Company Valuation: Edison S.p.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 5,087 5,538 5,431 7,009 6,441 7,284
Change - 8.88% -1.94% 29.07% -8.11% 13.09%
Enterprise Value (EV) 1 5,506 5,865 5,957 7,101 6,894 7,091
Change - 6.53% 1.56% 19.22% -2.92% 2.86%
P/E ratio - -11.6x 286x 17x - 14.1x
PBR - 1.04x 1.02x 1.18x - 1.13x
PEG - - -3x 0x - -
Capitalization / Revenue 0.56x 0.68x 0.85x 0.6x 0.21x 0.4x
EV / Revenue 0.6x 0.72x 0.93x 0.6x 0.23x 0.38x
EV / EBITDA 8.68x 12.2x 10.5x 10x 7.56x 6.28x
EV / EBIT 32.4x 35.1x 23.7x 18x 12.4x 9.65x
EV / FCF 14,682x 25.7x 21.4x -142x 55.5x 21.8x
FCF Yield 0.01% 3.9% 4.66% -0.7% 1.8% 4.59%
Dividend per Share 2 - - - 0.285 0.052 -
Rate of return - - - 19.3% 3.82% -
EPS 2 - -0.0891 0.003533 0.0872 - 0.1087
Distribution rate - - - 327% - -
Net sales 1 9,159 8,168 6,390 11,739 30,380 18,436
EBITDA 1 634 481 568 710 912 1,130
EBIT 1 170 167 251 394 554 735
Net income 1 54 -479 19 413 151 515
Net Debt 1 419 327 526 92 453 -193
Reference price 2 0.946 1.030 1.010 1.480 1.360 1.538
Nbr of stocks (in thousands) 53,77,001 53,77,001 53,77,001 47,36,117 47,36,117 47,36,117
Announcement Date 27/02/19 27/03/20 01/03/21 02/03/22 03/03/23 21/02/24
1EUR in Million2EUR
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 1.17TCr
16.35x5.69x13.22x3.78% 8.58TCr
14.33x1.58x8.09x5.12% 7.74TCr
36.56x5.54x15.62x1.71% 7.16TCr
18.53x6.74x15.01x2.83% 6.11TCr
17.29x1.13x9.56x3.26% 5.55TCr
21.47x2.58x9.94x2.25% 4.83TCr
51.28x19.84x31.02x0.48% 3.72TCr
18.09x5.06x13.03x3.4% 3.92TCr
16.74x5.02x9.84x4.44% 3.78TCr
Average 23.41x 5.91x 13.93x 3.03% 5.26TCr
Weighted average by Cap. 22.39x 5.32x 13.32x 3.16%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Edison S.p.A.