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Società Iniziative Autostradali e Servizi

BIT:SIS
Snowflake Description

Proven track record average dividend payer.

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

Società Iniziative Autostradali e Servizi S.p.A., through its subsidiaries, constructs and operates licensed motorways in Italy and internationally. The last earnings update was 230 days ago. More info.


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  • Società Iniziative Autostradali e Servizi has significant price volatility in the past 3 months.
SIS Share Price and Events
7 Day Returns
2.8%
BIT:SIS
2.5%
IT Infrastructure
3.1%
IT Market
1 Year Returns
-1.8%
BIT:SIS
-6.5%
IT Infrastructure
-5.7%
IT Market
SIS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Società Iniziative Autostradali e Servizi (SIS) 2.8% 2% 35.2% -1.8% 78.4% 73.4%
IT Infrastructure 2.5% 5.6% 22.5% -6.5% 7.5% 34.7%
IT Market 3.1% 5% 11.7% -5.7% -9.7% -31.6%
1 Year Return vs Industry and Market
  • SIS outperformed the Infrastructure industry which returned -6.5% over the past year.
  • SIS outperformed the Market in Italy which returned -5.7% over the past year.
Price Volatility
SIS
Industry
5yr Volatility vs Market

SIS Value

 Is Società Iniziative Autostradali e Servizi 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 Società Iniziative Autostradali e Servizi 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 Società Iniziative Autostradali e Servizi.

BIT:SIS 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 15.5%
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:SIS
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 0.98
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.981 (1 + (1- 24%) (81.51%))
1.394
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.39
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (1.394 * 9.02%)
15.51%

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

The calculations below outline how an intrinsic value for Società Iniziative Autostradali e Servizi 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:SIS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 15.51%)
2019 214.75 Analyst x4 185.91
2020 279.96 Analyst x5 209.82
2021 265.00 Analyst x3 171.94
2022 266.46 Est @ 0.55% 149.68
2023 269.84 Est @ 1.27% 131.22
2024 274.61 Est @ 1.77% 115.61
2025 280.42 Est @ 2.12% 102.21
2026 287.04 Est @ 2.36% 90.57
2027 294.32 Est @ 2.53% 80.40
2028 302.13 Est @ 2.65% 71.45
Present value of next 10 years cash flows €1,308.82
BIT:SIS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €302.13 × (1 + 2.93%) ÷ (15.51% – 2.93%)
€2,472.91
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €2,472.91 ÷ (1 + 15.51%)10
€584.81
BIT:SIS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,308.82 + €584.81
€1,893.62
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,893.62 / 227.54
€8.32
BIT:SIS Discount to Share Price
Calculation Result
Value per share (EUR) From above. €8.32
Current discount Discount to share price of €15.16
= -1 x (€15.16 - €8.32) / €8.32
-82.2%

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

  • The current share price of Società Iniziative Autostradali e Servizi 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 Società Iniziative Autostradali e Servizi's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Società Iniziative Autostradali e Servizi's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:SIS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in EUR €1.26
BIT:SIS Share Price ** BIT (2019-03-20) in EUR €15.16
Italy Infrastructure Industry PE Ratio Median Figure of 9 Publicly-Listed Infrastructure Companies 22.46x
Italy Market PE Ratio Median Figure of 239 Publicly-Listed Companies 16.08x

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

** Primary Listing of Società Iniziative Autostradali e Servizi.

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

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

= 15.16 ÷ 1.26

12.03x

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

  • Società Iniziative Autostradali e Servizi is good value based on earnings compared to the IT Infrastructure industry average.
  • Società Iniziative Autostradali e Servizi is good value based on earnings compared to the Italy market.
Price based on expected Growth
Does Società Iniziative Autostradali e Servizi's expected growth come at a high price?
Raw Data
BIT:SIS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.03x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
4.5%per year
Italy Infrastructure Industry PEG Ratio Median Figure of 5 Publicly-Listed Infrastructure Companies 2.15x
Italy Market PEG Ratio Median Figure of 159 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.03x ÷ 4.5%

2.66x

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

  • Società Iniziative Autostradali e Servizi is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Società Iniziative Autostradali e Servizi's assets?
Raw Data
BIT:SIS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in EUR €9.39
BIT:SIS Share Price * BIT (2019-03-20) in EUR €15.16
Italy Infrastructure Industry PB Ratio Median Figure of 9 Publicly-Listed Infrastructure Companies 2.42x
Italy Market PB Ratio Median Figure of 312 Publicly-Listed Companies 1.55x
BIT:SIS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 15.16 ÷ 9.39

1.61x

* Primary Listing of Società Iniziative Autostradali e Servizi.

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

  • Società Iniziative Autostradali e Servizi is good value based on assets compared to the IT Infrastructure industry average.
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Value checks
We assess Società Iniziative Autostradali e Servizi'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. Società Iniziative Autostradali e Servizi has a total score of 3/6, 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.

SIS Future Performance

 How is Società Iniziative Autostradali e Servizi 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
4.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Società Iniziative Autostradali e Servizi expected to grow at an attractive rate?
  • Società Iniziative Autostradali e Servizi's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Società Iniziative Autostradali e Servizi's earnings growth is positive but not above the Italy market average.
  • Società Iniziative Autostradali e Servizi's revenue growth is positive but not above the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:SIS Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:SIS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 4.5%
BIT:SIS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 0.9%
Italy Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 14.4%
Italy Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 8.3%
Italy Market Earnings Growth Rate Market Cap Weighted Average 10.7%
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:SIS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (8 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:SIS Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 349
2022-12-31 317
2021-12-31 1,309 689 302 1
2020-12-31 1,309 635 297 4
2019-12-31 1,289 594 275 5
2018-12-31 1,238 603 265 4
BIT:SIS Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-06-30 1,388 524 287
2018-03-31 1,377 501 262
2017-12-31 1,366 477 238
2017-09-30 1,350 472 200
2017-06-30 1,333 467 163
2017-03-31 1,319 445 161
2016-12-31 1,304 423 160
2016-09-30 1,311 414 161
2016-06-30 1,318 405 163
2016-03-31 1,327 398 162
2015-12-31 1,336 390 161
2015-09-30 1,324 381 164

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Società Iniziative Autostradali e Servizi's earnings are expected to grow by 4.5% yearly, however this is not considered high growth (20% yearly).
  • Società Iniziative Autostradali e Servizi's revenue is expected to grow by 0.9% 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:SIS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (8 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Società Iniziative Autostradali e Servizi Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:SIS Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.48 1.62 1.35 2.00
2020-12-31 1.32 1.45 1.16 6.00
2019-12-31 1.19 1.32 1.07 7.00
2018-12-31 1.16 1.33 1.07 6.00
BIT:SIS Past Financials Data
Date (Data in EUR Millions) EPS *
2018-06-30 1.26
2018-03-31 1.15
2017-12-31 1.04
2017-09-30 0.88
2017-06-30 0.71
2017-03-31 0.71
2016-12-31 0.70
2016-09-30 0.71
2016-06-30 0.72
2016-03-31 0.71
2015-12-31 0.71
2015-09-30 0.72

*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.
  • Società Iniziative Autostradali e Servizi is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Società Iniziative Autostradali e Servizi'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.
Società Iniziative Autostradali e Servizi 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.

SIS Past Performance

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

  • Società Iniziative Autostradali e Servizi's last earnings update was 230 days ago.
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 Società Iniziative Autostradali e Servizi'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.
  • Società Iniziative Autostradali e Servizi's year on year earnings growth rate has been positive over the past 5 years.
  • Società Iniziative Autostradali e Servizi's 1-year earnings growth exceeds its 5-year average (76.4% vs 13.9%)
  • Società Iniziative Autostradali e Servizi's earnings growth has exceeded the IT Infrastructure industry average in the past year (76.4% vs 12.7%).
Earnings and Revenue History
Società Iniziative Autostradali e Servizi'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 Società Iniziative Autostradali e Servizi Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:SIS Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 1,388.04 286.78 6.96
2018-03-31 1,376.99 262.27 6.55
2017-12-31 1,365.94 237.76 6.14
2017-09-30 1,349.64 200.15 6.01
2017-06-30 1,333.35 162.55 5.88
2017-03-31 1,318.50 161.17 6.18
2016-12-31 1,303.66 159.80 6.49
2016-09-30 1,310.87 161.36 6.72
2016-06-30 1,318.08 162.93 6.95
2016-03-31 1,326.93 161.81 6.71
2015-12-31 1,335.79 160.69 6.47
2015-09-30 1,323.80 163.74 6.49
2015-06-30 1,311.80 166.80 6.52
2015-03-31 1,298.96 154.97 6.79
2014-12-31 1,286.11 143.15 7.07
2014-09-30 1,298.43 142.88 6.97
2014-06-30 1,310.75 142.62 6.88
2014-03-31 1,301.13 140.69 7.15
2013-12-31 1,291.52 138.76 7.42
2013-09-30 1,228.97 123.58 7.31
2013-06-30 1,166.42 108.40 7.19
2013-03-31 1,161.45 302.28 6.87
2012-12-31 1,156.49 496.16 6.56
2012-09-30 1,227.67 503.80 -63.01
2012-06-30 1,240.56 514.63 -61.28
2012-03-31 1,244.11 333.61 -27.25

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

SIS Health

 How is Società Iniziative Autostradali e Servizi'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 Società Iniziative Autostradali e Servizi's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Società Iniziative Autostradali e Servizi is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Società Iniziative Autostradali e Servizi's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Società Iniziative Autostradali e Servizi'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.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.5x 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 Società Iniziative Autostradali e Servizi Company Filings, last reported 8 months ago.

BIT:SIS Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 2,450.76 2,811.71 1,201.28
2018-03-31 2,450.76 2,811.71 1,201.28
2017-12-31 2,333.02 2,210.70 441.28
2017-09-30 2,333.02 2,210.70 441.28
2017-06-30 2,199.46 2,346.02 472.92
2017-03-31 2,199.46 2,346.02 472.92
2016-12-31 2,155.18 2,745.73 757.51
2016-09-30 2,155.18 2,745.73 757.51
2016-06-30 2,047.56 2,846.73 738.80
2016-03-31 2,047.56 2,846.73 738.80
2015-12-31 2,015.18 2,875.73 953.99
2015-09-30 2,015.18 2,875.73 953.99
2015-06-30 1,991.87 2,977.52 1,006.95
2015-03-31 1,991.87 2,977.52 1,006.95
2014-12-31 1,940.58 3,047.97 1,098.67
2014-09-30 1,940.58 3,047.97 1,098.67
2014-06-30 1,930.37 2,919.71 1,055.06
2014-03-31 1,930.37 2,919.71 1,055.06
2013-12-31 1,976.25 2,574.48 767.20
2013-09-30 1,976.25 2,574.48 767.20
2013-06-30 1,864.31 2,486.61 736.01
2013-03-31 1,864.31 2,486.61 736.01
2012-12-31 2,011.38 2,488.99 969.04
2012-09-30 2,009.58 2,521.82 970.33
2012-06-30 2,010.36 2,387.06 1,174.35
2012-03-31 2,010.36 2,387.06 1,174.35
  • Società Iniziative Autostradali e Servizi's level of debt (114.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (133.3% vs 114.7% today).
  • Debt is not well covered by operating cash flow (18.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.2x coverage).
X
Financial health checks
We assess Società Iniziative Autostradali e Servizi'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. Società Iniziative Autostradali e Servizi has a total score of 3/6, 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.

SIS Dividends

 What is Società Iniziative Autostradali e Servizi'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
2.31%
Current annual income from Società Iniziative Autostradali e Servizi dividends. Estimated to be 3.83% next year.
If you bought €2,000 of Società Iniziative Autostradali e Servizi shares you are expected to receive €46 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?
  • Società Iniziative Autostradali e Servizi's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (1.98%).
  • Società Iniziative Autostradali e Servizi's dividend is below the markets top 25% of dividend payers in Italy (4.32%).
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:SIS 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 3.4%
Italy Market Average Dividend Yield Market Cap Weighted Average of 176 Stocks 4%
Italy Minimum Threshold Dividend Yield 10th Percentile 1.1%
Italy Bottom 25% Dividend Yield 25th Percentile 2%
Italy Top 25% Dividend Yield 75th Percentile 4.3%

Industry and Market average data is calculated daily.

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

BIT:SIS Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.85 1.00
2022-12-31 0.85 1.00
2021-12-31 0.69 3.00
2020-12-31 0.55 7.00
2019-12-31 0.50 8.00
2018-12-31 0.46 7.00
BIT:SIS Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-03-14 0.350 2.597
2017-03-13 0.320 2.669
2016-03-30 0.320 3.873
2016-03-10 0.320 3.769
2015-03-23 0.320 3.279
2015-03-05 0.320 3.109
2014-04-15 0.300 3.513
2014-03-06 0.300 3.504
2013-03-20 0.330 4.583
2013-03-13 0.330 4.542
2012-11-29 0.600 8.518
2012-08-02 0.600 9.806
2012-04-16 0.500 9.821
2011-11-10 0.320 5.614
2011-10-31 0.320 5.582
2011-04-04 0.320 4.644
2011-03-15 0.320 3.994
2010-11-11 0.280 3.785
2010-03-23 0.240 3.468
2009-03-23 0.200 3.673

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Società Iniziative Autostradali e Servizi's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (6.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.3x coverage).
X
Income/ dividend checks
We assess Società Iniziative Autostradali e Servizi's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 Società Iniziative Autostradali e Servizi afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Società Iniziative Autostradali e Servizi has a total score of 4/6, see the detailed checks below.


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

SIS 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?

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
Umberto Tosoni
COMPENSATION €428,327
AGE 43
TENURE AS CEO 0.3 years
CEO Bio

Mr. Umberto Tosoni is Chief Executive Officer, General Manager and Director of Società Iniziative Autostradali e Servizi S.p.A. since November 2018. He served as General Director of Società Iniziative Autostradali e Servizi S.p.A until 2018 and served as its General Manager since August 06, 2015. Mr. Tosoni was the Process Owner of EEMS S.p.A. from 2003 to 2004. Mr. Tosoni was an Assembly Engineer of EEMS S.p.A. from 2002 to 2003. He served as a Director of ASTM S.p.A. since October 25, 2017 until September 2018.

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

Umberto Tosoni

TITLE
Chief Executive Officer
COMPENSATION
€428K
AGE
43
TENURE
0.3 yrs

Giovanni Quaglia

TITLE
Executive Director
COMPENSATION
€129K
AGE
71

Sergio Prati

TITLE
Secretary of the Board
Board of Directors Tenure

Average tenure and age of the Società Iniziative Autostradali e Servizi board of directors in years:

3.4
Average Tenure
53.5
Average Age
  • The tenure for the Società Iniziative Autostradali e Servizi board of directors is about average.
Board of Directors

Paolo Pierantoni

TITLE
Chairman
COMPENSATION
€897K
AGE
62
TENURE
0.3 yrs

Umberto Tosoni

TITLE
Chief Executive Officer
COMPENSATION
€428K
AGE
43
TENURE
0.3 yrs

Stefania Bariatti

TITLE
Deputy Chairman
COMPENSATION
€292K
AGE
62

Franco Moscetti

TITLE
Deputy Chairman
AGE
67
TENURE
0.3 yrs

Giovanni Quaglia

TITLE
Executive Director
COMPENSATION
€129K
AGE
71
TENURE
6.1 yrs

Andrea Giovanni Pellegrini

TITLE
Director
COMPENSATION
€52K
AGE
54
TENURE
4.9 yrs

Bruno Elvira

TITLE
Chairman of the Statutory Auditor
AGE
49

Stefano Caselli

TITLE
Director
COMPENSATION
€48K
AGE
49
TENURE
7.9 yrs

Antonio Segni

TITLE
Independent Director
COMPENSATION
€51K
AGE
53
TENURE
4.9 yrs

Saskia Elisabeth Kunst

TITLE
Director
AGE
52
TENURE
1.8 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 Società Iniziative Autostradali e Servizi'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. Società Iniziative Autostradali e Servizi 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.

SIS News

Simply Wall St News

Società Iniziative Autostradali e Servizi S.p.A.’s (BIT:SIS) 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. … What is Return On Capital Employed (ROCE)? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

How Did Società Iniziative Autostradali e Servizi SpA's (BIT:SIS) 13% ROE Fare Against The Industry?

To keep the lesson grounded in practicality, we'll use ROE to better understand Società Iniziative Autostradali e Servizi SpA (BIT:SIS). … Società Iniziative Autostradali e Servizi has a ROE of 13%, based on the last twelve months. … Check out our latest analysis for Società Iniziative Autostradali e Servizi?

Simply Wall St -

Società Iniziative Autostradali e Servizi SpA (BIT:SIS)'s Return on Capital

and want to begin learning the link between Società Iniziative Autostradali e Servizi SpA (BIT:SIS)’s return fundamentals and stock market performance. … Purchasing Società Iniziative Autostradali e Servizi gives you an ownership stake in the company. … Therefore, looking at how efficiently Società Iniziative Autostradali e Servizi is able to use capital to create earnings will help us understand your potential return.

Simply Wall St -

An Intrinsic Calculation For Società Iniziative Autostradali e Servizi SpA (BIT:SIS) Shows It's 33.52% Undervalued

How far off is Società Iniziative Autostradali e Servizi SpA (BIT:SIS) from its intrinsic value? … by taking the foreast future cash flows of the company and discounting them back to today's value. … If you are reading this and its not August 2018 then I highly recommend you check out the latest calculation for Società Iniziative Autostradali e Servizi by following the link below

Simply Wall St -

One Factor To Consider Before Investing In Società Iniziative Autostradali e Servizi SpA (BIT:SIS)

If you are currently a shareholder in Società Iniziative Autostradali e Servizi SpA (BIT:SIS), or considering investing in the stock, you need to examine how the business generates cash, and how it is reinvested. … I will take you through Società Iniziative Autostradali e Servizi’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … I will be analysing Società Iniziative Autostradali e Servizi’s FCF by looking at its FCF yield and its operating cash flow growth.

Simply Wall St -

Should You Be Concerned About Società Iniziative Autostradali e Servizi SpA's (BIT:SIS) Shareholders?

Today, I will be analyzing Società Iniziative Autostradali e Servizi SpA’s (BIT:SIS) recent ownership structure, an important but not-so-popular subject among individual investors. … Therefore, it is beneficial for us to examine SIS's ownership structure in more detail. … View our latest analysis for Società Iniziative Autostradali e Servizi

Simply Wall St -

Does Società Iniziative Autostradali e Servizi SpA's (BIT:SIS) Recent Track Record Look Strong?

After reading Società Iniziative Autostradali e Servizi SpA's (BIT:SIS) most recent earnings announcement (31 December 2017), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … Did SIS's recent earnings growth beat the long-term trend and the industry. … SIS's trailing twelve-month earnings (from 31 December 2017) of €237.76m has

Simply Wall St -

Is It Time To Sell Società Iniziative Autostradali e Servizi SpA (BIT:SIS) Based Off Its PE Ratio?

However, a static multiple such as PE is never conclusive on its own. … This is because there are many company-specific factors like future prospects and capital structure, which are unaccounted for … This article will cover some key aspects we should consider in order to determine the best multiple to be used for

Simply Wall St -

Should Società Iniziative Autostradali e Servizi SpA (BIT:SIS) Be Part Of Your Portfolio?

Società Iniziative Autostradali e Servizi SpA (BIT:SIS) has returned to shareholders over the past 10 years, an average dividend yield of 5.00% annually. … Does Società Iniziative Autostradali e Servizi tick all the boxes of a great dividend stock? … Check out our latest analysis for Società Iniziative Autostradali e Servizi

Simply Wall St -

Does Società Iniziative Autostradali e Servizi Sp.A.'s (BIT:SIS) Past Performance Indicate A Stronger Future?

View our latest analysis for Società Iniziative Autostradali e Servizi Were SIS's earnings stronger than its past performances and the industry? … For Società Iniziative Autostradali e Servizi, its most recent earnings (trailing twelve month) is €237.76M, which, relative to last year’s level, has risen by 48.79%. … Given that these figures are somewhat myopic, I’ve computed an annualized five-year figure for Società Iniziative Autostradali e Servizi's earnings, which stands at €203.17M This means on average, Società Iniziative Autostradali e Servizi has been able to increasingly raise its bottom line over the last few years as well.

Simply Wall St -

SIS Company Info

Description

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 approximately 1,423 kilometers of network under concession; and manages approximately 2,649 kilometers of roads in Brazil. The company also operates in the lease sector of fiber optics and sites for the positioning of transmission devices for mobile telephony companies, as well as in the sector of outsourcing management and supply of integrated IT systems for motorway companies. In addition, it plans and produces electrical, telephone, and electronic systems for motorway companies; maintains road lighting systems; and constructs and manages motorway infrastructures and parking infrastructures. The company is based in Turin, Italy. Società Iniziative Autostradali e Servizi S.p.A. is a subsidiary of ASTM S.p.A.

Details
Name: Società Iniziative Autostradali e Servizi S.p.A.
SIS
Exchange: BIT
Founded:
€3,449,539,084
227,542,156
Website: http://www.grupposias.it
Address: Società Iniziative Autostradali e Servizi S.p.A.
Via Bonzanigo 22,
Turin,
Turin, 10144,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT SIS Common Stock Borsa Italiana IT EUR 11. Feb 2002
LSE 0G0W Common Stock London Stock Exchange GB EUR 11. Feb 2002
BATS-CHIXE SISM Common Stock BATS 'Chi-X Europe' GB EUR 11. Feb 2002
Number of employees
Current staff
Staff numbers
2,488
Società Iniziative Autostradali e Servizi employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/20 20:50
End of day share price update: 2019/03/20 00:00
Last estimates confirmation: 2019/03/20
Last earnings filing: 2018/08/02
Last earnings reported: 2018/06/30
Last annual earnings reported: 2017/12/31


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.