Executive Summary
Ascopiave S.p.A. distributes and sells natural gas in Italy. More Details
Rewards
Risk Analysis
Dividend of 5.85% is not well covered by earnings or forecast to be in the next 3 years
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
| ASC | Industry | Market | |
|---|---|---|---|
| 7 Day | 1.7% | 0.8% | 1.3% |
| 30 Day | -2.4% | -3.1% | 2.9% |
| 90 Day | 3.1% | 0.2% | 4.3% |
| 1 Year | -6.0%-10.6% | 1.2%-4.5% | 9.8%6.7% |
| 3 Year | 39.9%15.2% | 19.5%2.8% | 4.2%-5.9% |
| 5 Year | 125.2%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
5 days ago | Simply Wall St
Here's What To Make Of Ascopiave's (BIT:ASC) Returns On Capital2 weeks ago | Simply Wall St
At €3.76, Is Ascopiave S.p.A. (BIT:ASC) Worth Looking At Closely?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
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 3.83yrs | no data | no data | |
| Chief Financial Officer | 2.42yrs | no data | no data | |
| Chief Technology Officer | 7.08yrs | no data | no data | |
| Information Officer | 5.75yrs | no data | no data | |
| Head of Internal Audit Department | 5.75yrs | no data | no data |
5.8yrs
Average Tenure
Experienced Management: ASC's management team is seasoned and experienced (5.8 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 3.83yrs | no data | no data | |
| Director | 9.08yrs | €50.00k | no data | |
| Independent Non Executive Director | 6.92yrs | €50.00k | no data | |
| Statutory Auditor | 6.92yrs | €18.64k | no data | |
| President of Statutory Auditor | 1.17yrs | no data | no data | |
| Statutory Auditor | 1.17yrs | no data | no data | |
| Director | 1.17yrs | no data | no data | |
| Independent Director | 1.17yrs | no data | no data | |
| Independent Director | 1.17yrs | no data | no data | |
| Independent Director | 1.17yrs | no data | no 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
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| ASC | BIT (Borsa Italiana) | Yes | Common Stock | IT | EUR | Dec 2006 |
| AVA | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Dec 2006 |
| 0DME | LSE (London Stock Exchange) | Yes | Common Stock | GB | EUR | Dec 2006 |
| ASCM | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Common Stock | GB | EUR | Dec 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
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/03/05 18:31 |
| End of Day Share Price | 2021/03/05 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.