TRN Stock Analysis: Terna Rete Elettrica | MI
Utilities - Regulated Electric | MI, Italy | Market Cap: 20.449m EUR | 12M Return: 27.7% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 33.3M
Qual. Beats: 0
Rev. Trend: 97.1%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 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. is the operator of Italys national electricity transmission grid, providing transmission, dispatching, and metering services primarily in Italy, with additional operations in other Euro-area countries and internationally. Founded in 1962 and headquartered in Rome, the company runs three reporting segments: Regulated, Non-Regulated, and International. Beyond core grid operations, Terna is involved in the construction of storage systems, the design and manufacture of power and industrial transformers, and the production of marine and terrestrial cables.
As a transmission system operator (TSO), Terna runs regulated natural-monopoly infrastructure under a framework overseen by Italys energy regulator (ARERA), which typically sets revenue caps and allowed return rates for grid investments. The regulated segment - encompassing grid development, maintenance, and dispatching - generally represents the bulk of group earnings, while the non-regulated and international units cover equipment manufacturing (transformers, cables), private interconnectors, and renewable project development. Ternas role is central to Italys energy transition, as the grid must integrate rising renewable generation and connect to neighboring European networks.
- ARERA tariff reset shapes allowed return on regulated asset base
- Energy transition accelerates multi-billion grid investment plan
- International segment expands through acquisitions and new interconnectors
| 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 (-2.17b) to EBITDA (3.64b): -0.60 < 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) |
| A: -0.03 (Total Current Assets 1.09b - Total Current Liabilities 1.78b) / Total Assets 24.8b |
| B: 0.21 (Retained Earnings 5.24b / Total Assets 24.8b) |
| C: 0.11 (EBIT TTM 2.67b / Avg Total Assets 23.6b) |
| D: 0.56 (Book Value of Equity 8.90b / Total Liabilities 15.9b) |
| Altman-Z'' = 1.85 = BBB |
| 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 July 28, 2026, the stock is trading at EUR 10.33 with a total of 2,435,335 shares traded. Over the past week, the price has changed by +1.03%, over one month by +0.49%, over three months by +4.57% and over the past year by +27.66%.
Current recommended Stop Loss: 10.10 (which is 2.2% or 1.5 ATR below the current price).
Terna Rete Elettrica has no consensus analysts rating.
P/E Trailing = 19.2264
P/E Forward = 19.5695
P/S = 4.9913
P/B = 2.3051
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 = 1.66b EUR (from shortTermDebt, last fiscal year)
Debt = 2.00m EUR (Leases only: 2.00m)
Net Debt = -2.17b EUR (calculated: Debt 2.00m - CCE 2.17b)
Enterprise Value = 18.3b EUR (20.4b + Debt 2.00m - CCE 2.17b)
Interest Coverage Ratio = unknown (Ebit TTM 2.67b / Interest Expense TTM 0.0)
EV/FCF = -20.33x (Enterprise Value 18.3b / FCF TTM -899.1m)
FCF Yield = -4.92% (FCF TTM -899.1m / Enterprise Value 18.3b)
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 = 0.74 (Enterprise Value 18.3b / 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 = -0.60 (Net Debt -2.17b / EBITDA 3.64b)
Debt / FCF = 2.41 (negative FCF - burning cash) (Net Debt -2.17b / 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 = 7.60% (NOPAT 1.85b / Invested Capital 24.4b)
WACC = 5.80% (E(20.4b)/V(20.5b) * Re(5.80%) + D(2.00m)/V(20.5b) * Rd(0.0%) * (1-Tc(0.31)))
Discount Rate = 5.80% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 52.15 | 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 (2026-09-30): EPS=0.14 | Chg30d=+0.00% | Revisions=-25% | Analysts=3
EPS current Year (2026-12-31): EPS=0.55 | Chg30d=+0.47% | Revisions=-25% | GrowthEPS=+3.9% | GrowthRev=+9.4%
EPS next Year (2027-12-31): EPS=0.56 | Chg30d=+0.23% | Revisions=+0% | GrowthEPS=+2.0% | GrowthRev=+8.4%
[Analyst] Revisions Ratio: -18% (up=3, down=5)