ACEA SPA (ACE.MI) Fundamental Analysis & Valuation

BIT:ACE • IT0001207098

24.1 EUR
+0.18 (+0.75%)
Last: Mar 10, 2026, 05:35 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This ACE.MI fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

Taking everything into account, ACE scores 5 out of 10 in our fundamental rating. ACE was compared to 20 industry peers in the Multi-Utilities industry. ACE has an excellent profitability rating, but there are concerns on its financial health. ACE is valued quite cheap, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

8

1. ACE.MI Profitability Analysis

1.1 Basic Checks

  • ACE had positive earnings in the past year.
  • In the past year ACE had a positive cash flow from operations.
  • In the past 5 years ACE has always been profitable.
  • ACE had a positive operating cash flow in each of the past 5 years.
ACE.MI Yearly Net Income VS EBIT VS OCF VS FCFACE.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B 1.5B

1.2 Ratios

  • ACE has a Return On Assets of 4.79%. This is amongst the best in the industry. ACE outperforms 90.00% of its industry peers.
  • Looking at the Return On Equity, with a value of 23.63%, ACE belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
  • The Return On Invested Capital of ACE (7.05%) is better than 85.00% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for ACE is in line with the industry average of 5.25%.
  • The last Return On Invested Capital (7.05%) for ACE is above the 3 year average (4.42%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 4.79%
ROE 23.63%
ROIC 7.05%
ROA(3y)2.56%
ROA(5y)2.71%
ROE(3y)12.6%
ROE(5y)13.41%
ROIC(3y)4.42%
ROIC(5y)4.33%
ACE.MI Yearly ROA, ROE, ROICACE.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

  • ACE has a Profit Margin (10.21%) which is comparable to the rest of the industry.
  • ACE's Profit Margin has declined in the last couple of years.
  • ACE has a Operating Margin of 17.54%. This is in the better half of the industry: ACE outperforms 65.00% of its industry peers.
  • In the last couple of years the Operating Margin of ACE has grown nicely.
  • ACE has a Gross Margin of 58.75%. This is in the better half of the industry: ACE outperforms 70.00% of its industry peers.
  • ACE's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 17.54%
PM (TTM) 10.21%
GM 58.75%
OM growth 3Y4.06%
OM growth 5Y2.45%
PM growth 3Y-0.18%
PM growth 5Y-2.75%
GM growth 3Y4.23%
GM growth 5Y2.24%
ACE.MI Yearly Profit, Operating, Gross MarginsACE.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60

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3

2. ACE.MI Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so ACE is still creating some value.
  • The number of shares outstanding for ACE remains at a similar level compared to 1 year ago.
  • The number of shares outstanding for ACE remains at a similar level compared to 5 years ago.
  • The debt/assets ratio for ACE has been reduced compared to a year ago.
ACE.MI Yearly Shares OutstandingACE.MI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M
ACE.MI Yearly Total Debt VS Total AssetsACE.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

2.2 Solvency

  • Based on the Altman-Z score of 1.11, we must say that ACE is in the distress zone and has some risk of bankruptcy.
  • The Altman-Z score of ACE (1.11) is better than 65.00% of its industry peers.
  • ACE has a debt to FCF ratio of 25.92. This is a negative value and a sign of low solvency as ACE would need 25.92 years to pay back of all of its debts.
  • ACE has a Debt to FCF ratio of 25.92. This is in the better half of the industry: ACE outperforms 80.00% of its industry peers.
  • A Debt/Equity ratio of 2.13 is on the high side and indicates that ACE has dependencies on debt financing.
  • ACE has a worse Debt to Equity ratio (2.13) than 95.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.13
Debt/FCF 25.92
Altman-Z 1.11
ROIC/WACC1.41
WACC4.99%
ACE.MI Yearly LT Debt VS Equity VS FCFACE.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B 3B 4B

2.3 Liquidity

  • A Current Ratio of 0.67 indicates that ACE may have some problems paying its short term obligations.
  • ACE has a worse Current ratio (0.67) than 90.00% of its industry peers.
  • ACE has a Quick Ratio of 0.67. This is a bad value and indicates that ACE is not financially healthy enough and could expect problems in meeting its short term obligations.
  • The Quick ratio of ACE (0.63) is worse than 80.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.67
Quick Ratio 0.63
ACE.MI Yearly Current Assets VS Current LiabilitesACE.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. ACE.MI Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 26.19% over the past year.
  • Measured over the past 5 years, ACE shows a small growth in Earnings Per Share. The EPS has been growing by 3.17% on average per year.
  • ACE shows a decrease in Revenue. In the last year, the revenue decreased by -8.70%.
  • The Revenue has been growing slightly by 6.09% on average over the past years.
EPS 1Y (TTM)26.19%
EPS 3Y1.91%
EPS 5Y3.17%
EPS Q2Q%31.22%
Revenue 1Y (TTM)-8.7%
Revenue growth 3Y2.09%
Revenue growth 5Y6.09%
Sales Q2Q%-26.97%

3.2 Future

  • The Earnings Per Share is expected to grow by 3.14% on average over the next years.
  • ACE is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -3.41% yearly.
EPS Next Y38.85%
EPS Next 2Y2.61%
EPS Next 3Y2.05%
EPS Next 5Y3.14%
Revenue Next Year-18.99%
Revenue Next 2Y-8.71%
Revenue Next 3Y-4.59%
Revenue Next 5Y-3.41%

3.3 Evolution

  • The EPS growth rate is stable: in the next years the growth will be about the same than in the last years.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
ACE.MI Yearly Revenue VS EstimatesACE.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 1B 2B 3B 4B 5B
ACE.MI Yearly EPS VS EstimatesACE.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0.5 1 1.5 2

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7

4. ACE.MI Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 8.58 indicates a reasonable valuation of ACE.
  • Based on the Price/Earnings ratio, ACE is valued cheaper than 85.00% of the companies in the same industry.
  • The average S&P500 Price/Earnings ratio is at 26.25. ACE is valued rather cheaply when compared to this.
  • A Price/Forward Earnings ratio of 14.82 indicates a correct valuation of ACE.
  • The rest of the industry has a similar Price/Forward Earnings ratio as ACE.
  • The average S&P500 Price/Forward Earnings ratio is at 24.39. ACE is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 8.58
Fwd PE 14.82
ACE.MI Price Earnings VS Forward Price EarningsACE.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of ACE indicates a rather cheap valuation: ACE is cheaper than 85.00% of the companies listed in the same industry.
  • ACE's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. ACE is cheaper than 80.00% of the companies in the same industry.
Industry RankSector Rank
P/FCF 22.56
EV/EBITDA 5.8
ACE.MI Per share dataACE.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • The excellent profitability rating of ACE may justify a higher PE ratio.
PEG (NY)0.22
PEG (5Y)2.7
EPS Next 2Y2.61%
EPS Next 3Y2.05%

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6

5. ACE.MI Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 3.92%, ACE has a reasonable but not impressive dividend return.
  • ACE's Dividend Yield is comparable with the industry average which is at 3.96.
  • Compared to an average S&P500 Dividend Yield of 1.82, ACE pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.92%

5.2 History

  • The dividend of ACE is nicely growing with an annual growth rate of 15.14%!
Dividend Growth(5Y)15.14%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • 26.70% of the earnings are spent on dividend by ACE. This is a low number and sustainable payout ratio.
  • ACE's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP26.7%
EPS Next 2Y2.61%
EPS Next 3Y2.05%
ACE.MI Yearly Income VS Free CF VS DividendACE.MI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M 400M
ACE.MI Dividend Payout.ACE.MI Dividend Payout, showing the Payout Ratio.ACE.MI Dividend Payout.PayoutRetained Earnings

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ACE.MI Fundamentals: All Metrics, Ratios and Statistics

ACEA SPA

BIT:ACE (3/10/2026, 5:35:15 PM)

24.1

+0.18 (+0.75%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryMulti-Utilities
Earnings (Last)11-13
Earnings (Next)03-12
Inst Owners6.95%
Inst Owner ChangeN/A
Ins Owners5.45%
Ins Owner ChangeN/A
Market Cap5.13B
Revenue(TTM)5.86B
Net Income(TTM)597.82M
Analysts84.44
Price Target25.4 (5.39%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.92%
Yearly Dividend0.7
Dividend Growth(5Y)15.14%
DP26.7%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)2.72%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)2.03%
EPS NY rev (3m)8.98%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-3.51%
Revenue NY rev (3m)-3.51%
Valuation
Industry RankSector Rank
PE 8.58
Fwd PE 14.82
P/S 0.88
P/FCF 22.56
P/OCF 3.02
P/B 2.03
P/tB N/A
EV/EBITDA 5.8
EPS(TTM)2.81
EY11.66%
EPS(NY)1.63
Fwd EY6.75%
FCF(TTM)1.07
FCFY4.43%
OCF(TTM)7.98
OCFY33.11%
SpS27.49
BVpS11.88
TBVpS-9.97
PEG (NY)0.22
PEG (5Y)2.7
Graham Number27.4
Profitability
Industry RankSector Rank
ROA 4.79%
ROE 23.63%
ROCE 10.8%
ROIC 7.05%
ROICexc 7.42%
ROICexgc 14.65%
OM 17.54%
PM (TTM) 10.21%
GM 58.75%
FCFM 3.88%
ROA(3y)2.56%
ROA(5y)2.71%
ROE(3y)12.6%
ROE(5y)13.41%
ROIC(3y)4.42%
ROIC(5y)4.33%
ROICexc(3y)4.88%
ROICexc(5y)4.87%
ROICexgc(3y)11.23%
ROICexgc(5y)10.84%
ROCE(3y)6.58%
ROCE(5y)6.46%
ROICexgc growth 3Y3.65%
ROICexgc growth 5Y-0.24%
ROICexc growth 3Y0.82%
ROICexc growth 5Y-0.78%
OM growth 3Y4.06%
OM growth 5Y2.45%
PM growth 3Y-0.18%
PM growth 5Y-2.75%
GM growth 3Y4.23%
GM growth 5Y2.24%
F-Score6
Asset Turnover0.47
Health
Industry RankSector Rank
Debt/Equity 2.13
Debt/FCF 25.92
Debt/EBITDA 3.15
Cap/Depr 215.48%
Cap/Sales 25.14%
Interest Coverage 6.09
Cash Conversion 99.36%
Profit Quality 38.05%
Current Ratio 0.67
Quick Ratio 0.63
Altman-Z 1.11
F-Score6
WACC4.99%
ROIC/WACC1.41
Cap/Depr(3y)184.97%
Cap/Depr(5y)156.88%
Cap/Sales(3y)26.71%
Cap/Sales(5y)22.69%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)26.19%
EPS 3Y1.91%
EPS 5Y3.17%
EPS Q2Q%31.22%
EPS Next Y38.85%
EPS Next 2Y2.61%
EPS Next 3Y2.05%
EPS Next 5Y3.14%
Revenue 1Y (TTM)-8.7%
Revenue growth 3Y2.09%
Revenue growth 5Y6.09%
Sales Q2Q%-26.97%
Revenue Next Year-18.99%
Revenue Next 2Y-8.71%
Revenue Next 3Y-4.59%
Revenue Next 5Y-3.41%
EBIT growth 1Y13.81%
EBIT growth 3Y6.24%
EBIT growth 5Y8.69%
EBIT Next Year102.47%
EBIT Next 3Y30.16%
EBIT Next 5Y18.82%
FCF growth 1Y-56.11%
FCF growth 3Y29.26%
FCF growth 5Y-3.89%
OCF growth 1Y95.28%
OCF growth 3Y31.42%
OCF growth 5Y16.3%

ACEA SPA / ACE.MI FAQ

What is the ChartMill fundamental rating of ACEA SPA (ACE.MI) stock?

ChartMill assigns a fundamental rating of 5 / 10 to ACE.MI.


What is the valuation status of ACEA SPA (ACE.MI) stock?

ChartMill assigns a valuation rating of 7 / 10 to ACEA SPA (ACE.MI). This can be considered as Undervalued.


What is the profitability of ACE stock?

ACEA SPA (ACE.MI) has a profitability rating of 8 / 10.


What is the valuation of ACEA SPA based on its PE and PB ratios?

The Price/Earnings (PE) ratio for ACEA SPA (ACE.MI) is 8.58 and the Price/Book (PB) ratio is 2.03.


Can you provide the expected EPS growth for ACE stock?

The Earnings per Share (EPS) of ACEA SPA (ACE.MI) is expected to grow by 38.85% in the next year.