(TRN) Terna Rete Elettrica - Overview
Sector: Utilities | Industry: Utilities - Regulated Electric | Exchange: MI (Italy) | Market Cap: 20.168m EUR | Total Return: 29.7% in 12m
Avg Turnover: 32.5M
Qual. Beats: 0
Rev. Trend: 97.1%
Qual. Beats: 0
Warnings
Share dilution 96.9% YoY
Tailwinds
Idiosyncratic Leader
Terna Rete Elettrica Nazionale SpA is the primary operator of Italy’s high-voltage electricity transmission grid. Headquartered in Rome, the company manages the design, construction, and maintenance of the national power infrastructure while overseeing dispatching services to balance energy supply and demand. Its operations are divided into regulated activities, which constitute the core utility business, and non-regulated segments including industrial equipment manufacturing and international energy projects.
The company operates as a natural monopoly within its regulated domestic market, where revenues are largely determined by a regulatory framework set by national authorities. This business model provides stable cash flows typically decoupled from broader economic cycles, as the infrastructure is essential for national energy security. Terna also produces specialized electrical components, such as power transformers and subsea cables, which are critical for integrating offshore renewable energy sources into the existing grid.
Investors can further examine the companys dividend history and regulatory asset base by visiting ValueRay.
- Regulated asset base growth driven by multi-billion euro national grid development plan
- Italian regulatory updates on weighted average cost of capital impact return profiles
- Interest rate environment fluctuations shift valuation of defensive high-dividend utility stocks
- Energy transition investments in storage and interconnectors diversify long-term revenue streams
- Non-regulated industrial segment performance in transformer and cable manufacturing affects margins
| Net Income: 1.65b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.04 > 0.02 and ΔFCF/TA 0.94 > 1.0 |
| NWC/Revenue: -11.61% < 20% (prev -11.35%; Δ -0.26% < -1%) |
| CFO/TA 0.21 > 3% & CFO 5.21b > Net Income 1.65b |
| Net Debt (2.00m) to EBITDA (3.64b): 0.00 < 3 |
| Current Ratio: 0.61 > 1.5 & < 3 |
| Outstanding Shares: last quarter (2.01b) vs 12m ago -0.01% < -2% |
| Gross Margin: 82.42% > 18% (prev 82.82%; Δ -0.40% > 0.5%) |
| Asset Turnover: 25.27% > 50% (prev 20.33%; Δ 4.94% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBIT TTM and Interest Expense TTM) |
| DSRI: 0.62 (Receivables 1.06b/1.31b, Revenue 5.97b/4.56b) |
| GMI: 1.00 (GM 82.82% / 82.42%) |
| AQI: 1.09 (AQ_t 0.07 / AQ_t-1 0.07) |
| SGI: 1.31 (Revenue 5.97b / 4.56b) |
| TATA: -0.14 (NI 1.65b - CFO 5.21b) / TA 24.8b) |
| Beneish M = -3.08 (Cap -4..+1) = AA |
As of June 08, 2026, the stock is trading at EUR 10.05 with a total of 4,985,272 shares traded.
Over the past week, the price has changed by +0.99%,
over one month by -10.59%,
over three months by +3.92% and
over the past year by +29.69%.
Terna Rete Elettrica has no consensus analysts rating.
P/E Trailing = 18.9623
P/E Forward = 18.9036
P/S = 4.9227
P/B = 2.2264
P/EG = 2.0899
Revenue TTM = 5.97b EUR
EBIT TTM = 2.67b EUR
EBITDA TTM = 3.64b EUR
Long Term Debt = 12.2b EUR (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 2.00m EUR (Leases only: 2.00m)
Net Debt = 2.00m EUR (using Total Debt 2.00m, CCE unavailable)
Enterprise Value = 20.2b EUR (20.2b + Debt 2.00m - (null CCE))
Interest Coverage Ratio = unknown (Ebit TTM 2.67b / Interest Expense TTM 0.0)
EV/FCF = -22.43x (Enterprise Value 20.2b / FCF TTM -899.1m)
FCF Yield = -4.46% (FCF TTM -899.1m / Enterprise Value 20.2b)
FCF Margin = -15.06% (FCF TTM -899.1m / Revenue TTM 5.97b)
Net Margin = 27.69% (Net Income TTM 1.65b / Revenue TTM 5.97b)
Gross Margin = 82.42% ((Revenue TTM 5.97b - Cost of Revenue TTM 1.05b) / Revenue TTM)
Gross Margin QoQ = 89.96% (prev 80.99%)
Tobins Q-Ratio = 0.81 (Enterprise Value 20.2b / Total Assets 24.8b)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 2.00m)
Taxrate = 30.69% (733.8m / 2.39b)
NOPAT = 1.85b (EBIT 2.67b * (1 - 30.69%))
Current Ratio = 0.61 (Total Current Assets 1.09b / Total Current Liabilities 1.78b)
Debt / Equity = 0.00 (Debt 2.00m / totalStockholderEquity, last quarter 8.90b)
Debt / EBITDA = 0.00 (Net Debt 2.00m / EBITDA 3.64b)
Debt / FCF = -0.00 (negative FCF - burning cash) (Net Debt 2.00m / FCF TTM -899.1m)
Total Stockholder Equity = 7.99b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.00% (Net Income 1.65b / Total Assets 24.8b)
RoE = 20.69% (Net Income TTM 1.65b / Total Stockholder Equity 7.99b)
RoCE = 13.27% (EBIT 2.67b / Capital Employed (Equity 7.99b + L.T.Debt 12.2b))
RoIC = 8.05% (NOPAT 1.85b / Invested Capital 23.0b)
WACC = 5.90% (E(20.2b)/V(20.2b) * Re(5.90%) + D(2.00m)/V(20.2b) * Rd(0.0%) * (1-Tc(0.31)))
Discount Rate = 5.90% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -16.30 | Cagr: 35.11%
[DCF] Fair Price = unknown (Cash Flow -899.1m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.21 | # QB: 0
Revenue Correlation: 97.12 | Revenue CAGR: 20.55% | SUE: 0.05 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.16 | Chg30d=+3.06% | Revisions=-20% | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.14 | Chg30d=+5.95% | Revisions=-20% | Analysts=2
EPS current Year (2026-12-31): EPS=0.55 | Chg30d=-0.54% | Revisions=+14% | GrowthEPS=+3.4% | GrowthRev=+9.2%
EPS next Year (2027-12-31): EPS=0.56 | Chg30d=+0.11% | Revisions=+0% | GrowthEPS=+2.0% | GrowthRev=+8.2%
[Analyst] Revisions Ratio: -20%