Ascopiave S.p.A. (IT:ASC)
:ASC
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Ascopiave S.p.A.
(ASC)
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Rating:68Neutral
Price Target:
€4.00
▲(12.36% Upside)
Action:DowngradedDate:03/19/26
The score is driven mainly by improved 2025 financial results and supportive valuation (low P/E with a solid dividend). These positives are offset by weaker near-term technicals (below key moving averages and subdued momentum) and financial-profile risks from higher leverage and uneven cash conversion.
Positive Factors
Regulated gas distribution provides stable revenues
Ascopiave's core regulated distribution business earns tariff-based revenues under concessions, linking returns to the regulated asset base. This regulatory framework generates predictable, contract-like cash flows and lowers earnings cyclicality versus pure commodity retail exposure, supporting long-term planning and capital recovery.
Negative Factors
Rising leverage reduces financial flexibility
The step-up in gross debt and higher debt-to-equity ratio materially tightens financial flexibility, increasing fixed interest commitments and refinancing risk. If earnings revert or growth slows, elevated leverage could limit ability to invest, raise dividends, or pursue M&A without additional funding or deleveraging.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated gas distribution provides stable revenues
Ascopiave's core regulated distribution business earns tariff-based revenues under concessions, linking returns to the regulated asset base. This regulatory framework generates predictable, contract-like cash flows and lowers earnings cyclicality versus pure commodity retail exposure, supporting long-term planning and capital recovery.
Read all positive factors
Ascopiave S.p.A. (ASC) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€771.49M
Dividend Yield4.59%
Average Volume (3M)60.64K
Price to Earnings (P/E)8.2
Beta (1Y)0.17
Revenue Growth20.11%
EPS Growth75.92%
CountryIT
Employees446
SectorGeneral
Sector StrengthN/A
IndustryRegulated Gas
Share Statistics
EPS (TTM)0.05
Shares Outstanding234,411,580
10 Day Avg. Volume67,552
30 Day Avg. Volume60,640
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)0.78
Price to Sales (P/S)2.93
P/FCF Ratio6.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€4.05Price Target Upside13.76% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)0.19
Revenue Forecast (FY)€277.77M
Ascopiave S.p.A. Business Overview & Revenue Model
Company Description
Ascopiave S.p.A. distributes and sells natural gas in Italy. The company holds concessions and direct assignments for the supply of the service in 268 municipalities; and provides services to approximately 775,000 users through a distribution netw...
How the Company Makes Money
Ascopiave makes money mainly through two business areas: (1) regulated gas distribution and (2) energy sales (gas and, where applicable, electricity) to end customers.
1) Regulated gas distribution (infrastructure)
- Revenue is generated by opera...
Ascopiave S.p.A. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
60
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 244.32M | 204.96M | 180.79M | 163.65M | 134.91M |
| Gross Profit | 85.99M | 194.91M | 106.57M | 109.81M | 104.49M |
| EBITDA | 154.10M | 108.09M | 100.97M | 82.30M | 69.87M |
| Net Income | 86.84M | 35.82M | 36.18M | 32.66M | 45.33M |
Balance Sheet | |||||
| Total Assets | 1.83B | 1.45B | 1.46B | 1.65B | 1.37B |
| Cash, Cash Equivalents and Short-Term Investments | 35.56M | 35.00M | 53.83M | 77.74M | 43.45M |
| Total Debt | 625.32M | 425.60M | 447.77M | 464.11M | 393.04M |
| Total Liabilities | 919.89M | 594.53M | 607.70M | 761.21M | 502.05M |
| Stockholders Equity | 912.40M | 847.97M | 844.75M | 866.28M | 868.54M |
Cash Flow | |||||
| Free Cash Flow | 114.14M | 20.11M | -81.45M | 11.62M | -2.28M |
| Operating Cash Flow | 139.89M | 101.18M | 6.13M | 98.52M | 42.16M |
| Investing Cash Flow | -295.10M | -67.60M | 25.84M | -83.28M | -91.78M |
| Financing Cash Flow | 155.68M | -51.49M | -80.02M | 19.14M | 4.49M |
Ascopiave S.p.A. Technical Analysis
Positive
3.56
Price Trends
3.59
Positive
3.44
Positive
3.27
Positive
Market Momentum
-0.03
Negative
55.51
Neutral
71.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:ASC, the sentiment is Positive. The current price of 3.56 is above the 20-day moving average (MA) of 3.48, below the 50-day MA of 3.59, and above the 200-day MA of 3.27, indicating a bullish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 55.51 is Neutral, neither overbought nor oversold. The STOCH value of 71.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:ASC.
Ascopiave S.p.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | €771.49M | 8.23 | 9.91% | 4.59% | 20.11% | 75.92% | |
68 Neutral | €22.82B | 14.95 | 17.62% | 5.18% | -8.04% | 30.49% | |
66 Neutral | €1.31B | 10.60 | 26.22% | 3.37% | 30.89% | 143.25% | |
64 Neutral | €7.94B | 9.65 | 13.08% | 4.37% | 8.61% | -22.69% | |
64 Neutral | €5.02B | 9.79 | 14.57% | 4.33% | -26.96% | 25.00% | |
63 Neutral | €10.73B | 4.81 | ― | 4.05% | -3.34% | 8.88% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IT:ASC
Ascopiave S.p.A.
3.56
0.57
19.18%
IT:A2A
A2A SpA
2.53
0.59
30.10%
IT:ACE
ACEA SPA
23.60
5.70
31.87%
IT:ARN
Alerion CleanPower
24.40
10.78
79.12%
IT:SRG
SNAM S.p.A.
6.80
2.37
53.35%
IT:IG
Italgas S.p.A.
10.56
4.63
77.99%
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.