Terna - Rete Elettrica Nazionale Società per Azioni
Terna - Rete Elettrica Nazionale Società per Azioni, together with its subsidiaries, engages in the electricity transmission and dispatching activities in Italy and internationally. The last earnings update was 16 days ago. More info.
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TRN Share Price and Events
7 Day Returns
1 Year Returns
TRN Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Terna - Rete Elettrica Nazionale Società per Azioni (TRN) | 2.7% | 6.8% | 6.3% | 24.7% | 15.8% | 48.4% |
| Europe Electric Utilities | 1.2% | 3.6% | 5.2% | 15.3% | 24.7% | 2.8% |
| IT Market | -3% | -5.5% | -0.2% | -8.2% | 0.5% | -37.9% |
1 Year Return vs Industry and Market
- TRN outperformed the Electric Utilities industry which returned 15.3% over the past year.
- TRN outperformed the Market in Italy which returned -8.2% over the past year.
TRN Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Terna - Rete Elettrica Nazionale Società per Azioni
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Terna - Rete Elettrica Nazionale Società per Azioni.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 16 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 10.2% |
| Perpetual Growth Rate | 10-Year IT Government Bond Rate | 2.9% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year IT Govt Bond Rate | 2.9% |
| Equity Risk Premium | S&P Global | 9% |
| Electric Utilities Unlevered Beta | Simply Wall St/ S&P Global | 0.24 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.236 (1 + (1- 24%) (80.39%)) |
0.585 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (0.8 * 9.02%) |
10.15% |
Discounted Cash Flow Calculation for BIT:TRN using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Terna - Rete Elettrica Nazionale Società per Azioni is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (EUR, Millions) | Source |
Present Value Discounted (@ 10.15%) |
|
|---|---|---|---|
| 2019 | 138.81 | Analyst x4 | 126.02 |
| 2020 | 117.21 | Analyst x7 | 96.60 |
| 2021 | 106.82 | Analyst x7 | 79.93 |
| 2022 | 216.67 | Analyst x3 | 147.18 |
| 2023 | 341.33 | Analyst x3 | 210.50 |
| 2024 | 440.00 | Est @ 28.91% | 246.35 |
| 2025 | 532.90 | Est @ 21.11% | 270.87 |
| 2026 | 616.36 | Est @ 15.66% | 284.42 |
| 2027 | 689.35 | Est @ 11.84% | 288.79 |
| 2028 | 752.56 | Est @ 9.17% | 286.22 |
| Present value of next 10 years cash flows | €2,036.87 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= €752.56 × (1 + 2.93%) ÷ (10.15% – 2.93%) |
€10,735.06 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= €10,735.06 ÷ (1 + 10.15%)10 |
€4,082.81 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= €2,036.87 + €4,082.81 |
€6,119.68 |
| Equity Value per Share (EUR) |
= Total value / Shares Outstanding
= €6,119.68 / 2,009.99 |
€3.04 |
| Calculation | Result | |
|---|---|---|
| Value per share (EUR) | From above. | €3.04 |
| Current discount | Discount to share price of
€5.78
= -1 x (€5.78 - €3.04) / €3.04 |
-89.8% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Terna - Rete Elettrica Nazionale Società per Azioni is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Terna - Rete Elettrica Nazionale Società per Azioni's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Terna - Rete Elettrica Nazionale Società per Azioni's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in EUR | €0.35 |
| BIT:TRN Share Price ** | BIT (2019-05-24) in EUR | €5.78 |
| Europe Electric Utilities Industry PE Ratio | Median Figure of 67 Publicly-Listed Electric Utilities Companies | 11.9x |
| Italy Market PE Ratio | Median Figure of 242 Publicly-Listed Companies | 15.34x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Terna - Rete Elettrica Nazionale Società per Azioni.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = BIT:TRN Share Price ÷ EPS (both in EUR) = 5.78 ÷ 0.35 |
16.44x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Terna - Rete Elettrica Nazionale Società per Azioni is overvalued based on earnings compared to the Europe Electric Utilities industry average.
- Terna - Rete Elettrica Nazionale Società per Azioni is overvalued based on earnings compared to the Italy market.
Price based on expected Growth
Does
Terna - Rete Elettrica Nazionale Società per Azioni's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 16.44x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts |
3.1%per year |
| Europe Electric Utilities Industry PEG Ratio | Median Figure of 32 Publicly-Listed Electric Utilities Companies | 1.3x |
| Italy Market PEG Ratio | Median Figure of 162 Publicly-Listed Companies | 1.36x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 16.44x ÷ 3.1% |
5.29x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Terna - Rete Elettrica Nazionale Società per Azioni is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Terna - Rete Elettrica Nazionale Società per Azioni's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in EUR | €2.00 |
| BIT:TRN Share Price * | BIT (2019-05-24) in EUR | €5.78 |
| Europe Electric Utilities Industry PB Ratio | Median Figure of 73 Publicly-Listed Electric Utilities Companies | 0.86x |
| Italy Market PB Ratio | Median Figure of 322 Publicly-Listed Companies | 1.46x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = BIT:TRN Share Price ÷ Book Value per Share (both in EUR) = 5.78 ÷ 2.00 |
2.89x |
* Primary Listing of Terna - Rete Elettrica Nazionale Società per Azioni.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Terna - Rete Elettrica Nazionale Società per Azioni is overvalued based on assets compared to the Europe Electric Utilities industry average.
Value checks
We assess Terna - Rete Elettrica Nazionale Società per Azioni's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check) Terna - Rete Elettrica Nazionale Società per Azioni has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
TRN Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Terna - Rete Elettrica Nazionale Società per Azioni's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
- Terna - Rete Elettrica Nazionale Società per Azioni's earnings growth is positive but not above the Italy market average.
- Terna - Rete Elettrica Nazionale Società per Azioni's revenue growth is positive but not above the Italy market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| BIT:TRN Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts | 3.1% |
| BIT:TRN Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 16 Analysts | 3.6% |
| Europe Electric Utilities Industry Earnings Growth Rate | Market Cap Weighted Average | 8.8% |
| Europe Electric Utilities Industry Revenue Growth Rate | Market Cap Weighted Average | 4.1% |
| Italy Market Earnings Growth Rate | Market Cap Weighted Average | 9.3% |
| Italy Market Revenue Growth Rate | Market Cap Weighted Average | 3.6% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 16 Analyst Estimates (S&P Global) | See Below |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 2,664 | 1,540 | 838 | 5 |
| 2022-12-31 | 2,564 | 1,500 | 804 | 8 |
| 2021-12-31 | 2,468 | 1,374 | 777 | 12 |
| 2020-12-31 | 2,386 | 1,305 | 762 | 16 |
| 2019-12-31 | 2,302 | 1,389 | 736 | 5 |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 2,308 | 1,170 | 710 |
| 2018-12-31 | 2,294 | 1,307 | 707 |
| 2018-09-30 | 2,241 | 1,370 | 701 |
| 2018-06-30 | 2,220 | 1,644 | 697 |
| 2018-03-31 | 2,201 | 1,406 | 692 |
| 2017-12-31 | 2,201 | 1,692 | 688 |
| 2017-09-30 | 2,065 | 1,940 | 675 |
| 2017-06-30 | 2,051 | 1,307 | 660 |
| 2017-03-31 | 2,107 | 1,683 | 650 |
| 2016-12-31 | 2,045 | 1,560 | 633 |
| 2016-09-30 | 2,209 | 708 | 620 |
| 2016-06-30 | 2,157 | 1,240 | 603 |
*GAAP earnings excluding extraordinary items.
High Growth Checks
- Terna - Rete Elettrica Nazionale Società per Azioni's earnings are expected to grow by 3.1% yearly, however this is not considered high growth (20% yearly).
- Terna - Rete Elettrica Nazionale Società per Azioni's revenue is expected to grow by 3.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 16 Analyst Estimates (S&P Global) | See Below |
All data from Terna - Rete Elettrica Nazionale Società per Azioni Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in EUR Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 0.41 | 0.43 | 0.39 | 4.00 |
| 2022-12-31 | 0.40 | 0.42 | 0.38 | 5.00 |
| 2021-12-31 | 0.39 | 0.40 | 0.37 | 11.00 |
| 2020-12-31 | 0.38 | 0.40 | 0.37 | 14.00 |
| 2019-12-31 | 0.37 | 0.37 | 0.36 | 11.00 |
| Date (Data in EUR Millions) | EPS * |
|---|---|
| 2019-03-31 | |
| 2018-12-31 | 0.35 |
| 2018-09-30 | |
| 2018-06-30 | 0.35 |
| 2018-03-31 | |
| 2017-12-31 | 0.34 |
| 2017-09-30 | |
| 2017-06-30 | 0.33 |
| 2017-03-31 | |
| 2016-12-31 | 0.32 |
| 2016-09-30 | |
| 2016-06-30 | 0.30 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Terna - Rete Elettrica Nazionale Società per Azioni is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Future performance checks
We assess Terna - Rete Elettrica Nazionale Società per Azioni's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Terna - Rete Elettrica Nazionale Società per Azioni has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
TRN Past Performance
How has Terna - Rete Elettrica Nazionale Società per Azioni performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Terna - Rete Elettrica Nazionale Società per Azioni's year on year earnings growth rate has been positive over the past 5 years.
- Terna - Rete Elettrica Nazionale Società per Azioni's 1-year earnings growth is less than its 5-year average (2.6% vs 7%)
- Terna - Rete Elettrica Nazionale Società per Azioni's earnings growth has exceeded the Europe Electric Utilities industry average in the past year (2.6% vs -1.6%).
Earnings and Revenue History
All data from Terna - Rete Elettrica Nazionale Società per Azioni Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in EUR Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 2,307.60 | 709.90 | 267.30 | |
| 2018-12-31 | 2,293.70 | 706.60 | 262.00 | |
| 2018-09-30 | 2,241.10 | 701.00 | 251.20 | |
| 2018-06-30 | 2,220.40 | 697.20 | 248.70 | |
| 2018-03-31 | 2,200.50 | 691.70 | 248.20 | |
| 2017-12-31 | 2,201.30 | 688.30 | 251.90 | |
| 2017-09-30 | 2,064.70 | 675.10 | 261.80 | |
| 2017-06-30 | 2,050.90 | 659.60 | 260.80 | |
| 2017-03-31 | 2,107.30 | 650.20 | 259.10 | |
| 2016-12-31 | 2,045.30 | 633.10 | 251.70 | |
| 2016-09-30 | 2,209.00 | 620.10 | 250.40 | |
| 2016-06-30 | 2,156.50 | 603.10 | 248.30 | |
| 2016-03-31 | 2,009.40 | 585.20 | 242.50 | |
| 2015-12-31 | 2,025.60 | 588.20 | 244.80 | |
| 2015-09-30 | 1,947.80 | 570.60 | 242.20 | |
| 2015-06-30 | 1,947.00 | 569.40 | 248.40 | |
| 2015-03-31 | 1,950.30 | 553.50 | 239.50 | |
| 2014-12-31 | 1,924.50 | 533.50 | 234.50 | |
| 2014-09-30 | 1,847.90 | 519.80 | 237.00 | |
| 2014-06-30 | 1,846.90 | 523.90 | 218.50 | |
| 2014-03-31 | 1,842.80 | 517.20 | 213.70 | |
| 2013-12-31 | 1,847.20 | 513.60 | 215.00 | |
| 2013-09-30 | 1,827.20 | 519.70 | 201.40 | |
| 2013-06-30 | 1,794.40 | 505.40 | 205.40 | |
| 2013-03-31 | 1,768.90 | 491.20 | 214.70 | |
| 2012-12-31 | 1,735.20 | 463.60 | 214.10 | |
| 2012-09-30 | 1,657.00 | 458.20 | 217.40 | |
| 2012-06-30 | 1,642.80 | 315.90 | 209.30 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Terna - Rete Elettrica Nazionale Società per Azioni has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Terna - Rete Elettrica Nazionale Società per Azioni used its assets more efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
- Terna - Rete Elettrica Nazionale Società per Azioni's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Terna - Rete Elettrica Nazionale Società per Azioni's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Terna - Rete Elettrica Nazionale Società per Azioni has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
TRN Health
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Terna - Rete Elettrica Nazionale Società per Azioni's finances.
The net worth of a company is the difference between its assets and liabilities.
- Terna - Rete Elettrica Nazionale Società per Azioni's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Terna - Rete Elettrica Nazionale Società per Azioni's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Terna - Rete Elettrica Nazionale Società per Azioni Company Filings, last reported 1 month ago.
| Date (Data in EUR Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 4,197.90 | 9,339.80 | 1,421.10 |
| 2018-12-31 | 4,054.20 | 9,632.20 | 1,732.10 |
| 2018-09-30 | 4,066.60 | 9,637.50 | 2,045.80 |
| 2018-06-30 | 3,874.70 | 8,961.40 | 1,066.20 |
| 2018-03-31 | 4,008.90 | 8,941.40 | 1,323.70 |
| 2017-12-31 | 3,829.00 | 9,789.90 | 1,989.40 |
| 2017-09-30 | 3,812.50 | 9,584.70 | 1,923.70 |
| 2017-06-30 | 3,640.30 | 8,660.90 | 404.60 |
| 2017-03-31 | 3,737.70 | 8,473.70 | 731.70 |
| 2016-12-31 | 3,555.20 | 9,437.70 | 1,135.80 |
| 2016-09-30 | 3,547.50 | 8,714.90 | 558.10 |
| 2016-06-30 | 3,388.40 | 8,787.40 | 294.90 |
| 2016-03-31 | 3,493.70 | 8,826.50 | 420.40 |
| 2015-12-31 | 3,345.80 | 9,122.50 | 434.40 |
| 2015-09-30 | 3,311.80 | 8,579.80 | 1,330.80 |
| 2015-06-30 | 3,164.10 | 9,035.90 | 1,537.70 |
| 2015-03-31 | 3,267.30 | 9,860.70 | 2,560.00 |
| 2014-12-31 | 3,092.90 | 8,884.80 | 1,220.30 |
| 2014-09-30 | 3,110.40 | 9,445.00 | 2,050.00 |
| 2014-06-30 | 2,960.30 | 9,585.60 | 1,684.80 |
| 2014-03-31 | 3,093.50 | 8,769.80 | 1,585.70 |
| 2013-12-31 | 2,940.60 | 8,787.70 | 1,632.90 |
| 2013-09-30 | 2,975.70 | 8,754.20 | 1,937.50 |
| 2013-06-30 | 2,821.70 | 8,892.80 | 1,768.10 |
| 2013-03-31 | 2,943.00 | 9,044.00 | 2,446.00 |
| 2012-12-31 | 2,788.30 | 9,257.10 | 2,531.40 |
| 2012-09-30 | 2,822.80 | 8,351.30 | 2,073.80 |
| 2012-06-30 | 2,695.30 | 8,268.10 | 1,764.30 |
- Terna - Rete Elettrica Nazionale Società per Azioni's level of debt (222.5%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (283.9% vs 222.5% today).
- Debt is not well covered by operating cash flow (12.5%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 14.9x coverage).
Financial health checks
We assess Terna - Rete Elettrica Nazionale Società per Azioni's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Terna - Rete Elettrica Nazionale Società per Azioni has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
TRN Dividends
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
€2,000 of
Terna - Rete Elettrica Nazionale Società per Azioni
shares you are expected to receive
€81
in your first year as a dividend.
Dividend Amount
- Terna - Rete Elettrica Nazionale Società per Azioni's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (2.16%).
- Terna - Rete Elettrica Nazionale Società per Azioni's dividend is below the markets top 25% of dividend payers in Italy (4.5%).
Upcoming dividend payment
Purchase Terna - Rete Elettrica Nazionale Società per Azioni before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 16 Analyst Estimates (S&P Global) | See Below |
| Europe Electric Utilities Industry Average Dividend Yield | Market Cap Weighted Average of 44 Stocks | 4.5% |
| Italy Market Average Dividend Yield | Market Cap Weighted Average of 185 Stocks | 4.3% |
| Italy Minimum Threshold Dividend Yield | 10th Percentile | 1.2% |
| Italy Bottom 25% Dividend Yield | 25th Percentile | 2.2% |
| Italy Top 25% Dividend Yield | 75th Percentile | 4.5% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in €) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 0.31 | 5.00 |
| 2022-12-31 | 0.31 | 8.00 |
| 2021-12-31 | 0.29 | 12.00 |
| 2020-12-31 | 0.27 | 16.00 |
| 2019-12-31 | 0.25 | 15.00 |
| Date (Data in €) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-05-09 | 0.233 | 4.158 |
| 2019-03-21 | 0.233 | 4.248 |
| 2018-05-04 | 0.220 | 4.526 |
| 2018-03-22 | 0.220 | 4.582 |
| 2017-04-05 | 0.206 | 4.203 |
| 2017-03-15 | 0.206 | 4.524 |
| 2016-05-04 | 0.200 | 4.451 |
| 2016-03-21 | 0.200 | 4.033 |
| 2015-05-13 | 0.200 | 4.510 |
| 2015-03-26 | 0.200 | 4.773 |
| 2014-05-30 | 0.200 | 5.148 |
| 2014-03-25 | 0.200 | 5.149 |
| 2013-03-15 | 0.200 | 5.802 |
| 2012-04-23 | 0.210 | 7.288 |
| 2012-03-20 | 0.210 | 7.217 |
| 2011-11-09 | 0.210 | 7.753 |
| 2011-04-18 | 0.210 | 7.114 |
| 2011-03-31 | 0.210 | 6.197 |
| 2010-10-18 | 0.200 | 6.162 |
| 2010-07-26 | 0.160 | 5.091 |
| 2010-04-30 | 0.190 | 6.222 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Terna - Rete Elettrica Nazionale Società per Azioni has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
- Dividend payments have increased, but Terna - Rete Elettrica Nazionale Società per Azioni only paid a dividend in the past 9 years.
Income/ dividend checks
We assess Terna - Rete Elettrica Nazionale Società per Azioni's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Terna - Rete Elettrica Nazionale Società per Azioni afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Terna - Rete Elettrica Nazionale Società per Azioni has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
TRN Management
CEO
| AGE | 56 |
| TENURE AS CEO | 2.1 years |
CEO Bio
Mr. Luigi Ferraris has been the Chief Executive Officer of TERNA - Rete Elettrica Nazionale Società per Azioni since April 2017 and has been its General Manager since May 1, 2017. Mr. Ferraris served as the Chief Financial Officer at Poste Italiane S.p.A. from February 2015 to April 2017. He served Chief Financial Officer of Posteitaliane Group since February 2015. He served as the Chief Executive Officer of Enersis S.A./Chilean Enersis S.A. (also known as Enersis Américas S.A.) from November 2014 to January 29, 2015. From November 2014 to January 2015, he was Head of the Latin America Area of the Chilean Enersis S.A. Mr. Ferraris served as the Head of Latin America Operations at Enel SpA from November 12, 2014 to January 29, 2015. Mr. Ferraris served as the Chief Financial Officer of Enel SpA Group from June 2009 to November 12, 2014. Mr. Ferraris served as the Chief Financial Officer of Administration Planning & Control Department of Enel Spa since June 27, 2005. Mr. Ferraris served as Financial Controller at Enel Spa. He joined Enel Spa in 1999 and served as its Chief Financial Officer of Eurogen, Elettrogen from 1999 to 2001 and Interpower, Group Controller and Vice President of the Administration, Planning and Control Area at Enel Spa. Since 2001, he served as the Chief Financial Officer of the Sales, Infrastructure and Networks Division at Enel. From 1996 to 1998, he served as Area Controller Europe of Elsag Bailey Process Automation. From 1999 to 2015, he worked at Enel Group. From 2004 to 2005, he served as the Head of Planning and Control at the Enel group From 1998 to 1999, he served as Chief Financial Officer of Elsacom. He served as Head of Planning, Control, Administration and Services of the Infrastructure and Networks and Market Divisions at Enel from 2002 to early 2004. Mr. Ferraris began his career at PriceWaterhouse in 1988. He held several international managerial positions, working for leading industrial companies including Agusta, Piaggio VE and Sasib Beverage. From 1996 to 1999, he served as Head of the Europe Control Area of Elsag Baley Process Automation, part of the Finmeccanica Group. Since 2005, he served as an Executive Vice President of Administration, Planning and Control. From 2002 to 2004, he served as Head of Planning, Control, Administration and Services of the "Infracstructure and Networks"and "Market" Divisions, with a 21 billion euro turnover and 32 million customers served. From November 2014 to January 2015, he served as Head of Latin American Region of Enersis the investment hub of the Group in the Area. Since 2009, he served as Operating Chairman of Enerl Factor SpA. He serves as the Chairman of Enel Factor SpA. He served as the Chairman of Enel Servizi Srl from 2007 to March 2014 and has been its Sole Director since December 2004. Mr. Ferraris served as the Chairman of the Board at Enel Green Power S.p.A. from 2009 to December 2014. He serves as Director of Enel Produzione S.p.A., and Fondazione Centro Studi Enel and Enel Distribuzione SpA. He serves as a Director of TERNA - Rete Elettrica Nazionale Società per Azioni. He serves as a Director of Electra di Viesgo Distribucion S.L., Enel Energia S.p.A., Enel Rete Gas S.p.A., Enel.si S.r.l., Enel Trade SpA, Deval SpA, CISE SpA, Sfera Srl and Enel Ingegneria e Innovazione S.p.A. He serves as a Director on the Board of Gruppo PSC S.p.A. He served as a Director of Anima Holding S.p.A from November 4, 2016 to July 15, 2017. He also serves as member of the Supervisory Board of Slovesnké Elektrarne A.S. He serves as a Director of Avisio Energia S.p.A., Enel Viesgo Generacion S.L., EOGK-5 and Weather Investment. He served as Independent Director of ERG SpA until April 20, 2017. He served as a Director of Enel Investment Holding B.V. He served as a Member of Supervisory Board at Slovenské Elektrárne A.S. from April 27, 2006 to May 20, 2010. He served as a Director of Enersis S.A. from April 2013 to January 29, 2015. He was Director on the Board of Banca del Mezzogiorno-Mediocredito Centrale. He served as a Director of Open Joint-Stock Company Enel OGK-5 (also known as Public Joint-Stock Company Enel Russia) since June 2010. He served as a Director of Endesa SA from October 18, 2007 to December 2014. He served as a Director of Wind Telecomunicazioni SpA. Mr. Ferraris was also Professor at the Economics Department of the Luiss Guido Carli University of Rome, where he has also taught numerous courses, such as that on Energy Management, as part of the Masters in Business Administration, Business Strategy, Planning and Control and Management Control Systems until 2013. He previously taught courses in managerial accounting and controlling systems. Mr. Ferraris holds a Bachelor's Degree in Political Economics and Commerce/Business Studies from University of Genoa.
CEO Compensation
- Insufficient data for Luigi to compare compensation growth.
- Insufficient data for Luigi to establish whether their remuneration is reasonable compared to companies of similar size in Italy.
Management Team Tenure
Average tenure and age of the Terna - Rete Elettrica Nazionale Società per Azioni management team in years:
- The tenure for the Terna - Rete Elettrica Nazionale Società per Azioni management team is about average.
Management Team
Luigi Ferraris
CEO, GM & Director
56
2.1 yrs
Agostino Scornajenchi
Group Chief Financial Officer
46
2.3 yrs
Pierpaolo Cristofori
Administration
Omar Al Bayaty
Head of Investor Relation
Francesca Covone
Head Legal & Corporate Affairs
Giovanni Buttitta
External Relations & Communication Director
Luciano Di Bacco
Human Resources & Organisation Director
Giuseppe Lasco
Head of Corporate Affairs Division
Luigi Michi
Head of Stratergy & Development Division and Chief Executive Officer of Terna Plus
Marco Fossataro
Chief Audit Executive
47
0.3 yrs
Board of Directors Tenure
Average tenure and age of the Terna - Rete Elettrica Nazionale Società per Azioni board of directors in years:
- The tenure for the Terna - Rete Elettrica Nazionale Società per Azioni board of directors is about average.
Board of Directors
Catia Bastioli
Chairwoman
€238K
61
5 yrs
Luigi Ferraris
CEO, GM & Director
56
Fabio Corsico
Director
€115K
45
5 yrs
Luca Fabbro
Director
€125K
52
5 yrs
Riccardo Enrico Schioppo
Chairman of the Board of Statutory Auditors
€33K
68
5 yrs
Gabriella Porcelli
Director
€115K
53
5 yrs
Yunpeng He
Director
53
4.3 yrs
Paola Giannotti
Director
56
2.1 yrs
Elena Vasco
Director
54
2.1 yrs
Paolo Calcagnini
Non-Executive Director
0.3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (€) | Value (€) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Terna - Rete Elettrica Nazionale Società per Azioni's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Terna - Rete Elettrica Nazionale Società per Azioni has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
TRN News
Simply Wall St News
Will Terna - Rete Elettrica Nazionale Società per Azioni's (BIT:TRN) Earnings Grow In The Next 12 Months?
As Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) announced its earnings release on 31 March 2019, analyst forecasts seem fairly subdued, with earnings expected to grow by 4.6% in the upcoming year relative to the higher past 5-year average growth rate of 7.0%. … View our latest analysis for Terna - Rete Elettrica Nazionale Società per Azioni What can we expect from Terna - Rete Elettrica Nazionale Società per Azioni in the longer term? … For Terna - Rete Elettrica Nazionale Società per Azioni, I've compiled three fundamental factors you should further research: Financial Health: Does it have a healthy balance sheet?
Simply Wall St - – Full articleDoes Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) Have A Place In Your Dividend Portfolio?
Could Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) be an attractive dividend share to own for the long haul? … In this case, Terna - Rete Elettrica Nazionale Società per Azioni likely looks attractive to dividend investors, given its 4.4% dividend yield and nine-year payment history. … Explore this interactive chart for our latest analysis on Terna - Rete Elettrica Nazionale Società per Azioni!
Simply Wall St - – Full articleTerna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN): What's The Analyst Consensus Outlook?
Terna - Rete Elettrica Nazionale Società per Azioni's (BIT:TRN) released its most recent earnings update in December 2018, whicha
Simply Wall St - – Full articleShould You Be Tempted To Sell Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) Because Of Its P/E Ratio?
We'll look at Terna - Rete Elettrica Nazionale Società per Azioni's (BIT:TRN) P/E ratio and reflect on what it tells us about the company's share price. … Based on the last twelve months, Terna - Rete Elettrica Nazionale Società per Azioni's P/E ratio is 16.15. … How Do I Calculate Terna - Rete Elettrica Nazionale Società per Azioni's Price To Earnings Ratio
Simply Wall St - – Full articleDoes Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) Create Value For Shareholders?
Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … What is Return On Capital Employed (ROCE)? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.
Simply Wall St - – Full articleDo Institutions Own Shares In Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN)?
The big shareholder groups in Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) have power over the company. … With a market capitalization of €11b, Terna - Rete Elettrica Nazionale Società per Azioni is rather large. … Check out our latest analysis for Terna - Rete Elettrica Nazionale Società per Azioni
Simply Wall St - – Full articleWhat Should You Know About Terna - Rete Elettrica Nazionale Società per Azioni's (BIT:TRN) Future?
Since Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) released its earnings in September 2018, … the consensus outlook from analysts appear somewhat bearish, … the higher past 5-year average growth rate of 7.1%.
Simply Wall St - – Full articleIs Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) A Smart Choice For Dividend Investors?
Historically, Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) has been paying a dividend to shareholders. … Let's take a look at Terna - Rete Elettrica Nazionale Società per Azioni in more detail. … View our latest analysis for Terna - Rete Elettrica Nazionale Società per Azioni
Simply Wall St - – Full articleShould You Be Impressed By Terna - Rete Elettrica Nazionale Società per Azioni's (BIT:TRN) ROE?
To keep the lesson grounded in practicality, we'll use ROE to better understand Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN). … Over the last twelve months Terna - Rete Elettrica Nazionale Società per Azioni has recorded a ROE of 18%. … See our latest analysis for Terna - Rete Elettrica Nazionale Società per Azioni?
Simply Wall St - – Full articleDon't Sell Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) Before You Read This
We'll show how you can use Terna - Rete Elettrica Nazionale Società per Azioni's (BIT:TRN) P/E ratio to inform your assessment of the investment opportunity. … Terna - Rete Elettrica Nazionale Società per Azioni has a P/E ratio of 14.74, based on the last twelve months. … How Do I Calculate Terna - Rete Elettrica Nazionale Società per Azioni's Price To Earnings Ratio
Simply Wall St - – Full articleTRN Company Info
Description
Terna - Rete Elettrica Nazionale Società per Azioni, together with its subsidiaries, engages in the electricity transmission and dispatching activities in Italy and internationally. It is also involved in the design, development, planning, construction, management, operation, and maintenance of national transmission grid, electricity infrastructures, and high-voltage infrastructures. In addition, the company designs, produces, markets, and repairs industrial and power transformers; develops renewable energy projects; and offers energy solutions, telecommunications, and operation and maintenance services for third parties, as well as undertakes private interconnector projects. Further, it owns the national transmission grid in Italy with approximately 72,800 kilometers of high voltage lines; and 25 interconnection lines. Terna - Rete Elettrica Nazionale Società per Azioni was founded in 1999 and is headquartered in Rome, Italy.
Details
| Name: | Terna - Rete Elettrica Nazionale Società per Azioni |
| TRN | |
| Exchange: | BIT |
| Founded: | 1999 |
| €11,617,753,760 | |
| 2,009,992,000 | |
| Website: | http://www.terna.it |
| Address: |
Terna - Rete Elettrica Nazionale Società per Azioni Viale Egidio Galbani, 70, Rome, Rome, 00156, Italy |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| BIT | TRN | Ordinary Shares | Borsa Italiana | IT | EUR | 23. Jun 2004 | |
| OTCPK | TERR.F | Ordinary Shares | Pink Sheets LLC | US | USD | 23. Jun 2004 | |
| DB | UEI | Ordinary Shares | Deutsche Boerse AG | DE | EUR | 23. Jun 2004 | |
| LSE | 0LBM | Ordinary Shares | London Stock Exchange | GB | EUR | 23. Jun 2004 | |
| WBAG | TRN | Ordinary Shares | Wiener Boerse AG | AT | EUR | 23. Jun 2004 | |
| BATS-CHIXE | TRNM | Ordinary Shares | BATS 'Chi-X Europe' | GB | EUR | 23. Jun 2004 | |
| OTCPK | TEZN.Y | ADR | Pink Sheets LLC | US | USD | 22. Jul 2010 |
Number of employees
Current staff
Industry
| Electric Utilities | |
| Utilities |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/25 20:33 |
| End of day share price update: | 2019/05/24 00:00 |
| Last estimates confirmation: | 2019/05/15 |
| Last earnings filing: | 2019/05/09 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
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.
