A2A Stock Analysis: A2A S.p.A | MI
Utilities - Diversified | MI, Italy | Market Cap: 7.458m EUR | 12M Return: 7.7% | IT0001233417 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 17.2M
EPS Trend: 30.4%
Rev. Trend: -0.9%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
A2A S.p.A. is an Italian multi-utility company headquartered in Milan, listed on the Borsa Italiana, operating across the full energy and environmental services value chain. Its core activities include the generation, sale, and distribution of electricity and gas, alongside district heating networks. Electricity generation is sourced from a diversified mix that includes hydroelectric, thermoelectric, photovoltaic, and wind power plants.
Beyond energy, the company runs an integrated environmental services portfolio covering waste collection, street sweeping, treatment, disposal, and material and energy recovery, as well as the operation of integrated waste-to-energy plants. It also provides integrated water cycle management (water purification and sewer services), public lighting management, and technical consultancy on energy efficiency certificates, with additional offerings in video surveillance and electric mobility.
As a multi-utility, A2As business model reflects the vertically integrated approach common among Italian utilities, combining regulated and semi-regulated activities (such as distribution networks and waste services) with competitive generation and retail operations. Its presence in district heating is particularly characteristic of Northern Italian utilities, where dense urban populations and combined heat and power infrastructure support the business.
- Italian wholesale gas prices compress generation margins
- Waste-to-energy volumes and tariffs boost recurring EBITDA
- Heavy renewables and grid capex raises net debt leverage
| Net Income: 680.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -1.09 > 1.0 |
| NWC/Revenue: 6.28% < 20% (prev -4.00%; Δ 10.28% < -1%) |
| CFO/TA 0.08 > 3% & CFO 1.68b > Net Income 680.0m |
| Net Debt (6.04b) to EBITDA (2.13b): 2.83 < 3 |
| Current Ratio: 1.16 > 1.5 & < 3 |
| Outstanding Shares: last quarter (3.14b) vs 12m ago 0.22% < -2% |
| Gross Margin: 8.18% > 18% (prev 17.72%; Δ -9.54% > 0.5%) |
| Asset Turnover: 74.63% > 50% (prev 68.09%; Δ 6.55% > 0%) |
| Interest Coverage Ratio: 5.43 > 6 (EBIT TTM 1.19b / Interest Expense TTM 220.0m) |
| A: 0.05 (Total Current Assets 7.09b - Total Current Liabilities 6.14b) / Total Assets 20.8b |
| B: 0.02 (Retained Earnings 364.0m / Total Assets 20.8b) |
| C: 0.06 (EBIT TTM 1.19b / Avg Total Assets 20.4b) |
| D: 0.41 (Book Value of Equity 5.94b / Total Liabilities 14.3b) |
| Altman-Z'' = 1.19 = BB |
| DSRI: 0.75 (Receivables 3.15b/3.76b, Revenue 15.2b/13.6b) |
| GMI: 2.17 (GM 17.72% / 8.18%) |
| AQI: 0.93 (AQ_t 0.26 / AQ_t-1 0.28) |
| SGI: 1.12 (Revenue 15.2b / 13.6b) |
| TATA: -0.05 (NI 680.0m - CFO 1.68b) / TA 20.8b) |
| Beneish M = -2.14 (Cap -4..+1) = BB |
As of October 18, 2026, the stock is trading at EUR 2.39 with a total of 5,501,240 shares traded. Over the past week, the price has changed by +5.20%, over one month by +0.17%, over three months by +1.62% and over the past year by +7.72%.
Current recommended Stop Loss: 2.30 (which is 3.8% or 2.3 ATR below the current price).
A2A S.p.A has no consensus analysts rating.
P/E Trailing = 10.8318
P/E Forward = 12.0337
P/S = 0.4801
P/B = 1.2283
P/EG = 0.8444
Revenue TTM = 15.2b EUR
EBIT TTM = 1.19b EUR
EBITDA TTM = 2.13b EUR
Long Term Debt = 6.89b EUR (from longTermDebt, last quarter)
Short Term Debt = 349.0m EUR (from shortTermDebt, last quarter)
Debt = 7.63b EUR (from shortLongTermDebtTotal, last quarter) + Leases 216.0m
Net Debt = 6.04b EUR (calculated: Debt 7.63b - CCE 1.59b)
Enterprise Value = 13.5b EUR (7.46b + Debt 7.63b - CCE 1.59b)
Interest Coverage Ratio = 5.43 (Ebit TTM 1.19b / Interest Expense TTM 220.0m)
EV/FCF = 30.90x (Enterprise Value 13.5b / FCF TTM 437.0m)
FCF Yield = 3.24% (FCF TTM 437.0m / Enterprise Value 13.5b)
FCF Margin = 2.87% (FCF TTM 437.0m / Revenue TTM 15.2b)
Net Margin = 4.47% (Net Income TTM 680.0m / Revenue TTM 15.2b)
Gross Margin = 8.18% ((Revenue TTM 15.2b - Cost of Revenue TTM 14.0b) / Revenue TTM)
Gross Margin QoQ = 6.96% (prev 9.54%)
Tobins Q-Ratio = 0.65 (Enterprise Value 13.5b / Total Assets 20.8b)
Interest Expense / Debt = 2.88% (Interest Expense 220.0m / Debt 7.63b)
Taxrate = 29.66% (299.0m / 1.01b)
NOPAT = 839.8m (EBIT 1.19b * (1 - 29.66%))
Current Ratio = 1.16 (Total Current Assets 7.09b / Total Current Liabilities 6.14b)
Debt / Equity = 1.28 (Debt 7.63b / totalStockholderEquity, last quarter 5.94b)
Debt / EBITDA = 2.83 (Net Debt 6.04b / EBITDA 2.13b)
Debt / FCF = 13.83 (Net Debt 6.04b / FCF TTM 437.0m)
Total Stockholder Equity = 5.91b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.34% (Net Income 680.0m / Total Assets 20.8b)
RoE = 11.50% (Net Income TTM 680.0m / Total Stockholder Equity 5.91b)
RoCE = 9.33% (EBIT 1.19b / Capital Employed (Equity 5.91b + L.T.Debt 6.89b))
RoIC = 5.87% (NOPAT 839.8m / Invested Capital 14.3b)
WACC = 3.86% (E(7.46b)/V(15.1b) * Re(5.73%) + D(7.63b)/V(15.1b) * Rd(2.88%) * (1-Tc(0.30)))
Discount Rate = 5.73% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 16.77 | Cagr: 0.04%
[DCF] Terminal Value 73.10% ; FCFF base≈516.2m ; Y1≈452.7m ; Y5≈365.7m
[DCF] Fair Price = N/A (negative equity: EV 5.87b - Net Debt 6.04b = -173.4m; debt exceeds intrinsic value)
EPS Correlation: 30.40 | EPS CAGR: 8.57% | SUE: N/A | # QB: 0
Revenue Correlation: -0.93 | Revenue CAGR: -0.10% | SUE: 0.03 | # QB: 0
EPS current Year (2026-12-31): EPS=0.21 | Chg30d=+0.00% | Revisions=-25% | GrowthEPS=-6.0% | GrowthRev=+0.7%
EPS next Year (2027-12-31): EPS=0.21 | Chg30d=+0.00% | Revisions=+50% | GrowthEPS=+2.1% | GrowthRev=-1.0%
[Analyst] Revisions Ratio: +29% (up=3, down=1)