olivLaw · European equity research
Altea Green Power S.p.A. AGP.MI
Italy · Euronext Milan · ISIN IT0005472730 · Vertical: Listed companies from Italy
Altea Green Power is an Italian developer and independent power producer of industrial solar, wind and battery energy storage (BESS) projects, listed on Euronext Milan. In fiscal 2024 total revenues grew strongly to above 35 million EUR, driven mainly by the Storage segment, which brought multi-year orders and a high EBITDA margin, but with negative operating cash flow that raises questions about how growth is financed.
At the close of 06 Nov 2026, Altea Green Power S.p.A. (AGP.MI) stock was 5.12 EUR (+2.20% on the day), with beta 0.54, 52-week range 4.97–8.38 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 39.6
- weak (30–45)
- Bollinger (20, 2)
- 4.91 – 5.38
- in the lower half of the band · %B 0.45 · band width 9.2%
- SMA 50 / 200
- 5.78 / 6.76
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.19 / -0.23
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.3% | −0.6% | −3.7 pp | — |
| 3 months | −27.5% | −4.2% | −23.3 pp | — |
| 6 months | −24.8% | +4.3% | −29.2 pp | — |
| Year to date | −25.9% | +7.5% | −33.4 pp | — |
| 1 year | −15.1% | +9.9% | −25.0 pp | −5.5% |
| 3 years | +12.5% | +49.8% | −37.3 pp | +10.1% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 15.5 m | 34.9 m |
| Revenue YoY | unavailable | +125.6% |
| Net income | 4.9 m | 16.1 m |
| Net income YoY | unavailable | +226.7% |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | 31.8% | 46.0% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 34.9 m EUR
- Total assets
- 68.9 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.30x
- ROE
- 61.4%
- ROA
- 30.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 15.5 m | 34.9 m | esef· 18 Mar 2025verified |
| Depreciation & amortisation | 133.8 k | 157.3 k | esef· 18 Mar 2025verified |
| Interest expense | -292.3 k | -690.5 k | esef· 18 Mar 2025verified |
| Pre-tax income | 6.9 m | 21.2 m | esef· 18 Mar 2025verified |
| Net income | 4.9 m | 16.1 m | esef· 18 Mar 2025verified |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 502.5 k | 1.9 m | esef· 18 Mar 2025verified |
| Inventories | 1.2 m | 4.9 m | esef· 18 Mar 2025verified |
| Current assets | 35.5 m | 66.3 m | esef· 18 Mar 2025verified |
| Property, plant & equipment, net | 2.8 k | 3.5 k | esef· 18 Mar 2025verified |
| Intangibles (excl. goodwill) | 0 | 139.9 k | esef· 18 Mar 2025verified |
| Total assets | 38.2 m | 68.9 m | esef· 18 Mar 2025verified |
| Current liabilities | 17.0 m | 28.8 m | esef· 18 Mar 2025verified |
| Equity | 17.4 m | 34.9 m | esef· 18 Mar 2025verified |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 46.0% | 97 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial97/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ALTEA GREEN POWER S.P.A. (AGP.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 34.9 m EUR in 2024; YoY growth 125.6%; net margin 46.0%; ROE 61.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 46.0%
- Current ratio: 2.3x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +72% |
| DIA.MIDiasorin S.p.a. | 4.4 bn | 29.0 | 9.2% | 13.0% | +0.8% | +34% / −5% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 30.5 | 8.5% | 3.8% | −0.6% | −7% / −57% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.1 | 10.9% | 7.3% | +4.2% | +26% / +72% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 19.0 | 12.8% | 7.1% | −23.0% | +10% / +67% |
| CMB.MICembre S.p.a. | 1.2 bn | 26.4 | 20.6% | 18.9% | +6.7% | +9% / +103% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −23% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 985.3 m | 10.6 | 23.5% | 41.0% | +1.8% | −3% / −22% |
| AVIO.MIAvio S.p.a. | 865.6 m | 85.1 | 2.1% | 1.8% | +21.5% | +16% / +283% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 800.3 m | 6.1 | 17.1% | 7.3% | +1.6% | +6% / +76% |
| ASC.MIAscopiave S.p.a. | 621.5 m | 17.3 | 4.2% | 17.5% | +13.4% | −12% / +27% |
| AC5.MIAcinque S.p.a. | 408.7 m | 19.4 | 4.1% | 3.6% | +0.2% | −7% / +7% |
| BAN.MIBasic Net S.p.a. | 350.2 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 320.4 m | 12.9 | 11.1% | 13.7% | +9.2% | −3% / +10% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 130.1 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 116.6 m | 11.5 | 18.5% | 10.2% | −1.3% | −27% / −33% |
| ABT.MIAbitare In S.p.a. | 74.9 m | 272.0 | 0.4% | 0.4% | +39.8% | −7% / −48% |
| ELC.MIElica S.p.a. | 63.7 m | — | -7.8% | -2.2% | +1.9% | −35% / −49% |
| DEX.MIDexelance S.p.a. | 52.8 m | 3.0 | 11.0% | 5.4% | +12.6% | −61% / −77% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.1 | 10.9% | 3.8% | −2.5% | −5% / −11% |
| AEF.MIAeffe S.p.a. | 10.3 m | 0.5 | 21.9% | 7.7% | −21.3% | −58% / −86% |
1- and 3-year price returns: for AGP.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Altea Green Power is an Italian developer and independent power producer of industrial solar, wind and battery energy storage (BESS) projects, listed on Euronext Milan. In fiscal 2024 total revenues grew strongly to above 35 million EUR, driven mainly by the Storage segment, which brought multi-year orders and a high EBITDA margin, but with negative operating cash flow that raises questions about how growth is financed.
SWOT
Strengths
- A declared lead in the battery storage segment and early know-how, supported by a project pipeline under development 1.
- A high EBITDA margin in 2024 and revenues that grew strongly from the prior year 1.
- Multiple quality, environmental, health and safety and anti-corruption certifications, consolidated in 2024 1.
Weaknesses
Opportunities
- Demand for battery storage could accelerate as grids integrate more renewable energy 1.
- A positive cash flow after deferred collections could ease financial pressure, according to the company's expectations for the first quarter 1.
- Expanding the IPP business with long-term revenues could diversify turnover sources 1.
Threats
- Financing costs and inflation could reduce project returns, consistent with the macroeconomic risks the company notes 1.
- Delays in authorisations could postpone collections and affect growth plans 1.
- Withdrawal of institutional investors from the energy sector could keep pressure on the share price 1.
Risks
- Negative operating cash flowhigh
Operating activities consumed cash in 2024, and the company says collections planned for late in the year were postponed; if delays continue, the funding need could grow 1.
- Higher indebtednesshigh
Total financial debt rose from the previous year and a significant part is short-term, which could limit financial flexibility 1.
- Concentration on a few ordersmedium
Revenues depend on multi-year contracts and milestones; if a large project is delayed, the results of one year could fluctuate significantly 1.
- Macroeconomic and geopolitical riskmedium
International conflicts and inflation have affected energy and raw material prices; the company monitors them, but the impact could return 1.
- Cyber risklow
Reliance on IT systems exposes the company to data loss or disruption, although the company considers this risk limited 1.
Investment thesis
What would need to be true (bull case)
- If the BESS segment keeps its lead and the pipeline turns into authorised projects, the revenue growth of 2024 could continue, and the high margin could support self-financing 1.
- Deferred customer collections could normalise cash flow in the coming period, reducing the need for external funding 1.
- The certifications obtained and sustainability reporting could attract customers and investors focused on ESG criteria 1.
What would break the thesis
- If operating cash flow stays negative, the company could keep relying on new loans, which would raise financial risk 1.
- Concentration of revenues on a few large orders could make future results volatile if projects are delayed or stopped 1.
- If sentiment among energy investors does not improve, the share price could remain under pressure regardless of operating results 1.
What to watch
- Confirmation of the deferred collections from late 2024 and the evolution of the net financial positionQ1 2025
- Pace of authorisations and commissioning of BESS projects2025
- Evolution of total financial debt and the share of short-term debtnext annual report
- Preparation for CSRD sustainability reporting, mandatory from fiscal 20252025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The AGP group develops projects and builds industrial photovoltaic plants, on rooftops and on the ground, as well as wind and storage plants, also operating as an Independent Power Producer (IPP) from exclusively renewable sources 1. The parent company is headquartered in Turin and has been listed on Euronext Milan since February 2022, moving to the STAR segment in November 2024 1. Its activity relies on multi-year co-development contracts, where revenues are recognised on the progress of works and milestones reached 1.
The financial structure shows a rise in current assets linked to long-term orders, funded through new loans and credit lines, including from the majority shareholder 1. The majority shareholder Dxor Investments directly controls a majority of the capital, which shapes the governance structure 1.
In 2024 the company consolidated management certifications (ISO 14001, ISO 30415, ISO 45001, ISO 37001) and published its second sustainability report while preparing for CSRD requirements 1.
Segments
Co-Development (Battery Energy Storage System)
The co-development division, especially the BESS segment, generated most of the growth in orders and current assets in 2024, and the company says it has gained a know-how lead over competitors 1.
Own energy production (IPP)
The IPP activity from renewable sources sells energy under long-term arrangements and brings more predictable revenues, but a smaller share of 2024 turnover than the co-development contracts 1.
Market context
The European renewable energy and battery storage market is expanding, and the company positions itself as a developer with a pipeline of BESS projects under authorisation 1. According to the report, macroeconomic uncertainty, energy prices and geopolitical tensions created volatility across the sector 1.
The sector also felt the effect of institutional investors reducing exposure to energy stocks, which weighed on the company's share price in the second half of 2024 1.
Trends
- Expansion of battery storagetailwind
Demand for BESS systems could grow as grids integrate more intermittent energy, and the company aims to exploit its early lead in this segment 1.
- Financing costs and pace of authorisationsheadwind
If credit becomes more expensive or authorisations are delayed, cash flows from BESS projects could be affected, as the company itself notes for 2024 1.
- Sustainability reporting rulesmixed
The introduction of CSRD will increase non-financial reporting obligations, but also transparency and access to certain investors 1.
- Capital market volatilityheadwind
The withdrawal of some institutional investors from energy stocks has affected the company's share price, and the effect could persist if sector sentiment remains weak 1.
Competitive position
The company competes in BESS and co-development with other European renewable energy developers and IPPs; the sources provided do not name competitors, so this profile cannot list them in detail 1.
The advantage the company declares comes from its early move into the Storage segment and its project pipeline, which could matter if the market becomes more crowded 1.
- Other European BESS developers
Direct competitors in battery storage, not named in the source provided.
- European renewable IPPs
Competitors in renewable energy production, not named in the source.
- Industrial solar developers
Competitors in ground-mounted and rooftop solar projects, not named in the source.
- Energy plant construction firms
Competitors in project construction, partly subcontracted by the company, not named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Altea Green Power S.p.A. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.