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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 Earnings Report Reveals Steady Growth and Strategic Expansion

Ascopiave's financial performance for the first nine months of 2025 demonstrated significant growth, with revenues reaching EUR 183.9 million, marking an increase of EUR 27.7 million primarily due to the expansion of the consolidation perimeter. The operating income for the same period was EUR 72.3 million, showing a substantial increase of EUR 38.1 million. The company's net financial position as of 30 September 2025 stood at EUR 633.1 million, up by EUR 245.5 million compared to 31 December 2024. The cash flow generated EUR 67.3 million in financial resources during the first nine months of 2025.

Publication Date: Nov -24

📋 Highlights
  • User Base Growth:: Distribution company managed 1.2 million users, up 55% from December 2024.
  • Gas Distribution:: Distributed 74 million cubic meters of gas in Q3 2025.
  • Revenue Increase:: Group revenues reached EUR 183.9 million, up EUR 27.7 million YoY.
  • Operating Income Growth:: Operating income hit EUR 72.3 million, up EUR 38.1 million YoY.
  • Net Financial Position:: EUR 633.1 million as of September 2025, up EUR 245.5 million YoY.

Operational Highlights

The company's distribution network managed approximately 1.2 million users as of 30 September 2025, representing a 55% increase from 31 December 2024. In the third quarter alone, 74 million cubic meters of gas were distributed. The chairman and CEO, Nicola Cecconato, highlighted that the global RAB expansion of the scope of consolidation finalized as of 1 July 2025 is EUR 1.85 billion, with potential annual growth of EUR 25-30 million, underscoring the company's strategic growth trajectory.

Strategic Expansion and M&A Activities

Ascopiave is actively pursuing growth through acquisitions, having completed the acquisition of Itau gas assets, which is expected to add 27,000 to 30,000 delivery points. The company anticipates completing this acquisition by March 2026, with a cash outflow of EUR 472.2 million. The focus is on gradual growth by acquiring assets adjacent to their existing operating areas, although they are open to exploring opportunities in other regions. The company's solid balance sheet positions it well to support future extraordinary operations.

Valuation Insights

With a 'P/E Ratio' of 8.53 and a 'P/S Ratio' of 3.32, the market appears to have factored in Ascopiave's growth prospects. Analysts estimate next year's revenue growth at 8.5%. The 'Dividend Yield' of 4.58% and 'Free Cash Flow Yield' of 4.61% suggest an attractive return for investors. The 'Net Debt / EBITDA' ratio of 3.74 indicates a manageable debt level relative to EBITDA. These metrics collectively indicate a fairly valued stock with potential for steady returns.

Future Outlook

Ascopiave's strategic focus on expanding its gas distribution network, coupled with its prudent financial management, positions the company for sustained growth. The company's openness to exploring new business partnerships and M&A opportunities further enhances its growth prospects. As the company progresses with its strategic initiatives, investors can expect continued stability and potential upside.

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: 6.6

Growth: 4.7

Quality: 5.7

Yield: 8.1

Momentum: 9.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Ascopiave

A-Score: 6.8/10

Value: 5.6

Growth: 6.1

Quality: 6.2

Yield: 8.1

Momentum: 6.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Italgas

A-Score: 6.7/10

Value: 4.6

Growth: 3.9

Quality: 4.9

Yield: 8.1

Momentum: 9.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Unimot

A-Score: 6.7/10

Value: 8.4

Growth: 9.3

Quality: 3.0

Yield: 8.1

Momentum: 4.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Telecom Plus

A-Score: 6.7/10

Value: 4.5

Growth: 7.7

Quality: 6.1

Yield: 8.1

Momentum: 5.5

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Suburban Propane

A-Score: 6.2/10

Value: 6.4

Growth: 2.4

Quality: 5.1

Yield: 10.0

Momentum: 4.5

Volatility: 8.7

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

3.25$

Current Price

3.25$

Potential

-0.00%

Expected Cash-Flows