(IG) Italgas SpA - Overview
Sector: Utilities | Industry: Utilities - Regulated Gas | Exchange: MI (Italy) | Market Cap: 10.301m EUR | Total Return: 57.3% in 12m
Avg Turnover: 22.4M
Warnings
Altman Z'' 1.08 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
Italgas S.p.A. is a regulated utility headquartered in Milan, specializing in the distribution and metering of natural gas across Italy, Greece, and other European markets. The company manages an extensive infrastructure network exceeding 156,000 kilometers of gas pipelines and 6,300 kilometers of water distribution lines. Its business model operates primarily through long-term government concessions, providing stable, predictable cash flows characteristic of the regulated utility sector.
Beyond its core gas operations, Italgas maintains diversified segments in water services-including wastewater purification-and energy efficiency solutions. The company is currently focused on the digitalization of its infrastructure, a critical step for integrating renewable gases like hydrogen and biomethane into existing grids. These capital-intensive operations are typically governed by a Regulatory Asset Base (RAB) model, which determines returns based on invested capital and operational efficiency.
For a deeper look into the companys valuation metrics and regulatory environment, consider reviewing the latest data on ValueRay. Use this overview to assess how Italgas fits within a broader infrastructure or dividend-focused portfolio.
- Regulated Asset Base expansion drives guaranteed returns under Italian tariff framework
- Natural gas network digitalization lowers operational costs and improves efficiency margins
- Acquisition of 2i Rete Gas consolidates domestic market share and revenue
- Greek market integration provides geographical diversification and long-term growth potential
- Interest rate fluctuations impact financing costs for capital-intensive infrastructure projects
| Net Income: 1.02b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 1.06 > 1.0 |
| NWC/Revenue: -10.30% < 20% (prev -37.25%; Δ 26.94% < -1%) |
| CFO/TA 0.09 > 3% & CFO 1.63b > Net Income 1.02b |
| Net Debt (-418.0m) to EBITDA (2.52b): -0.17 < 3 |
| Current Ratio: 0.82 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.02b) vs 12m ago 17.64% < -2% |
| Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin) |
| Asset Turnover: 31.36% > 50% (prev 25.06%; Δ 6.30% > 0%) |
| Interest Coverage Ratio: 16.28 > 6 (EBITDA TTM 2.52b / Interest Expense TTM 111.2m) |
| A: -0.03 (Total Current Assets 2.31b - Total Current Liabilities 2.80b) / Total Assets 18.9b |
| B: 0.08 (Retained Earnings 1.50b / Total Assets 18.9b) |
| C: 0.12 (EBIT TTM 1.81b / Avg Total Assets 15.2b) |
| D: 0.18 (Book Value of Equity 2.75b / Total Liabilities 15.1b) |
| Altman-Z'' = 1.08 = BB |
| DSRI: 1.42 (Receivables 1.22b/520.4m, Revenue 4.77b/2.89b) |
| GMI: 0.92 (GM 96.19% / 88.26%) |
| AQI: 1.01 (AQ_t 0.85 / AQ_t-1 0.85) |
| SGI: 1.65 (Revenue 4.77b / 2.89b) |
| TATA: -0.03 (NI 1.02b - CFO 1.63b) / TA 18.9b) |
| Beneish M = -2.32 (Cap -4..+1) = BBB |
As of May 25, 2026, the stock is trading at EUR 10.13 with a total of 2,362,126 shares traded.
Over the past week, the price has changed by +4.51%,
over one month by +2.73%,
over three months by -4.80% and
over the past year by +57.34%.
Italgas SpA has no consensus analysts rating.
P/E Trailing = 14.2746
P/E Forward = 13.8889
P/S = 2.7699
P/B = 2.5744
P/EG = 2.8158
Revenue TTM = 4.77b EUR
EBIT TTM = 1.81b EUR
EBITDA TTM = 2.52b EUR
Long Term Debt = 10.4b EUR (from longTermDebt, last quarter)
Short Term Debt = 71.3m EUR (from shortTermDebt, last quarter)
Debt = 114.0m EUR (Leases only: 114.0m)
Net Debt = -418.0m EUR (calculated: Debt 114.0m - CCE 531.9m)
Enterprise Value = 9.88b EUR (10.3b + Debt 114.0m - CCE 531.9m)
Interest Coverage Ratio = 16.28 (Ebit TTM 1.81b / Interest Expense TTM 111.2m)
EV/FCF = 18.38x (Enterprise Value 9.88b / FCF TTM 537.8m)
FCF Yield = 5.44% (FCF TTM 537.8m / Enterprise Value 9.88b)
FCF Margin = 11.27% (FCF TTM 537.8m / Revenue TTM 4.77b)
Net Margin = 21.33% (Net Income TTM 1.02b / Revenue TTM 4.77b)
Gross Margin = unknown ((Revenue TTM 4.77b - Cost of Revenue TTM 181.8m) / Revenue TTM)
Tobins Q-Ratio = 0.52 (Enterprise Value 9.88b / Total Assets 18.9b)
Interest Expense / Debt = 97.55% (Interest Expense 111.2m / Debt 114.0m)
Taxrate = 28.75% (140.8m / 489.8m)
NOPAT = 1.29b (EBIT 1.81b * (1 - 28.75%))
Current Ratio = 0.82 (Total Current Assets 2.31b / Total Current Liabilities 2.80b)
Debt / Equity = 0.03 (Debt 114.0m / totalStockholderEquity, last quarter 3.82b)
Debt / EBITDA = -0.17 (Net Debt -418.0m / EBITDA 2.52b)
Debt / FCF = -0.78 (Net Debt -418.0m / FCF TTM 537.8m)
Total Stockholder Equity = 3.10b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.69% (Net Income 1.02b / Total Assets 18.9b)
RoE = 32.88% (Net Income TTM 1.02b / Total Stockholder Equity 3.10b)
RoCE = 13.45% (EBIT 1.81b / Capital Employed (Equity 3.10b + L.T.Debt 10.4b))
RoIC = 8.25% (NOPAT 1.29b / Invested Capital 15.6b)
WACC = 6.10% (E(10.3b)/V(10.4b) * Re(6.17%) + (debt cost/tax rate unavailable))
Discount Rate = 6.17% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 27.60 | Cagr: 0.09%
[DCF] Terminal Value 77.97% ; FCFF base≈405.1m ; Y1≈464.4m ; Y5≈683.4m
[DCF] Fair Price = 10.53 (EV 10.3b - Net Debt -418.0m = Equity 10.7b / Shares 1.02b; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 95.92 | EPS CAGR: 13.07% | SUE: N/A | # QB: 0
Revenue Correlation: 54.34 | Revenue CAGR: 16.22% | SUE: 2.58 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.19 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.18 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=0.73 | Chg30d=+0.55% | Revisions=+8% | GrowthEPS=+2.6% | GrowthRev=+11.0%
EPS next Year (2027-12-31): EPS=0.79 | Chg30d=-0.44% | Revisions=+0% | GrowthEPS=+8.2% | GrowthRev=+6.9%
[Analyst] Revisions Ratio: +8%