A2A S.p.A. (AEMMF)
ValueMarkers Composite Index
165% above intrinsic value ($1)
A2A S.p.A. (AEMMF) — VMCI valuation read
A2A S.p.A. sits at VMCI 59/100, with the Utilities sector median at 50. That 9-point spread is the first thing to note on AEMMF: it tells the reader the composite is favorable before any single ratio is examined, and the mid-cap tier sets the comparison set.
Form 4 disclosures on AEMMF are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.
**Investor frame.** The Value read on AEMMF: AEMMF trades at 22.0x earnings, 22% above the Utilities median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 16.0% sits 6.0pp above the Utilities median (10.0%). The Risk read: net debt to EBITDA of -0.5x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.
AEMMF fell 3.1% over the trailing 7 days, with a -4.9% read on a 30-day basis.
A2A S.p.A. engages in the production, sale, and distribution of gas and electricity, and district heating in Italy and internationally. The company generates electricity through hydroelectric, thermoelectric, photovoltaic, cogeneration, waste treatment, and wind plants with a total installed capacity of 8.9 GW; and purchases and sells electricity, gas, fuels, and environmental certificates. It also engages in the production and sale of heat produced through district heating networks; waste management activities, including collection and street sweeping, treatment, disposal, and recovery of materials and energy; and the construction and management of integrated waste disposal plants and systems. In addition, the company offers integrated water cycle management services; and technical consultancy services relating to energy efficiency certificates. Further, it is involved in the management of public lighting and traffic regulation systems, votive lamps, street lights, and water purification and sewer activities, as well as offers energy efficiency and electric mobility services. Additionally, the company provides telecommunication services, including management of fixed and mobile phone lines, and data transmission lines; management and development of infrastructures to support communications; and implementation and management of video surveillance and access control systems, as well as designs solutions and applications for creating new models of cities and territories. A2A S.p.A. is headquartered in Brescia, Italy.
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