IG Stock Analysis: Italgas | MI
Utilities - Regulated Gas | MI, Italy | Market Cap: 9.135m EUR | 12M Return: 2.7% | IT0005211237 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 19.6M
EPS Trend: 96.3%
Qual. Beats: 0
Rev. Trend: 72.4%
Qual. Beats: 2
Warnings
Tailwinds
Seasonality 9.9 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.
Italgas S.p.A. is a European utility company headquartered in Milan, Italy, founded in 1837. It primarily distributes natural gas across Italy, Greece, and other European Union countries, and is also active in water services and energy efficiency through three operating segments.
The companys gas operations include metering and transportation of natural gas to households and enterprises, while its water segment handles collection, adduction, distribution, and wastewater purification. As described, Italgas operated a gas distribution network of 156,655 kilometers and a water distribution network of 6,300 kilometers.
As a regulated gas utility, Italgas operates within a sector characterized by infrastructure-heavy, capital-intensive business models with stable, often government-tariff-regulated revenue streams. Its expansion into water services reflects a broader trend among European gas utilities diversifying into adjacent regulated infrastructure to leverage existing operational capabilities and customer relationships.
- Italian gas distribution tariff revisions by ARERA regulator
- Greek gas and water network acquisitions drive consolidation strategy
- Water service segment expansion boosts regulated asset base growth
| Net Income: 1.24b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 1.66 > 1.0 |
| NWC/Revenue: -13.78% < 20% (prev -12.42%; Δ -1.37% < -1%) |
| CFO/TA 0.08 > 3% & CFO 1.63b > Net Income 1.24b |
| Net Debt (11.0b) to EBITDA (3.32b): 3.31 < 3 |
| Current Ratio: 0.78 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.02b) vs 12m ago 25.20% < -2% |
| Gross Margin: 61.11% > 18% (prev 83.76%; Δ -22.65% > 0.5%) |
| Asset Turnover: 27.51% > 50% (prev 20.05%; Δ 7.46% > 0%) |
| Interest Coverage Ratio: 11.01 > 6 (EBIT TTM 2.60b / Interest Expense TTM 236.4m) |
| A: -0.04 (Total Current Assets 2.45b - Total Current Liabilities 3.15b) / Total Assets 19.1b |
| B: 0.08 (Retained Earnings 1.55b / Total Assets 19.1b) |
| C: 0.14 (EBIT TTM 2.60b / Avg Total Assets 18.5b) |
| D: 0.25 (Book Value of Equity 3.77b / Total Liabilities 15.0b) |
| Altman-Z'' = 1.23 = BB |
| DSRI: 0.42 (Receivables 655.8m/1.10b, Revenue 5.09b/3.58b) |
| GMI: 1.37 (GM 83.76% / 61.11%) |
| AQI: 0.97 (AQ_t 0.84 / AQ_t-1 0.87) |
| SGI: 1.42 (Revenue 5.09b / 3.58b) |
| TATA: -0.02 (NI 1.24b - CFO 1.63b) / TA 19.1b) |
| Beneish M = -2.89 (Cap -4..+1) = A |
As of November 07, 2026, the stock is trading at EUR 9.12 with a total of 1,613,361 shares traded. Over the past week, the price has changed by +1.94%, over one month by +11.24%, over three months by +0.80% and over the past year by +2.68%.
Current recommended Stop Loss: 8.80 (which is 3.5% or 2 ATR below the current price).
Italgas has no consensus analysts rating.
P/E Trailing = 13.1941
P/E Forward = 11.2233
P/S = 2.3605
P/B = 2.4102
P/EG = 2.8158
Revenue TTM = 5.09b EUR
EBIT TTM = 2.60b EUR
EBITDA TTM = 3.32b EUR
Long Term Debt = 10.4b EUR (from longTermDebt, last quarter)
Short Term Debt = 1.66b EUR (from shortTermDebt, last quarter)
Debt = 12.2b EUR (from shortLongTermDebtTotal, last quarter) + Leases 123.4m
Net Debt = 11.0b EUR (calculated: Debt 12.2b - CCE 1.25b)
Enterprise Value = 20.1b EUR (9.14b + Debt 12.2b - CCE 1.25b)
Interest Coverage Ratio = 11.01 (Ebit TTM 2.60b / Interest Expense TTM 236.4m)
EV/FCF = 37.40x (Enterprise Value 20.1b / FCF TTM 537.8m)
FCF Yield = 2.67% (FCF TTM 537.8m / Enterprise Value 20.1b)
FCF Margin = 10.57% (FCF TTM 537.8m / Revenue TTM 5.09b)
Net Margin = 24.29% (Net Income TTM 1.24b / Revenue TTM 5.09b)
Gross Margin = 61.11% ((Revenue TTM 5.09b - Cost of Revenue TTM 1.98b) / Revenue TTM)
Gross Margin QoQ = 71.65% (prev 30.52%)
Tobins Q-Ratio = 1.05 (Enterprise Value 20.1b / Total Assets 19.1b)
Interest Expense / Debt = 1.93% (Interest Expense 236.4m / Debt 12.2b)
Taxrate = 28.65% (161.9m / 565.0m)
NOPAT = 1.86b (EBIT 2.60b * (1 - 28.65%))
Current Ratio = 0.78 (Total Current Assets 2.45b / Total Current Liabilities 3.15b)
Debt / Equity = 3.24 (Debt 12.2b / totalStockholderEquity, last quarter 3.77b)
Debt / EBITDA = 3.31 (Net Debt 11.0b / EBITDA 3.32b)
Debt / FCF = 20.41 (Net Debt 11.0b / FCF TTM 537.8m)
Total Stockholder Equity = 3.42b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.68% (Net Income 1.24b / Total Assets 19.1b)
RoE = 36.09% (Net Income TTM 1.24b / Total Stockholder Equity 3.42b)
RoCE = 18.88% (EBIT 2.60b / Capital Employed (Equity 3.42b + L.T.Debt 10.4b))
RoIC = 10.68% (NOPAT 1.86b / Invested Capital 17.4b)
WACC = 3.08% (E(9.14b)/V(21.4b) * Re(5.36%) + D(12.2b)/V(21.4b) * Rd(1.93%) * (1-Tc(0.29)))
Discount Rate = 5.36% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 78.05 | Cagr: 13.05%
[DCF] Terminal Value 77.97% ; FCFF base≈405.1m ; Y1≈464.4m ; Y5≈683.4m
[DCF] Fair Price = N/A (negative equity: EV 10.3b - Net Debt 11.0b = -691.7m; debt exceeds intrinsic value)
EPS Correlation: 96.31 | EPS CAGR: 15.31% | SUE: 0.69 | # QB: 0
Revenue Correlation: 72.41 | Revenue CAGR: 10.35% | SUE: 3.15 | # QB: 2
EPS current Quarter (2026-03-31): EPS=0.17 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS next Quarter (2026-06-30): EPS=0.20 | Chg30d=+2.52% | Revisions=+0% | Analysts=1
EPS current Year (2025-12-31): EPS=0.68 | Chg30d=+2.66% | Revisions=+62% | GrowthEPS=+9.6% | GrowthRev=+40.8%
EPS next Year (2026-12-31): EPS=0.74 | Chg30d=-0.14% | Revisions=+40% | GrowthEPS=+3.0% | GrowthRev=+12.1%
[Analyst] Revisions Ratio: +67% (up=11, down=1)