ITALGAS SPA (IG.MI) Stock Fundamental Analysis

Europe • Euronext Milan • BIT:IG • IT0005211237

10.245 EUR
+0.13 (+1.34%)
Last: Feb 4, 2026, 02:26 PM
Fundamental Rating

5

Taking everything into account, IG scores 5 out of 10 in our fundamental rating. IG was compared to 4 industry peers in the Gas Utilities industry. IG has a medium profitability rating, but doesn't score so well on its financial health evaluation. IG is valued quite expensively, but it does show have an excellent growth rating. IG also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • In the past year IG was profitable.
  • IG had a positive operating cash flow in the past year.
  • In the past 5 years IG has always been profitable.
  • In the past 5 years IG always reported a positive cash flow from operatings.
IG.MI Yearly Net Income VS EBIT VS OCF VS FCFIG.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 200M -200M 400M 600M 800M 1B

1.2 Ratios

  • IG has a Return On Assets of 4.88%. This is in the lower half of the industry: IG underperforms 75.00% of its industry peers.
  • The Return On Equity of IG (25.06%) is better than 100.00% of its industry peers.
  • IG has a better Return On Invested Capital (7.59%) than 75.00% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for IG is in line with the industry average of 6.63%.
  • The last Return On Invested Capital (7.59%) for IG is above the 3 year average (5.76%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 4.88%
ROE 25.06%
ROIC 7.59%
ROA(3y)3.88%
ROA(5y)3.89%
ROE(3y)19.36%
ROE(5y)19.88%
ROIC(3y)5.76%
ROIC(5y)5.76%
IG.MI Yearly ROA, ROE, ROICIG.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20 25

1.3 Margins

  • IG has a Profit Margin (22.07%) which is in line with its industry peers.
  • In the last couple of years the Profit Margin of IG has declined.
  • The Operating Margin of IG (38.76%) is better than 75.00% of its industry peers.
  • In the last couple of years the Operating Margin of IG has grown nicely.
  • IG has a Gross Margin of 58.56%. This is in the better half of the industry: IG outperforms 75.00% of its industry peers.
  • In the last couple of years the Gross Margin of IG has remained more or less at the same level.
Industry RankSector Rank
OM 38.76%
PM (TTM) 22.07%
GM 58.56%
OM growth 3Y5.85%
OM growth 5Y2.8%
PM growth 3Y3.77%
PM growth 5Y-3.36%
GM growth 3Y0.16%
GM growth 5Y0.23%
IG.MI Yearly Profit, Operating, Gross MarginsIG.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

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2

2. Health

2.1 Basic Checks

  • IG has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • The number of shares outstanding for IG remains at a similar level compared to 1 year ago.
  • The number of shares outstanding for IG has been increased compared to 5 years ago.
  • The debt/assets ratio for IG has been reduced compared to a year ago.
IG.MI Yearly Shares OutstandingIG.MI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M
IG.MI Yearly Total Debt VS Total AssetsIG.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

2.2 Solvency

  • Based on the Altman-Z score of 0.99, we must say that IG is in the distress zone and has some risk of bankruptcy.
  • IG has a worse Altman-Z score (0.99) than 75.00% of its industry peers.
  • The Debt to FCF ratio of IG is 33.56, which is on the high side as it means it would take IG, 33.56 years of fcf income to pay off all of its debts.
  • With a decent Debt to FCF ratio value of 33.56, IG is doing good in the industry, outperforming 75.00% of the companies in the same industry.
  • A Debt/Equity ratio of 3.07 is on the high side and indicates that IG has dependencies on debt financing.
  • IG has a Debt to Equity ratio of 3.07. This is in the lower half of the industry: IG underperforms 75.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.07
Debt/FCF 33.56
Altman-Z 0.99
ROIC/WACC1.42
WACC5.34%
IG.MI Yearly LT Debt VS Equity VS FCFIG.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

  • IG has a Current Ratio of 0.81. This is a bad value and indicates that IG is not financially healthy enough and could expect problems in meeting its short term obligations.
  • The Current ratio of IG (0.81) is worse than 75.00% of its industry peers.
  • IG has a Quick Ratio of 0.81. This is a bad value and indicates that IG is not financially healthy enough and could expect problems in meeting its short term obligations.
  • The Quick ratio of IG (0.77) is better than 75.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.81
Quick Ratio 0.77
IG.MI Yearly Current Assets VS Current LiabilitesIG.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

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7

3. Growth

3.1 Past

  • IG shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 50.00%, which is quite impressive.
  • The Earnings Per Share has been growing slightly by 5.46% on average over the past years.
  • IG shows a strong growth in Revenue. In the last year, the Revenue has grown by 27.28%.
  • The Revenue has been growing slightly by 6.80% on average over the past years.
EPS 1Y (TTM)50%
EPS 3Y-30.18%
EPS 5Y5.46%
EPS Q2Q%17.13%
Revenue 1Y (TTM)27.28%
Revenue growth 3Y6.24%
Revenue growth 5Y6.8%
Sales Q2Q%54.19%

3.2 Future

  • The Earnings Per Share is expected to grow by 13.53% on average over the next years. This is quite good.
  • IG is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 15.29% yearly.
EPS Next Y9.62%
EPS Next 2Y12.84%
EPS Next 3Y15.81%
EPS Next 5Y13.53%
Revenue Next Year23.48%
Revenue Next 2Y10.88%
Revenue Next 3Y19.75%
Revenue Next 5Y15.29%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
IG.MI Yearly Revenue VS EstimatesIG.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 1B 2B 3B
IG.MI Yearly EPS VS EstimatesIG.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 0.2 0.4 0.6 0.8 1

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3

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 22.77, the valuation of IG can be described as rather expensive.
  • Based on the Price/Earnings ratio, IG is valued a bit more expensive than the industry average as 75.00% of the companies are valued more cheaply.
  • IG is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 28.18, which is the current average of the S&P500 Index.
  • The Price/Forward Earnings ratio is 17.85, which indicates a rather expensive current valuation of IG.
  • The rest of the industry has a similar Price/Forward Earnings ratio as IG.
  • When comparing the Price/Forward Earnings ratio of IG to the average of the S&P500 Index (25.51), we can say IG is valued slightly cheaper.
Industry RankSector Rank
PE 22.77
Fwd PE 17.85
IG.MI Price Earnings VS Forward Price EarningsIG.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of IG is on the same level as its industry peers.
  • 75.00% of the companies in the same industry are more expensive than IG, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 30.71
EV/EBITDA 10.1
IG.MI Per share dataIG.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 -5 -10

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates IG does not grow enough to justify the current Price/Earnings ratio.
  • The decent profitability rating of IG may justify a higher PE ratio.
  • A more expensive valuation may be justified as IG's earnings are expected to grow with 15.81% in the coming years.
PEG (NY)2.37
PEG (5Y)4.17
EPS Next 2Y12.84%
EPS Next 3Y15.81%

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7

5. Dividend

5.1 Amount

  • IG has a Yearly Dividend Yield of 4.04%, which is a nice return.
  • Compared to an average industry Dividend Yield of 4.87, IG is paying slightly less dividend.
  • IG's Dividend Yield is rather good when compared to the S&P500 average which is at 1.83.
Industry RankSector Rank
Dividend Yield 4.04%

5.2 History

  • On average, the dividend of IG grows each year by 6.22%, which is quite nice.
Dividend Growth(5Y)6.22%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • IG pays out 39.58% of its income as dividend. This is a sustainable payout ratio.
  • IG's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP39.58%
EPS Next 2Y12.84%
EPS Next 3Y15.81%
IG.MI Yearly Income VS Free CF VS DividendIG.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
IG.MI Dividend Payout.IG.MI Dividend Payout, showing the Payout Ratio.IG.MI Dividend Payout.PayoutRetained Earnings

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ITALGAS SPA

BIT:IG (2/4/2026, 2:26:07 PM)

10.245

+0.13 (+1.34%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryGas Utilities
Earnings (Last)10-28
Earnings (Next)N/A
Inst Owners33.58%
Inst Owner ChangeN/A
Ins Owners3.38%
Ins Owner ChangeN/A
Market Cap10.40B
Revenue(TTM)4.17B
Net Income(TTM)871.52M
Analysts76.67
Price Target9.8 (-4.34%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.04%
Yearly Dividend0.35
Dividend Growth(5Y)6.22%
DP39.58%
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)-0.38%
PT rev (3m)15.94%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0.31%
EPS NY rev (3m)2.87%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.59%
Valuation
Industry RankSector Rank
PE 22.77
Fwd PE 17.85
P/S 2.63
P/FCF 30.71
P/OCF 7.95
P/B 2.99
P/tB N/A
EV/EBITDA 10.1
EPS(TTM)0.45
EY4.39%
EPS(NY)0.57
Fwd EY5.6%
FCF(TTM)0.33
FCFY3.26%
OCF(TTM)1.29
OCFY12.57%
SpS3.89
BVpS3.42
TBVpS-10.65
PEG (NY)2.37
PEG (5Y)4.17
Graham Number5.89
Profitability
Industry RankSector Rank
ROA 4.88%
ROE 25.06%
ROCE 9.83%
ROIC 7.59%
ROICexc 7.78%
ROICexgc 122.81%
OM 38.76%
PM (TTM) 22.07%
GM 58.56%
FCFM 8.58%
ROA(3y)3.88%
ROA(5y)3.89%
ROE(3y)19.36%
ROE(5y)19.88%
ROIC(3y)5.76%
ROIC(5y)5.76%
ROICexc(3y)5.99%
ROICexc(5y)6.22%
ROICexgc(3y)75.97%
ROICexgc(5y)N/A
ROCE(3y)7.65%
ROCE(5y)7.56%
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3Y2.21%
ROICexc growth 5Y1.43%
OM growth 3Y5.85%
OM growth 5Y2.8%
PM growth 3Y3.77%
PM growth 5Y-3.36%
GM growth 3Y0.16%
GM growth 5Y0.23%
F-Score4
Asset Turnover0.22
Health
Industry RankSector Rank
Debt/Equity 3.07
Debt/FCF 33.56
Debt/EBITDA 5.09
Cap/Depr 170.7%
Cap/Sales 24.55%
Interest Coverage 9.24
Cash Conversion 62.34%
Profit Quality 38.87%
Current Ratio 0.81
Quick Ratio 0.77
Altman-Z 0.99
F-Score4
WACC5.34%
ROIC/WACC1.42
Cap/Depr(3y)164.61%
Cap/Depr(5y)169.68%
Cap/Sales(3y)35.08%
Cap/Sales(5y)36.12%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)50%
EPS 3Y-30.18%
EPS 5Y5.46%
EPS Q2Q%17.13%
EPS Next Y9.62%
EPS Next 2Y12.84%
EPS Next 3Y15.81%
EPS Next 5Y13.53%
Revenue 1Y (TTM)27.28%
Revenue growth 3Y6.24%
Revenue growth 5Y6.8%
Sales Q2Q%54.19%
Revenue Next Year23.48%
Revenue Next 2Y10.88%
Revenue Next 3Y19.75%
Revenue Next 5Y15.29%
EBIT growth 1Y34.47%
EBIT growth 3Y11.89%
EBIT growth 5Y9.35%
EBIT Next Year134.8%
EBIT Next 3Y42.13%
EBIT Next 5Y26.17%
FCF growth 1Y190.01%
FCF growth 3Y117.41%
FCF growth 5Y51.61%
OCF growth 1Y219.31%
OCF growth 3Y9.38%
OCF growth 5Y8.67%

ITALGAS SPA / IG.MI FAQ

Can you provide the ChartMill fundamental rating for ITALGAS SPA?

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


Can you provide the valuation status for ITALGAS SPA?

ChartMill assigns a valuation rating of 4 / 10 to ITALGAS SPA (IG.MI). This can be considered as Fairly Valued.


How profitable is ITALGAS SPA (IG.MI) stock?

ITALGAS SPA (IG.MI) has a profitability rating of 6 / 10.


What is the financial health of ITALGAS SPA (IG.MI) stock?

The financial health rating of ITALGAS SPA (IG.MI) is 2 / 10.


Can you provide the expected EPS growth for IG stock?

The Earnings per Share (EPS) of ITALGAS SPA (IG.MI) is expected to grow by 9.62% in the next year.