Financials ERG S.p.A.

Equities

ERG

IT0001157020

Independent Power Producers

Market Closed - Borsa Italiana 16:44:59 24/06/2024 BST 5-day change 1st Jan Change
24.32 EUR 0.00% Intraday chart for ERG S.p.A. +3.05% -15.73%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,861 3,484 4,234 4,331 4,247 3,545 - -
Enterprise Value (EV) 1 4,338 4,923 6,285 4,331 5,692 5,434 5,524 5,613
P/E ratio 90.5 x 32.3 x 24.5 x 11.4 x 24.1 x 16.4 x 15.4 x 15.1 x
Yield 3.9% 3.21% 3.16% - 3.47% 4.11% 4.17% 4.28%
Capitalization / Revenue 2.8 x 3.5 x 3.41 x 5.78 x 5.73 x 4.54 x 4.16 x 3.97 x
EV / Revenue 4.25 x 4.94 x 5.06 x 5.78 x 7.68 x 6.95 x 6.49 x 6.28 x
EV / EBITDA 8.61 x 10.2 x 10.8 x 8.06 x 10.9 x 9.94 x 9.33 x 9.12 x
EV / FCF 35.8 x 17.3 x -52.4 x - 474 x -28.5 x -65 x 129 x
FCF Yield 2.79% 5.77% -1.91% - 0.21% -3.5% -1.54% 0.77%
Price to Book 1.61 x 1.98 x 2.74 x - 1.99 x 1.68 x 1.61 x 1.56 x
Nbr of stocks (in thousands) 148,870 148,870 148,870 149,538 147,144 145,780 - -
Reference price 2 19.22 23.40 28.44 28.96 28.86 24.32 24.32 24.32
Announcement Date 11/03/20 12/03/21 15/03/22 15/03/23 13/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,022 995.6 1,243 749 741 781.4 851.3 893.4
EBITDA 1 503.7 480.8 580 537 520 546.6 592.4 615.4
EBIT 1 204.9 183.3 304 308 305 302.9 343.5 355.4
Operating Margin 20.06% 18.41% 24.46% 41.12% 41.16% 38.77% 40.35% 39.78%
Earnings before Tax (EBT) 1 52.3 66.3 112 187 290 287 306.7 317.1
Net income 1 31.6 107.9 173 379 179 220.3 234.8 238.1
Net margin 3.09% 10.84% 13.92% 50.6% 24.16% 28.19% 27.58% 26.65%
EPS 2 0.2123 0.7248 1.159 2.534 1.199 1.480 1.581 1.605
Free Cash Flow 1 121 283.9 -120 - 12 -190.3 -85 43.5
FCF margin 11.84% 28.52% -9.65% - 1.62% -24.36% -9.98% 4.87%
FCF Conversion (EBITDA) 24.02% 59.05% - - 2.31% - - 7.07%
FCF Conversion (Net income) 382.91% 263.11% - - 6.7% - - 18.27%
Dividend per Share 2 0.7500 0.7500 0.9000 - 1.000 1.000 1.014 1.040
Announcement Date 11/03/20 12/03/21 15/03/22 15/03/23 13/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1
Net sales 1 508.5 525.5 264 447 216 164.3 380 191 187 213 156 382 156 220 218
EBITDA 1 263 281 119 180 168 113 283 133 126 167 103 263 102 155 165
EBIT 1 114 147 50 107 114 56 170 75 64 111 50 155 50 101 105
Operating Margin 22.42% 27.97% 18.94% 23.94% 52.78% 34.08% 44.74% 39.27% 34.22% 52.11% 32.05% 40.58% 32.05% 45.91% 48.17%
Earnings before Tax (EBT) 87.3 - - - 92 - - - - 98 - - - - -
Net income 72.4 92.35 9 71.65 388 316 404.8 - - 76 3 78.55 - - -
Net margin 14.24% 17.57% 3.41% 16.03% 179.63% 192.29% 106.54% - - 35.68% 1.92% 20.56% - - -
EPS - - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 31/07/20 30/07/21 12/11/21 15/03/22 13/05/22 04/08/22 04/08/22 10/11/22 15/03/23 12/05/23 28/07/23 28/07/23 14/11/23 13/03/24 15/05/24
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,476 1,439 2,051 - 1,445 1,888 1,979 2,068
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.931 x 2.993 x 3.536 x - 2.779 x 3.455 x 3.34 x 3.361 x
Free Cash Flow 1 121 284 -120 - 12 -190 -85 43.5
ROE (net income / shareholders' equity) 5.75% 5.98% 10.5% - 10.8% 10.2% 10.8% 10.2%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 11.90 11.80 10.40 - 14.50 14.50 15.10 15.60
Cash Flow per Share 2 3.710 2.960 3.530 - 3.360 3.060 - -
Capex 1 432 156 647 - 489 536 451 433
Capex / Sales 42.28% 15.68% 52.05% - 65.99% 68.65% 52.92% 48.46%
Announcement Date 11/03/20 12/03/21 15/03/22 15/03/23 13/03/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
9
Last Close Price
24.32 EUR
Average target price
28.21 EUR
Spread / Average Target
+16.00%
Consensus

Quarterly revenue - Rate of surprise

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