A2A SPA (A2A.MI) Fundamental Analysis & Valuation

BIT:A2A • IT0001233417

2.371 EUR
+0.02 (+0.94%)
Last: Mar 4, 2026, 11:42 AM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This A2A.MI fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

A2A gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 18 industry peers in the Multi-Utilities industry. While A2A belongs to the best of the industry regarding profitability, there are concerns on its financial health. A2A has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

7

1. A2A.MI Profitability Analysis

1.1 Basic Checks

  • In the past year A2A was profitable.
  • A2A had a positive operating cash flow in the past year.
  • A2A had positive earnings in each of the past 5 years.
  • Each year in the past 5 years A2A had a positive operating cash flow.
A2A.MI Yearly Net Income VS EBIT VS OCF VS FCFA2A.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B

1.2 Ratios

  • With an excellent Return On Assets value of 6.48%, A2A belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
  • With an excellent Return On Equity value of 23.23%, A2A belongs to the best of the industry, outperforming 94.44% of the companies in the same industry.
  • The Return On Invested Capital of A2A (11.89%) is better than 100.00% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for A2A is in line with the industry average of 5.44%.
  • The 3 year average ROIC (6.04%) for A2A is below the current ROIC(11.89%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 6.48%
ROE 23.23%
ROIC 11.89%
ROA(3y)3.24%
ROA(5y)3.1%
ROE(3y)13.9%
ROE(5y)13.08%
ROIC(3y)6.04%
ROIC(5y)5.55%
A2A.MI Yearly ROA, ROE, ROICA2A.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

  • A2A's Profit Margin of 6.25% is in line compared to the rest of the industry. A2A outperforms 55.56% of its industry peers.
  • In the last couple of years the Profit Margin of A2A has grown nicely.
  • A2A's Operating Margin of 9.70% is on the low side compared to the rest of the industry. A2A is outperformed by 61.11% of its industry peers.
  • In the last couple of years the Operating Margin of A2A has grown nicely.
  • Looking at the Gross Margin, with a value of 26.45%, A2A is doing worse than 66.67% of the companies in the same industry.
  • In the last couple of years the Gross Margin of A2A has remained more or less at the same level.
Industry RankSector Rank
OM 9.7%
PM (TTM) 6.25%
GM 26.45%
OM growth 3Y21.47%
OM growth 5Y1.75%
PM growth 3Y15.48%
PM growth 5Y4.82%
GM growth 3Y10%
GM growth 5Y-0.89%
A2A.MI Yearly Profit, Operating, Gross MarginsA2A.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40

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3

2. A2A.MI Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so A2A is creating value.
  • A2A has about the same amout of shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, A2A has more shares outstanding
  • The debt/assets ratio for A2A is higher compared to a year ago.
A2A.MI Yearly Shares OutstandingA2A.MI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B
A2A.MI Yearly Total Debt VS Total AssetsA2A.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

2.2 Solvency

  • An Altman-Z score of 1.92 indicates that A2A is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • A2A has a Altman-Z score of 1.92. This is amongst the best in the industry. A2A outperforms 94.44% of its industry peers.
  • A Debt/Equity ratio of 0.97 indicates that A2A is somewhat dependend on debt financing.
  • A2A's Debt to Equity ratio of 0.97 is amongst the best of the industry. A2A outperforms 94.44% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.97
Debt/FCF N/A
Altman-Z 1.92
ROIC/WACC2.48
WACC4.8%
A2A.MI Yearly LT Debt VS Equity VS FCFA2A.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B

2.3 Liquidity

  • A Current Ratio of 0.92 indicates that A2A may have some problems paying its short term obligations.
  • A2A's Current ratio of 0.92 is in line compared to the rest of the industry. A2A outperforms 44.44% of its industry peers.
  • A2A has a Quick Ratio of 0.92. This is a bad value and indicates that A2A is not financially healthy enough and could expect problems in meeting its short term obligations.
  • A2A has a Quick ratio (0.88) which is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 0.92
Quick Ratio 0.88
A2A.MI Yearly Current Assets VS Current LiabilitesA2A.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

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3

3. A2A.MI Growth Analysis

3.1 Past

  • The earnings per share for A2A have decreased by -1.37% in the last year.
  • The Earnings Per Share has been growing by 17.19% on average over the past years. This is quite good.
  • A2A shows a small growth in Revenue. In the last year, the Revenue has grown by 7.19%.
  • Measured over the past years, A2A shows a quite strong growth in Revenue. The Revenue has been growing by 11.91% on average per year.
EPS 1Y (TTM)-1.37%
EPS 3Y18.61%
EPS 5Y17.19%
EPS Q2Q%-11.21%
Revenue 1Y (TTM)7.19%
Revenue growth 3Y3.64%
Revenue growth 5Y11.91%
Sales Q2Q%13.13%

3.2 Future

  • A2A is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -4.56% yearly.
  • A2A is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.40% yearly.
EPS Next Y-19.41%
EPS Next 2Y-12.29%
EPS Next 3Y-7.15%
EPS Next 5Y-4.56%
Revenue Next Year-7.37%
Revenue Next 2Y-2.17%
Revenue Next 3Y-0.48%
Revenue Next 5Y2.4%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
A2A.MI Yearly Revenue VS EstimatesA2A.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5B 10B 15B 20B
A2A.MI Yearly EPS VS EstimatesA2A.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.05 0.1 0.15 0.2 0.25

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6

4. A2A.MI Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 5.78 indicates a rather cheap valuation of A2A.
  • A2A's Price/Earnings ratio is rather cheap when compared to the industry. A2A is cheaper than 100.00% of the companies in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 26.83, A2A is valued rather cheaply.
  • Based on the Price/Forward Earnings ratio of 11.14, the valuation of A2A can be described as reasonable.
  • A2A's Price/Forward Earnings ratio is rather cheap when compared to the industry. A2A is cheaper than 94.44% of the companies in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 24.95, A2A is valued rather cheaply.
Industry RankSector Rank
PE 5.78
Fwd PE 11.14
A2A.MI Price Earnings VS Forward Price EarningsA2A.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, A2A is valued cheaper than 100.00% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 4.29
A2A.MI Per share dataA2A.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6

4.3 Compensation for Growth

  • A2A has a very decent profitability rating, which may justify a higher PE ratio.
  • A cheap valuation may be justified as A2A's earnings are expected to decrease with -7.15% in the coming years.
PEG (NY)N/A
PEG (5Y)0.34
EPS Next 2Y-12.29%
EPS Next 3Y-7.15%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. A2A.MI Dividend Analysis

5.1 Amount

  • A2A has a Yearly Dividend Yield of 4.12%, which is a nice return.
  • A2A's Dividend Yield is a higher than the industry average which is at 3.83.
  • A2A's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 4.12%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

DP0%
EPS Next 2Y-12.29%
EPS Next 3Y-7.15%
A2A.MI Yearly Income VS Free CF VS DividendA2A.MI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M 600M 800M

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A2A.MI Fundamentals: All Metrics, Ratios and Statistics

A2A SPA

BIT:A2A (3/4/2026, 11:42:09 AM)

2.371

+0.02 (+0.94%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryMulti-Utilities
Earnings (Last)11-11
Earnings (Next)03-17
Inst Owners14.17%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap7.43B
Revenue(TTM)20.63B
Net Income(TTM)1.29B
Analysts76.36
Price Target2.84 (19.78%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.12%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)2.7%
PT rev (3m)2.97%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-1.11%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)1.51%
Revenue NY rev (3m)0.96%
Valuation
Industry RankSector Rank
PE 5.78
Fwd PE 11.14
P/S 0.36
P/FCF N/A
P/OCF 5.16
P/B 1.34
P/tB 6.38
EV/EBITDA 4.29
EPS(TTM)0.41
EY17.29%
EPS(NY)0.21
Fwd EY8.97%
FCF(TTM)-0.06
FCFYN/A
OCF(TTM)0.46
OCFY19.37%
SpS6.59
BVpS1.77
TBVpS0.37
PEG (NY)N/A
PEG (5Y)0.34
Graham Number4.04
Profitability
Industry RankSector Rank
ROA 6.48%
ROE 23.23%
ROCE 15.74%
ROIC 11.89%
ROICexc 13.88%
ROICexgc 23.26%
OM 9.7%
PM (TTM) 6.25%
GM 26.45%
FCFM N/A
ROA(3y)3.24%
ROA(5y)3.1%
ROE(3y)13.9%
ROE(5y)13.08%
ROIC(3y)6.04%
ROIC(5y)5.55%
ROICexc(3y)7.01%
ROICexc(5y)6.36%
ROICexgc(3y)10.91%
ROICexgc(5y)9.82%
ROCE(3y)8%
ROCE(5y)7.35%
ROICexgc growth 3Y13.49%
ROICexgc growth 5Y5.1%
ROICexc growth 3Y13.39%
ROICexc growth 5Y3.77%
OM growth 3Y21.47%
OM growth 5Y1.75%
PM growth 3Y15.48%
PM growth 5Y4.82%
GM growth 3Y10%
GM growth 5Y-0.89%
F-Score4
Asset Turnover1.04
Health
Industry RankSector Rank
Debt/Equity 0.97
Debt/FCF N/A
Debt/EBITDA 1.84
Cap/Depr 180.02%
Cap/Sales 7.95%
Interest Coverage 13.35
Cash Conversion 49.4%
Profit Quality N/A
Current Ratio 0.92
Quick Ratio 0.88
Altman-Z 1.92
F-Score4
WACC4.8%
ROIC/WACC2.48
Cap/Depr(3y)171.37%
Cap/Depr(5y)161.67%
Cap/Sales(3y)8.81%
Cap/Sales(5y)9.3%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-1.37%
EPS 3Y18.61%
EPS 5Y17.19%
EPS Q2Q%-11.21%
EPS Next Y-19.41%
EPS Next 2Y-12.29%
EPS Next 3Y-7.15%
EPS Next 5Y-4.56%
Revenue 1Y (TTM)7.19%
Revenue growth 3Y3.64%
Revenue growth 5Y11.91%
Sales Q2Q%13.13%
Revenue Next Year-7.37%
Revenue Next 2Y-2.17%
Revenue Next 3Y-0.48%
Revenue Next 5Y2.4%
EBIT growth 1Y-1.72%
EBIT growth 3Y25.9%
EBIT growth 5Y13.87%
EBIT Next Year69.19%
EBIT Next 3Y20.72%
EBIT Next 5Y13.14%
FCF growth 1Y-204.14%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-1.71%
OCF growth 3Y0.12%
OCF growth 5Y10.23%

A2A SPA / A2A.MI FAQ

What is the fundamental rating for A2A stock?

ChartMill assigns a fundamental rating of 5 / 10 to A2A.MI.


What is the valuation status of A2A SPA (A2A.MI) stock?

ChartMill assigns a valuation rating of 6 / 10 to A2A SPA (A2A.MI). This can be considered as Fairly Valued.


What is the profitability of A2A stock?

A2A SPA (A2A.MI) has a profitability rating of 7 / 10.


Can you provide the expected EPS growth for A2A stock?

The Earnings per Share (EPS) of A2A SPA (A2A.MI) is expected to decline by -19.41% in the next year.


Can you provide the dividend sustainability for A2A stock?

The dividend rating of A2A SPA (A2A.MI) is 5 / 10 and the dividend payout ratio is 0%.