BIT:ASC

Stock Analysis Report

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Executive Summary

Ascopiave S.p.A. distributes and sells natural gas in Italy. More Details


Snowflake Analysis

Proven track record second-rate dividend payer.


Similar Companies

Share Price & News

How has Ascopiave's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ASC is less volatile than 75% of Italian stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: ASC's weekly volatility (3%) has been stable over the past year.


Market Performance


7 Day Return

1.7%

ASC

0.8%

IT Gas Utilities

1.3%

IT Market


1 Year Return

-10.6%

ASC

-4.5%

IT Gas Utilities

6.7%

IT Market

Return vs Industry: ASC underperformed the Italian Gas Utilities industry which returned -9.2% over the past year.

Return vs Market: ASC underperformed the Italian Market which returned 3.5% over the past year.


Shareholder returns

ASCIndustryMarket
7 Day1.7%0.8%1.3%
30 Day-2.4%-3.1%2.9%
90 Day3.1%0.2%4.3%
1 Year-6.0%-10.6%1.2%-4.5%9.8%6.7%
3 Year39.9%15.2%19.5%2.8%4.2%-5.9%
5 Year125.2%65.4%36.1%-1.2%10.1%-12.9%

Long-Term Price Volatility Vs. Market

How volatile is Ascopiave's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Ascopiave undervalued compared to its fair value and its price relative to the market?

21.81x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ASC (€3.65) is trading above our estimate of fair value (€2.16)

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


Price To Earnings Ratio

PE vs Industry: ASC is poor value based on its PE Ratio (21.8x) compared to the XE Gas Utilities industry average (12.9x).

PE vs Market: ASC is poor value based on its PE Ratio (21.8x) compared to the Italian market (21.1x).


Price to Earnings Growth Ratio

PEG Ratio: ASC is poor value based on its PEG Ratio (3.9x)


Price to Book Ratio

PB vs Industry: ASC is good value based on its PB Ratio (1x) compared to the XE Gas Utilities industry average (1.4x).


Next Steps

Future Growth

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

5.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ASC's forecast earnings growth (5.6% per year) is above the savings rate (1.9%).

Earnings vs Market: ASC's earnings (5.6% per year) are forecast to grow slower than the Italian market (22.8% per year).

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

Revenue vs Market: ASC's revenue (5% per year) is forecast to grow faster than the Italian market (4% per year).

High Growth Revenue: ASC'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: ASC's Return on Equity is forecast to be low in 3 years time (5.3%).


Next Steps

Past Performance

How has Ascopiave performed over the past 5 years?

-21.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ASC has high quality earnings.

Growing Profit Margin: ASC's current net profit margins (22.5%) are higher than last year (8.2%).


Past Earnings Growth Analysis

Earnings Trend: ASC's earnings have declined by 21% per year over the past 5 years.

Accelerating Growth: ASC's earnings growth over the past year (281.2%) exceeds its 5-year average (-21% per year).

Earnings vs Industry: ASC earnings growth over the past year (281.2%) exceeded the Gas Utilities industry 9.8%.


Return on Equity

High ROE: ASC's Return on Equity (4.2%) is considered low.


Next Steps

Financial Health

How is Ascopiave's financial position?


Financial Position Analysis

Short Term Liabilities: ASC's short term assets (€151.6M) do not cover its short term liabilities (€303.5M).

Long Term Liabilities: ASC's short term assets (€151.6M) do not cover its long term liabilities (€182.6M).


Debt to Equity History and Analysis

Debt Level: ASC's debt to equity ratio (38%) is considered satisfactory.

Reducing Debt: ASC's debt to equity ratio has increased from 28.9% to 38% over the past 5 years.

Debt Coverage: ASC's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: ASC earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

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

5.85%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ASC's dividend (5.85%) is higher than the bottom 25% of dividend payers in the Italian market (1.39%).

High Dividend: ASC's dividend (5.85%) is in the top 25% of dividend payers in the Italian market (4.47%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (127.6%), ASC's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ASC's dividends in 3 years are not forecast to be well covered by earnings (147.6% payout ratio).


Next Steps

Management

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

5.8yrs

Average management tenure


CEO

Nicola Cecconato (55 yo)

3.83yrs

Tenure

Dr. Nicola Cecconato serves as President and Chief Executive Officer at Veneto Sviluppo S.p.A. since May 04, 2017. He serves as Chairman of the Board of Ascopiave S.p.A. since May 4, 2017 and has been its ...


Leadership Team

NamePositionTenureCompensationOwnership
Nicola Cecconato
Chairman3.83yrsno datano data
Riccardo Paggiaro
Chief Financial Officer2.42yrsno datano data
Antonio Vendraminelli
Chief Technology Officer7.08yrsno datano data
Irene Rossetto
Information Officer5.75yrsno datano data
Sandro Piazza
Head of Internal Audit Department5.75yrsno datano data

5.8yrs

Average Tenure

Experienced Management: ASC's management team is seasoned and experienced (5.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Nicola Cecconato
Chairman3.83yrsno datano data
Enrico Quarello
Director9.08yrs€50.00kno data
Greta Pietrobon
Independent Non Executive Director6.92yrs€50.00kno data
Signor Biancolin
Statutory Auditor6.92yrs€18.64kno data
Giovanni Salvaggio
President of Statutory Auditor1.17yrsno datano data
Barbara Moro
Statutory Auditor1.17yrsno datano data
Roberto Bet
Director1.17yrsno datano data
Mariachiara Geronazzo
Independent Director1.17yrsno datano data
Luisa Vecchiato
Independent Director1.17yrsno datano data
Cristian Novello
Independent Director1.17yrsno datano data

1.2yrs

Average Tenure

48.5yo

Average Age

Experienced Board: ASC's board of directors are not considered experienced ( 1.2 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

Ascopiave S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Ascopiave S.p.A.
  • Ticker: ASC
  • Exchange: BIT
  • Founded: NaN
  • Industry: Gas Utilities
  • Sector: Utilities
  • Market Cap: €804.650m
  • Shares outstanding: 221.97m
  • Website: https://www.gruppoascopiave.it

Number of Employees


Location

  • Ascopiave S.p.A.
  • Via Verizzo, 1030
  • Pieve Di Soligo
  • Treviso
  • 31053
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ASCBIT (Borsa Italiana)YesCommon StockITEURDec 2006
AVADB (Deutsche Boerse AG)YesCommon StockDEEURDec 2006
0DMELSE (London Stock Exchange)YesCommon StockGBEURDec 2006
ASCMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURDec 2006

Biography

Ascopiave S.p.A. distributes and sells natural gas in Italy. The company holds concessions and direct assurances for the supply of the service in 268 municipalities; and operates a distribution network of ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/05 18:31
End of Day Share Price2021/03/05 00:00
Earnings2020/09/30
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.