Executive Summary
ACEA S.p.A., together with its subsidiaries, operates as a multi-utility company in Italy. More Details
Rewards
Risk Analysis
Snowflake Analysis
Good value average dividend payer.
Similar Companies
Share Price & News
How has ACEA's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: ACE is less volatile than 75% of Italian stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: ACE's weekly volatility (3%) has been stable over the past year.
Market Performance
7 Day Return
0.1%
ACE
-0.3%
IT Integrated Utilities
-2.2%
IT Market
1 Year Return
-14.0%
ACE
-7.3%
IT Integrated Utilities
-11.1%
IT Market
Return vs Industry: ACE underperformed the Italian Integrated Utilities industry which returned -7.3% over the past year.
Return vs Market: ACE underperformed the Italian Market which returned -11.2% over the past year.
Shareholder returns
| ACE | Industry | Market | |
|---|---|---|---|
| 7 Day | 0.1% | -0.3% | -2.2% |
| 30 Day | -0.4% | 4.7% | 0.5% |
| 90 Day | -2.8% | 4.1% | 13.3% |
| 1 Year | -10.1%-14.0% | -4.3%-7.3% | -8.3%-11.1% |
| 3 Year | 21.1%6.2% | 22.5%7.4% | -3.9%-14.0% |
| 5 Year | 63.6%31.3% | 34.6%4.8% | 25.4%-9.3% |
Long-Term Price Volatility Vs. Market
How volatile is ACEA's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
Should You Investigate ACEA S.p.A. (BIT:ACE) At €17.22?2 weeks ago | Simply Wall St
ACEA S.p.A. (BIT:ACE) Is Yielding 4.6% - But Is It A Buy?1 month ago | Simply Wall St
Returns On Capital At ACEA (BIT:ACE) Paint An Interesting PictureValuation
Is ACEA undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: ACE (€17.24) is trading below our estimate of fair value (€45.52)
Significantly Below Fair Value: ACE is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: ACE is good value based on its PE Ratio (13x) compared to the XE Integrated Utilities industry average (19.9x).
PE vs Market: ACE is good value based on its PE Ratio (13x) compared to the Italian market (20.2x).
Price to Earnings Growth Ratio
PEG Ratio: ACE is poor value based on its PEG Ratio (2.8x)
Price to Book Ratio
PB vs Industry: ACE is overvalued based on its PB Ratio (1.9x) compared to the XE Integrated Utilities industry average (1.7x).
Next Steps
Future Growth
How is ACEA forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
4.7%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: ACE's forecast earnings growth (4.7% per year) is above the savings rate (1.9%).
Earnings vs Market: ACE's earnings (4.7% per year) are forecast to grow slower than the Italian market (21.6% per year).
High Growth Earnings: ACE's earnings are forecast to grow, but not significantly.
Revenue vs Market: ACE's revenue (5% per year) is forecast to grow faster than the Italian market (3.2% per year).
High Growth Revenue: ACE's revenue (5% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: ACE's Return on Equity is forecast to be low in 3 years time (14.8%).
Next Steps
Past Performance
How has ACEA performed over the past 5 years?
7.9%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: ACE has a large one-off gain of €77.8M impacting its September 30 2020 financial results.
Growing Profit Margin: ACE's current net profit margins (8.9%) are lower than last year (9.1%).
Past Earnings Growth Analysis
Earnings Trend: ACE's earnings have grown by 7.9% per year over the past 5 years.
Accelerating Growth: ACE's earnings growth over the past year (3%) is below its 5-year average (7.9% per year).
Earnings vs Industry: ACE earnings growth over the past year (3%) underperformed the Integrated Utilities industry 4%.
Return on Equity
High ROE: ACE's Return on Equity (14.4%) is considered low.
Next Steps
Financial Health
How is ACEA's financial position?
Financial Position Analysis
Short Term Liabilities: ACE's short term assets (€2.6B) exceed its short term liabilities (€2.3B).
Long Term Liabilities: ACE's short term assets (€2.6B) do not cover its long term liabilities (€4.9B).
Debt to Equity History and Analysis
Debt Level: ACE's debt to equity ratio (198.9%) is considered high.
Reducing Debt: ACE's debt to equity ratio has increased from 183.4% to 198.9% over the past 5 years.
Debt Coverage: ACE's debt is not well covered by operating cash flow (16.8%).
Interest Coverage: ACE's interest payments on its debt are well covered by EBIT (5.7x coverage).
Balance Sheet
Next Steps
Dividend
What is ACEA current dividend yield, its reliability and sustainability?
4.52%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: ACE's dividend (4.52%) is higher than the bottom 25% of dividend payers in the Italian market (1.43%).
High Dividend: ACE's dividend (4.52%) is low compared to the top 25% of dividend payers in the Italian market (4.57%).
Stability and Growth of Payments
Stable Dividend: ACE's dividend payments have been volatile in the past 10 years.
Growing Dividend: ACE's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (58.6%), ACE's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: ACE's dividends in 3 years are forecast to be covered by earnings (57% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
2.2yrs
Average board tenure
CEO
Giuseppe Gola (56 yo)
0.67
Tenure
Mr. Giuseppe Gola serves as a Chief Executive Officer at Acea since May 29, 2020. Mr. Gola had been the Chief Financial Officer and Director of Finance, Administration and Contro of ACEA S.p.A. since Augus...
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 0.67yr | no data | no data | |
| Chairman of Board of Statutory Auditors | 1.75yrs | €75.00k | no data | |
| Independent Non-Executive Director | 3.75yrs | no data | no data | |
| Independent Non-Executive Director | 9.17yrs | €30.00k | no data | |
| Independent Non-Executive Director | 5.75yrs | €20.58k | no data | |
| Non-Executive Chairperson | 2.58yrs | no data | no data | |
| Standing Auditor | 1.75yrs | no data | no data | |
| Independent Non-Executive Director | 3.75yrs | no data | no data | |
| Independent Non-Executive Director | 3.75yrs | no data | no data | |
| Statutory Auditor | 1.75yrs | no data | no data | |
| Independent Non-Executive Director | 1.08yrs | no data | no data | |
| Independent Non-Executive Director | 1yr | no data | no data |
2.2yrs
Average Tenure
51.5yo
Average Age
Experienced Board: ACE's board of directors are not considered experienced ( 2.2 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
ACEA S.p.A.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: ACEA S.p.A.
- Ticker: ACE
- Exchange: BIT
- Founded: 1909
- Industry: Multi-Utilities
- Sector: Utilities
- Market Cap: €3.664b
- Shares outstanding: 212.55m
- Website: https://www.gruppo.acea.it
Number of Employees
Location
- ACEA S.p.A.
- Piazzale Ostiense 2
- Rome
- Rome
- 154
- Italy
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| ACE | BIT (Borsa Italiana) | Yes | Ordinary Shares | IT | EUR | Jul 1999 |
| 0MHD | LSE (London Stock Exchange) | Yes | Ordinary Shares | GB | EUR | Jul 1999 |
| ACEJ.F | OTCPK (Pink Sheets LLC) | Yes | Ordinary Shares | US | USD | Jul 1999 |
| ACEM | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Ordinary Shares | GB | EUR | Jul 1999 |
| DCA | DB (Deutsche Boerse AG) | Yes | Ordinary Shares | DE | EUR | Jul 1999 |
Biography
ACEA S.p.A., together with its subsidiaries, operates as a multi-utility company in Italy. The company operates through Environment, Commercial and Trading, Water, Energy Infrastructure, Engineering and Se...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/01/16 19:48 |
| End of Day Share Price | 2021/01/15 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
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.