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ACEA SPA
(ACE)
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Rating:61Neutral
Price Target:
€22.50
▲(4.55% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by improved recent profitability but capped by high leverage and weak/uneven free-cash-flow conversion. Valuation is a positive (low P/E and solid dividend yield), while technicals are slightly negative with the stock trading below major moving averages.
Positive Factors
Essential regulated infrastructure base
Regulated water and electricity-network operations provide exposure to essential services and concession-based revenues. This infrastructure position can support business resilience and recurring demand over the medium term, while the broader utility portfolio adds diversification.
Negative Factors
Elevated leverage
Leverage remains high for a utility profile and could constrain financial flexibility when refinancing conditions tighten or investment needs rise. Persistent debt intensity may also limit the company’s ability to absorb operational shocks without affecting distributions or growth spending.
Read all positive and negative factors
Positive Factors
Negative Factors
Essential regulated infrastructure base
Regulated water and electricity-network operations provide exposure to essential services and concession-based revenues. This infrastructure position can support business resilience and recurring demand over the medium term, while the broader utility portfolio adds diversification.
Read all positive factors
ACEA SPA (ACE) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€4.47B
Dividend Yield4.52%
Average Volume (3M)98.34K
Price to Earnings (P/E)6.3
Beta (1Y)0.38
Revenue Growth-20.70%
EPS Growth83.10%
CountryIT
Employees8,628
SectorGeneral
Sector StrengthN/A
IndustryDiversified Utilities
Share Statistics
EPS (TTM)3.32
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.58
Revenue Forecast (FY)€3.26B
ACEA SPA Business Overview & Revenue Model
Company Description
ACEA S.p.A., an Italian multi-utility company established in Rome in 1909, conducts its operations through various subsidiaries across Italy and internationally. Its Environmental segment encompasses waste treatment and disposal, overseeing waste-...
How the Company Makes Money
ACEA makes money mainly through a combination of (1) regulated utility revenues tied to operating essential infrastructure and (2) market revenues from selling energy and utility-related services.
1) Regulated infrastructure and concession-based ...
ACEA SPA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
52
Neutral
Cash Flow
49
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.77B | 2.70B | 4.27B | 4.53B | 5.03B | 3.84B |
| Gross Profit | 1.55B | 532.64M | 1.87B | 1.68B | 2.26B | 2.01B |
| EBITDA | 1.65B | 1.13B | 1.40B | 1.28B | 1.18B | 1.13B |
| Net Income | 708.41M | 480.58M | 331.62M | 293.91M | 279.73M | 313.31M |
Balance Sheet | ||||||
| Total Assets | 12.73B | 12.82B | 12.23B | 11.79B | 11.34B | 10.63B |
| Cash, Cash Equivalents and Short-Term Investments | 551.62M | 626.54M | 514.51M | 362.01M | 562.58M | 683.12M |
| Total Debt | 5.73B | 5.66B | 5.65B | 5.69B | 5.82B | 5.21B |
| Total Liabilities | 9.35B | 9.65B | 9.35B | 8.96B | 8.58B | 8.11B |
| Stockholders Equity | 2.98B | 2.78B | 2.51B | 2.38B | 2.29B | 2.12B |
Cash Flow | ||||||
| Free Cash Flow | 102.85M | 117.97M | 292.90M | -31.77M | -323.60M | -221.75M |
| Operating Cash Flow | 1.70B | 1.65B | 1.73B | 1.11B | 726.70M | 759.52M |
| Investing Cash Flow | -854.27M | -1.17B | -1.12B | -1.30B | -862.75M | -1.05B |
| Financing Cash Flow | -703.19M | -363.65M | -491.95M | -12.11M | 8.79M | 324.04M |
ACEA SPA Technical Analysis
Negative
21.52
Price Trends
21.46
Negative
21.58
Negative
21.74
Negative
Market Momentum
-0.15
Positive
44.53
Neutral
30.96
Neutral
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 21.52 is above the 20-day moving average (MA) of 21.25, above the 50-day MA of 21.46, and below the 200-day MA of 21.74, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 44.53 is Neutral, neither overbought nor oversold. The STOCH value of 30.96 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | €598.12M | 16.51 | 9.41% | 10.85% | 33.51% | -56.34% | |
65 Neutral | €3.18B | 10.74 | 8.86% | 5.36% | -8.15% | -2.68% | |
62 Neutral | €5.66B | 12.09 | 11.63% | 4.08% | -11.37% | -8.54% | |
61 Neutral | €4.47B | 6.34 | 18.08% | 4.41% | -20.70% | 83.10% | |
60 Neutral | €96.52B | 23.76 | 12.65% | 3.71% | -0.14% | -26.76% | |
56 Neutral | €7.12B | 10.48 | 12.19% | 4.42% | 13.73% | -15.80% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IT:ACE
ACEA SPA
21.04
2.14
11.33%
IT:A2A
A2A SpA
2.27
0.19
8.91%
IT:ASC
Ascopiave S.p.A.
2.76
-0.28
-9.33%
IT:ENEL
Enel S.p.A.
9.50
1.84
23.93%
IT:HER
HERA S.p.A.
3.87
0.30
8.56%
IT:IRE
Iren S.p.A.
2.48
<0.01
0.36%
ACEA SPA Corporate Events
Acea Delays Shareholders’ Meeting as Governance Proposals Face Scrutiny
Aug 19, 2026
Acea S.p.A., the Rome-based utilities group controlled by Roma Capitale, is a major provider of energy, water and environmental services in Italy, with governance closely tied to the city’s public institutions. Its strategic role in critical...
ACEA Investor Fincal Seeks Higher Voting Threshold and Larger Board
Aug 6, 2026
ACEA has disclosed that shareholder Fincal S.p.A., which holds about 3.2% of its share capital, has formally requested changes to the agenda of the September Extraordinary and Ordinary Shareholders’ Meeting. Fincal is seeking to add a propos...
Acea Publishes Documentation for September 2026 Shareholders’ Meeting
Jul 28, 2026
Acea SpA has announced that documentation for its upcoming extraordinary and ordinary Shareholders’ Meeting, scheduled for 7 and 8 September 2026, is now available to the public through multiple channels. The materials include the notice of ...
Acea Calls September 2026 Shareholders’ Meeting to Expand Board Under Tight Governance Rules
Jul 28, 2026
Acea has convened an extraordinary and ordinary shareholders’ meeting for 7 September 2026 to amend its by-laws and, subject to approval, increase the size of its Board of Directors from 13 to 14 members, followed by the appointment of a new...
Acea Posts Strong First-Half 2026 Results and Confirms Guidance After Energia Sale
Jul 23, 2026
Acea reported solid first-half 2026 results, with recurring pro-forma EBITDA up 4% to €719 million and recurring net profit rising 16% to €176 million, driven largely by regulated operations that now account for about 95% of recurring ...
Roma Capitale Seeks Larger Board and Statute Change at ACEA
Jul 14, 2026
ACEA has received a formal request from majority shareholder Roma Capitale to convene an extraordinary and ordinary shareholders’ meeting to change its Articles of Association and expand its board. The move aims to amend the rule on the maxi...
Fitch Confirms Acea’s BBB+ Rating and Stable Outlook
Jul 8, 2026
Fitch Ratings has reaffirmed Acea’s Long-Term Issuer Default Rating at BBB+ and its Short-Term IDR at F2, maintaining a stable outlook for the Rome-based utility. The decision reflects confidence in Acea’s defensive regulated business ...
Acea Revises Date for Interim Results Board Meeting in 2026
Jul 3, 2026
Acea has updated its 2026 corporate events calendar, rescheduling the Board of Directors meeting to approve the interim management report as of 30 September 2026 from 11 November to 13 November. The company confirmed that the Board meeting to revi...
Acea Publishes Minutes of 3 June 2026 Shareholders’ Meeting
Jun 23, 2026
Acea SpA has disclosed that the minutes of its Ordinary Shareholders’ Meeting held on 3 June 2026 are now publicly available. Investors and other stakeholders can consult the documentation at the company’s registered office, on Acea...
ACEA Raises €500 Million with Italy’s First Public Blue Bond
Jun 23, 2026
ACEA has completed the placement of its inaugural €500 million blue bond, the first Italian public issue in this format, with a 3.375% coupon and six‑year maturity, drawing demand more than three times the offer from geographically div...
Acea Publishes Notarial Extract of May 2026 Board Minutes
Jun 4, 2026
Acea SpA has announced that an extract of the minutes from its Board of Directors meeting held on 14 May 2026, drawn up as a notarial deed under Italian civil law, has been made available to the public. The document can be consulted at the company...
Acea Confirms Fabrizio Palermo as CEO and Strengthens Governance Roles
Jun 3, 2026
Acea’s newly appointed Board of Directors has confirmed General Manager Fabrizio Palermo as Chief Executive Officer, under the chairmanship of Alessandro Rivera, and named Barbara Marinali as Vice Chair, consolidating leadership continuity a...
Acea Shareholders Back 2025 Results, €1.20 Dividend and New Board
Jun 3, 2026
Acea’s shareholders approved the 2025 separate financial statements and took note of consolidated results showing a net profit of €481 million and pro-forma EBITDA of €1.42 billion, with about 96% generated from regulated activit...
Roma Capitale Files Governance Proposals Ahead of Acea June Shareholders’ Meeting
May 21, 2026
Roma Capitale, which holds 51% of Acea’s share capital, has submitted draft resolutions on the size of the Board of Directors and the remuneration of its members ahead of the company’s shareholders’ meeting scheduled for 3 and 4 ...
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.