AVA Relative Valuation - Ascopiave SpA

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Price: 3.485 EUR 1.6%

Market Cap: €755.2m

A	Ascopiave SpA DUS:AVA	IT

Multiples-Based Value

The Multiples-Based Value for Ascopiave SpA (AVA) under the Base Case is 4.044 EUR. Compared with the current market price of 3.485 EUR, the stock appears Undervalued by 14%.

Multiples-Based Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Multiples-Based Value calculated?

AVA Multiples-Based Value

Base Case

Undervaluation 14%

Multiples-Based Value

Price €3.485

Worst Case

Base Case

Best Case

Valuation Multiples

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Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

			Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
IT		Ascopiave SpA DUS:AVA	751m EUR	3.1	8.6	8	13.5
US		Atmos Energy Corp NYSE:ATO	31.3B USD	6.4	25	17.1	25.1
ES		Naturgy Energy Group SA MAD:NTGY	24.5B EUR	1.3	12.1	6.5	9.4
IT		Snam SpA MIL:SRG	22.4B EUR	5.8	17.6	13	20.8
HK		Hong Kong and China Gas Co Ltd HKEX:3	132.9B HKD	2.4	23.4	20.8	20.8
JP	T	Tokyo Gas Co Ltd TSE:9531	2.5T JPY	0.9	12.3	7.3	17.1
JP		Osaka Gas Co Ltd TSE:9532	2.5T JPY	1.2	13.7	9.8	16.3
IT		Italgas SpA MIL:IG	10.5B EUR	4.5	15.7	11.7	17.2
CA		AltaGas Ltd TSX:ALA	14.9B CAD	1.2	20.2	13.5	18.8
IN		GAIL (India) Ltd NSE:GAIL	931.9B INR	0.6	10.8	7.9	11.1
CN		ENN Natural Gas Co Ltd SSE:600803	70.2B CNY	0.5	15	7.2	7.2

				Revenue Growth	P/S to Growth
IT		Ascopiave SpA DUS:AVA	Average P/S: 2.5 3.1	4%	0.8
US		Atmos Energy Corp NYSE:ATO	6.4	12%	0.5
ES		Naturgy Energy Group SA MAD:NTGY	1.3	-1%	N/A
IT		Snam SpA MIL:SRG	5.8	4%	1.4
HK		Hong Kong and China Gas Co Ltd HKEX:3	2.4	N/A	N/A
JP	T	Tokyo Gas Co Ltd TSE:9531	0.9	3%	0.3
JP		Osaka Gas Co Ltd TSE:9532	1.2	0%	N/A
IT		Italgas SpA MIL:IG	4.5	11%	0.4
CA		AltaGas Ltd TSX:ALA	1.2	N/A	N/A
IN		GAIL (India) Ltd NSE:GAIL	0.6	4%	0.2
CN		ENN Natural Gas Co Ltd SSE:600803	0.5	N/A	N/A

				Earnings Growth	PEG
IT		Ascopiave SpA DUS:AVA	Average P/E: 15.8 8.6	N/A	N/A
US		Atmos Energy Corp NYSE:ATO	25	10%	2.5
ES		Naturgy Energy Group SA MAD:NTGY	12.1	-2%	N/A
IT		Snam SpA MIL:SRG	17.6	6%	2.9
HK		Hong Kong and China Gas Co Ltd HKEX:3	23.4	N/A	N/A
JP	T	Tokyo Gas Co Ltd TSE:9531	12.3	27%	0.5
JP		Osaka Gas Co Ltd TSE:9532	13.7	5%	2.7
IT		Italgas SpA MIL:IG	15.7	11%	1.4
CA		AltaGas Ltd TSX:ALA	20.2	1%	20.2
IN		GAIL (India) Ltd NSE:GAIL	10.8	-5%	N/A
CN		ENN Natural Gas Co Ltd SSE:600803	15	N/A	N/A

				EBITDA Growth	EV/EBITDA to Growth
IT		Ascopiave SpA DUS:AVA	Average EV/EBITDA: 11.2 8	3%	2.7
US		Atmos Energy Corp NYSE:ATO	17.1	12%	1.4
ES		Naturgy Energy Group SA MAD:NTGY	6.5	1%	6.5
IT		Snam SpA MIL:SRG	13	6%	2.2
HK		Hong Kong and China Gas Co Ltd HKEX:3	20.8	N/A	N/A
JP	T	Tokyo Gas Co Ltd TSE:9531	7.3	5%	1.5
JP		Osaka Gas Co Ltd TSE:9532	9.8	3%	3.3
IT		Italgas SpA MIL:IG	11.7	12%	1
CA		AltaGas Ltd TSX:ALA	13.5	7%	1.9
IN		GAIL (India) Ltd NSE:GAIL	7.9	3%	2.6
CN		ENN Natural Gas Co Ltd SSE:600803	7.2	N/A	N/A

				EBIT Growth	EV/EBIT to Growth
IT		Ascopiave SpA DUS:AVA	Average EV/EBIT: 16.1 13.5	-4%	N/A
US		Atmos Energy Corp NYSE:ATO	25.1	15%	1.7
ES		Naturgy Energy Group SA MAD:NTGY	9.4	0%	N/A
IT		Snam SpA MIL:SRG	20.8	7%	3
HK		Hong Kong and China Gas Co Ltd HKEX:3	20.8	N/A	N/A
JP	T	Tokyo Gas Co Ltd TSE:9531	17.1	N/A	N/A
JP		Osaka Gas Co Ltd TSE:9532	16.3	N/A	N/A
IT		Italgas SpA MIL:IG	17.2	11%	1.6
CA		AltaGas Ltd TSX:ALA	18.8	10%	1.9
IN		GAIL (India) Ltd NSE:GAIL	11.1	1%	11.1
CN		ENN Natural Gas Co Ltd SSE:600803	7.2	N/A	N/A

Ascopiave SpA
DUS:AVA

Multiples-Based Value

Valuation Multiples

Multiples Across Competitors

AVA Competitors Multiples
Ascopiave SpA Competitors

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Ascopiave SpA DUS:AVA

Multiples-Based Value

Valuation Multiples

Multiples Across Competitors

AVA Competitors Multiples Ascopiave SpA Competitors

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Ascopiave SpA
DUS:AVA

AVA Competitors Multiples
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