ASCOPIAVE S.P.A. EO 1
stock DE:AVA (FRANKFURT)

Alternative ID: IT0004093263

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Exchange: FRANKFURT
Sector: Utilities
Industry: Utilities—Regulated Gas
Market Cap: Small (564.75M)
Data in EUR

EPS: 0.26
Current PE: 155.80
BVPS: 3.93
Price/BVPS: 10.76
Dividend: 0.16 / 6.3%

Hist Grade: F (11.80)
YOY Grade: E (18.96)
Debt/FCF: -159.99
ROIC: 5.4%
PEG: 10.12
PEGY: 7.18

Value Price: 1.82
MOS Price: 0.91
MOS %: -95.7%
Graham Number: 4.83
Graham MOS %: -88.6%
IRT: 30.74

Market Price

42.28

0.15 0.4%

as of Mar 30 '23

52 Week Range:

1.97 45.29

Stock Analyzer Tutorials

General Info

type: video (mp4); length: 3:30

Demonstrates how to use Stock Analyzer, shows how to analyze a stock and explains in detail "General Info" section of the Stock Analyzer result page.

Financial Statements

type: video (mp4); length: 5:10

Explains information presented in the Financial Statements section of the S2O Stock Analyzer: financial statements charts, absolute values and growth rates.

Growth Grade and Financial Ratios

type: video (mp4); length: 5:09

Demonstrates how to use Growth Grade & Financial Ratios section; shows the difference between historical and year-over-year Growth Grade on the real life example.

Demonstrates how to use Value Price (intrinsic value) and the Graham Number, MOS (margin of safety) and IRT - Investment Recovery Time; explains 3 different projection models used to compute value price - pessimistic, moderate and optimistic.

Price Charts

type: video (mp4); length: 8:34

Demonstrates basic rules of how to read a candlestick chart, long and short term moving averages, stochastic, MACD and relative strength (RS) charts. Explains how bull or bear market condition is computed.

General Info

Exchange: FRANKFURT
Sector: Utilities
Industry: Utilities—Regulated Gas
Market Cap: Small (564.75M)
Inst. Ownership: 4.13%
Insider Ownership: 74.31%
Full Time Employees: 513

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 network of approximately 13,000 kilometres (km). It is also involved in the electricity distribution; heat management and co-generation activities, as well as offers integrated urban water management services in 15 municipalities that includes 100,000 inhabitants through a network of 880 km in the Province of Bergamo; and renewable energy sector with 28 hydroelectric plants and wind turbines. The company was founded in 1956 and is headquartered in Pieve di Soligo, Italy. Ascopiave S.p.A. is a subsidiary of Asco Holding S.p.A.

Financial Statements

The charts below show selected Annual and Quarterly Financial Data.

The purpose of these charts is to discover long and short term change dynamics. When numbers are growing year after year in the annual statements chart, the business become stronger and stronger and this is a good sign.

Quarterly Data Chart can be used to do a short term analysis. It makes sense to pay attention to the quarterly dynamics and do not wait for the next yearly statement. We should be alerted if we see that quarterly numbers are going down.

You can check "Annual Financial Statements" and "Quarterly Financial Statements" sections for exact numbers and growth rates.

Annual Statements

On a charts below the Line shows absolute values and the Bar chart shows Year-Over-Year Growth Rate for selected financial statement item. A consistent GROWTH is generally considered necessary to fund future growth from within a business.
NOTE: Growth Rate is not provided if either the latest period or the year-ago period contains a net loss. (source: WSJ Digest of Earnings)
TIP! move your mouse pointer over bar or a circle on any chart below to see details.

Financial Statements

Income Statement

Cash Flow Statement

Balance Sheet

Liquidity Ratios

Current Ratio

Current Ratio measures the ability to meet short term obligations. Generally accepted standard is 2 (current assets should be 2 times or 200% of current liabilities).

Quick Ratio

Measures immediate liquidity or the cash available to cover immediate liabilities. A safe margin would be at least 1 (100%).

Financial Leverage

Defined as total assets divided by total shareholders' equity. The higher the ratio, the more debt a company uses in its capital structure.

Profitability Ratios

ROA

Return on Assets (ROA) measures the income (profit) that is generated by the use of the assets of the business.

ROE

Return on Equity (ROE) is a measure of profitability that calculates how many dollars of profit a company generates with each dollar of shareholders equity. ROE is sometimes called "return on net worth."

ROIC

The Return on Invested Capital (ROIC) measure gives a sense of how well a company is using its money to generate returns. Some investors use this figure as a final evaluation to determine whether or not to invest in a company.

Annual Statements

Item Name	Dec '11	Dec '12	Dec '13	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21
Equity (BVPS)	1.56	1.65	1.74	1.77	1.79	1.87	1.93	1.93	1.86	3.91	3.93
growth rate		5.8%	5.5%	1.7%	1.1%	4.5%	3.2%	0.0%	-3.6%	110.2%	0.5%
Earnings BIT	42.40	55.10	62.20	54.71	58.76	62.72	60.49	25.99	22.32	31.12	35.89
growth rate		30.0%	12.9%	-12.0%	7.4%	6.7%	-3.6%	-57.0%	-14.1%	39.4%	15.3%
Avg.PE	45.05	12.45	10.09	5.25	13.60	13.92	15.47	14.52	14.52	14.52	14.52
growth rate		-72.4%	-19.0%	-48.0%	159.1%	2.4%	11.1%	-6.1%	0.0%	0.0%	0.0%
ROA	0.72	2.90	4.34	4.15	5.21	7.08	6.18	5.45	46.01	4.41	3.32
growth rate		302.8%	49.7%	-4.4%	25.5%	35.9%	-12.7%	-11.8%	744.2%	-90.4%	-24.7%
ROE	1.71	7.51	9.90	8.86	10.48	12.57	10.67	10.04	74.90	6.80	5.26
growth rate		339.2%	31.8%	-10.5%	18.3%	19.9%	-15.1%	-5.9%	646.0%	-90.9%	-22.7%
ROIC	1.46	4.99	6.84	6.02	7.20	9.85	8.47	7.46	55.62	5.07	3.76
growth rate		241.8%	37.1%	-12.0%	19.6%	36.8%	-14.0%	-11.9%	645.6%	-90.9%	-25.8%
Cur. Ratio	0.89	0.92	0.99	0.97	0.95	1.02	1.00	0.99	0.73	0.57	0.41
growth rate		3.4%	7.6%	-2.0%	-2.1%	7.4%	-2.0%	-1.0%	-26.3%	-21.9%	-28.1%
Quick Ratio	0.72	0.87	0.93	0.91	0.89	0.90	0.86	0.93	0.66	0.48	0.35
growth rate		20.8%	6.9%	-2.2%	-2.2%	1.1%	-4.4%	8.1%	-29.0%	-27.3%	-27.1%
Leverage	2.76	2.44	2.13	2.14	1.88	1.67	1.78	1.91	1.49	1.60	1.58
growth rate		-11.6%	-12.7%	0.5%	-12.2%	-11.2%	6.6%	7.3%	-22.0%	7.4%	-1.3%
Balance Sheet	Dec '11	Dec '12	Dec '13	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21
Acct.Receivable	298.69	380.00	212.74	227.20	215.07	186.18	209.37	210.96	92.46	109.62	48.38
growth rate		27.2%	-44.0%	6.8%	-5.3%	-13.4%	12.5%	0.8%	-56.2%	18.6%	-55.9%
Acct.Payable		232.00	134.57	136.18	122.82	103.05	117.65	131.19	52.08	66.77	34.40
growth rate			-42.0%	1.2%	-9.8%	-16.1%	14.2%	11.5%	-60.3%	28.2%	-48.5%
Cur.Assets	440.73	415.00	232.70	338.21	255.27	210.73	238.53	287.29	173.37	150.75	105.87
growth rate		-5.8%	-43.9%	45.3%	-24.5%	-17.5%	13.2%	20.4%	-39.7%	-13.1%	-29.8%
Total Assets	988.50	936.00	771.07	867.49	782.45	733.30	791.93	845.53	1,298.28	1,363.11	1,370.55
growth rate		-5.3%	-17.6%	12.5%	-9.8%	-6.3%	8.0%	6.8%	53.6%	5.0%	0.6%
Cash	44.90	27.00	11.77	100.88	28.30	8.82	15.56	66.65	67.03	21.90	42.54
growth rate		-39.9%	-56.4%	756.9%	-72.0%	-68.8%	76.3%	328.5%	0.6%	-67.3%	94.2%
Inventory	5.30	3.00	2.05	2.48	3.58	4.31	4.07	6.02	8.13	14.91	8.18
growth rate		-43.4%	-31.8%	21.3%	44.1%	20.5%	-5.5%	47.8%	35.1%	83.4%	-45.2%
Cur.Liabilities	497.96	453.00	249.84	347.68	268.37	206.05	237.38	291.31	236.42	265.57	261.34
growth rate		-9.0%	-44.9%	39.2%	-22.8%	-23.2%	15.2%	22.7%	-18.8%	12.3%	-1.6%
Liabilities	630.60	547.00	368.39	457.82	362.32	289.10	341.43	397.66	424.79	509.20	502.05
growth rate		-13.3%	-32.7%	24.3%	-20.9%	-20.2%	18.1%	16.5%	6.8%	19.9%	-1.4%
LT Debt	44.90	29.00	63.20	56.29	43.83	34.54	54.36	55.11	135.08	196.00	185.67
growth rate		-35.4%	117.9%	-10.9%	-22.1%	-21.2%	57.4%	1.4%	145.1%	45.1%	-5.3%
Equity	362.60	388.80	397.69	405.36	415.26	438.06	445.51	443.57	873.49	853.90	868.54
growth rate		7.2%	2.3%	1.9%	2.4%	5.5%	1.7%	-0.4%	96.9%	-2.2%	1.7%
Common Shares	234.00	232.00	222.00	222.00	222.00	222.00	222.00	234.41	234.41	234.41	234.41
growth rate		-0.9%	-4.3%	0.0%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	0.0%
Cash Flow Statement	Dec '11	Dec '12	Dec '13	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21
Capital Expenditures	22.10	4.00	1.80	1.32	0.90	1.16	1.13	4.11	2.20	1.02	1.39
growth rate		-81.9%	-55.1%	-26.8%	-31.5%	29.2%	-3.0%	263.6%	-46.4%	-53.9%	37.2%
Cash Dividends	22.60	0.00	24.48	26.67	33.33	33.35	40.02	40.02	27.77	47.44	34.66
growth rate		-100.0%		8.9%	25.0%	0.1%	20.0%	0.0%	-30.6%	70.8%	-26.9%
Cash From OA	3.21	45.00	69.93	56.16	69.25	68.46	50.55	73.36	25.62	42.16	82.74
growth rate		1,301.9%	55.4%	-19.7%	23.3%	-1.1%	-26.2%	45.1%	-65.1%	64.6%	96.3%
FCF per Share	-0.04	-0.05	0.32	0.13	0.26	0.28	0.11	0.18	0.14	-0.41	0.14
growth rate		0.0%	100.0%	-59.4%	100.0%	7.7%	-60.7%	63.6%	-22.2%	-100.0%	100.0%
FCF	-39.00	22.00	75.00	35.00	47.00	48.00	27.00	39.00	-17.00	-2.00	-2.00
growth rate		100.0%	240.9%	-53.3%	34.3%	2.1%	-43.8%	44.4%	-100.0%	0.0%	0.0%
Income Statement	Dec '11	Dec '12	Dec '13	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21
Sales	1,099.20	1,078.00	667.84	585.30	581.66	497.69	532.79	115.35	124.91	163.90	134.91
growth rate		-1.9%	-38.1%	-12.4%	-0.6%	-14.4%	7.1%	-78.4%	8.3%	31.2%	-17.7%
Op.Income	68.04	26.00	62.20	54.71	58.76	62.72	60.49	25.99	22.32	31.12	35.89
growth rate		-61.8%	139.2%	-12.0%	7.4%	6.7%	-3.6%	-57.0%	-14.1%	39.4%	15.3%
IBT	41.50	55.20	66.92	55.53	63.88	79.34	66.87	21.46	21.11	49.31	55.26
growth rate		33.0%	21.2%	-17.0%	15.1%	24.2%	-15.7%	-67.9%	-1.7%	133.6%	12.1%
Net Income	6.30	26.00	38.68	35.58	43.01	53.64	47.14	44.63	493.22	58.70	45.33
growth rate		312.7%	48.8%	-8.0%	20.9%	24.7%	-12.1%	-5.3%	1,005.3%	-88.1%	-22.8%
EPS	0.02	0.12	0.17	0.16	0.19	0.24	0.21	0.20	2.21	0.27	0.20
growth rate		500.0%	41.7%	-5.9%	18.8%	26.3%	-12.5%	-4.8%	1,005.0%	-87.8%	-25.9%
Gross Profit	1,099.20	161.00	131.60	130.10	126.60	139.05	164.64	102.11	110.51	147.23	117.01
growth rate		-85.4%	-18.3%	-1.1%	-2.7%	9.8%	18.4%	-38.0%	8.2%	33.2%	-20.5%

Quarterly Statements

Item Name	Jun '21	Sep '21	Dec '21	Mar '22	Jun '22
Earnings BIT	7.47	9.32	12.02	2.98	12.45
growth rate		24.7%	29.0%	-75.2%	318.2%
Balance Sheet	Jun '21	Sep '21	Dec '21	Mar '22	Jun '22
Acct.Receivable	56.24	59.60	48.38	63.18	79.79
growth rate		6.0%	-18.8%	30.6%	26.3%
Acct.Payable	42.50	44.01	34.40	35.18	38.28
growth rate		3.6%	-21.8%	2.3%	8.8%
Cur.Assets	92.27	97.87	105.87	208.54	144.67
growth rate		6.1%	8.2%	97.0%	-30.6%
Total Assets	1,307.79	1,314.86	1,370.55	1,564.19	1,584.02
growth rate		0.5%	4.2%	14.1%	1.3%
Cash	19.07	10.08	42.54	125.53	10.68
growth rate		-47.2%	322.0%	195.1%	-91.5%
Inventory	9.39	14.92	8.18	8.69	8.57
growth rate		58.9%	-45.2%	6.2%	-1.3%
Cur.Liabilities	239.22	249.99	261.34	310.81	282.21
growth rate		4.5%	4.5%	18.9%	-9.2%
Liabilities	461.32	463.27	502.05	669.64	665.43
growth rate		0.4%	8.4%	33.4%	-0.6%
LT Debt	174.30	164.47	185.67	300.07	319.98
growth rate		-5.6%	12.9%	61.6%	6.6%
Equity	846.47	851.59	868.54	885.14	875.89
growth rate		0.6%	2.0%	1.9%	-1.0%
Common Shares	234.41	234.41	234.41	234.41	234.41
growth rate		0.0%	0.0%	0.0%	0.0%
Cash Flow Statement	Jun '21	Sep '21	Dec '21	Mar '22	Jun '22
Capital Expenditures	0.30	-0.08	0.94	2.01	2.10
growth rate		-100.0%	100.0%	113.4%	4.3%
Cash Dividends	34.66	35.76	35.76	35.76	35.76
growth rate		3.2%	0.0%	0.0%	0.0%
Cash From OA	4.18	-5.41	30.42	28.89	0.39
growth rate		-100.0%	100.0%	-5.0%	-98.7%
FCF	3.89	-5.49	29.48	26.88	-1.71
growth rate		-100.0%	100.0%	-8.8%	-100.0%
Income Statement	Jun '21	Sep '21	Dec '21	Mar '22	Jun '22
Sales	27.63	33.60	35.23	34.14	47.28
growth rate		21.6%	4.8%	-3.1%	38.5%
Op.Income	7.47	9.32	12.02	2.98	12.45
growth rate		24.7%	29.0%	-75.2%	318.2%
IBT	15.27	4.89	19.82	12.88	15.73
growth rate		-68.0%	305.3%	-35.0%	22.1%
Net Income	13.24	2.84	15.63	12.18	11.09
growth rate		-78.5%	449.9%	-22.0%	-9.0%
EPS
growth rate
Gross Profit	23.31	30.16	30.04	28.20	40.51
growth rate		29.4%	-0.4%	-6.1%	43.7%

Growth Grade & Financial Ratios

All financial ratios below are calculated based on latest annual statements available and present the most up to date snapshot of a company finances.

Growth Grade

Historical Growth Grade:

F (11.80)

YOY Growth Grade:

E (18.96)

Click on buttons above for detailed yearly growth rates.

Market Ratios

Dividend Yield: 6.3%
Beta: 0.85
Beta of 0.8477 suggests that the asset is less volatile than the rest of the market.
PE: 155.80
EY: 0.6%
PEG: 10.12
PEG Ratio of 10.12 suggests that stock is overpriced.
PEGY: 7.18
PEGY Ratio of 7.18 suggests that stock is overpriced.
Price/BVPS: 10.76

Profitability Ratios

ROE: 5.3%
Return on Equity (ROE) of 5.3% suggests that a company may not be able to fund future growth from within.
ROS: 26.6%
The value of Return on Sales depends on the business and/or industry. Usually the higher ratio the better.
ROA: 4.0%
Return on Assets (ROA). Low ratio usually means poor performance, or ineffective use of assets by management. High ratio usually means good performance.
ROI: 6.4%
Return on Investment (ROI) of 6.4% suggests that a company may not be able to fund future growth from within.
ROIC: 5.4%
Return on Invested Capital (ROIC) of 5.4% suggests that a company may not be able to fund future growth from within.

Liquidity Ratios

Current Ratio: 0.41
Current Ratio of 0.41 suggests that a company may not be able to pay off bills as rapidly as it should.
Quick Ratio: 0.35
Quick Ratio of 0.35 suggests that a company does not have enough cash to cover immediate liabilities.
Cash Turnover: -0.87
Turnover Of Cash Ratio of -0.87 suggests that a company may have funds tied up in short-term low-yielding assets or may have a cash surplus, which is not invested in the business.
Equity Ratio: 63.4%
Equity Ratio of 63.4% suggests that a large percent of the company's assets financed by shareholder equity, which is good.
Debt/Equity: 57.8%
Debt to Equity Ratio of 57.8% suggests that a company is doing well.
Debt/FCF: -159.99
Debt/FCF of -159.99 suggests that a company has a negative Free Cash Flow and probably will not be able to pay off its long term debt.

Efficiency Ratios

Avg Collection Period: 130.88
Average Collection Period of 130.88 days suggests a slow turnover, which may be the result of a number of bad accounts, or a tax collection policy or perhaps credit is being used to generate sales.
Inventory Turnover: 2.19
Inventory Turnover Ratio of 2.19 suggests a large inventory, a never-out-of-stock situation, perhaps some obsolete items, or it could indicate poor liquidity and possible overstocking of items.
Cash Flow Ratio: 1.64
Cash Flow Ratio of 1.64 suggests a company is doing OK, but lower inventory is generally viewed as a positive trend.
Profit Margin: 33.6%

Value Price

PE and EPS

	Historical	Current	Forward
PE	9.83	160.15	8.10
EPS / Growth	0.0%	0.26	15.4%

Value Price & Investment Recovery Time

Read more about Stock2Own value price in Stock Market: Fundamental Analysis.

Equity Growth Rate: 11.3%

Estimates	Pessimistic	Moderate	Optimistic
Rate of Return	15.0%
MOS Price %	50 %
Future EPS Growth	0.0%	8.9%	8.9%
Future PE	0.00	11.90	11.90
Future EPS	0.26	0.62	0.62
Value Price MOS %	0.00 -100.0%	1.82 -95.7%	1.82 -95.7%
MOS Price	0.00	0.91	0.91
IRT	99.00	31.05	31.05

Graham Number:

NOTE: The Graham Number applies only to certain types of stocks in combination with a number of other criteria.

Read more about Graham Number in Stock Market: Fundamental Analysis.

Graham Number: 4.83
Graham MOS: -88.6%

Price Chart

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