ERG Management
Management criteria checks 3/4
We currently do not have sufficient information about the CEO.
Key information
Paolo Merli
Chief executive officer
€3.2m
Total compensation
| CEO salary percentage | 35.51% |
| CEO tenure | 5.2yrs |
| CEO ownership | 0.1% |
| Management average tenure | no data |
| Board average tenure | 4.5yrs |
Recent management updates
Recent updates
Narrative Update • Jun 16
ERG: Trimmed Fair Value And Higher P/E Will Guide Balanced Stock Outlook
Analysts have trimmed their fair value estimate for ERG stock from €23.90 to €23.29, citing updated assumptions for growth, profitability, and a slightly lower discount rate. These changes together point to a higher future P/E multiple of 22.37x versus 19.22x previously.
Narrative Update • Jun 02
ERG: Lower Discount Rate Will Support A Higher Future Earnings Multiple
Analysts have trimmed their price target for ERG from about €28.84 to €27.80, reflecting updated assumptions for growth, profitability, and a slightly higher future P/E multiple. What's in the News No recent company specific news, periodical coverage, or key developments for ERG were provided in the available sources.Analysis Article • May 28
ERG's (BIT:ERG) Soft Earnings Don't Show The Whole Picture
Soft earnings didn't appear to concern ERG S.p.A.'s ( BIT:ERG ) shareholders over the last week. We think that the...Analysis Article • Feb 12
ERG (BIT:ERG) Is Doing The Right Things To Multiply Its Share Price
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...Narrative Update • Feb 06
ERG: Lower Discount Rate And Higher Margins Will Shape Fair Near-Term Outlook
Analysts have lifted their fair value estimate for ERG from $23.43 to $23.90, citing updated assumptions for discount rates, profit margins and future P/E that they see as better reflecting the company’s risk profile and earnings power. What's in the News Board meeting scheduled for March 11, 2026 to review and approve ERG S.p.A.'s consolidated financial statements and draft financial statements as of December 31, 2025 (Key Developments).
Narrative Update • Jan 23
ERG: Slight P/E Adjustment Will Sustain Concern Over Stretchy Share Pricing
Analysts have trimmed their price target on ERG by a modest amount, citing slightly higher discount rate and revenue growth assumptions alongside a small adjustment to future P/E expectations. Together, these changes fine tune their valuation rather than signal a major shift in view.Narrative Update • Jan 09
ERG: Lower Margin Outlook Will Pressure Returns Despite Reduced Discount Rate
Analysts have kept their ERG fair value target steady at $20.00, with the latest adjustment reflecting updated assumptions for discount rate, revenue growth, profit margin and future P/E, rather than a shift in their overall price view. What's in the News Board meeting scheduled for March 11, 2026, to review and approve ERG S.p.A.'s consolidated financial statements and draft financial statements as of December 31, 2025 (Key Developments).Analysis Article • Dec 30
ERG (BIT:ERG) Has A Somewhat Strained Balance Sheet
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Narrative Update • Dec 15
ERG: Discount Rate Shift And Modest Margin Pressure Will Shape Outlook
Analysts have raised their price target on ERG by 0.50 to 20.00, citing slightly stronger expected revenue growth and a modestly lower discount rate, which more than offset a small reduction in projected profit margins. Valuation Changes Fair Value: Raised slightly from €19.50 to €20.00 per share, reflecting a modest uplift in intrinsic valuation.Narrative Update • Nov 30
ERG: Lower Discount Rate And Higher P/E Will Shape Near-Term Performance
Analysts have raised their fair value estimate for ERG by $0.60 to $23.43. This change reflects adjustments in discount rates and expectations for future growth and profitability.Analysis Article • Nov 26
Some May Be Optimistic About ERG's (BIT:ERG) Earnings
Shareholders appeared unconcerned with ERG S.p.A.'s ( BIT:ERG ) lackluster earnings report last week. We think that the...Analysis Article • Nov 24
Is ERG S.p.A. (BIT:ERG) Expensive For A Reason? A Look At Its Intrinsic Value
Key Insights Using the 2 Stage Free Cash Flow to Equity, ERG fair value estimate is €16.00 ERG is estimated to be 35...Narrative Update • Nov 16
ERG: Shifts In Discount Rate And P/E Ratio Will Influence Future Stability
Analysts have raised their price target for ERG from $22.58 to $22.83, citing small shifts in the discount rate and projected future price-to-earnings ratios as supporting factors for the update. Valuation Changes Fair Value has increased slightly from €22.58 to €22.83.Analysis Article • Oct 31
Slowing Rates Of Return At ERG (BIT:ERG) Leave Little Room For Excitement
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to...Analysis Article • Sep 17
ERG (BIT:ERG) Takes On Some Risk With Its Use Of Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...Analysis Article • Aug 06
ERG S.p.A. Recorded A 5.5% Miss On Revenue: Analysts Are Revisiting Their Models
As you might know, ERG S.p.A. ( BIT:ERG ) recently reported its second-quarter numbers. Results look mixed - while...Analysis Article • Jul 07
Estimating The Fair Value Of ERG S.p.A. (BIT:ERG)
Key Insights The projected fair value for ERG is €17.65 based on 2 Stage Free Cash Flow to Equity ERG's €18.98 share...Analysis Article • Jun 16
We Think ERG (BIT:ERG) Is Taking Some Risk With Its Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • May 18
The ERG S.p.A. (BIT:ERG) First-Quarter Results Are Out And Analysts Have Published New Forecasts
The quarterly results for ERG S.p.A. ( BIT:ERG ) were released last week, making it a good time to revisit its...Analysis Article • May 08
Returns On Capital At ERG (BIT:ERG) Have Hit The Brakes
If you're looking for a multi-bagger, there's a few things to keep an eye out for. In a perfect world, we'd like to see...Analysis Article • Mar 15
ERG S.p.A. Just Missed EPS By 5.5%: Here's What Analysts Think Will Happen Next
The analysts might have been a bit too bullish on ERG S.p.A. ( BIT:ERG ), given that the company fell short of...Analysis Article • Mar 03
Estimating The Fair Value Of ERG S.p.A. (BIT:ERG)
Key Insights ERG's estimated fair value is €19.59 based on 2 Stage Free Cash Flow to Equity With €18.27 share price...Analysis Article • Feb 13
ERG (BIT:ERG) Has A Somewhat Strained Balance Sheet
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Jan 25
Pinning Down ERG S.p.A.'s (BIT:ERG) P/E Is Difficult Right Now
With a median price-to-earnings (or "P/E") ratio of close to 14x in Italy, you could be forgiven for feeling...Analysis Article • Jan 07
Returns At ERG (BIT:ERG) Are On The Way Up
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically...
New Narrative • Dec 31
Global Expansion And Tactical PPAs With Tier 1 Corporates Will Drive Revenue Growth And Boost Earnings
Strategic investments and new assets aim to bolster future revenue through expanded capacity and repowering efforts.Analysis Article • Nov 22
Shareholders Can Be Confident That ERG's (BIT:ERG) Earnings Are High Quality
Even though ERG S.p.A.'s ( BIT:ERG ) recent earnings release was robust, the market didn't seem to notice. We think...Analysis Article • Nov 02
Does ERG (BIT:ERG) Have A Healthy Balance Sheet?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analysis Article • Oct 10
Getting In Cheap On ERG S.p.A. (BIT:ERG) Is Unlikely
With a median price-to-earnings (or "P/E") ratio of close to 14x in Italy, you could be forgiven for feeling...Analysis Article • Jul 27
Returns At ERG (BIT:ERG) Are On The Way Up
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...Analysis Article • Jul 02
Is ERG (BIT:ERG) Using Too Much Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Apr 26
Risks To Shareholder Returns Are Elevated At These Prices For ERG S.p.A. (BIT:ERG)
When close to half the companies in Italy have price-to-earnings ratios (or "P/E's") below 14x, you may consider ERG...Analysis Article • Apr 04
ERG's (BIT:ERG) Solid Earnings Are Supported By Other Strong Factors
ERG S.p.A. ( BIT:ERG ) just reported healthy earnings but the stock price didn't move much. Our analysis suggests that...Analysis Article • Mar 15
ERG (BIT:ERG) Seems To Use Debt Quite Sensibly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Feb 22
Investors Met With Slowing Returns on Capital At ERG (BIT:ERG)
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a...Analysis Article • Jan 05
Investors Still Waiting For A Pull Back In ERG S.p.A. (BIT:ERG)
With a price-to-earnings (or "P/E") ratio of 34.2x ERG S.p.A. ( BIT:ERG ) may be sending very bearish signals at the...Analysis Article • Nov 03
ERG (BIT:ERG) Has Some Way To Go To Become A Multi-Bagger
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven...Analysis Article • Sep 18
Is ERG (BIT:ERG) Using Too Much Debt?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Jul 07
There's Been No Shortage Of Growth Recently For ERG's (BIT:ERG) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly...Analysis Article • May 24
These 4 Measures Indicate That ERG (BIT:ERG) Is Using Debt Reasonably Well
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • Apr 05
ERG (BIT:ERG) Is Doing The Right Things To Multiply Its Share Price
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Amongst other things...Analysis Article • Feb 23
Is ERG (BIT:ERG) Using Too Much Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Nov 22
Does ERG (BIT:ERG) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • Aug 16
Is ERG (BIT:ERG) Using Too Much Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Jul 19
Do ERG's (BIT:ERG) Earnings Warrant Your Attention?
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Analysis Article • May 18
Upgrade: Analysts Just Made A Sizeable Increase To Their ERG S.p.A. (BIT:ERG) Forecasts
ERG S.p.A. ( BIT:ERG ) shareholders will have a reason to smile today, with the analysts making substantial upgrades to...CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | €104m |
| Dec 31 2025 | €3m | €1m | €92m |
| Sep 30 2025 | n/a | n/a | €167m |
| Jun 30 2025 | n/a | n/a | €136m |
| Mar 31 2025 | n/a | n/a | €158m |
| Dec 31 2024 | €3m | €1m | €189m |
| Sep 30 2024 | n/a | n/a | €196m |
| Jun 30 2024 | n/a | n/a | €228m |
| Mar 31 2024 | n/a | n/a | €213m |
| Dec 31 2023 | n/a | n/a | €214m |
| Sep 30 2023 | n/a | n/a | €119m |
| Jun 30 2023 | n/a | n/a | €129m |
| Mar 31 2023 | n/a | n/a | €85m |
| Dec 31 2022 | €3m | €989k | €85m |
| Sep 30 2022 | n/a | n/a | €277m |
| Jun 30 2022 | n/a | n/a | €62m |
| Mar 31 2022 | n/a | n/a | €223m |
| Dec 31 2021 | €3m | €797k | €84m |
| Sep 30 2021 | n/a | n/a | €151m |
| Jun 30 2021 | n/a | n/a | €130m |
| Mar 31 2021 | n/a | n/a | €120m |
| Dec 31 2020 | €609k | €400k | €108m |
Compensation vs Market: Paolo's total compensation ($USD3.64M) is about average for companies of similar size in the Italian market ($USD3.12M).
Compensation vs Earnings: Paolo's compensation has been consistent with company performance over the past year.
CEO
Paolo Merli (55 yo)
5.2yrs
Tenure
€3,202,870
Compensation
Mr. Paolo Luigi Merli serves as Chief Executive Officer and Director of ERG S.p.A. since April 26, 2021. He had been the Chief Financial Officer of ERG SpA since March 11, 2014 until April 26, 2021 and ser...
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Founder & Executive Chairman | 28.7yrs | €710.00k | no data | |
| CEO & Director | 5.2yrs | €3.20m | 0.15% € 5.0m | |
| Executive Deputy Chairman | 28.7yrs | €1.42m | 0.036% € 1.2m | |
| Lead Independent Director | 8.2yrs | €210.00k | 0.0027% € 93.9k | |
| Non-Executive Deputy Chairman of the Board | 28.7yrs | €213.88k | no data | |
| Director | 2.4yrs | €130.00k | no data | |
| Independent Director | 2.4yrs | €115.00k | no data | |
| Independent Director | 2.4yrs | €70.00k | no data | |
| Independent Director | 2.4yrs | €105.00k | no data | |
| Independent Director | 5.2yrs | €150.00k | no data | |
| Chairman of Board of Statutory Auditors | 3.2yrs | no data | no data | |
| Non-Executive Director | 3.8yrs | €130.00k | no data |
4.5yrs
Average Tenure
63yo
Average Age
Experienced Board: ERG's board of directors are considered experienced (4.5 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/25 00:00 |
| End of Day Share Price | 2026/06/25 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
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.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
ERG S.p.A. is covered by 17 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Francesco Sala | Banca Akros S.p.A. (ESN) |
| Tommaso Marabini | Banca Akros S.p.A. (ESN) |
| Alexandre Topouzoglou | BNP Paribas |