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A2A SpA
(A2A)
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Rating:62Neutral
Price Target:
€2.50
▲(6.38% Upside)
Action:Reiterated
Date:05/15/26
The score is anchored by a generally stable financial profile but pressured by weaker and volatile free cash flow and moderate leverage. Technical indicators point to soft near-term momentum, while valuation (low P/E and solid dividend yield) provides a meaningful offset.
Positive Factors
Diversified multi-utility model
A2A's broad mix of regulated and market businesses spreads revenue risk across electricity generation, retail, distribution, water and waste services. This structural diversification reduces exposure to any single commodity cycle and supports resilient cash flow over multi-month horizons.
Negative Factors
Weak and volatile free cash flow
A sharp, persistent drop and volatility in free cash flow constrains financial flexibility: it limits debt paydown, lowers the buffer for higher capex or working-capital needs, and raises risk around sustaining shareholder distributions if adverse conditions persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified multi-utility model
A2A's broad mix of regulated and market businesses spreads revenue risk across electricity generation, retail, distribution, water and waste services. This structural diversification reduces exposure to any single commodity cycle and supports resilient cash flow over multi-month horizons.
Read all positive factors
A2A SpA (A2A) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€7.16B
Dividend Yield4.59%
Average Volume (3M)7.80M
Price to Earnings (P/E)10.2
Beta (1Y)0.55
Revenue Growth9.30%
EPS Growth-14.17%
CountryIT
Employees14,959
SectorGeneral
Sector StrengthN/A
IndustryDiversified Utilities
Share Statistics
EPS (TTM)0.23
Shares Outstanding3,132,905,300
10 Day Avg. Volume7,866,198
30 Day Avg. Volume7,800,187
Financial Highlights & Ratios
PEG Ratio-0.67
Price to Book (P/B)1.22
Price to Sales (P/S)0.53
P/FCF Ratio7.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€2.80Price Target Upside19.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.21
Revenue Forecast (FY)€14.25B
A2A SpA Business Overview & Revenue Model
Company Description
A2A S.p.A. engages in the production, sale, and distribution of gas and electricity, and district heating in Italy and internationally. It generates electricity through hydroelectric, thermoelectric, photovoltaic, and wind plants; and sells and di...
How the Company Makes Money
A2A makes money through multiple, regulated and market-based revenue streams across its utility and environmental platforms:
1) Energy generation (power production)
- Revenue driver: Selling electricity produced by its generation fleet (renewable...
A2A SpA Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.30B | 13.74B | 12.57B | 14.63B | 22.95B | 11.35B |
| Gross Profit | 1.98B | 1.56B | 1.58B | 2.90B | 2.44B | 2.26B |
| EBITDA | 2.10B | 1.88B | 2.31B | 1.85B | 1.58B | 1.33B |
| Net Income | 709.00M | 750.00M | 864.00M | 659.00M | 401.00M | 504.00M |
Balance Sheet | ||||||
| Total Assets | 23.38B | 21.38B | 19.89B | 18.80B | 21.37B | 18.01B |
| Cash, Cash Equivalents and Short-Term Investments | 1.82B | 1.88B | 1.55B | 1.47B | 2.60B | 973.00M |
| Total Debt | 7.35B | 7.26B | 7.27B | 6.35B | 6.89B | 5.07B |
| Total Liabilities | 16.69B | 14.89B | 13.89B | 14.00B | 16.90B | 13.71B |
| Stockholders Equity | 6.11B | 5.92B | 5.45B | 4.24B | 3.90B | 3.76B |
Cash Flow | ||||||
| Free Cash Flow | 456.00M | 942.00M | 408.00M | -336.00M | 20.00M | 61.00M |
| Operating Cash Flow | 1.66B | 2.11B | 1.46B | 1.04B | 1.26B | 1.14B |
| Investing Cash Flow | -1.21B | -1.27B | -2.81B | -1.36B | -1.14B | -1.59B |
| Financing Cash Flow | -210.00M | -511.00M | 1.27B | -932.00M | 1.20B | 40.00M |
A2A SpA Technical Analysis
Negative
2.35
Price Trends
2.29
Negative
2.29
Negative
2.30
Negative
Market Momentum
0.02
Positive
56.35
Neutral
58.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:A2A, the sentiment is Negative. The current price of 2.35 is above the 20-day moving average (MA) of 2.33, above the 50-day MA of 2.29, and above the 200-day MA of 2.30, indicating a bearish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 56.35 is Neutral, neither overbought nor oversold. The STOCH value of 58.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:A2A.
A2A SpA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | €3.25B | 11.24 | 8.86% | 5.36% | -5.65% | 4.14% | |
65 Neutral | €624.12M | 7.33 | 9.41% | 10.85% | 22.61% | 120.61% | |
62 Neutral | €7.16B | 10.19 | 12.19% | 4.42% | 9.30% | -14.17% | |
62 Neutral | €99.83B | 27.42 | 12.65% | 3.71% | -3.07% | -42.04% | |
61 Neutral | €4.56B | 9.43 | 18.08% | 4.41% | -20.70% | 83.10% | |
58 Neutral | €5.60B | 12.14 | 11.63% | 4.08% | -11.37% | -8.40% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IT:A2A
A2A SpA
2.27
0.23
11.30%
IT:ACE
ACEA SPA
21.30
2.88
15.66%
IT:ASC
Ascopiave S.p.A.
2.72
-0.16
-5.49%
IT:ENEL
Enel S.p.A.
9.84
2.49
33.90%
IT:HER
HERA S.p.A.
3.75
0.16
4.57%
IT:IRE
Iren S.p.A.
2.55
0.17
7.24%
A2A SpA Corporate Events
A2A Buys Over 2.2 Million Shares on MI EXM in June 2026
Jul 6, 2026
A2A S.p.A. reported a series of share transactions on the Italian MI EXM market over the period 11–17 June 2026. The company acquired a total of 2,207,603 of its own shares through 3,914 trades, at average weighted prices ranging from EUR 2....
A2A Completes €5 Million Treasury Share Buyback Programme
Jun 22, 2026
A2A has completed its share buyback programme authorised by shareholders in April 2026, purchasing a total of 2,207,603 treasury shares at a weighted average price of €2.2601 per share for an overall outlay of about €4.99 million. In t...
A2A Launches €5 Million Share Buyback to Fund Incentive Plans and Strategic Deals
Jun 10, 2026
A2A S.p.A. has launched a share buyback program following shareholder approval in April 2026, aimed at building a reserve of treasury shares to support its employee share ownership plan A2A LIFE Sharing 2025-2027 and the long-term incentive plan L...
A2A Publishes Board Minutes on Bond Issuance Framework
May 25, 2026
A2A SpA has announced that the minutes of its Board of Directors’ meeting held on May 14, 2026, which approved a framework resolution for the potential issue of bonds or notes, have been made publicly available. The publication of these minu...
A2A Publishes Minutes of April 28 Shareholders’ Meeting
May 7, 2026
A2A SpA has announced that the minutes of its Shareholders’ Meeting held on April 28, 2026, have been made available to the public. The documents can be accessed via the company’s website and through the authorized storage mechanism 1I...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.