TRN Stock Analysis: Terna Rete Elettrica | MI
Utilities - Regulated Electric | MI, Italy | Market Cap: 18.446m EUR | 12M Return: 9.2% | IT0003242622 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 37.9M
Qual. Beats: 0
Rev. Trend: 71.5%
Qual. Beats: 1
Warnings
Tailwinds
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.
Terna S.p.A. (TRN) is an Italian utilities company that operates as the countrys primary electricity transmission system operator (TSO), managing the national high-voltage grid and providing dispatching services. Headquartered in Rome and founded in 1962, the company reports through three segments: Regulated (core domestic grid operations), Non-Regulated, and International, serving markets across the Euro-area and beyond.
Beyond its core grid business, Terna is involved in the design, construction, and maintenance of transmission infrastructure, energy storage systems, and interconnecting lines, and supplies transformers and cables. Its diversified activities include manufacturing power and industrial transformers, producing marine and terrestrial cables, developing renewable energy projects, and undertaking private interconnector projects. As a regulated electric utility, Ternas earnings are largely tied to the returns authorized by Italys energy regulator on its invested capital in the transmission network.
- Italy grid capex plan exceeds €21 billion through 2028
- ARERA regulatory review impacts RAB growth and allowed returns
- Renewable integration and interconnectors drive transmission demand
- Non-regulated industrial transformers and cables boost segment margins
| Net Income: 1.66b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA 2.91 > 1.0 |
| NWC/Revenue: -3.49% < 20% (prev -30.60%; Δ 27.11% < -1%) |
| CFO/TA 0.15 > 3% & CFO 4.58b > Net Income 1.66b |
| Net Debt (12.6b) to EBITDA (3.70b): 3.41 < 3 |
| Current Ratio: 0.96 > 1.5 & < 3 |
| Outstanding Shares: last quarter (2.01b) vs 12m ago 0.02% < -2% |
| Gross Margin: 57.24% > 18% (prev 69.21%; Δ -11.96% > 0.5%) |
| Asset Turnover: 21.40% > 50% (prev 16.62%; Δ 4.78% > 0%) |
| Interest Coverage Ratio: 9.50 > 6 (EBIT TTM 2.75b / Interest Expense TTM 289.5m) |
| A: -0.01 (Total Current Assets 5.92b - Total Current Liabilities 6.14b) / Total Assets 30.5b |
| B: 0.15 (Retained Earnings 4.67b / Total Assets 30.5b) |
| C: 0.09 (EBIT TTM 2.75b / Avg Total Assets 29.3b) |
| D: 0.39 (Book Value of Equity 8.63b / Total Liabilities 21.9b) |
| Altman-Z'' = 1.50 = BB |
| DSRI: 0.80 (Receivables 3.40b/3.17b, Revenue 6.27b/4.67b) |
| GMI: 1.21 (GM 69.21% / 57.24%) |
| AQI: 1.04 (AQ_t 0.07 / AQ_t-1 0.07) |
| SGI: 1.34 (Revenue 6.27b / 4.67b) |
| TATA: -0.10 (NI 1.66b - CFO 4.58b) / TA 30.5b) |
| Beneish M = -2.74 (Cap -4..+1) = A |
As of October 08, 2026, the stock is trading at EUR 9.04 with a total of 3,530,769 shares traded. Over the past week, the price has changed by -1.63%, over one month by -3.46%, over three months by -11.66% and over the past year by +9.20%.
Current recommended Stop Loss: 8.80 (which is 2.7% or 1.6 ATR below the current price).
Terna Rete Elettrica has no consensus analysts rating.
P/E Trailing = 17.3472
P/E Forward = 17.0648
P/S = 4.374
P/B = 2.141
P/EG = 2.0899
Revenue TTM = 6.27b EUR
EBIT TTM = 2.75b EUR
EBITDA TTM = 3.70b EUR
Long Term Debt = 14.2b EUR (from longTermDebt, last quarter)
Short Term Debt = 636.3m EUR (from shortTermDebt, last quarter)
Debt = 14.9b EUR (from shortLongTermDebtTotal, last quarter) + Leases 2.00m
Net Debt = 12.6b EUR (calculated: Debt 14.9b - CCE 2.27b)
Enterprise Value = 31.0b EUR (18.4b + Debt 14.9b - CCE 2.27b)
Interest Coverage Ratio = 9.50 (Ebit TTM 2.75b / Interest Expense TTM 289.5m)
EV/FCF = 316.1x (Enterprise Value 31.0b / FCF TTM 98.2m)
FCF Yield = 0.32% (FCF TTM 98.2m / Enterprise Value 31.0b)
FCF Margin = 1.57% (FCF TTM 98.2m / Revenue TTM 6.27b)
Net Margin = 26.42% (Net Income TTM 1.66b / Revenue TTM 6.27b)
Gross Margin = 57.24% ((Revenue TTM 6.27b - Cost of Revenue TTM 2.68b) / Revenue TTM)
Gross Margin QoQ = 46.65% (prev 89.96%)
Tobins Q-Ratio = 1.02 (Enterprise Value 31.0b / Total Assets 30.5b)
Interest Expense / Debt = 1.95% (Interest Expense 289.5m / Debt 14.9b)
Taxrate = 26.14% (633.2m / 2.42b)
NOPAT = 2.03b (EBIT 2.75b * (1 - 26.14%))
Current Ratio = 0.96 (Total Current Assets 5.92b / Total Current Liabilities 6.14b)
Debt / Equity = 1.72 (Debt 14.9b / totalStockholderEquity, last quarter 8.63b)
Debt / EBITDA = 3.41 (Net Debt 12.6b / EBITDA 3.70b)
Debt / FCF = 128.3 (Net Debt 12.6b / FCF TTM 98.2m)
Total Stockholder Equity = 8.27b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.65% (Net Income 1.66b / Total Assets 30.5b)
RoE = 20.04% (Net Income TTM 1.66b / Total Stockholder Equity 8.27b)
RoCE = 12.24% (EBIT 2.75b / Capital Employed (Equity 8.27b + L.T.Debt 14.2b))
RoIC = 8.22% (NOPAT 2.03b / Invested Capital 24.7b)
WACC = 3.77% (E(18.4b)/V(33.3b) * Re(5.64%) + D(14.9b)/V(33.3b) * Rd(1.95%) * (1-Tc(0.26)))
Discount Rate = 5.64% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 44.41 | Cagr: 0.10%
[DCF] Terminal Value 75.44% ; FCFF base≈98.2m ; Y1≈98.6m ; Y5≈104.5m
[DCF] Fair Price = N/A (negative equity: EV 1.62b - Net Debt 12.6b = -11.0b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.21 | # QB: 0
Revenue Correlation: 71.47 | Revenue CAGR: 10.04% | SUE: 2.56 | # QB: 1
EPS current Year (2026-12-31): EPS=0.55 | Chg30d=-0.41% | Revisions=+40% | GrowthEPS=+4.2% | GrowthRev=+9.3%
EPS next Year (2027-12-31): EPS=0.56 | Chg30d=+0.11% | Revisions=+57% | GrowthEPS=+1.8% | GrowthRev=+8.8%
[Analyst] Revisions Ratio: +67% (up=6, down=0)