Upcoming Dividend • Jun 15
Upcoming dividend of €0.16 per share Eligible shareholders must have bought the stock before 22 June 2026. Payment date: 24 June 2026. Payout ratio is a comfortable 51% and the cash payout ratio is 91%. Trailing yield: 4.2%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (4.1%). Reported Earnings • May 14
First quarter 2026 earnings released: EPS: €0.10 (vs €0.11 in 1Q 2025) First quarter 2026 results: EPS: €0.10. Revenue: €3.56b (down 18% from 1Q 2025). Net income: €154.6m (flat on 1Q 2025). Profit margin: 4.3% (up from 3.5% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Integrated Utilities industry in Europe. Declared Dividend • Mar 30
Dividend increased to €0.16 Dividend of €0.16 is 6.7% higher than last year. Ex-date: 22nd June 2026 Payment date: 24th June 2026 Dividend yield will be 4.1%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (119% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.2% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Mar 27
Hera S.p.A. announces Annual dividend, payable on June 24, 2026 Hera S.p.A. announced Annual dividend of EUR 0.1600 per share payable on June 24, 2026, ex-date on June 22, 2026 and record date on June 23, 2026. Reported Earnings • Mar 26
Full year 2025 earnings released: EPS: €0.32 (vs €0.34 in FY 2024) Full year 2025 results: EPS: €0.32 (down from €0.34 in FY 2024). Revenue: €13.0b (flat on FY 2024). Net income: €464.3m (down 6.1% from FY 2024). Profit margin: 3.6% (down from 3.8% in FY 2024). Revenue is forecast to stay flat during the next 3 years compared to a 5.2% growth forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. Tillkännagivande • Mar 25
Hera S.p.A., Annual General Meeting, Apr 29, 2026 Hera S.p.A., Annual General Meeting, Apr 29, 2026, at 10:00 W. Europe Standard Time. Buy Or Sell Opportunity • Mar 18
Now 22% undervalued Over the last 90 days, the stock has risen 1.7% to €4.05. The fair value is estimated to be €5.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 0.02% per annum. Earnings are also forecast to grow by 2.0% per annum over the same time period. Buy Or Sell Opportunity • Mar 03
Now 20% undervalued Over the last 90 days, the stock has risen 2.8% to €4.15. The fair value is estimated to be €5.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 0.02% per annum. Earnings are also forecast to grow by 2.0% per annum over the same time period. Tillkännagivande • Jan 20
Hera S.p.A. (BIT:HER) entered into a binding agreement to acquire S.T.A. Societa Trattamento Acque S.R.L. from Xenon FIDEC managed by Xenon Private Equity S.A. and entrepreneurs representing the companies within the group in a transaction valued at €138 million. Hera S.p.A. (BIT:HER) entered into a binding agreement to acquire S.T.A. Societa Trattamento Acque S.R.L. from Xenon FIDEC managed by Xenon Private Equity S.A. and entrepreneurs representing the companies within the group in a transaction valued at €138 million on January 19, 2026. The transaction, with a total enterprise value of €138 million, is expected, once fully operational, to contribute over €20 million to the consolidated EBITDA growth of the Hera Group. The acquisition by Hera Group is subject to certain customary closing conditions (including notifications and approvals by the competent authorities). The acquisition is expected to be completed by the end of March 2026.
Hera was assisted by PwC as strategic advisor and by the GA-Alliance firm for legal matters, while Xenon was assisted by Rothschild & Co. as financial advisor, by LCA for legal matters, and by Deloitte Financial Advisory and Fortlane Partners as financial advisors. New Risk • Nov 14
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 112% Dividend yield: 3.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (103% net debt to equity). Dividend is not well covered by cash flows (112% cash payout ratio). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: €0.044 (vs €0.045 in 3Q 2024) Third quarter 2025 results: EPS: €0.044. Revenue: €2.63b (down 6.4% from 3Q 2024). Net income: €65.4m (up 1.4% from 3Q 2024). Profit margin: 2.5% (up from 2.3% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.4% growth forecast for the Integrated Utilities industry in Europe. Tillkännagivande • Oct 02
Hera S.p.A. to Report Fiscal Year 2025 Results between Mar 16, 2026 and Mar 31, 2026 Hera S.p.A. announced that they will report fiscal year 2025 results on between Mar 16, 2026 and Mar 31, 2026 Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: €0.051 (vs €0.052 in 2Q 2024) Second quarter 2025 results: EPS: €0.051. Revenue: €2.51b (up 5.7% from 2Q 2024). Net income: €75.6m (flat on 2Q 2024). Profit margin: 3.0% (down from 3.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.6% growth forecast for the Integrated Utilities industry in Europe. Upcoming Dividend • Jun 16
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 23 June 2025. Payment date: 25 June 2025. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (5.6%). Lower than average of industry peers (4.8%). Reported Earnings • May 16
First quarter 2025 earnings released: EPS: €0.11 (vs €0.099 in 1Q 2024) First quarter 2025 results: EPS: €0.11 (up from €0.099 in 1Q 2024). Revenue: €4.36b (up 28% from 1Q 2024). Net income: €153.7m (up 7.4% from 1Q 2024). Profit margin: 3.5% (down from 4.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • May 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to €4.17. The fair value is estimated to be €3.47, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.2% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 1.1% per annum. Earnings are also forecast to grow by 0.4% per annum over the same time period. Reported Earnings • Apr 09
Full year 2024 earnings released: EPS: €0.34 (vs €0.30 in FY 2023) Full year 2024 results: EPS: €0.34 (up from €0.30 in FY 2023). Revenue: €13.0b (down 16% from FY 2023). Net income: €494.5m (up 12% from FY 2023). Profit margin: 3.8% (up from 2.9% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • Mar 31
Dividend increased to €0.15 Dividend of €0.15 is 7.1% higher than last year. Ex-date: 23rd June 2025 Payment date: 25th June 2025 Dividend yield will be 3.7%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but not covered by cash flows (131% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 6.7% over the next 3 years. However, it would need to fall by 51% to increase the payout ratio to a potentially unsustainable range. Tillkännagivande • Mar 30
Hera S.p.A. announces Annual dividend, payable on June 25, 2025 Hera S.p.A. announced Annual dividend of EUR 0.1500 per share payable on June 25, 2025, ex-date on June 23, 2025 and record date on June 24, 2025. Buy Or Sell Opportunity • Jan 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.1% to €3.39. The fair value is estimated to be €4.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 0.9% per annum. Earnings are also forecast to grow by 2.3% per annum over the same time period. Buy Or Sell Opportunity • Dec 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.4% to €3.46. The fair value is estimated to be €4.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 0.9% per annum. Earnings are also forecast to grow by 2.3% per annum over the same time period. New Risk • Nov 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 20% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (123% cash payout ratio). Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: €0.045 (vs €0.033 in 3Q 2023) Third quarter 2024 results: EPS: €0.045 (up from €0.033 in 3Q 2023). Revenue: €2.81b (down 1.4% from 3Q 2023). Net income: €64.5m (up 35% from 3Q 2023). Profit margin: 2.3% (up from 1.7% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.3% growth forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Tillkännagivande • Oct 17
Rekeep Reportedly in Exclusive Talks to Sell Energy Arm to Address Debt Rekeep S.p.A. is in exclusive talks to sell its energy arm to a joint venture between efficiency platform Renovit SpA (Renovit S.P.A.) and utility firm Hera S.p.A. (BIT:HER) as it seeks funds to address maturing debt, according to people familiar with the matter. The potential buyers were identified after a process run by its financial advisers Vitale & Co. SpA and UniCredit SpA, said the people, who asked not to be identified because the talks are private. Renovit was created by CDP Equity SpA and Snam SpA. A spokesperson for UniCredit declined to comment on the deal, while representatives for Rekeep, Vitale, Snam, Hera and CDP weren’t immediately available to comment. New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: €0.052 (vs €0.041 in 2Q 2023) Second quarter 2024 results: EPS: €0.052 (up from €0.041 in 2Q 2023). Revenue: €2.39b (down 14% from 2Q 2023). Net income: €75.3m (up 27% from 2Q 2023). Profit margin: 3.2% (up from 2.2% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.6% growth forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Tillkännagivande • Jul 23
Hera S.p.A. to Report Fiscal Year 2024 Results on Mar 17, 2025 Hera S.p.A. announced that they will report fiscal year 2024 results on Mar 17, 2025 Upcoming Dividend • Jun 17
Upcoming dividend of €0.14 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 52% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (6.2%). Reported Earnings • May 16
First quarter 2024 earnings released: EPS: €0.099 (vs €0.13 in 1Q 2023) First quarter 2024 results: EPS: €0.099 (down from €0.13 in 1Q 2023). Revenue: €3.40b (down 41% from 1Q 2023). Net income: €143.1m (down 26% from 1Q 2023). Profit margin: 4.2% (up from 3.4% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Integrated Utilities 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. Declared Dividend • Mar 29
Dividend increased to €0.14 Dividend of €0.14 is 12% higher than last year. Ex-date: 24th June 2024 Payment date: 26th June 2024 Dividend yield will be 4.3%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 3.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 5.3% over the next 3 years. However, it would need to fall by 55% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: €0.30 (vs €0.17 in FY 2022) Full year 2023 results: EPS: €0.30 (up from €0.17 in FY 2022). Revenue: €15.6b (down 24% from FY 2022). Net income: €375.2m (up 47% from FY 2022). Profit margin: 2.4% (up from 1.2% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €3.25. The fair value is estimated to be €2.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 5.6% per annum. Earnings are also forecast to decline by 1.2% per annum over the same time period. Buy Or Sell Opportunity • Jan 27
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to €3.23. The fair value is estimated to be €2.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 5.3% per annum. Earnings are also forecast to decline by 0.6% per annum over the same time period. New Risk • Jan 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risk High level of debt (121% net debt to equity). Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: €0.033 (vs €0.01 loss in 3Q 2022) Third quarter 2023 results: EPS: €0.033 (up from €0.01 loss in 3Q 2022). Revenue: €2.89b (down 48% from 3Q 2022). Net income: €47.8m (up €63.0m from 3Q 2022). Profit margin: 1.7% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is expected to fall by 7.0% p.a. on average during the next 3 years compared to a 1.6% decline forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Buying Opportunity • Sep 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.7%. The fair value is estimated to be €3.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has declined by 8.6%. For the next 3 years, revenue is forecast to decline by 11% per annum. Earnings is forecast to grow by 0.3% per annum over the same time period. New Risk • Jul 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (252% cash payout ratio). Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: €0.041 (vs €0.004 loss in 2Q 2022) Second quarter 2023 results: EPS: €0.041 (up from €0.004 loss in 2Q 2022). Revenue: €2.85b (down 23% from 2Q 2022). Net income: €59.5m (up €65.4m from 2Q 2022). Profit margin: 2.1% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to decline by 13% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 5% per year. Tillkännagivande • Jul 08
Hera S.p.A. acquired TIEPOLO SRL from Greenfield Renewables S.r.l. and Combigas Srl. Hera S.p.A. acquired TIEPOLO SRL from Greenfield Renewables S.r.l. and Combigas Srl on July 6, 2023.Hera S.p.A. completed the acquisition of TIEPOLO SRL from Greenfield Renewables S.r.l. and Combigas Srl on July 6, 2023. Upcoming Dividend • Jun 12
Upcoming dividend of €0.13 per share at 4.3% yield Eligible shareholders must have bought the stock before 19 June 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (5.7%). Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: €0.17 (vs €0.23 in FY 2021) Full year 2022 results: EPS: €0.17 (down from €0.23 in FY 2021). Revenue: €20.6b (up 89% from FY 2021). Net income: €255.2m (down 24% from FY 2021). Profit margin: 1.2% (down from 3.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 14% p.a. on average during the next 3 years compared to a 1.2% decline forecast for the Integrated Utilities industry in Europe. 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 7% per year, which means it has not declined as severely as earnings. Tillkännagivande • Jan 25
Hera S.p.A., Annual General Meeting, Apr 27, 2023 Hera S.p.A., Annual General Meeting, Apr 27, 2023. Reported Earnings • Nov 24
Third quarter 2022 earnings released: €0.01 loss per share (vs €0.063 profit in 3Q 2021) Third quarter 2022 results: €0.01 loss per share (down from €0.063 profit in 3Q 2021). Revenue: €5.56b (up 135% from 3Q 2021). Net loss: €15.2m (down 117% from profit in 3Q 2021). Revenue is forecast to decline by 5.6% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 13% per year. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 17% share price gain to €2.43, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Integrated Utilities industry in Europe. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.49 per share. Reported Earnings • Jul 30
Second quarter 2022 earnings released: €0.004 loss per share (vs €0.057 profit in 2Q 2021) Second quarter 2022 results: €0.004 loss per share (down from €0.057 profit in 2Q 2021). Revenue: €3.70b (up 92% from 2Q 2021). Net loss: €5.90m (down 107% from profit in 2Q 2021). Over the next year, revenue is expected to shrink by 12% compared to a 6.3% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 6% per year. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €2.85, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Integrated Utilities industry in Europe. Total loss to shareholders of 6.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.68 per share. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: €0.087 (vs €0.091 in 1Q 2021) First quarter 2022 results: EPS: €0.087 (down from €0.091 in 1Q 2021). Revenue: €5.41b (up 128% from 1Q 2021). Net income: €126.5m (down 4.3% from 1Q 2021). Profit margin: 2.3% (down from 5.6% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 36% compared to a 5.5% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Reported Earnings • Mar 28
Full year 2021 earnings released Full year 2021 results: Revenue: €11.0b (up 48% from FY 2020). Net income: €320.9m (up 6.0% from FY 2020). Profit margin: 2.9% (down from 4.1% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to decline by 5.7% while the industry in the United Kingdom is not expected to grow. Reported Earnings • Nov 11
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: €2.18b (up 27% from 3Q 2020). Net income: €36.1m (down 46% from 3Q 2020). Profit margin: 1.7% (down from 3.9% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Jul 29
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €1.95b (up 42% from 2Q 2020). Net income: €83.9m (up 101% from 2Q 2020). Profit margin: 4.3% (up from 3.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • Jun 29
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 05 July 2021. Payment date: 07 July 2021. Trailing yield: 3.1%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (4.1%). Reported Earnings • May 13
First quarter 2021 earnings released: EPS €0.091 (vs €0.084 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: €2.37b (up 9.6% from 1Q 2020). Net income: €132.2m (up 6.3% from 1Q 2020). Profit margin: 5.6% (down from 5.7% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Mar 28
Full year 2020 earnings released: EPS €0.21 (vs €0.26 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €7.55b (up 3.9% from FY 2019). Net income: €302.7m (down 22% from FY 2019). Profit margin: 4.0% (down from 5.3% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS €0.046 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: €1.72b (down 9.5% from 3Q 2019). Net income: €66.9m (up 3.6% from 3Q 2019). Profit margin: 3.9% (up from 3.4% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue misses expectations Revenue missed analyst estimates by 13%. Over the next year, revenue is forecast to stay flat compared to a 4.2% growth forecast for the Integrated Utilities industry in the United Kingdom. Is New 90 Day High Low • Oct 27
New 90-day low: €2.83 The company is down 12% from its price of €3.20 on 28 July 2020. The British market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Integrated Utilities industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.39 per share. Is New 90 Day High Low • Oct 07
New 90-day low: €3.07 The company is down 5.0% from its price of €3.23 on 09 July 2020. The British market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Integrated Utilities 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 €1.38 per share. Is New 90 Day High Low • Sep 22
New 90-day low: €3.15 The company is down 6.0% from its price of €3.37 on 24 June 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Integrated Utilities industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.35 per share. 
