Executive Summary
A2A S.p.A. engages in the production, sale, and distribution of gas and electricity, and district heating in Italy.
Snowflake
Fundamentals
Adequate balance sheet with acceptable track record.
Similar Companies
Share Price & News
How has A2A's share price performed over time and what events caused price changes?
Latest Share Price and Events
Market Performance
7 Day Return
0.2%
A2A
1.3%
IT Integrated Utilities
2.1%
IT Market
1 Year Return
16.3%
A2A
15.2%
IT Integrated Utilities
11.7%
IT Market
Return vs Industry: A2A matched the Italian Integrated Utilities industry which returned 15.2% over the past year.
Return vs Market: A2A exceeded the Italian Market which returned 11.7% over the past year.
Shareholder returns
| A2A | Industry | Market | |
|---|---|---|---|
| 7 Day | 0.2% | 1.3% | 2.1% |
| 30 Day | 4.9% | 3.1% | 1.5% |
| 90 Day | 5.0% | 3.6% | 1.9% |
| 1 Year | 21.8%16.3% | 21.1%15.2% | 16.6%11.7% |
| 3 Year | 47.7%31.2% | 23.5%4.2% | 26.6%9.2% |
| 5 Year | 168.1%122.6% | 15.3%-11.4% | 21.6%-26.3% |
Price Volatility Vs. Market
How volatile is A2A's share price compared to the market and industry in the last 5 years?
Simply Wall St News
6 months ago | Simply Wall St
A2A S.p.A. (BIT:A2A) Earns Among The Best Returns In Its Industry9 months ago | Simply Wall St
With A Return On Equity Of 11%, Has A2A S.p.A.'s (BIT:A2A) Management Done Well?11 months ago | Simply Wall St
What Should You Know About A2A SpA's (BIT:A2A) Capital Returns?Valuation
Is A2A undervalued compared to its fair value and its price relative to the market?
23.06x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Undervalued: A2A (€1.68) is trading above our estimate of fair value (€1.6)
Significantly Undervalued: A2A is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: A2A is poor value based on its PE Ratio (23.1x) compared to the Integrated Utilities industry average (22.5x).
PE vs Market: A2A is poor value based on its PE Ratio (23.1x) compared to the Italian market (17.1x).
Price to Earnings Growth Ratio
Low PEG Ratio: A2A is poor value based on its PEG Ratio (3x)
Price to Book Ratio
PB vs Industry: A2A is good value based on its PB Ratio (1.7x) compared to the XE Integrated Utilities industry average (1.8x).
Next Steps
Future Growth
How is A2A forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
7.6%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: A2A's forecast earnings growth (7.6% per year) is above the savings rate (2.9%).
Earnings vs Market: A2A's earnings (7.6% per year) are forecast to grow slower than the Italian market (8.6% per year).
High Growth Earnings: A2A's earnings are forecast to grow, but not significantly.
Revenue vs Market: A2A's revenue (2.2% per year) is forecast to grow slower than the Italian market (3.1% per year).
High Growth Revenue: A2A's revenue (2.2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
High Future ROE: A2A's Return on Equity is forecast to be low in 3 years time (10.6%).
Next Steps
Past Performance
How has A2A performed over the past 5 years?
41.6%
Historical annual earnings growth
Earnings and Revenue History
Past Earnings Growth Analysis
Earnings Trend: A2A's earnings have grown significantly by 41.6% per year over the past 5 years.
Accelerating Growth: A2A's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: A2A had negative earnings growth (-42.1%) over the past year, making it difficult to compare to the Integrated Utilities industry average (-2.8%).
Return on Equity
High ROE: A2A's Return on Equity (7%) is considered low.
Return on Assets
ROA vs Industry: A2A has a higher Return on Assets than the Integrated Utilities industry average last year.
Return on Capital Employed
ROCE Improving: A2A has improved its Return on Capital Employed over the past 3 years.
Next Steps
Financial Health
How is A2A's financial position?
Financial Position Analysis
Short Term Liabilities: A2A's short term assets (€3.1B) exceeds its short term liabilities (€2.9B)
Long Term Liabilities: A2A's short term assets (3.1B) do not cover its long term liabilities (4.1B)
Debt to Equity History and Analysis
Debt Level: A2A's debt to equity ratio (102.3%) is considered high
Reducing Debt: A2A's debt to equity ratio has reduced from 124.3% to 102.3% over the past 5 years.
Debt Coverage: A2A's debt is well covered by operating cash flow (27.4%).
Interest Coverage: A2A's interest payments on its debt are well covered by EBIT (5.7x coverage).
Balance Sheet
Inventory Level: A2A has a high level of physical assets or inventory.
Debt Coverage by Assets: A2A's debt is not covered by short term assets (assets are 0.9x debt).
Next Steps
Dividend
What is A2A's current dividend yield, its reliability and sustainability?
4.18%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Stability and Growth of Payments
Notable Dividend: A2A's dividend (4.18%) is higher than the bottom 25% of dividend payers in the Italian market (2.07%).
High Dividend: A2A's dividend (4.18%) is low compared to the top 25% of dividend payers in the Italian market (4.44%).
Stable Dividend: A2A's dividend payments have been volatile in the past 10 years.
Growing Dividend: A2A's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (96.3%), A2A's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: A2A's dividends in 3 years are forecast to be well covered by earnings (45.3% payout ratio).
Next Steps
Management
What is the CEO of A2A's salary, the management and board of directors tenure and is there insider trading?
2.4yrs
Average board tenure
CEO
Luca Camerano (56yo)
5.3yrs
Tenure
€993,712
Compensation
Mr. Luca Valerio Camerano has been the Chief Executive Officer of A2A S.p.A. since June 2014 and its Managing Director since July 11, 2017. Mr. Camerano served as Director of Strategy and New Businesses at ...
CEO Compensation Analysis
Compensation vs. Market: Luca's total compensation ($USD0.00) is too low to compare against companies of similar size in the Italian market ($USD0.00).
Compensation vs Earnings: Luca's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
Board Age and Tenure
2.4yrs
Average Tenure
58.5yo
Average Age
Experienced Board: A2A's board of directors are not considered experienced ( 2.4 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.
Ownership Breakdown
Management Team
Luca Camerano (56yo)
CEO, GM & Director
- Tenure: 5.3yrs
- Compensation: €993.71k
Luigi Zampaglione
Secretary
- Tenure: 0yrs
Renata Bonfiglio
Investor Relations Manager
- Tenure: 0yrs
Board Members
Luca Camerano (56yo)
CEO, GM & Director
- Tenure: 5.3yrs
- Compensation: €993.71k
Enrico Corali (55yo)
Director
- Tenure: 2.4yrs
Giambattista Brivio (73yo)
Director
- Tenure: 4.3yrs
- Compensation: €69.10k
Norberto Rosini (60yo)
Director
- Tenure: 2.4yrs
- Compensation: €86.10k
Giovanni Valotti (57yo)
Chairman
- Tenure: 0yrs
- Compensation: €514.23k
Giacinto Sarubbi (56yo)
Chairman of Board of Statutory Auditors
- Tenure: 0yrs
- Compensation: €55.54k
Dina Ravera (53yo)
Director
- Tenure: 4.3yrs
- Compensation: €99.85k
Luigi De Paoli (70yo)
Director
- Tenure: 0yrs
- Compensation: €99.37k
Giovanni Comboni (62yo)
Director
- Tenure: 0yrs
- Compensation: €140.37k
Bariatti Stefania (63yo)
Vice Chairman
- Tenure: 0.8yrs
Company Information
A2A S.p.A.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: A2A S.p.A.
- Ticker: A2A
- Exchange: BIT
- Founded:
- Industry: Multi-Utilities
- Sector: Utilities
- Market Cap: €5.211b
- Shares outstanding: 3.11b
- Website: https://www.a2a.eu
Number of Employees
Location
- A2A S.p.A.
- Via Lamarmora 230
- Brescia
- Brescia
- 25124
- Italy
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| A2A | BIT (Borsa Italiana) | Yes | Ordinary Shares | IT | EUR | Jul 1998 |
| EAM | DB (Deutsche Boerse AG) | Yes | Ordinary Shares | DE | EUR | Jul 1998 |
| 0N54 | LSE (London Stock Exchange) | Yes | Ordinary Shares | GB | EUR | Jul 1998 |
| A2AM | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Ordinary Shares | GB | EUR | Jul 1998 |
| A2A | WBAG (Wiener Boerse AG) | Yes | Ordinary Shares | AT | EUR | Jul 1998 |
| AEMM.Y | OTCPK (Pink Sheets LLC) | ADR | US | USD | Jan 2009 |
Biography
A2A S.p.A. engages in the production, sale, and distribution of gas and electricity, and district heating in Italy. The company generates electricity through hydroelectric, thermoelectric, and photovoltaic ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/10/17 20:41 |
| End of Day Share Price | 2019/10/17 00:00 |
| Earnings | 2019/06/30 |
| Annual Earnings | 2018/12/31 |
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.