppo. At ACEA S.p.A., she serves as Director of Tirreno Power, of Acea Ato 2 S.p.A., of Pubbliacqua S.p.A., of Aceaelectrabel S.p.A., of Aceaelectrabel Produzione S.p.A. and of Aceaelectrabel Trading. Since 2009, she has been a member of the board of directors of Manesa S.r.l., a company providing technical/financial consultancy and joint investments in regard to structured operations on behalf of financial and industrial investors. She has been a Director of Aireon LLC since August 31, 2017. Since March 27, 2015, she has been a member of the board of directors of Sorgenia S.p.A. She has been an Independent Director of Cementir Holding S.p.A. since April 19, 2017. She served as an Independent Director of Acea S.p.A., since April 23, 2015. Ms. Neri has been Director of ENAV S.p.A. since June 30, 2015. From January 2008 to May 2012, she served as a statutory auditor of E.Va. Energie Valsabbia S.p.A. From April 14, 2015 to September 1, 2015, she served as a member of the board of directors of Autostrade Meridionali S.p.A. Ms. Neri has a degree in Business Economics from Rome La Sapienza University.

CEO Compensation
  • Insufficient data for Roberta to compare compensation growth.
  • Roberta's remuneration is higher than average for companies of similar size in Italy.
Management Team

Roberta Neri

TITLE
CEO & Director
COMPENSATION
€368K
TENURE
3.8 yrs

Luca Colman

TITLE
Chief Financial Officer

Vincenzo Smorto

TITLE
Head of Technical Area

Stefano Songini

TITLE
Head of Investor Relations

Raffaella Romagnoli

TITLE
Head of Legal and Corporate Affairs

Nicoletta Tomiselli

TITLE
Head of Communication

Umberto Musetti

TITLE
Head of Human Resources

Luca Morelli

TITLE
Head of Internal Communication

Giulio Gamaleri

TITLE
Head of Brand Development

Simone Stellato

TITLE
Head of Press Office
Board of Directors Tenure

Average tenure of the ENAV board of directors in years:

3.4
Average Tenure
  • The tenure for the ENAV board of directors is about average.
Board of Directors

Nicola Maione

TITLE
Chairman of the Board
COMPENSATION
€41K
TENURE
0.4 yrs

Roberta Neri

TITLE
CEO & Director
COMPENSATION
€368K
TENURE
3.8 yrs

Franca Brusco

TITLE
Chairman of the Board of Statutory Auditors
TENURE
3 yrs

Carlo Paris

TITLE
Director

Antonio Santi

TITLE
Director
AGE
41

Maria Di Matteo

TITLE
Non-Executive Director
COMPENSATION
€50K
TENURE
3.8 yrs

Mario Vinzia

TITLE
Non Executive Director
AGE
56
TENURE
3 yrs

Giuseppe Acierno

TITLE
Director

Fabiola Mascardi

TITLE
Director

Donato Pellegrino

TITLE
Member of Board of Statutory Auditors
TENURE
3.8 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 ENAV'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. ENAV 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.

ENAV News

Simply Wall St News

ENAV S.p.A. (BIT:ENAV): A Fundamentally Attractive Investment

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … is a company with great financial health as well as a.

Simply Wall St -

How Do ENAV S.p.A.’s (BIT:ENAV) Returns Compare To Its Industry?

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

ENAV S.p.A. (BIT:ENAV): What Does The Future Look Like?

ENAV S.p.A.'s (BIT:ENAV) most recent earnings announcement in December 2018a … signalled … business

Simply Wall St -

Know This Before Buying ENAV S.p.A. (BIT:ENAV) For Its Dividend

(BIT:ENAV) has paid a dividend to shareholders in the last few years. … Does ENAV tick all the boxes of a great dividend stock? … Here's how I find good dividend stocks

Simply Wall St -

ENAV S.p.A. (BIT:ENAV) Has A ROE Of 9.9%

This article is for those who would like to learn about Return On Equity (ROE). … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.099 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

A Look At The Intrinsic Value Of ENAV S.p.A. (BIT:ENAV)

by projecting its future cash flows and then discounting them 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 -

Is ENAV S.p.A.'s (BIT:ENAV) Liquidity Good Enough?

Stocks with market capitalization between $2B and $10B, such as ENAV S.p.A. … Let’s take a look at ENAV’s debt concentration and assess their financial liquidity to get an idea of their ability to fund strategic acquisitions and grow through cyclical pressures. … Note that this information is centred entirely on financial health and is a top-level understanding, so I encourage you to look further.

Simply Wall St -

How Much Of ENAV S.p.A. (BIT:ENAV) Do Institutions Own?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that have been privatized tend to have low insider ownership. … With a market capitalization of €2.3b, ENAV is a decent size, so it is probably on the radar of institutional investors.

Simply Wall St -

Consider These Factors, Then Buy ENAV S.p.A. (BIT:ENAV)

Today I want to bring to light the market's darling - ENAV S.p.A.. … Looking at its size, financial health and track record, I believe there's an opportunity with ENAV during these volatile times. … Volatility in the market is hardly detrimental to the financial health and business operations of a large, well-established company

Simply Wall St -

ENAV S.p.A.’s (BIT:ENAV) Investment Returns Are Lagging Its Industry

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … 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 -

ENAV Company Info

Description

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.

Details
Name: ENAV S.p.A.
ENAV
Exchange: BIT
Founded:
€2,618,792,357
541,744,385
Website: http://www.enav.it
Address: ENAV S.p.A.
Via Salaria 716,
Rome,
Rome, 00138,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT ENAV Common Stock Borsa Italiana IT EUR 26. Jul 2016
OTCPK EENN.F Common Stock Pink Sheets LLC US USD 26. Jul 2016
DB ENV Common Stock Deutsche Boerse AG DE EUR 26. Jul 2016
LSE 0RIE Common Stock London Stock Exchange GB EUR 26. Jul 2016
BATS-CHIXE ENAVM Common Stock BATS 'Chi-X Europe' GB EUR 26. Jul 2016
Number of employees
Current staff
Staff numbers
4,114
ENAV employees.
Industry
Airport Services
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 21:53
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/03/27
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.