A2A forms part of the following indices
- FTSE MIB
- STOXX Europe 600
- STOXX Europe Utilities
- EURO STOXX
- EURO STOXX Utilities
- MSCI Europe Small Cap
- WisdomTree International Equity
- S&P Global Mid Small Cap
Stock information
The A2A share (ISIN Code: IT0001233417) is traded on Euronext Milan (“EXM*”) run by Borsa Italiana; it is part of the FTSE-MIB segment and comes under "utilities-electricity".
In this section are reported the key financial data relating to A2A share, as follows.
- Quotation
- Shareholding Structure
- Dividends
- Analysts
- Indices
Quotation
Stock Market Data
| Key figures | Unit of measurement | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||
| Average price | euro per share | 1.37 | 1.68 | 1.32 | 1.60 | 1.52 | ||||||
| Lowest price | euro per share | 0.95 | 1.31 | 1.00 | 1.43 | 1.39 | ||||||
| Highest price | euro per share | 1.74 | 1.95 | 1.90 | 1.81 | 1.69 | ||||||
| Number of shares | million | 3,133 | 3,133 | 3,133 | 3,133 | 3,133 | ||||||
| Average market capitalisation | million of euro | 4,292 | 5,259 | 4,143 | 5,011 | 4,763 | ||||||
Shareholding structure
At 31 December 2022, A2A share capital amounts to 1,629 million euros, divided into 3,132,905,277 shares with a par value of 0.52 euro each. All shares are voting shares, although - as laid down in art. 9 of by-laws - no individual shareholder other than the Municipality of Milan and the Municipality of Brescia may hold an equity interest exceeding 5% of the share capital. Should such ceiling be exceeded, the voting right attached to the shares held in excess of 5% of the share capital may not be exercised.
On 29 April 2021 A2A Shareholders’ Meeting confirmed the purchase and disposal of treasury shares. A2A currently didn’t holds own shares.
Main shareholders
| 31 december 2022 | 31 december 2021 | |
|---|---|---|
| Municipality of Brescia | 25% | 25% |
| Municipality of Milan | 25% | 25% |
| Other municipalities | 4.6% | 1.8% |
| Market | 45.4% | 48.2% |
After 31 December 2021 no changes in relevant shareholders (stakes higher than 3% of the share capital) have occurred
Shareholders breakdown by ownership clusters
| Cluster | Number of shareholders | % | Number of ordinary shares | % |
|---|---|---|---|---|
| 1 - 100 | 2,639 | 3% | 115,702 | 0.0% |
| 101 - 500 | 9,381 | 12% | 4,402,253 | 0.1% |
| 501 - 1,000 | 14,816 | 20% | 14,258,897 | 0.5% |
| 1,001 - 5,000 | 32,298 | 43% | 84,794,564 | 2.7% |
| 5,001 - 10,000 | 8,338 | 11% | 57,345,883 | 1.8% |
| 10,001 - 50,000 | 6,538 | 9% | 118,944,205 | 3.8% |
| 50,001 - 100,000 | 744 | 1% | 46,232,224 | 1.5% |
| 100,001 - 500,000 | 637 | 1% | 127,181,553 | 4.1% |
| 500,001 - 1,000,000 | 154 | 0% | 101,376,449 | 3.2% |
| 1.000.001 - 99,999,999,999 | 196 | 0% | 2,578,253,546 | 82.3% |
| Totale | 75,741 | 100% | 3,132,905,276 | 100% |
A2A has about 76,000 shareholders, divided between institutional investors and retail investors. The institutional investors (investment funds and other financial institutions) hold about 30% of the share capital. 44% of the free float in the hands of institutional investors is held by US investors, 21% by British investors, 16% by Italian investors, 6% by French investors and 4% by German investors. Approximately 30% of the shares held by institutional investors are in funds that integrate ESG analyses into their investment processes.
There are approximately 75,000 retail investors (natural persons and legal entities in this category), holding 15% of the share capital. Almost all of the retail shareholding is resident in Italy, and in particular 58% in Lombardy. The investors residing in the provinces of Milan and Brescia hold 26% and 14%, respectively, of the total retail1 .
The data were prepared on the basis of the Shareholders' Register updated as of the dividend distribution date (May 25, 2022), communications received pursuant to Article 120 of the Consolidated Finance Act and other available information.
For further information about the shareholders that hold, directly or indirectly, a significant stake in the company (i.e., more than 3% of the share capital), please visit the Consob website
Share capital development
| Year | Number of shares |
Nominal value (€) |
Total amount (€) |
Treasury shares |
% of share capital |
|---|---|---|---|---|---|
| 2021 - 2022 | 3,132,905,277 | 0.52 | 1,629,110,744 | 0 | 0.00% |
| 2016 - 2020 | 3,132,905,277 | 0,52 | 1,629,110,744 | 23,721,421 | 0.76% |
| 2009 - 2015 | 3,132,905,277 | 0.52 | 1,629,110,744 | 26,917,609 | 0.86% |
| 2008 | 3,132,905,277 | 0.52 | 1,629,110,744 | 47,434,850 | 1.51% |
From 2008 to 2022 (current date) neither changes in share capital nor stock splits have occurred
Main changes in treasury shares
- December 2021: -86.2 Million shares – Merger by incorporation of LGH into A2A
- May and June 2021: +62.4 Million shares – Merger by incorporation of LGH into A2A
- August 2016: -38.2 Million shares, part of the purchase price for LGH acquisition
- February and March 2016: +35.0 Million shares, authorized buyback for strategic projects
Dividends
With reference to year 2022, the Board of Directors proposed that Shareholders' Meeting approves the distribution of a dividend equal to 0.0904 euro per share (corresponding to approximately € 283 million of total dividends).
- 0.0849 euro per share of recurring component (amounting to around € 266 million of dividends)
- 0.0055 euro per azione of non-recurring component (amounting to around € 17 million of dividends).
Entirely taken from 2022 A2A S.p.A. net income.
Dividend policy
The Strategic Plan 2021-2030 Update confirms the targets of dividend distribution to shareholders:
- 0.0849 euro per share on the profit for 2022 (recurring component)
- for the following years, a growth of 3% per year is expected
| Year | No. of shares 31/12 (million) |
Dividend per share (EUR) |
Dividend paid (milion of euros) |
Ex date | Payment date | Dividend Yield (%)* |
Pay-out (%)** |
|---|---|---|---|---|---|---|---|
| 2022*** | 3,132.9 | 0.084 | 266 | 22 May 2023 | 24 May 2023 | 6.6 | 74.5 |
| 0.0055 | 17 | ||||||
| 2021 | 3,132.9 | 0.0824 | 258 | 23 May 2022 | 25 May 2022 | 5.4 | 70.8 |
| 0.0080 | 25 | ||||||
| 2020 | 3,109.2 | 0.080 | 249 | 24 May 2021 | 26 May 2021 | 6.0 | 74.3 |
| 2019 | 3,109.2 | 0.0775 | 241 | 18 May 2020 | 20 May 2020 | 4.8 | 63.8 |
| 2018 | 3,109.2 | 0.070 | 218 | 20 May 2019 | 22 May 2019 | 4.6 | 49.8 |
Note:
* Dividend Yield calculated on annual average share price
** Pay-out calculated on ordinary income (net of non-recurrent items)
*** Dividend Proposal
Note
On 4 January 2008 an extraordinary dividend ,merger-related and equal to 0.11 euro per ASM share, was paid to ASM shareholders (ex-dividend date on 28 December 2007).
Analyst coverage
The publication of analyst target prices and recommendations as well as of consensus estimates on A2A Group is for informative purposes only and does not represent a solicitation to purchase, hold or sell A2A shares.
This information is expressed by analysts autonomously and does not represent forecasts or anticipations by A2A.
The company commits to a periodic updating of this information and does not accept any responsibility concerning potential inaccuracy in the published data
Financial companies that cover A2A
| Company | Financial Analyst | Target Price (€) | Recommendation | Date |
|---|---|---|---|---|
| Banca Akros | F. Sala | 1.85 | ACCUMULATE | 05/12/2023 |
| Intesa Sanpaolo | D. Candela | 1.87 | HOLD | 05/18/2023 |
| Citigroup | coverage in transition | |||
| Equita | S. Gamberini | 1.95 | BUY | 05/18/2023 |
| Intermonte | P. Citi | 1.70 | NEUTRAL | 05/12/2023 |
| Kepler Cheuvreux | E. Oggioni | 2.00 | BUY | 05/19/2023 |
| Mediobanca | J.Suarez | 1.95 | NEUTRAL | 05/12/2023 |
| Morgan Stanley | S. Lester | 1.85 | EQUAL WEIGHT | 05/22/2023 |
Recommendations
Consensus estimates on the main financial KPIs
| Financial KPIs | 2023E (€M) | 2024E (€M) |
|---|---|---|
| Reported EBITDA | 1,668 | 1,751 |
| Reported EBIT | 773 | 823 |
| Adjusted Net Income | 405 | 432 |
| Net Debt | 4,846 | 5,068 |
| Capex (including M&A) | 1,338 | 1,350 |
The table is based on the arithmetic average of the updated estimates by the financial companies currently covering the stock.
Data updated at 05/23/2023
Indices
Ethical Indices
- MIB ESG
- FTSE4Good Index
- ECPI Indices
- Ethibel Sustainability Index Excellence Europe
- EURO STOXX Sustainability Index
- Euronext Vigeo Index: Eurozone 120
- Standard Ethics Italian Index
- Bloomberg Gender Equality Index
- Solactive Climate and Energy Transition Index
Source: Bloomberg and Company information
In 2022 A2A obtained the following ESG ratings:
| Questionario | Rating ESG |
|---|---|
| CDP Climate Change | A- |
| CDP Water | A- |
| FTSE ESG Rating | 3.7/5 |
| ISS ESG | B- |
| MSCI | BB |
| Refinitiv | B+ |
| Standard Ethics | EE+ |
| S & P CSA | 77/100 |
| Sustainalytics | 21.0/40 |
| Vigeo | 64/100 |
Moreover, A2A has been included in the Ethibel Excellence Investment Register, in the Ethibel Pioneer Investment Register.
(update at 31 December 2022)
Useful resources
Services
A2A S.p.A. - P.I. 11957540153