ASCOPIAVE SPA (ASC.MI) Stock Fundamental Analysis
BIT:ASC - Euronext Milan - IT0004093263 - Common Stock - Currency: EUR
We assign a fundamental rating of 4 out of 10 to ASC. ASC was compared to 4 industry peers in the Gas Utilities industry. While ASC is still in line with the averages on profitability rating, there are concerns on its financial health. ASC is quite expensive at the moment. It does show a decent growth rate.
1. Profitability
1.1 Basic Checks
ASC had positive earnings in the past year.
In the past year ASC had a positive cash flow from operations.
Each year in the past 5 years ASC has been profitable.
In the past 5 years ASC always reported a positive cash flow from operatings.
1.2 Ratios
With a Return On Assets value of 3.40%, ASC is not doing good in the industry: 80.00% of the companies in the same industry are doing better.
ASC has a Return On Equity of 5.84%. This is amonst the worse of the industry: ASC underperforms 80.00% of its industry peers.
With a Return On Invested Capital value of 4.64%, ASC is not doing good in the industry: 80.00% of the companies in the same industry are doing better.
The Average Return On Invested Capital over the past 3 years for ASC is significantly below the industry average of 7.35%.
The 3 year average ROIC (2.30%) for ASC is below the current ROIC(4.64%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.4% | ||
| ROE | 5.84% | ||
| ROIC | 4.64% |
ROA(3y)2.59%
ROA(5y)10.01%
ROE(3y)4.42%
ROE(5y)15.32%
ROIC(3y)2.3%
ROIC(5y)2.21%
1.3 Margins
Looking at the Profit Margin, with a value of 24.27%, ASC is in line with its industry, outperforming 60.00% of the companies in the same industry.
ASC's Profit Margin has declined in the last couple of years.
The Operating Margin of ASC (32.19%) is comparable to the rest of the industry.
ASC's Operating Margin has improved in the last couple of years.
Looking at the Gross Margin, with a value of 104.14%, ASC belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
In the last couple of years the Gross Margin of ASC has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 32.19% | ||
| PM (TTM) | 24.27% | ||
| GM | 104.14% |
OM growth 3Y10.68%
OM growth 5Y5.56%
PM growth 3Y-16.43%
PM growth 5Y-11.59%
GM growth 3Y1.94%
GM growth 5Y1.16%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so ASC is destroying value.
Compared to 1 year ago, ASC has about the same amount of shares outstanding.
Compared to 5 years ago, ASC has less shares outstanding
ASC has a worse debt/assets ratio than last year.
2.2 Solvency
ASC has an Altman-Z score of 1.51. This is a bad value and indicates that ASC is not financially healthy and even has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 1.51, ASC is in the better half of the industry, outperforming 80.00% of the companies in the same industry.
The Debt to FCF ratio of ASC is 18.13, which is on the high side as it means it would take ASC, 18.13 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of ASC (18.13) is worse than 60.00% of its industry peers.
ASC has a Debt/Equity ratio of 0.33. This is a healthy value indicating a solid balance between debt and equity.
ASC has a better Debt to Equity ratio (0.33) than 100.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.33 | ||
| Debt/FCF | 18.13 | ||
| Altman-Z | 1.51 |
ROIC/WACC0.7
WACC6.66%
2.3 Liquidity
ASC has a Current Ratio of 0.60. This is a bad value and indicates that ASC is not financially healthy enough and could expect problems in meeting its short term obligations.
ASC has a worse Current ratio (0.60) than 60.00% of its industry peers.
ASC has a Quick Ratio of 0.60. This is a bad value and indicates that ASC is not financially healthy enough and could expect problems in meeting its short term obligations.
ASC has a worse Quick ratio (0.55) than 60.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.6 | ||
| Quick Ratio | 0.55 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an impressive 152.46% over the past year.
The Earnings Per Share has been decreasing by -3.58% on average over the past years.
Looking at the last year, ASC shows a quite strong growth in Revenue. The Revenue has grown by 19.63% in the last year.
The Revenue has been growing by 8.46% on average over the past years. This is quite good.
EPS 1Y (TTM)152.46%
EPS 3Y-14.95%
EPS 5Y-3.58%
EPS Q2Q%883.78%
Revenue 1Y (TTM)19.63%
Revenue growth 3Y1.84%
Revenue growth 5Y8.46%
Sales Q2Q%14.41%
3.2 Future
ASC is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 2.50% yearly.
The Revenue is expected to grow by 16.69% on average over the next years. This is quite good.
EPS Next Y3.85%
EPS Next 2Y5.61%
EPS Next 3Y2.5%
EPS Next 5YN/A
Revenue Next Year19.98%
Revenue Next 2Y16.77%
Revenue Next 3Y16.69%
Revenue Next 5YN/A
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 12.37, the valuation of ASC can be described as correct.
Compared to the rest of the industry, the Price/Earnings ratio of ASC is on the same level as its industry peers.
ASC's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 29.35.
ASC is valuated rather expensively with a Price/Forward Earnings ratio of 19.43.
Based on the Price/Forward Earnings ratio, ASC is valued more expensive than 80.00% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.10, ASC is valued at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.37 | ||
| Fwd PE | 19.43 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of ASC indicates a rather expensive valuation: ASC more expensive than 80.00% of the companies listed in the same industry.
Based on the Price/Free Cash Flow ratio, ASC is valued a bit more expensive than 60.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 28.39 | ||
| EV/EBITDA | 9.3 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
PEG (NY)3.22
PEG (5Y)N/A
EPS Next 2Y5.61%
EPS Next 3Y2.5%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 5.01%, ASC is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 6.49, ASC's dividend is way lower than its industry peers. On top of this 80.00% of the companies listed in the same industry pay a better dividend than ASC!
ASC's Dividend Yield is rather good when compared to the S&P500 average which is at 2.33.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.01% |
5.2 History
The dividend of ASC decreases each year by -6.28%.
Dividend Growth(5Y)-6.28%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
ASC pays out 61.91% of its income as dividend. This is not a sustainable payout ratio.
DP61.91%
EPS Next 2Y5.61%
EPS Next 3Y2.5%
BIT:ASC (3/7/2025, 7:00:00 PM)
2.845
+0.05 (+1.86%)
Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryGas Utilities
Earnings (Last)
Earnings (Next)
Inst Owners3.93%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap666.90M
Analysts77.14
Price Target3.47 (21.97%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.01% |
Yearly Dividend0.13
Dividend Growth(5Y)-6.28%
DP61.91%
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)5.16%
PT rev (3m)5.16%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-11.95%
EPS NY rev (3m)-20.59%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.71%
Revenue NY rev (3m)-1.4%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.37 | ||
| Fwd PE | 19.43 | ||
| P/S | 3.3 | ||
| P/FCF | 28.39 | ||
| P/OCF | 6.11 | ||
| P/B | 0.8 | ||
| P/tB | 10.83 | ||
| EV/EBITDA | 9.3 |
EPS(TTM)0.23
EY8.08%
EPS(NY)0.15
Fwd EY5.15%
FCF(TTM)0.1
FCFY3.52%
OCF(TTM)0.47
OCFY16.36%
SpS0.86
BVpS3.58
TBVpS0.26
PEG (NY)3.22
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.4% | ||
| ROE | 5.84% | ||
| ROCE | 5.48% | ||
| ROIC | 4.64% | ||
| ROICexc | 4.71% | ||
| ROICexgc | 14.04% | ||
| OM | 32.19% | ||
| PM (TTM) | 24.27% | ||
| GM | 104.14% | ||
| FCFM | 11.63% |
ROA(3y)2.59%
ROA(5y)10.01%
ROE(3y)4.42%
ROE(5y)15.32%
ROIC(3y)2.3%
ROIC(5y)2.21%
ROICexc(3y)2.48%
ROICexc(5y)2.36%
ROICexgc(3y)7.3%
ROICexgc(5y)6.6%
ROCE(3y)2.72%
ROCE(5y)2.61%
ROICexcg growth 3Y15.52%
ROICexcg growth 5Y-23.15%
ROICexc growth 3Y9.06%
ROICexc growth 5Y-3.81%
OM growth 3Y10.68%
OM growth 5Y5.56%
PM growth 3Y-16.43%
PM growth 5Y-11.59%
GM growth 3Y1.94%
GM growth 5Y1.16%
F-Score7
Asset Turnover0.14
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.33 | ||
| Debt/FCF | 18.13 | ||
| Debt/EBITDA | 2.38 | ||
| Cap/Depr | 169.52% | ||
| Cap/Sales | 42.4% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 94.46% | ||
| Profit Quality | 47.94% | ||
| Current Ratio | 0.6 | ||
| Quick Ratio | 0.55 | ||
| Altman-Z | 1.51 |
F-Score7
WACC6.66%
ROIC/WACC0.7
Cap/Depr(3y)177.73%
Cap/Depr(5y)163.66%
Cap/Sales(3y)48.36%
Cap/Sales(5y)40.1%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)152.46%
EPS 3Y-14.95%
EPS 5Y-3.58%
EPS Q2Q%883.78%
EPS Next Y3.85%
EPS Next 2Y5.61%
EPS Next 3Y2.5%
EPS Next 5YN/A
Revenue 1Y (TTM)19.63%
Revenue growth 3Y1.84%
Revenue growth 5Y8.46%
Sales Q2Q%14.41%
Revenue Next Year19.98%
Revenue Next 2Y16.77%
Revenue Next 3Y16.69%
Revenue Next 5YN/A
EBIT growth 1Y88.03%
EBIT growth 3Y12.71%
EBIT growth 5Y14.49%
EBIT Next Year148.8%
EBIT Next 3Y38.42%
EBIT Next 5Y35.37%
FCF growth 1Y457.7%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y87.79%
OCF growth 3Y-47.42%
OCF growth 5Y-39.13%