BIT:SIS

Stock Analysis Report

Società Iniziative Autostradali e Servizi

Executive Summary

Società Iniziative Autostradali e Servizi S.p.A., through its subsidiaries, constructs and operates licensed motorways in Italy and internationally.

Snowflake

Fundamentals

Established dividend payer with adequate balance sheet.

Share Price & News

How has Società Iniziative Autostradali e Servizi's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-0.6%

SIS

-1.4%

IT Infrastructure

0.6%

IT Market


1 Year Return

30.5%

SIS

29.4%

IT Infrastructure

15.3%

IT Market

Return vs Industry: SIS exceeded the Italian Infrastructure industry which returned 29.4% over the past year.

Return vs Market: SIS exceeded the Italian Market which returned 15.3% over the past year.


Shareholder returns

SISIndustryMarket
7 Day-0.6%-1.4%0.6%
30 Day1.4%0.003%1.0%
90 Day-10.7%-7.4%1.0%
1 Year37.3%30.5%34.8%29.4%20.6%15.3%
3 Year103.8%82.5%30.8%15.4%27.0%8.2%
5 Year141.5%101.3%64.2%34.7%21.3%-26.1%

Price Volatility Vs. Market

How volatile is Società Iniziative Autostradali e Servizi's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Società Iniziative Autostradali e Servizi undervalued compared to its fair value and its price relative to the market?

13.52x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: SIS (€15.52) is trading above our estimate of fair value (€11.42)

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


Price To Earnings Ratio

PE vs Industry: SIS is good value based on its PE Ratio (13.5x) compared to the Infrastructure industry average (17.7x).

PE vs Market: SIS is good value based on its PE Ratio (13.5x) compared to the Italian market (17.8x).


Price to Earnings Growth Ratio

PEG Ratio: SIS is poor value based on its PEG Ratio (3.6x)


Price to Book Ratio

PB vs Industry: SIS is good value based on its PB Ratio (1.6x) compared to the IT Infrastructure industry average (1.9x).


Next Steps

Future Growth

How is Società Iniziative Autostradali e Servizi forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

3.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SIS's forecast earnings growth (3.8% per year) is above the savings rate (2.9%).

Earnings vs Market: SIS's earnings (3.8% per year) are forecast to grow slower than the Italian market (8.4% per year).

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

Revenue vs Market: SIS's revenue is expected to decline over the next 3 years (-1.6% per year).

High Growth Revenue: SIS's revenue is forecast to decline over the next 3 years (-1.6% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SIS's Return on Equity is forecast to be low in 3 years time (10.8%).


Next Steps

Past Performance

How has Società Iniziative Autostradali e Servizi performed over the past 5 years?

15.2%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: SIS's earnings have grown by 15.2% per year over the past 5 years.

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

Earnings vs Industry: SIS had negative earnings growth (-8.9%) over the past year, making it difficult to compare to the Infrastructure industry average (-0.7%).


Return on Equity

High ROE: SIS's Return on Equity (11%) is considered low.


Return on Assets

ROA vs Industry: SIS has a higher Return on Assets than the Infrastructure industry average last year.


Return on Capital Employed

ROCE Improving: SIS has improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Società Iniziative Autostradali e Servizi's financial position?


Financial Position Analysis

Short Term Liabilities: SIS's short term assets (€1.4B) exceeds its short term liabilities (€720.0M)

Long Term Liabilities: SIS's short term assets (1.4B) do not cover its long term liabilities (2.7B)


Debt to Equity History and Analysis

Debt Level: SIS's debt to equity ratio (101%) is considered high

Reducing Debt: SIS's debt to equity ratio has reduced from 151.2% to 101% over the past 5 years.

Debt Coverage: SIS's debt is well covered by operating cash flow (24%).

Interest Coverage: SIS's interest payments on its debt are well covered by EBIT (6.1x coverage).


Balance Sheet

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

Debt Coverage by Assets: SIS's debt is not covered by short term assets (assets are 0.5x debt).


Next Steps

Dividend

What is Società Iniziative Autostradali e Servizi's current dividend yield, its reliability and sustainability?

4.51%

Current Dividend Yield


Dividend Yield vs Market

company4.5%marketbottom25%2.1%markettop25%4.4%industryaverage3.9%forecastin3Years4.6%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: SIS's dividend (4.51%) is higher than the bottom 25% of dividend payers in the Italian market (2.08%).

High Dividend: SIS's dividend (4.51%) is in the top 25% of dividend payers in the Italian market (4.4%)

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (46.6%), SIS's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SIS's dividends in 3 years are forecast to be covered by earnings (59.6% payout ratio).


Next Steps

Management

What is the CEO of Società Iniziative Autostradali e Servizi's salary, the management and board of directors tenure and is there insider trading?

1.7yrs

Average board tenure


CEO

Umberto Tosoni (44yo)

0.9yrs

Tenure

€428,327

Compensation

Mr. Umberto Tosoni is Chief Executive Officer, General Manager, Managing Director of Società Iniziative Autostradali e Servizi S.p.A. since November 2018 and serves its Director since November 14, 2018. Mr ...


CEO Compensation Analysis

Compensation vs. Market: Umberto's total compensation ($USD0.00) is too low to compare against companies of similar size in the Italian market ($USD0.00).

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


Board Age and Tenure

1.7yrs

Average Tenure

54.5yo

Average Age

Experienced Board: SIS's board of directors are not considered experienced ( 1.7 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.


Recent Insider Transactions

Buy€235,17015 Oct 19
Gruppo Gavio SpA
EntityCompany
Shares14,865
Max Price€15.83
Buy€453,69909 Oct 19
Gruppo Gavio SpA
EntityCompany
Shares30,000
Max Price€15.19
Buy€610,05804 Oct 19
Gruppo Gavio SpA
EntityCompany
Shares40,000
Max Price€15.34
Buy€377,52702 Oct 19
Gruppo Gavio SpA
EntityCompany
Shares24,000
Max Price€15.84
Buy€2,025,75918 Sep 19
Gruppo Gavio SpA
EntityCompany
Shares137,000
Max Price€15.28

Ownership Breakdown


Management Team

  • Umberto Tosoni (44yo)

    CEO, MD

    • Tenure: 0.9yrs
    • Compensation: €428.33k
  • Stefano Masciarelli

    Secretary

    • Tenure: 0yrs

Board Members

  • Francesco Moscetti (68yo)

    Deputy Chairman

    • Tenure: 0.9yrs
  • Andrea Giovanni Pellegrini (55yo)

    Independent Director

    • Tenure: 5.5yrs
    • Compensation: €52.00k
  • Giuseppe Maria Garofano (75yo)

    Director

    • Tenure: 0.8yrs
  • Antonio Segni (54yo)

    Independent Director

    • Tenure: 5.5yrs
    • Compensation: €51.00k
  • Stefano Caselli (50yo)

    Independent Director

    • Tenure: 8.5yrs
    • Compensation: €48.00k
  • Paolo Pierantoni (63yo)

    Chairman

    • Tenure: 0.9yrs
    • Compensation: €896.72k
  • Saskia Elisabeth Kunst (53yo)

    Independent Director

    • Tenure: 2.4yrs
  • Stefania Bariatti (63yo)

    Deputy Chairman

    • Tenure: 0yrs
    • Compensation: €292.00k
  • Umberto Tosoni (44yo)

    CEO, MD

    • Tenure: 0.9yrs
    • Compensation: €428.33k
  • Daniela Bruno (50yo)

    Chairman of the Statutory Auditor

    • Tenure: 0yrs

Company Information

Società Iniziative Autostradali e Servizi S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Società Iniziative Autostradali e Servizi S.p.A.
  • Ticker: SIS
  • Exchange: BIT
  • Founded:
  • Industry: Highways and Railtracks
  • Sector: Transportation
  • Market Cap: €3.531b
  • Shares outstanding: 227.54m
  • Website: https://www.grupposias.it

Number of Employees


Location

  • Società Iniziative Autostradali e Servizi S.p.A.
  • Via Bonzanigo 22
  • Turin
  • Turin
  • 10144
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SISBIT (Borsa Italiana)YesCommon StockITEURFeb 2002
0G0WLSE (London Stock Exchange)YesCommon StockGBEURFeb 2002
SISMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURFeb 2002

Biography

Società Iniziative Autostradali e Servizi S.p.A., through its subsidiaries, constructs and operates licensed motorways in Italy and internationally. It operates toll roads in the north-west of Italy with a ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/23 20:42
End of Day Share Price2019/10/23 00:00
Earnings2019/06/30
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.