Financials Terna S.p.A.

Equities

TRN

IT0003242622

Electric Utilities

Real-time Borsa Italiana 07:47:07 2024-06-21 EDT 5-day change 1st Jan Change
7.596 EUR -0.52% Intraday chart for Terna S.p.A. +1.17% +0.34%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,967 12,554 14,277 13,839 15,152 15,316 - -
Enterprise Value (EV) 1 20,226 21,727 24,280 22,285 25,516 27,108 29,010 31,054
P/E ratio 15.8 x 16 x 18.1 x 16.2 x 17.1 x 15.6 x 16.5 x 14.8 x
Yield 4.19% 4.31% 4.09% 4.56% 4.5% 4.81% 4.89% 5.09%
Capitalization / Revenue 5.21 x 4.99 x 5.48 x 4.67 x 4.75 x 4.32 x 4.17 x 3.83 x
EV / Revenue 8.81 x 8.64 x 9.32 x 7.52 x 8.01 x 7.65 x 7.89 x 7.76 x
EV / EBITDA 11.6 x 11.9 x 13.1 x 10.8 x 11.8 x 11.1 x 11.5 x 11.1 x
EV / FCF 89.1 x -71.7 x -111 x 28.9 x -21.4 x -31.1 x -18 x -20.7 x
FCF Yield 1.12% -1.39% -0.9% 3.46% -4.66% -3.21% -5.54% -4.82%
Price to Book 2.86 x 2.87 x 3.03 x 2.25 x - 2.23 x 2.11 x 2.04 x
Nbr of stocks (in thousands) 2,009,992 2,008,686 2,006,897 2,005,616 2,005,778 2,005,778 - -
Reference price 2 5.954 6.250 7.114 6.900 7.554 7.636 7.636 7.636
Announcement Date 20-03-10 21-03-24 22-03-17 23-03-22 24-03-19 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,295 2,514 2,605 2,964 3,187 3,543 3,676 4,003
EBITDA 1 1,741 1,830 1,855 2,059 2,169 2,443 2,522 2,795
EBIT 1 1,155 1,187 1,200 1,334 1,362 1,576 1,593 1,787
Operating Margin 50.33% 47.22% 46.08% 44.98% 42.75% 44.47% 43.34% 44.64%
Earnings before Tax (EBT) 1 1,077 1,093 1,122 1,233 1,245 1,379 1,316 1,457
Net income 1 757.3 786 789.4 857 885.4 986.3 946.3 1,033
Net margin 33% 31.26% 30.31% 28.91% 27.78% 27.84% 25.74% 25.81%
EPS 2 0.3770 0.3910 0.3930 0.4260 0.4410 0.4905 0.4636 0.5147
Free Cash Flow 1 227.1 -303 -218.6 771.2 -1,190 -871.1 -1,608 -1,498
FCF margin 9.89% -12.05% -8.39% 26.01% -37.35% -24.59% -43.74% -37.41%
FCF Conversion (EBITDA) 13.04% - - 37.45% - - - -
FCF Conversion (Net income) 29.99% - - 89.99% - - - -
Dividend per Share 2 0.2495 0.2695 0.2911 0.3144 0.3396 0.3673 0.3731 0.3883
Announcement Date 20-03-10 21-03-24 22-03-17 23-03-22 24-03-19 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 2,295 1,183 1,259 703.2 644.4 686.4 1,331 661.6 972.1 712.5 772.5 1,485 761.8 939.9 858.1 868.2 855.7 963.6 - -
EBITDA 1 - 876 910 480.9 461.3 485.6 946.9 465.3 647 500 519 1,019 537 612.6 627.9 575.4 594.5 685.9 - -
EBIT 1 - 573.7 585 317.9 293.7 313.7 607.4 288.9 437.2 313.4 325.6 639 340.7 382.6 418.7 372.7 388.6 443.3 - -
Operating Margin - 48.49% 46.47% 45.21% 45.58% 45.7% 45.64% 43.67% 44.97% 43.99% 42.15% 43.03% 44.72% 40.71% 48.79% 42.93% 45.42% 46% - -
Earnings before Tax (EBT) - 534.6 544 307.4 269.3 301.9 571.2 268.8 393.4 281.3 298.7 580 318.6 346 382.2 - - - - -
Net income 1 - 377.5 385 209 191.8 206.3 398.1 188.8 270.1 200.2 210.8 411 230.3 244.1 268.2 219.3 259.1 247.3 - -
Net margin - 31.91% 30.58% 29.72% 29.76% 30.06% 29.91% 28.54% 27.79% 28.1% 27.29% 27.68% 30.23% 25.97% 31.26% 25.26% 30.29% 25.66% - -
EPS 2 - 0.1880 0.1920 0.1000 0.1000 0.1000 - 0.0900 - - - - - - - 0.1103 0.1345 0.1127 - -
Dividend per Share 2 - 0.0900 0.1000 0.2911 - 0.1100 - 0.1100 - - 0.1061 0.1061 - - - 0.0922 0.0922 0.0922 0.0958 0.0958
Announcement Date 20-03-10 20-07-29 21-07-29 22-03-17 22-05-11 22-07-28 22-07-28 22-11-09 23-03-22 23-05-05 23-07-27 23-07-27 23-11-08 24-03-19 24-05-08 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 8,259 9,173 10,003 8,446 10,365 11,792 13,694 15,738
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.743 x 5.013 x 5.393 x 4.102 x 4.779 x 4.826 x 5.429 x 5.63 x
Free Cash Flow 1 227 -303 -219 771 -1,190 -871 -1,608 -1,498
ROE (net income / shareholders' equity) 18.4% 18.2% 17.3% 15.8% 14.2% 14.9% 13.3% 13.9%
ROA (Net income/ Total Assets) 5.1% 5.14% 4.93% 3.8% - 4.1% 3.63% 3.72%
Assets 1 14,837 15,292 16,000 22,581 - 24,060 26,051 27,804
Book Value Per Share 2 2.080 2.180 2.350 3.060 - 3.430 3.620 3.750
Cash Flow per Share 2 0.7400 0.5200 0.6500 1.260 - 0.9200 0.9000 1.000
Capex 1 1,264 1,351 1,521 1,757 2,290 2,620 3,425 3,486
Capex / Sales 55.07% 53.74% 58.38% 59.26% 71.86% 73.95% 93.17% 87.08%
Announcement Date 20-03-10 21-03-24 22-03-17 23-03-22 24-03-19 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
7.636 EUR
Average target price
8.172 EUR
Spread / Average Target
+7.02%
Consensus
  1. Stock Market
  2. Equities
  3. TRN Stock
  4. Financials Terna S.p.A.