BIT:ENAV

Stock Analysis Report

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Executive Summary

ENAV S.p.A. provides air navigation services in Italy, rest of Europe, and internationally. More Details


Snowflake Analysis

Good value with adequate balance sheet.

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 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.6%

ENAV

-1.1%

IT Infrastructure

-0.6%

IT Market


1 Year Return

-38.7%

ENAV

-35.1%

IT Infrastructure

-16.2%

IT Market

Return vs Industry: ENAV underperformed the Italian Infrastructure industry which returned -35.1% over the past year.

Return vs Market: ENAV underperformed the Italian Market which returned -16.1% over the past year.


Shareholder returns

ENAVIndustryMarket
7 Day-0.6%-1.1%-0.6%
30 Day-5.5%1.3%0.08%
90 Day-10.5%1.5%-4.2%
1 Year-35.4%-38.7%-34.7%-35.1%-14.0%-16.2%
3 Year-10.4%-21.9%-38.6%-43.6%-13.1%-21.1%
5 Yearn/a-24.8%-36.0%-7.7%-28.8%

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?

47.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ENAV (€3.15) is trading below our estimate of fair value (€6.01)

Significantly Below Fair Value: ENAV is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: ENAV is good value based on its PE Ratio (16.3x) compared to the XE Infrastructure industry average (18.3x).

PE vs Market: ENAV is good value based on its PE Ratio (16.3x) compared to the Italian market (16.7x).


Price to Earnings Growth Ratio

PEG Ratio: ENAV is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: ENAV is overvalued based on its PB Ratio (1.6x) compared to the IT Infrastructure industry average (1.3x).


Next Steps

Future Growth

How is ENAV forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

14.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ENAV's forecast earnings growth (14% per year) is above the savings rate (2%).

Earnings vs Market: ENAV's earnings (14% per year) are forecast to grow slower than the Italian market (24.1% per year).

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

Revenue vs Market: ENAV's revenue (3.5% per year) is forecast to grow faster than the Italian market (3.3% per year).

High Growth Revenue: ENAV's revenue (3.5% 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%).


Next Steps

Past Performance

How has ENAV performed over the past 5 years?

13.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ENAV has high quality earnings.

Growing Profit Margin: ENAV's current net profit margins (12.1%) are lower than last year (13.5%).


Past Earnings Growth Analysis

Earnings Trend: ENAV's earnings have grown by 13% per year over the past 5 years.

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

Earnings vs Industry: ENAV had negative earnings growth (-13.5%) over the past year, making it difficult to compare to the Infrastructure industry average (-47.7%).


Return on Equity

High ROE: ENAV's Return on Equity (9.4%) is considered low.


Next Steps

Financial Health

How is ENAV's financial position?


Financial Position Analysis

Short Term Liabilities: ENAV's short term assets (€540.0M) exceed its short term liabilities (€353.0M).

Long Term Liabilities: ENAV's short term assets (€540.0M) do not cover its long term liabilities (€581.0M).


Debt to Equity History and Analysis

Debt Level: ENAV's debt to equity ratio (31.5%) is considered satisfactory.

Reducing Debt: ENAV's debt to equity ratio has increased from 19.4% to 31.5% over the past 5 years.

Debt Coverage: ENAV's debt is well covered by operating cash flow (49.3%).

Interest Coverage: ENAV's interest payments on its debt are well covered by EBIT (29.6x coverage).


Balance Sheet


Next Steps

Dividend

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

6.64%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ENAV's dividend (6.64%) is higher than the bottom 25% of dividend payers in the Italian market (1.58%).

High Dividend: ENAV's dividend (6.64%) is in the top 25% of dividend payers in the Italian market (5.63%)


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 4 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (108.4%), 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 (98.1% payout ratio).


Next Steps

Management

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

0.4yrs

Average board tenure


CEO

Paolo Simioni (60 yo)

no data

Tenure

Mr. Paolo Simioni serves as Chief Executive Officer and Strategic Management Officer of ENAV S.p.A. He serves as Director at Aireon LLC since July 2020. He is an Independent Director of ENAV S.p.A. since M ...


Board Members

NamePositionTenureCompensationOwnership
Paolo Simioni
CEO, Strategic Management Officer & Independent Directorno datano datano data
Pierumberto Spanò
Member of Board of Statutory Auditors1.5yrsno datano data
Franca Brusco
Member of Board of Statutory Auditors4.5yrsno datano data
Francesca Isgro
Independent Chairman of the Board0.42yrno 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 Auditors1.5yrsno datano data
Angela Bergantino
Independent Director0.42yrno datano data
Fabio Pammolli
Independent Director0.42yrno datano data
Giuseppe Lorubio
Independent Director0.42yrno datano data
Laura Cavallo
Independent Director0.42yrno datano data

0.4yrs

Average Tenure

49yo

Average Age

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


Ownership

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


Insider Trading Volume

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


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: €1.704b
  • Shares outstanding: 540.54m
  • 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 in Italy, rest of Europe, and internationally. The company operates through Air Navigation Services, Maintenance Services, and AIM Software Solutions segments. ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/24 21:15
End of Day Share Price2020/10/23 00:00
Earnings2020/06/30
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.