Italgas SpA
SWB:I10

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Italgas SpA
SWB:I10
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Price: 10.4 EUR 5.96%
Market Cap: €8.4B

EV/EBITDA

10.5
Current
54%
More Expensive
vs 3-y average of 6.8

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
10.5
=
Enterprise Value
€20.7B
/
EBITDA
€2B

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
10.5
=
Enterprise Value
€20.7B
/
EBITDA
€2B

Valuation Scenarios

Italgas SpA is trading above its 3-year average

If EV/EBITDA returns to its 3-Year Average (6.8), the stock would be worth €6.73 (35% downside from current price).

Statistics
Positive Scenarios
0/4
Maximum Downside
-45%
Maximum Upside
No Upside Scenarios
Average Downside
36%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 10.5 €10.4
0%
3-Year Average 6.8 €6.73
-35%
5-Year Average 6.5 €6.45
-38%
Industry Average 5.7 €5.7
-45%
Country Average 7.6 €7.54
-28%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
€20.7B
/
Jan 2026
€2B
=
10.5
Current
€20.7B
/
Dec 2026
€2.2B
=
9.4
Forward
€20.7B
/
Dec 2027
€2.4B
=
8.8
Forward
€20.7B
/
Dec 2028
€2.5B
=
8.2
Forward

Forward EV/EBITDA shows whether today’s EV/EBITDA still looks high or low once future ebitda are taken into account.

Peer Comparison

All Multiples
EV/EBITDA
P/E
All Countries
Close
Market Cap EV/EBITDA P/E
IT
Italgas SpA
SWB:I10
10.5B EUR 10.5 15.7
US
Atmos Energy Corp
NYSE:ATO
30.2B USD 17 24.7
ES
Naturgy Energy Group SA
MAD:NTGY
25.1B EUR 6.7 12.5
IT
Snam SpA
MIL:SRG
22.5B EUR 12.3 18
HK
Hong Kong and China Gas Co Ltd
HKEX:3
135.7B HKD 21.1 23.8
JP
Osaka Gas Co Ltd
TSE:9532
2.3T JPY 9 12.3
JP
Tokyo Gas Co Ltd
TSE:9531
2.2T JPY 6.6 10.8
IN
GAIL (India) Ltd
NSE:GAIL
1.1T INR 9 12.6
CA
AltaGas Ltd
TSX:ALA
15B CAD 13.4 20.1
CN
ENN Natural Gas Co Ltd
SSE:600803
64.5B CNY 6.7 13.8
AU
APA Group
ASX:APA
13.1B AUD 27.9 80.3
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
IT
Italgas SpA
SWB:I10
Average EV/EBITDA: 12.7
10.5
9%
1.2
US
Atmos Energy Corp
NYSE:ATO
17
14%
1.2
ES
Naturgy Energy Group SA
MAD:NTGY
6.7
2%
3.3
IT
Snam SpA
MIL:SRG
12.3
5%
2.5
HK
Hong Kong and China Gas Co Ltd
HKEX:3
21.1
20%
1.1
JP
Osaka Gas Co Ltd
TSE:9532
9
3%
3
JP
T
Tokyo Gas Co Ltd
TSE:9531
6.6
5%
1.3
IN
GAIL (India) Ltd
NSE:GAIL
9
2%
4.5
CA
AltaGas Ltd
TSX:ALA
13.4
9%
1.5
CN
ENN Natural Gas Co Ltd
SSE:600803
6.7
21%
0.3
AU
APA Group
ASX:APA
27.9
39%
0.7

Market Distribution

In line with most companies in Italy
Percentile
65th
Based on 875 companies
65th percentile
9.6
Low
0.7 — 5.2
Typical Range
5.2 — 10.8
High
10.8 —
Distribution Statistics
Italy
Min 0.7
30th Percentile 5.2
Median 7.6
70th Percentile 10.8
Max 3 328.6

Italgas SpA
Glance View

At the heart of Italy's rich tapestry of industrial history lies Italgas SpA, a company that has been channeling energy across the nation since the nineteenth century. Founded in 1837, Italgas has evolved alongside Italy, adapting to the shifting tides of economic and environmental demands. The company specializes in the distribution of natural gas, constructing and operating a vast network of pipelines that thread through urban and rural landscapes. Italgas connects producers and end-users, a crucial link that empowers everything from residential heating to large-scale industrial operations. Through meticulous management of these extensive networks, Italgas ensures a reliable, safe, and efficient delivery of energy, which resonates as the lifeblood of modern society. Revenue generation at Italgas is intrinsically tied to its core utility service. By investing in cutting-edge infrastructure and technological upgrades, such as smart meters and advanced monitoring systems, the company enhances operational efficiency and customer satisfaction. This focus on technological advancement allows Italgas to streamline its distribution processes, reduce waste, and meet regulatory standards for safety and environmental responsibility. Earnings are bolstered by stable, long-term contracts with municipalities and agreements with domestic and industrial consumers, which provide a predictable flow of income. These strategic pillars not only underpin the company's financial robustness but also align it with the broader goals of sustainable energy and innovation.

I10 Intrinsic Value
12.69 EUR
Undervaluation 18%
Intrinsic Value
Price €10.4
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