ACEA SPA (IT:ACE)
:ACE
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ACEA SPA
(ACE)
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Rating:60Neutral
Price Target:
€23.50
▲(4.26% Upside)
Action:Reiterated
Date:05/17/26
The score is driven mainly by improving profitability and strong operating cash flow, tempered by continued revenue decline, high leverage, and weak cash conversion (low free cash flow versus net income). Technicals are mildly bearish in the near term, while valuation is supported by a solid dividend and a moderate P/E.
Positive Factors
Regulated revenue base
A large share of ACEA’s revenues comes from regulated water and electricity distribution under long-term concessions and tariff frameworks. This provides stable, contract‑driven cash flows and predictable returns, supporting capex planning and lowering demand cyclicality over years.
Negative Factors
Declining revenue trend
Sustained revenue contraction (-14.75% TTM) is a structural concern: shrinking top line can erode the base that supports fixed network costs and investment. If revenue declines persist, margin improvements may be hard to maintain and future growth from market businesses will be constrained.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated revenue base
A large share of ACEA’s revenues comes from regulated water and electricity distribution under long-term concessions and tariff frameworks. This provides stable, contract‑driven cash flows and predictable returns, supporting capex planning and lowering demand cyclicality over years.
Read all positive factors
ACEA SPA (ACE) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€4.82B
Dividend Yield4.33%
Average Volume (3M)98.34K
Price to Earnings (P/E)10.7
Beta (1Y)0.40
Revenue Growth-43.87%
EPS Growth42.07%
CountryIT
Employees8,715
SectorGeneral
Sector StrengthN/A
IndustryDiversified Utilities
Share Statistics
EPS (TTM)2.32
Shares Outstanding212,964,890
10 Day Avg. Volume102,284
30 Day Avg. Volume98,337
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)1.69
Price to Sales (P/S)1.74
P/FCF Ratio39.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€26.50Price Target Upside17.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.57
Revenue Forecast (FY)€3.27B
ACEA SPA Business Overview & Revenue Model
Company Description
ACEA S.p.A., together with its subsidiaries, operates as a multi-utility company in Italy. The company operates through Environment, Commercial and Trading, Water, Energy Infrastructure, Engineering and Services, and Abroad segments. The Environme...
How the Company Makes Money
ACEA generates revenue from a mix of regulated and market-based activities across its utility segments. A major portion comes from regulated networks and services, where tariffs are set or overseen by public authorities: (1) Integrated water servi...
ACEA SPA Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
54
Neutral
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.38B | 2.70B | 4.27B | 4.53B | 5.03B | 3.84B |
| Gross Profit | 1.45B | 532.64M | 1.87B | 1.68B | 2.26B | 2.01B |
| EBITDA | 1.39B | 1.13B | 1.40B | 1.28B | 1.18B | 1.13B |
| Net Income | 493.29M | 480.58M | 331.62M | 293.91M | 279.73M | 313.31M |
Balance Sheet | ||||||
| Total Assets | 12.97B | 12.82B | 12.23B | 11.79B | 11.34B | 10.63B |
| Cash, Cash Equivalents and Short-Term Investments | 573.15M | 697.31M | 514.51M | 362.01M | 562.58M | 683.12M |
| Total Debt | 5.65B | 5.66B | 5.65B | 5.69B | 5.82B | 5.21B |
| Total Liabilities | 9.68B | 9.65B | 9.35B | 8.96B | 8.58B | 8.11B |
| Stockholders Equity | 2.89B | 2.78B | 2.51B | 2.38B | 2.29B | 2.12B |
Cash Flow | ||||||
| Free Cash Flow | 267.82M | 117.97M | 292.90M | -31.77M | -323.60M | -221.75M |
| Operating Cash Flow | 1.81B | 1.65B | 1.73B | 1.11B | 726.70M | 759.52M |
| Investing Cash Flow | -1.31B | -1.17B | -1.12B | -1.30B | -862.75M | -1.05B |
| Financing Cash Flow | -351.27M | -363.65M | -491.95M | -12.11M | 8.79M | 324.04M |
ACEA SPA Technical Analysis
Negative
22.54
Price Trends
22.93
Negative
23.41
Negative
22.08
Positive
Market Momentum
-0.02
Positive
45.15
Neutral
17.53
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:ACE, the sentiment is Negative. The current price of 22.54 is below the 20-day moving average (MA) of 22.85, below the 50-day MA of 22.93, and above the 200-day MA of 22.08, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 45.15 is Neutral, neither overbought nor oversold. The STOCH value of 17.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:ACE.
ACEA SPA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | €3.40B | 6.17 | 9.06% | 5.06% | -5.65% | 4.14% | |
65 Neutral | €677.22M | 24.57 | 9.91% | 4.59% | 22.61% | 120.61% | |
62 Neutral | €6.92B | 8.80 | 13.08% | 4.37% | 9.30% | -14.17% | |
62 Neutral | €97.67B | 13.03 | 23.22% | 5.05% | -3.07% | -42.04% | |
60 Neutral | €4.82B | 10.72 | 14.57% | 4.33% | -43.87% | 42.07% | |
58 Neutral | €5.63B | 9.49 | 13.30% | 3.76% | -13.76% | -9.67% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IT:ACE
ACEA SPA
22.60
2.02
9.80%
IT:A2A
A2A SpA
2.26
0.11
5.01%
IT:ASC
Ascopiave S.p.A.
3.09
<0.01
0.32%
IT:ENEL
Enel S.p.A.
9.56
1.93
25.29%
IT:HER
HERA S.p.A.
3.84
-0.28
-6.76%
IT:IRE
Iren S.p.A.
2.70
0.19
7.75%
ACEA SPA Corporate Events
Roma Capitale Files Draft Resolution on Acea Board Chair Appointment
May 13, 2026
Acea has disclosed that its majority shareholder, Roma Capitale, which owns 51% of the company’s ordinary share capital, has submitted a draft resolution concerning the appointment of the Chair of the Board of Directors. The resolution relat...
Acea publishes board candidate slates ahead of June 2026 shareholder vote
May 13, 2026
Acea has published the lists of candidates for its new Board of Directors ahead of the shareholders’ meeting scheduled for early June 2026. The filing marks a key step in the company’s governance renewal process and highlights the bala...
Acea Publishes 2025 Annual Report and Shareholders’ Meeting Documentation
Apr 30, 2026
Acea has published its 2025 Annual Financial Report, including separate and consolidated financial statements, management and sustainability reporting, audit certifications, corporate governance and ownership disclosures, as well as its remunerati...
Acea Publishes Documentation for June 2026 Shareholders’ Meeting
Apr 23, 2026
Acea SpA has announced that the notice convening its ordinary Shareholders’ Meeting, scheduled for 3 and 4 June 2026 on first and second call, is now available to the public along with the Board of Directors’ reports on several agenda ...
Acea Calls June 2026 Shareholders’ Meeting to Approve 2025 Results and Renew Board
Apr 23, 2026
Acea has called an ordinary shareholders’ meeting for 3–4 June 2026 in Rome to approve the 2025 separate and consolidated financial statements, decide on the allocation of 2025 profits, and vote on the 2026 remuneration policy and disc...
ACEA Bolsters Water-Sector Leadership With €205 Million Aquanexa Acquisition
Apr 20, 2026
ACEA, through its subsidiary a.Quantum, has completed the acquisition of Aquanexa from Algebris Investments in a deal valuing the water technology company at about €205 million in enterprise value. Aquanexa, which generated roughly €30...
Plenitude Closes €500 Million Acquisition of Acea Energia From ACEA
Apr 10, 2026
Plenitude, the integrated energy company active in over 15 countries with 5.8 GW of renewable capacity, 11 million customers and an extensive EV charging network, has completed the acquisition of 100% of Acea Energia and 50% of Umbria Energy from ...
Acea Publishes Guidelines for Renewal of Board of Directors
Mar 20, 2026
Acea has published its guidelines on the optimal qualitative and quantitative composition of its next Board of Directors, ahead of the shareholders’ meeting that will approve the 2025 financial statements. The document is intended to steer s...
Acea Delivers Record 2025 Results and Dividend on Regulated Infrastructure Push
Mar 12, 2026
Acea approved its 2025 financial statements, reporting record proforma EBITDA of €1.42 billion, up 7% year on year, and net profit of €481 million, boosted by operational and organisational transformation and the sale of its high-volta...
Acea Posts Record 2025 Results and Lifts Dividend on Regulated Infrastructure Push
Mar 12, 2026
Acea’s board has approved the 2025 financial statements, reporting record results underpinned by a shift toward regulated infrastructure, operational restructuring and disciplined investment of €1.53 billion mainly in water, power grid...
Acea Spins Off Centralized Services Into New Subsidiary a.evolution S.p.A.
Mar 3, 2026
Acea has approved and formalized a partial demerger by spin‑off, transferring its business unit that manages certain centralized services to a newly created subsidiary, a.evolution S.p.A., which will remain wholly owned by the group. The mov...
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.