I10 Relative Valuation - Italgas SpA

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Price: 10.14 EUR -1.17%

Market Cap: €8.2B

Relative Value

The Relative Value of one I10 stock under the Base Case scenario is 11.42 EUR. Compared to the current market price of 10.14 EUR, Italgas SpA is Undervalued by 11%.

Relative 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 Relative Value calculated?

I10 Relative Value

Base Case

Undervaluation 11%

Relative Value

Price

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		Italgas SpA SWB:I10	10.4B EUR	2.5	11.2	9.6	13.1
US		Atmos Energy Corp NYSE:ATO	30.9B USD	6.3	24.6	16.9	24.7
ES		Naturgy Energy Group SA MAD:NTGY	25B EUR	1.3	12.4	6.6	9.6
IT		Snam SpA MIL:SRG	21.7B EUR	5.6	17.1	12.8	20.4
HK		Hong Kong and China Gas Co Ltd HKEX:3	134.9B HKD	2.4	24	19.9	19.9
JP	T	Tokyo Gas Co Ltd TSE:9531	2.6T JPY	0.9	12.8	7.5	17.7
JP		Osaka Gas Co Ltd TSE:9532	2.5T JPY	1.2	13.7	9.8	16.3
CA		AltaGas Ltd TSX:ALA	14.9B CAD	1.2	20	13.4	18.7
IN		GAIL (India) Ltd NSE:GAIL	992.8B INR	0.7	11.5	8.3	11.8
CN		ENN Natural Gas Co Ltd SSE:600803	70.2B CNY	0.5	15.8	6.8	6.8
CN		ENN Energy Holdings Ltd HKEX:2688	76.1B HKD	0.6	11.5	8.8	8.8

				Revenue Growth	P/S to Growth
IT		Italgas SpA SWB:I10	Average P/S: 2.1 2.5	7%	0.4
US		Atmos Energy Corp NYSE:ATO	6.3	11%	0.6
ES		Naturgy Energy Group SA MAD:NTGY	1.3	-1%	N/A
IT		Snam SpA MIL:SRG	5.6	4%	1.4
HK		Hong Kong and China Gas Co Ltd HKEX:3	2.4	3%	0.8
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
CA		AltaGas Ltd TSX:ALA	1.2	N/A	N/A
IN		GAIL (India) Ltd NSE:GAIL	0.7	4%	0.2
CN		ENN Natural Gas Co Ltd SSE:600803	0.5	5%	0.1
CN		ENN Energy Holdings Ltd HKEX:2688	0.6	4%	0.2

				Earnings Growth	PEG
IT		Italgas SpA SWB:I10	Average P/E: 15.9 11.2	21%	0.5
US		Atmos Energy Corp NYSE:ATO	24.6	10%	2.5
ES		Naturgy Energy Group SA MAD:NTGY	12.4	-2%	N/A
IT		Snam SpA MIL:SRG	17.1	6%	2.8
HK		Hong Kong and China Gas Co Ltd HKEX:3	24	5%	4.8
JP	T	Tokyo Gas Co Ltd TSE:9531	12.8	27%	0.5
JP		Osaka Gas Co Ltd TSE:9532	13.7	5%	2.7
CA		AltaGas Ltd TSX:ALA	20	1%	20
IN		GAIL (India) Ltd NSE:GAIL	11.5	-5%	N/A
CN		ENN Natural Gas Co Ltd SSE:600803	15.8	11%	1.4
CN		ENN Energy Holdings Ltd HKEX:2688	11.5	10%	1.1

				EBITDA Growth	EV/EBITDA to Growth
IT		Italgas SpA SWB:I10	Average EV/EBITDA: 11 9.6	20%	0.5
US		Atmos Energy Corp NYSE:ATO	16.9	12%	1.4
ES		Naturgy Energy Group SA MAD:NTGY	6.6	1%	6.6
IT		Snam SpA MIL:SRG	12.8	6%	2.1
HK		Hong Kong and China Gas Co Ltd HKEX:3	19.9	6%	3.3
JP	T	Tokyo Gas Co Ltd TSE:9531	7.5	5%	1.5
JP		Osaka Gas Co Ltd TSE:9532	9.8	3%	3.3
CA		AltaGas Ltd TSX:ALA	13.4	7%	1.9
IN		GAIL (India) Ltd NSE:GAIL	8.3	3%	2.8
CN		ENN Natural Gas Co Ltd SSE:600803	6.8	19%	0.4
CN		ENN Energy Holdings Ltd HKEX:2688	8.8	7%	1.3

				EBIT Growth	EV/EBIT to Growth
IT		Italgas SpA SWB:I10	Average EV/EBIT: 15.3 13.1	22%	0.6
US		Atmos Energy Corp NYSE:ATO	24.7	14%	1.8
ES		Naturgy Energy Group SA MAD:NTGY	9.6	0%	N/A
IT		Snam SpA MIL:SRG	20.4	6%	3.4
HK		Hong Kong and China Gas Co Ltd HKEX:3	19.9	3%	6.6
JP	T	Tokyo Gas Co Ltd TSE:9531	17.7	N/A	N/A
JP		Osaka Gas Co Ltd TSE:9532	16.3	N/A	N/A
CA		AltaGas Ltd TSX:ALA	18.7	N/A	N/A
IN		GAIL (India) Ltd NSE:GAIL	11.8	1%	11.8
CN		ENN Natural Gas Co Ltd SSE:600803	6.8	8%	0.8
CN		ENN Energy Holdings Ltd HKEX:2688	8.8	8%	1.1

Italgas SpA
SWB:I10

Relative Value

Valuation Multiples

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I10 Competitors Multiples
Italgas SpA Competitors

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Italgas SpA SWB:I10

Relative Value

Valuation Multiples

Multiples Across Competitors

I10 Competitors Multiples Italgas SpA Competitors

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Italgas SpA
SWB:I10

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Italgas SpA Competitors