Board Change • May 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). Chair of the Board of Directors Alessandra Bruni was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • May 16
Iridium Communications Inc. (NasdaqGS:IRDM) entered into a definitive agreementto acquire 61% stake in Aireon LLC from NAV CANADA, ENAV S.p.A. (BIT:ENAV), Irish Aviation Authority, Naviair Satellite A/S and NATS Limited for approximately $520 million. Iridium Communications Inc. (NasdaqGS:IRDM) entered into a definitive agreement to acquire 61% stake in Aireon LLC from NAV CANADA, ENAV S.p.A. (BIT:ENAV), Irish Aviation Authority, Naviair Satellite A/S and NATS Limited for approximately $520 million on May 13, 2026. The total purchase price of approximately $366.7 million will be paid 50% at closing and 50% on the one-year anniversary. Iridium will also assume Aireon's outstanding debt, expected to be approximately $155 million at closing. At Closing, Iridium will enter into the Credit and Guaranty Agreement pursuant to which the Sellers will provide IIridium with a $183.36 million term loan, bearing no interest, and maturing one year following the Closing, to fund the deferred portion of the purchase price. The loan will be secured by a first-priority lien on the equity interests of Aireon and other intermediate holding company entities.
The Closing is subject to customary conditions, including the accuracy of representations and warranties, performance of covenants, and receipt of required regulatory approvals including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The transaction is targeted to close in early July. The acquisition of Aireon is accretive to Iridium's growth outlook; over the past three years, Aireon's total revenue has grown at a compound annual growth rate (CAGR) of 10%. Iridium expects the acquisition will result in at least an additional consolidated $100 million of service revenue and $30 million of OEBITDA on an annualized basis.
Evercore Inc. acted as financial advisor for Iridium Communications Inc. Josh Holleman of Cooley LLP acted as legal advisor for Iridium Communications Inc. Milbank LLP acted as legal advisor for Iridium Communications Inc. PJT Partners LP acted as financial advisor for Aireon LLC. Steven Kaufman, Joseph Gilligan and Gabrielle Witt of Hogan Lovells US LLP acted as legal advisor for Aireon LLC. RBC Capital Markets, LLC acted as financial advisor for NAV CANADA. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor for NAV CANADA. Tillkännagivande • Apr 07
ENAV S.p.A., Annual General Meeting, May 14, 2026 ENAV S.p.A., Annual General Meeting, May 14, 2026, at 11:00 W. Europe Standard Time. Location: via salaria 716 00138, roma Italy Tillkännagivande • Mar 25
ENAV S.p.A. announces Annual dividend, payable on June 24, 2026 ENAV S.p.A. announced Annual dividend of EUR 0.2900 per share payable on June 24, 2026, ex-date on June 22, 2026 and record date on June 23, 2026. Tillkännagivande • Apr 03
ENAV S.p.A. announces Annual dividend, payable on June 25, 2025 ENAV S.p.A. announced Annual dividend of EUR 0.2700 per share payable on June 25, 2025, ex-date on June 23, 2025 and record date on June 24, 2025. Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €326.6m (up 11% from 3Q 2023). Net income: €66.5m (down 2.3% from 3Q 2023). Profit margin: 20% (down from 23% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Infrastructure industry in Europe. Reported Earnings • Aug 06
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €281.5m (up 13% from 2Q 2023). Net income: €36.9m (down 8.5% from 2Q 2023). Profit margin: 13% (down from 16% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • May 20
Upcoming dividend of €0.23 per share Eligible shareholders must have bought the stock before 27 May 2024. Payment date: 29 May 2024. The company is paying out more than 100% of its profits and is paying out 95% of its cash flow. Trailing yield: 5.8%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.8%). Buy Or Sell Opportunity • May 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to €3.97. The fair value is estimated to be €3.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 4.7% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Reported Earnings • May 16
First quarter 2024 earnings released First quarter 2024 results: €0.025 loss per share. Revenue: €193.6m (up 15% from 1Q 2023). Net loss: €13.7m (loss narrowed 37% from 1Q 2023). Revenue is expected to decline by 4.5% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Europe are expected to grow by 3.5%. Buy Or Sell Opportunity • Apr 17
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to €3.69. The fair value is estimated to be €3.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 27%. For the next 3 years, revenue is forecast to decline by 3.6% per annum. Earnings are forecast to grow by 6.9% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €3.89, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Infrastructure industry in Europe. Total returns to shareholders of 4.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.60 per share. Reported Earnings • Mar 24
Full year 2023 earnings released Full year 2023 results: Revenue: €1.00b (up 10% from FY 2022). Net income: €112.9m (up 7.5% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue is expected to decline by 6.4% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Europe are expected to grow by 3.4%. Buying Opportunity • Dec 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.2%. The fair value is estimated to be €4.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 33% in the next 2 years. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €321.6m (up 9.4% from 3Q 2022). Net income: €68.1m (up 6.7% from 3Q 2022). Profit margin: 21% (in line with 3Q 2022). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Infrastructure industry in Europe. Upcoming Dividend • Oct 16
Upcoming dividend of €0.20 per share at 6.1% yield Eligible shareholders must have bought the stock before 23 October 2023. Payment date: 25 October 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.1%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (3.3%). Reported Earnings • Aug 06
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €250.2m (up 6.1% from 2Q 2022). Net income: €40.3m (down 6.7% from 2Q 2022). Profit margin: 16% (down from 18% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: €176.8m (up 11% from 1Q 2022). Net loss: €21.6m (loss widened 42% from 1Q 2022). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Infrastructure industry in Europe. Reported Earnings • Mar 16
Full year 2022 earnings released Full year 2022 results: Revenue: €944.3m (up 18% from FY 2021). Net income: €105.0m (up 34% from FY 2021). Profit margin: 11% (up from 9.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Infrastructure industry in Europe. Tillkännagivande • Jan 29
ENAV S.p.A. to Report Fiscal Year 2022 Results on Mar 15, 2023 ENAV S.p.A. announced that they will report fiscal year 2022 results on Mar 15, 2023 Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO, Strategic Management Officer & Director Paolo Simioni was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 17
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 24 October 2022. Payment date: 26 October 2022. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (5.3%). In line with average of industry peers (3.2%). Buying Opportunity • Sep 17
Now 20% undervalued Over the last 90 days, the stock is up 2.1%. The fair value is estimated to be €5.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 17%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings is also forecast to grow by 9.3% per annum over the same time period. Reported Earnings • Aug 06
Second quarter 2022 earnings released: EPS: €0.07 (vs €0.003 in 2Q 2021) Second quarter 2022 results: EPS: €0.07 (up from €0.003 in 2Q 2021). Revenue: €256.6m (up 46% from 2Q 2021). Net income: €43.2m (up €41.4m from 2Q 2021). Profit margin: 17% (up from 1.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 4.9%, compared to a 19% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Buying Opportunity • May 07
Now 20% undervalued Over the last 90 days, the stock is up 7.9%. The fair value is estimated to be €5.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Earnings per share has declined by 25%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Reported Earnings • Apr 27
Full year 2021 earnings released Full year 2021 results: Revenue: €798.7m (up 8.4% from FY 2020). Net income: €78.4m (up 44% from FY 2020). Profit margin: 9.8% (up from 7.4% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 8.9%, compared to a 30% growth forecast for the industry in Germany. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO, Strategic Management Officer & Director Paolo Simioni was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 23
Full year 2021 earnings released Full year 2021 results: Revenue: €836.6m (up 14% from FY 2020). Net income: €78.4m (up 44% from FY 2020). Profit margin: 9.4% (up from 7.4% in FY 2020). Over the next year, revenue is forecast to grow 3.9%, compared to a 31% growth forecast for the industry in Germany. Tillkännagivande • Apr 22
Enav S.p.A. Proposes Dividend for Full Year 2021, Payable in October 2022 The Board of Directors of ENAV S.p.A. has resolved to propose to the general assembly meeting to distribute dividend for the fiscal year 2021 for a total amount of EUR 58.5 million equivalent to EUR 0.108 per share, to be paid in October 2022. Tillkännagivande • Mar 06
ENAV S.p.A. to Report Fiscal Year 2021 Results on Apr 21, 2022 ENAV S.p.A. announced that they will report fiscal year 2021 results on Apr 21, 2022 Reported Earnings • Aug 04
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: €194.5m (up 1.0% from 2Q 2020). Net income: €1.76m (down 92% from 2Q 2020). Profit margin: 0.9% (down from 11% in 2Q 2020). Reported Earnings • May 15
First quarter 2021 earnings released: EPS €0.022 The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €189.0m (up 16% from 1Q 2020). Net income: €11.9m (up €18.1m from 1Q 2020). Profit margin: 6.3% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 24
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €771.3m (down 11% from FY 2019). Net income: €54.3m (down 54% from FY 2019). Profit margin: 7.0% (down from 14% in FY 2019). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Feb 24
New 90-day high: €4.07 The company is up 6.0% from its price of €3.83 on 26 November 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Infrastructure industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.46 per share. Tillkännagivande • Dec 23
ENAV S.p.A. to Report Nine Months, 2021 Results on Nov 11, 2021 ENAV S.p.A. announced that they will report nine months, 2021 results on Nov 11, 2021 Is New 90 Day High Low • Nov 17
New 90-day high: €3.79 The company is up 6.0% from its price of €3.56 on 19 August 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Infrastructure industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.43 per share. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue misses expectations Revenue missed analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 4.5% compared to a 5.8% decline forecast for the Infrastructure industry in Germany. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 21% share price gain to €3.71, the stock is trading at a trailing P/E ratio of 19.2x, up from the previous P/E ratio of 15.9x. This compares to an average P/E of 17x in the Infrastructure industry in Europe. Total returns to shareholders over the past three years are 6.7%. Is New 90 Day High Low • Oct 27
New 90-day low: €3.02 The company is down 12% from its price of €3.42 on 29 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.65 per share. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of €100.0m, down 14% from the prior year. Total revenue was €823.3m over the last 12 months, down 3.8% from the prior year. Is New 90 Day High Low • Sep 22
New 90-day low: €3.37 The company is down 14% from its price of €3.93 on 24 June 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.85 per share. Tillkännagivande • Aug 16
ENAV S.p.A. to Report First Half, 2020 Results on Sep 29, 2020 ENAV S.p.A. announced that they will report first half, 2020 results on Sep 29, 2020