Executive Summary
Terna - Rete Elettrica Nazionale Società per Azioni, together with its subsidiaries, engages in the electricity transmission and dispatching activities in Italy and internationally.
Snowflake
Fundamentals
Average dividend payer with questionable track record.
Similar Companies
Share Price & News
How has Terna - Rete Elettrica Nazionale Società per Azioni's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: TRN has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-2.7%
TRN
-0.2%
IT Electric Utilities
-1.6%
IT Market
1 Year Return
20.8%
TRN
16.9%
IT Electric Utilities
20.9%
IT Market
Return vs Industry: TRN exceeded the Italian Electric Utilities industry which returned 16.9% over the past year.
Return vs Market: TRN matched the Italian Market which returned 20.9% over the past year.
Shareholder returns
| TRN | Industry | Market | |
|---|---|---|---|
| 7 Day | -2.7% | -0.2% | -1.6% |
| 30 Day | 0.1% | 0.08% | 4.0% |
| 90 Day | 4.6% | 1.2% | 9.7% |
| 1 Year | 25.8%20.8% | 21.6%16.9% | 26.4%20.9% |
| 3 Year | 68.6%48.1% | 64.7%43.5% | 41.5%21.3% |
| 5 Year | 90.1%52.2% | 47.5%14.3% | 23.1%-24.3% |
Price Volatility Vs. Market
How volatile is Terna - Rete Elettrica Nazionale Società per Azioni's share price compared to the market and industry in the last 5 years?
Simply Wall St News
4 weeks ago | Simply Wall St
Something To Consider Before Buying Terna - Rete Elettrica Nazionale Società per Azioni (BIT:TRN) For The 4.0% Dividend1 month ago | Simply Wall St
Should We Be Delighted With Terna - Rete Elettrica Nazionale Società per Azioni's (BIT:TRN) ROE Of 18%?Valuation
Is Terna - Rete Elettrica Nazionale Società per Azioni undervalued compared to its fair value and its price relative to the market?
16.32x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: TRN (€5.83) is trading above our estimate of fair value (€3.85)
Significantly Below Fair Value: TRN is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: TRN is poor value based on its PE Ratio (16.3x) compared to the Electric Utilities industry average (13x).
PE vs Market: TRN is good value based on its PE Ratio (16.3x) compared to the Italian market (17.7x).
Price to Earnings Growth Ratio
PEG Ratio: TRN is poor value based on its PEG Ratio (5.4x)
Price to Book Ratio
PB vs Industry: TRN is overvalued based on its PB Ratio (2.9x) compared to the XE Electric Utilities industry average (0.9x).
Next Steps
Future Growth
How is Terna - Rete Elettrica Nazionale Società per Azioni forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?
3.0%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: TRN's forecast earnings growth (3% per year) is above the savings rate (2.9%).
Earnings vs Market: TRN's earnings (3% per year) are forecast to grow slower than the Italian market (8.7% per year).
High Growth Earnings: TRN's earnings are forecast to grow, but not significantly.
Revenue vs Market: TRN's revenue (3.5% per year) is forecast to grow faster than the Italian market (3.1% per year).
High Growth Revenue: TRN's revenue (3.5% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: TRN's Return on Equity is forecast to be low in 3 years time (16.9%).
Next Steps
Past Performance
How has Terna - Rete Elettrica Nazionale Società per Azioni performed over the past 5 years?
6.5%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: TRN has high quality earnings.
Growing Profit Margin: TRN's current net profit margins (30.5%) are lower than last year (30.7%).
Past Earnings Growth Analysis
Earnings Trend: TRN's earnings have grown by 6.5% per year over the past 5 years.
Accelerating Growth: TRN's earnings growth over the past year (2.4%) is below its 5-year average (6.5% per year).
Earnings vs Industry: TRN earnings growth over the past year (2.4%) underperformed the Electric Utilities industry 2.6%.
Return on Equity
High ROE: TRN's Return on Equity (17.5%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Terna - Rete Elettrica Nazionale Società per Azioni's financial position?
Financial Position Analysis
Short Term Liabilities: TRN's short term assets (€329.5M) do not cover its short term liabilities (€2.1B)
Long Term Liabilities: TRN's short term assets (€329.5M) do not cover its long term liabilities (8.5B)
Debt to Equity History and Analysis
Debt Level: TRN's debt to equity ratio (199.2%) is considered high.
Reducing Debt: TRN's debt to equity ratio has reduced from 303.5% to 199.2% over the past 5 years.
Debt Coverage: TRN's debt is not well covered by operating cash flow (12.6%).
Interest Coverage: TRN's interest payments on its debt are well covered by EBIT (14.5x coverage).
Balance Sheet
Inventory Level: TRN has a high level of physical assets or inventory.
Debt Coverage by Assets: TRN's debt is not covered by short term assets (assets are 0x debt).
Next Steps
Dividend
What is Terna - Rete Elettrica Nazionale Società per Azioni's current dividend yield, its reliability and sustainability?
4.00%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: TRN's dividend (4%) is higher than the bottom 25% of dividend payers in the Italian market (2.05%).
High Dividend: TRN's dividend (4%) is low compared to the top 25% of dividend payers in the Italian market (4.39%).
Stability and Growth of Payments
Stable Dividend: TRN's dividend payments have been volatile in the past 10 years.
Growing Dividend: TRN's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (88.9%), TRN's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: TRN's dividends in 3 years are forecast to be covered by earnings (74.2% payout ratio).
Next Steps
Management
What is the CEO of Terna - Rete Elettrica Nazionale Società per Azioni's salary, the management and board of directors tenure and is there insider trading?
2.6yrs
Average management tenure
CEO
Luigi Ferraris (57yo)
2.6yrs
Tenure
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 th ...
Management Age and Tenure
2.6yrs
Average Tenure
48yo
Average Age
Experienced Management: TRN's management team is considered experienced (2.6 years average tenure).
Board Age and Tenure
5.2yrs
Average Tenure
55yo
Average Age
Experienced Board: TRN's board of directors are considered experienced (5.2 years average tenure).
Insider Trading
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.
Management Team
Luigi Ferraris (57yo)
CEO, GM & Director
- Tenure: 2.6yrs
Marco Fossataro (48yo)
Chief Audit Executive
- Tenure: 0.8yrs
Giuseppe Lasco
Head of Corporate Affairs Division
- Tenure: 0yrs
Luciano Di Bacco
Human Resources & Organisation Director
- Tenure: 0yrs
Giovanni Buttitta
External Relations & Communication Director
- Tenure: 0yrs
Pierpaolo Cristofori
Administration
- Tenure: 0yrs
Francesca Covone
Head Legal & Corporate Affairs
- Tenure: 0yrs
Luigi Michi
Head of Strategy & Development Division and Chief Executive Officer of Terna Plus
- Tenure: 0yrs
Agostino Scornajenchi (47yo)
Group Chief Financial Officer
- Tenure: 2.8yrs
Omar Al Bayaty
Head of Investor Relation
- Tenure: 0yrs
Board Members
Luigi Ferraris (57yo)
CEO, GM & Director
- Tenure: 2.6yrs
Catia Bastioli (62yo)
Chairwoman
- Tenure: 5.5yrs
- Compensation: €238.00k
Fabio Corsico (46yo)
Independent Director
- Tenure: 5.5yrs
- Compensation: €115.00k
Marco Giorgino (50yo)
Director
- Tenure: 0yrs
Elena Vasco (55yo)
Independent Director
- Tenure: 2.6yrs
Gabriella Porcelli (54yo)
Independent Director
- Tenure: 5.5yrs
- Compensation: €115.00k
Riccardo Enrico Schioppo (69yo)
Chairman of the Board of Statutory Auditors
- Tenure: 5.5yrs
- Compensation: €32.84k
Yunpeng He (54yo)
Director
- Tenure: 4.8yrs
Paola Giannotti (57yo)
Independent Director
- Tenure: 2.6yrs
Paolo Calcagnini
Non-Executive Director
- Tenure: 0.8yrs
Company Information
Terna - Rete Elettrica Nazionale Società per Azioni's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Terna - Rete Elettrica Nazionale Società per Azioni
- Ticker: TRN
- Exchange: BIT
- Founded: 1999
- Industry: Electric Utilities
- Sector: Utilities
- Market Cap: €11.710b
- Shares outstanding: 2.01b
- Website: https://www.terna.it
Number of Employees
Location
- Terna - Rete Elettrica Nazionale Società per Azioni
- Viale Egidio Galbani, 70
- Rome
- Rome
- 156
- Italy
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| TERR.F | OTCPK (Pink Sheets LLC) | Yes | Ordinary Shares | US | USD | Jun 2004 |
| TRN | BIT (Borsa Italiana) | Yes | Ordinary Shares | IT | EUR | Jun 2004 |
| UEI | DB (Deutsche Boerse AG) | Yes | Ordinary Shares | DE | EUR | Jun 2004 |
| 0LBM | LSE (London Stock Exchange) | Yes | Ordinary Shares | GB | EUR | Jun 2004 |
| TRNM | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Ordinary Shares | GB | EUR | Jun 2004 |
| TRN | WBAG (Wiener Boerse AG) | Yes | Ordinary Shares | AT | EUR | Jun 2004 |
| TEZN.Y | OTCPK (Pink Sheets LLC) | UNSPONSORED ADR | US | USD | Jul 2010 |
Biography
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 ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/11/20 20:31 |
| End of Day Share Price | 2019/11/20 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.