Terna Rete Elettrica Nazionale SpA
MIL:TRN

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Terna Rete Elettrica Nazionale SpA Logo
Terna Rete Elettrica Nazionale SpA
MIL:TRN
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Price: 7.97 EUR 2.79% Market Closed
Market Cap: 16B EUR
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Intrinsic Value

The intrinsic value of one TRN stock under the Base Case scenario is 7.72 EUR. Compared to the current market price of 7.97 EUR, Terna Rete Elettrica Nazionale SpA is Overvalued by 3%.

The Intrinsic Value is calculated as the average of DCF and Relative values:

TRN Intrinsic Value
7.72 EUR
Overvaluation 3%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

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Terna Rete Elettrica Nazionale SpA

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Backtest Conclusion
Very Attractive
Current Valuation
+45%
Avg Valuation
-12%
Worst Valuation
-49%
Best Valuation
+45%

Stock is trading at its lowest valuation over the past 5 years.

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Fundamental Analysis

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Terna Rete Elettrica Nazionale SpA

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Business Breakdown

Terna Rete Elettrica Nazionale SpA is Italy's leading electricity transmission operator, playing a crucial role in the backbone of the nation's energy infrastructure. Established in the early 2000s, Terna has steadily evolved into a reliable custodian of the electricity grid, managing over 74,000 kilometers of high-voltage lines that serve as the arteries for electricity distribution. With a commitment to sustainability and innovation, the company is at the forefront of Italy’s energy transition, investing heavily in modernizing its grid to accommodate renewable energy sources. This proactive approach not only enhances operational efficiency but also aligns with the global shift towards sust...

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Financials
Annual
Quarterly
TTM
Annual
Quarterly
TTM

Balance Sheet Decomposition
Terna Rete Elettrica Nazionale SpA

Current Assets 5.1B
Cash & Short-Term Investments 2.5B
Receivables 2.4B
Other Current Assets 198.4m
Non-Current Assets 19.7B
Long-Term Investments 368.8m
PP&E 18.2B
Intangibles 889.8m
Other Non-Current Assets 309.4m
Current Liabilities 5.5B
Accounts Payable 2.7B
Accrued Liabilities 170.1m
Short-Term Debt 884.4m
Other Current Liabilities 1.8B
Non-Current Liabilities 12.1B
Long-Term Debt 10.8B
Other Non-Current Liabilities 1.3B
Efficiency

Earnings Waterfall
Terna Rete Elettrica Nazionale SpA

Revenue
5B EUR
Cost of Revenue
-970.4m EUR
Gross Profit
4B EUR
Operating Expenses
-1.7B EUR
Operating Income
2.3B EUR
Other Expenses
-793.3m EUR
Net Income
1.5B EUR

Free Cash Flow Analysis
Terna Rete Elettrica Nazionale SpA

Last Value
3-Years Average
FCF Margin
Conversion Rate
Earnings Calls

In Q1 2024, Terna saw a 20.4% rise in revenues to EUR 858 million and a 25.6% increase in EBITDA to EUR 628 million. Net income surged 34% to EUR 268 million. Capital expenditure reached an unprecedented EUR 483 million, up 53% from last year, driving robust grid investments. Despite the increase in debt to EUR 10.6 billion, cash flow was strong, covering most of the CapEx. The company successfully issued bonds totaling EUR 1.7 billion to support its growth strategy and green initiatives. Terna maintains its 2024 guidance, emphasizing its strategic role in Italy's energy transition.

What is Earnings Call?
Fundamental Scores

TRN Profitability Score
Profitability Due Diligence

Terna Rete Elettrica Nazionale SpA's profitability score is 57/100. The higher the profitability score, the more profitable the company is.

Positive Gross Profit
Positive Operating Income
Positive 3-Year Average ROE
Positive Net Income
57/100
Profitability
Score

Terna Rete Elettrica Nazionale SpA's profitability score is 57/100. The higher the profitability score, the more profitable the company is.

TRN Solvency Score
Solvency Due Diligence

Terna Rete Elettrica Nazionale SpA's solvency score is 35/100. The higher the solvency score, the more solvent the company is.

Long-Term Solvency
Short-Term Solvency
Average D/E
Positive Net Debt
35/100
Solvency
Score

Terna Rete Elettrica Nazionale SpA's solvency score is 35/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

TRN Price Targets Summary
Terna Rete Elettrica Nazionale SpA

Wall Street analysts forecast TRN stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for TRN is 8.5 EUR with a low forecast of 7.68 EUR and a high forecast of 10.08 EUR.

Lowest
Price Target
7.68 EUR
4% Downside
Average
Price Target
8.5 EUR
7% Upside
Highest
Price Target
10.08 EUR
26% Upside
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Dividends

Dividend Yield
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Dividend Per Share
N/A
Growth 3Y
Growth 5Y
Growth 10Y
Dividend Safety Score
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0
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100
Shareholder Yield

Current shareholder yield for TRN is .

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Dividend Yield
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Buyback Yield
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Debt Paydown Yield
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Profile

Terna Rete Elettrica Nazionale SpA Logo
Terna Rete Elettrica Nazionale SpA

Country

Italy

Industry

Utilities

Market Cap

16B EUR

Dividend Yield

5.76%

Description

TERNA Rete Elettrica Nazionale SpA engages in the grid operation for the transmission of electricity. The company is headquartered in Rome, Roma. The company went IPO on 2004-01-01. The company is an independent grid operator for the transmission of electricity. The company deals with the management of electrical systems through the operation of the grid, efficiency of infrastructures and their maintenance through engineering and management of plants and grid developments. The company ensures a balance of deliveries and withdrawals between the supply of energy and consumption by end users. The firm is diversified into two operating segments. The Core Business includes the development, operation and maintenance of the National Transmission Grid (NTG) in addition to dispatching. The Non-Core Business includes specialized services provided to third parties mainly relating to systems engineering services, the operation and maintenance of high voltage plants and the housing of telecommunications equipment and optic fibre grid maintenance services.

Contact

ROMA
Rome
Viale Egidio Galbani, 70
+390683138111.0
www.terna.it

IPO

2004-01-01

Employees

4 735

Officers

CEO, GM & Independent Director
Ms. Giuseppina Di Foggia
Chief Financial Officer
Mr. Francesco Beccali dipl.ecc.
Executive Vice President of People, Organization & Change
Mr. Daniele Amati
Executive Vice President of Grid Development Strategies & Dispatching
Mr. Francesco Del Pizzo
Head of Procurement
Mr. Alessandro Fiocco
Executive Vice President of National Transmission Grid
Mr. Pier Francesco Zanuzzi
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Executive Vice President of Major Projects & International Development
Mr. Giacomo Donnini
Head of Strategy
Mr. Luca Marchisio
Executive Vice President of Internal Audit
Ms. Nicoletta Buonomo
Executive Vice President of Innovation & Market Solutions
Mr. Massimiliano Garri
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See Also

Discover More
What is the Intrinsic Value of one TRN stock?

The intrinsic value of one TRN stock under the Base Case scenario is 7.72 EUR.

Is TRN stock undervalued or overvalued?

Compared to the current market price of 7.97 EUR, Terna Rete Elettrica Nazionale SpA is Overvalued by 3%.

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