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1. Company Snapshot

1.a. 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 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.

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1.b. Last Insights on ASC

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1.c. Company Highlights

2. Ascopiave's 2025 Financial Results: A Mixed Bag

Ascopiave's financial performance in 2025 was marked by a revenue increase of 19.2% to EUR 244.3 million, driven primarily by the expansion of its consolidation perimeter and higher gas distribution tariff revenues. However, EBITDA declined by 1.5% to EUR 154.4 million, indicating some operational challenges. The company's EBIT, on the other hand, saw a significant increase of 77.8% to EUR 92 million. Although the actual EPS was not disclosed, the company's financial health is reflected in its shareholders' equity, which rose by 7.6% to EUR 912.4 million.

Publication Date: Mar -07

📋 Highlights
  • Revenue Growth:: 2025 revenues reached EUR 244.3 million, up EUR 39.4 million (19.2%) from 2024, driven by consolidation expansions and higher gas distribution tariffs.
  • Profitability Shift:: EBITDA fell to EUR 154.4 million (-1.5%) but EBIT rose to EUR 92 million (+76.5%) due to cost efficiencies and operational improvements.
  • Debt Increase:: Net financial debt surged to EUR 577.1 million (+€226.6m), with a debt-equity ratio of 0.67, reflecting large acquisitions and equity investments.
  • Strategic Acquisitions:: EUR 518.2 million spent on acquiring AP Reti Gas North (EUR 456.8m) and AP Reti Gas Next Grids (EUR 54.8m), expanding gas distribution networks.
  • Capital Investments:: EUR 93.7 million allocated to tangible/intangible assets (+15.3%) and EUR 234.1 million from equity investments, supporting long-term growth initiatives.

Operational Highlights

The company's operational activities were characterized by an increase in employee count by 238 to 733, mainly due to the consolidation of AP Reti Gas North. Investments in tangible and intangible assets rose by 15.5% to EUR 93.7 million, focusing on gas distribution networks and plants. Dr. Nicola Cecconato mentioned that the group expects to participate in gas tenders, which will be crucial for its future growth.

Outlook and Valuation

For 2026, Ascopiave expects its results to be in line with its strategic plan, with an anticipated improvement in the gas sector. Analysts estimate revenue growth of 5.9% for next year. With a P/E Ratio of 9.74 and an EV/EBITDA of 8.57, the company's valuation appears reasonable. Additionally, the Dividend Yield stands at 3.88%, making it an attractive option for income-seeking investors. The Net Debt / EBITDA ratio of 3.7 indicates a manageable debt level.

Strategic Direction

The company's strategic focus on the gas sector and its participation in tenders will be key drivers of its future performance. The outcome of these tenders and the regulatory framework will significantly impact Ascopiave's results. With a ROE of 9.86% and an ROIC of 4.59%, the company is generating returns that are in line with its cost of capital.

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.62%)

6. Segments

Gas Distribution

Expected Growth: 2.5%

The 2.5% growth in Gas Distribution from Ascopiave S.p.A. is driven by increasing demand for clean energy, government incentives for gas infrastructure development, and strategic expansion into new regions. Additionally, investments in grid modernization and digitalization are improving operational efficiency, further supporting growth.

Renewable Energies

Expected Growth: 4.0%

Ascopiave S.p.A.'s 4.0 growth in Renewable Energies is driven by increasing demand for clean energy, favorable government policies and incentives, declining technology costs, and rising environmental concerns. Additionally, the company's strategic partnerships, investments in R&D, and expansion into new markets have contributed to its growth momentum.

Values from New Acquisitions

Expected Growth: 1.5%

The 1.5 growth driven by New Acquisitions from Ascopiave S.p.A. is attributed to strategic expansion into new markets, increased market share, and enhanced product offerings. Additionally, operational efficiencies, cost savings, and synergies from the acquisition have contributed to the growth.

Other

Expected Growth: 1.0%

Ascopiave S.p.A.'s 1.0 growth in 'Other' segment is driven by increasing demand for renewable energy solutions, expansion into new geographic markets, and strategic partnerships. Additionally, investments in digitalization and process optimization have improved operational efficiency, contributing to the segment's growth.

7. Detailed Products

Electricity

Ascopiave S.p.A. generates and distributes electricity to households, businesses, and industries in the Veneto region of Italy.

Natural Gas

Ascopiave S.p.A. supplies natural gas to customers in the Veneto region, providing a clean and efficient source of energy.

District Heating

Ascopiave S.p.A. offers district heating services, providing thermal energy to urban areas through a network of insulated pipes.

Renewable Energy

Ascopiave S.p.A. invests in renewable energy sources, such as wind, solar, and hydroelectric power, to reduce carbon emissions and promote sustainability.

Energy Efficiency

Ascopiave S.p.A. provides energy efficiency solutions, including energy audits, energy management, and energy-saving technologies.

Energy Storage

Ascopiave S.p.A. offers energy storage solutions, enabling customers to store excess energy for later use, reducing energy waste and peak demand.

8. Ascopiave S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Ascopiave S.p.A. is medium due to the presence of alternative energy sources such as solar and wind power.

Bargaining Power Of Customers

The bargaining power of customers for Ascopiave S.p.A. is low due to the company's strong market position and limited customer concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Ascopiave S.p.A. is medium due to the presence of multiple suppliers and moderate switching costs.

Threat Of New Entrants

The threat of new entrants for Ascopiave S.p.A. is high due to the relatively low barriers to entry and the attractiveness of the energy market.

Intensity Of Rivalry

The intensity of rivalry for Ascopiave S.p.A. is high due to the presence of multiple competitors and the high stakes in the energy market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 34.26%
Debt Cost 3.95%
Equity Weight 65.74%
Equity Cost 8.18%
WACC 6.73%
Leverage 52.12%

11. Quality Control: Ascopiave S.p.A. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
REN

A-Score: 7.3/10

Value: 6.4

Growth: 4.7

Quality: 5.4

Yield: 8.1

Momentum: 9.5

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Ascopiave

A-Score: 7.0/10

Value: 5.8

Growth: 6.0

Quality: 6.4

Yield: 8.1

Momentum: 7.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Italgas

A-Score: 7.0/10

Value: 4.6

Growth: 4.0

Quality: 5.1

Yield: 8.1

Momentum: 10.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Suburban Propane

A-Score: 6.7/10

Value: 6.8

Growth: 3.3

Quality: 5.0

Yield: 10.0

Momentum: 5.5

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Unimot

A-Score: 6.5/10

Value: 8.2

Growth: 9.3

Quality: 3.0

Yield: 8.1

Momentum: 3.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Telecom Plus

A-Score: 6.0/10

Value: 5.5

Growth: 7.7

Quality: 5.9

Yield: 6.9

Momentum: 3.0

Volatility: 7.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.81$

Current Price

3.81$

Potential

-0.00%

Expected Cash-Flows