A2A Stock Analysis: A2A S.p.A | MI
Utilities - Diversified | MI, Italy | Market Cap: 7.299m EUR | 12M Return: 11.1% | IT0001233417 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 18.4M
EPS Trend: 30.4%
Rev. Trend: -0.9%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
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.
A2A S.p.A. is an Italian multi-utility headquartered in Milan that operates across the energy, heat, waste, and water value chains. Its core activities include the generation, sale, and distribution of electricity and gas, with generation coming from a mix of hydroelectric, thermoelectric, photovoltaic, and wind plants, as well as the production and sale of heat through district heating networks.
Beyond traditional utilities, A2A is involved in integrated waste management (collection, street sweeping, treatment, disposal, and material/energy recovery), the construction and operation of integrated waste disposal plants, and the full water cycle, including purification and sewer services. It also provides public lighting management, video surveillance, energy efficiency, and electric mobility services.
The companys profile reflects the broader multi-utility business model common among Italian and European integrated service providers, where regulated and market-based activities in power, gas, district heating, and environmental services are bundled under a single operator to generate cross-segment scale economies and stable cash flows. Listed on Borsa Italiana and classified within the GICS Electric Utilities sub-industry, A2A is positioned as a mid-cap player whose earnings mix is diversified across regulated and unregulated activities.
- Italian wholesale energy prices swing on gas costs
- ARERA tariff reset pressures gas distribution earnings
- Waste-to-energy volumes and district heating users expand
| Net Income: 680.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -1.09 > 1.0 |
| NWC/Revenue: 6.28% < 20% (prev -4.00%; Δ 10.28% < -1%) |
| CFO/TA 0.08 > 3% & CFO 1.68b > Net Income 680.0m |
| Net Debt (6.04b) to EBITDA (2.13b): 2.83 < 3 |
| Current Ratio: 1.16 > 1.5 & < 3 |
| Outstanding Shares: last quarter (3.14b) vs 12m ago 0.22% < -2% |
| Gross Margin: 8.18% > 18% (prev 17.72%; Δ -9.54% > 0.5%) |
| Asset Turnover: 74.63% > 50% (prev 68.09%; Δ 6.55% > 0%) |
| Interest Coverage Ratio: 5.43 > 6 (EBIT TTM 1.19b / Interest Expense TTM 220.0m) |
| A: 0.05 (Total Current Assets 7.09b - Total Current Liabilities 6.14b) / Total Assets 20.8b |
| B: 0.02 (Retained Earnings 364.0m / Total Assets 20.8b) |
| C: 0.06 (EBIT TTM 1.19b / Avg Total Assets 20.4b) |
| D: 0.41 (Book Value of Equity 5.94b / Total Liabilities 14.3b) |
| Altman-Z'' = 1.19 = BB |
| DSRI: 0.75 (Receivables 3.15b/3.76b, Revenue 15.2b/13.6b) |
| GMI: 2.17 (GM 17.72% / 8.18%) |
| AQI: 0.93 (AQ_t 0.26 / AQ_t-1 0.28) |
| SGI: 1.12 (Revenue 15.2b / 13.6b) |
| TATA: -0.05 (NI 680.0m - CFO 1.68b) / TA 20.8b) |
| Beneish M = -2.14 (Cap -4..+1) = BB |
As of September 27, 2026, the stock is trading at EUR 2.29 with a total of 4,141,070 shares traded. Over the past week, the price has changed by -1.21%, over one month by -0.78%, over three months by -0.35% and over the past year by +11.14%.
Current recommended Stop Loss: 2.20 (which is 3.9% or 2.2 ATR below the current price).
A2A S.p.A has no consensus analysts rating.
P/E Trailing = 10.6045
P/E Forward = 12.0337
P/S = 0.4698
P/B = 1.2373
P/EG = 0.8444
Revenue TTM = 15.2b EUR
EBIT TTM = 1.19b EUR
EBITDA TTM = 2.13b EUR
Long Term Debt = 6.89b EUR (from longTermDebt, last quarter)
Short Term Debt = 349.0m EUR (from shortTermDebt, last quarter)
Debt = 7.63b EUR (from shortLongTermDebtTotal, last quarter) + Leases 216.0m
Net Debt = 6.04b EUR (calculated: Debt 7.63b - CCE 1.59b)
Enterprise Value = 13.3b EUR (7.30b + Debt 7.63b - CCE 1.59b)
Interest Coverage Ratio = 5.43 (Ebit TTM 1.19b / Interest Expense TTM 220.0m)
EV/FCF = 30.53x (Enterprise Value 13.3b / FCF TTM 437.0m)
FCF Yield = 3.28% (FCF TTM 437.0m / Enterprise Value 13.3b)
FCF Margin = 2.87% (FCF TTM 437.0m / Revenue TTM 15.2b)
Net Margin = 4.47% (Net Income TTM 680.0m / Revenue TTM 15.2b)
Gross Margin = 8.18% ((Revenue TTM 15.2b - Cost of Revenue TTM 14.0b) / Revenue TTM)
Gross Margin QoQ = 6.96% (prev 9.54%)
Tobins Q-Ratio = 0.64 (Enterprise Value 13.3b / Total Assets 20.8b)
Interest Expense / Debt = 2.88% (Interest Expense 220.0m / Debt 7.63b)
Taxrate = 29.66% (299.0m / 1.01b)
NOPAT = 839.8m (EBIT 1.19b * (1 - 29.66%))
Current Ratio = 1.16 (Total Current Assets 7.09b / Total Current Liabilities 6.14b)
Debt / Equity = 1.28 (Debt 7.63b / totalStockholderEquity, last quarter 5.94b)
Debt / EBITDA = 2.83 (Net Debt 6.04b / EBITDA 2.13b)
Debt / FCF = 13.83 (Net Debt 6.04b / FCF TTM 437.0m)
Total Stockholder Equity = 5.91b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.34% (Net Income 680.0m / Total Assets 20.8b)
RoE = 11.50% (Net Income TTM 680.0m / Total Stockholder Equity 5.91b)
RoCE = 9.33% (EBIT 1.19b / Capital Employed (Equity 5.91b + L.T.Debt 6.89b))
RoIC = 5.87% (NOPAT 839.8m / Invested Capital 14.3b)
WACC = 4.06% (E(7.30b)/V(14.9b) * Re(6.19%) + D(7.63b)/V(14.9b) * Rd(2.88%) * (1-Tc(0.30)))
Discount Rate = 6.19% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 16.77 | Cagr: 0.04%
[DCF] Terminal Value 73.10% ; FCFF base≈516.2m ; Y1≈452.7m ; Y5≈365.7m
[DCF] Fair Price = N/A (negative equity: EV 5.87b - Net Debt 6.04b = -173.4m; debt exceeds intrinsic value)
EPS Correlation: 30.40 | EPS CAGR: 8.57% | SUE: N/A | # QB: 0
Revenue Correlation: -0.93 | Revenue CAGR: -0.10% | SUE: 0.03 | # QB: 0
EPS current Year (2026-12-31): EPS=0.21 | Chg30d=-0.10% | Revisions=-25% | GrowthEPS=-6.0% | GrowthRev=+0.7%
EPS next Year (2027-12-31): EPS=0.21 | Chg30d=+0.48% | Revisions=+50% | GrowthEPS=+2.1% | GrowthRev=-1.0%
[Analyst] Revisions Ratio: +29% (up=3, down=1)