olivLaw · European equity research
Italgas S.p.A. IG.MI
Italy · Euronext Milan · ISIN IT0005211237 · Vertical: Listed companies from Italy
Italgas is one of Italy's main natural gas distribution operators, also active in water through associated companies. In 2025 the group significantly extended its network through the acquisition of 2i Rete Gas and new distribution concessions, which makes the integration of these assets and the investment programme relevant.
At the close of 05 Nov 2026, Italgas S.p.A. (IG.MI) stock was 9.17 EUR (+0.24% on the day), with P/E 12.9 on diluted EPS of 0.71 EUR over the last 12 months, dividend yield 4.71%, beta 0.25, 52-week range 8.07–11.18 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)
- 71.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 8.18 – 9.30
- in the upper half of the band · %B 0.89 · band width 12.8%
- SMA 50 / 200
- 8.51 / 9.69
- mixed trend
- MACD (12, 26, 9)
- 0.17 / 0.13
- 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 | +11.9% | −0.6% | +12.5 pp | — |
| 3 months | +1.4% | −4.2% | +5.5 pp | — |
| 6 months | −11.4% | +4.3% | −15.8 pp | — |
| Year to date | −3.6% | +7.5% | −11.1 pp | — |
| 1 year | −1.2% | +9.9% | −11.1 pp | −5.5% |
| 3 years | +86.2% | +49.8% | +36.3 pp | +8.9% |
| 5 years | +60.0% | +42.8% | +17.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 9.2, median 11.3, max 13.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 478.9 m | 672.3 m |
| Net income YoY | unavailable | +40.4% |
| Diluted EPS | 0.59 | 0.71 |
| Diluted EPS YoY | unavailable | +20.3% |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 531.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 4.2 bn EUR
- Total assets
- 18.9 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.82x
- ROE
- 19.3%
- ROA
- 4.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating income | 782.1 m | 1.2 bn | esef· 24 Mar 2026verified |
| Interest expense | 149.6 m | 257.3 m | esef· 24 Mar 2026verified |
| Pre-tax income | 672.7 m | 985.7 m | esef· 24 Mar 2026verified |
| Income tax | 165.3 m | 279.9 m | esef· 24 Mar 2026verified |
| Net income | 478.9 m | 672.3 m | esef· 24 Mar 2026verified |
| Diluted EPS | 0.59 | 0.71 | esef· 24 Mar 2026verified |
| Dividend per share | — | 0.43 | esef· 24 Mar 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 402.7 m | 531.9 m | esef· 24 Mar 2026verified |
| Receivables | 905.1 m | 1.4 bn | esef· 24 Mar 2026verified |
| Inventories | 57.2 m | 74.7 m | esef· 24 Mar 2026verified |
| Current assets | 1.6 bn | 2.3 bn | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 383.3 m | 488.1 m | esef· 24 Mar 2026verified |
| Total assets | 12.0 bn | 18.9 bn | esef· 24 Mar 2026verified |
| Accounts payable | 1.2 bn | 1.8 bn | esef· 24 Mar 2026verified |
| Current liabilities | 2.2 bn | 2.8 bn | esef· 24 Mar 2026verified |
| Total liabilities | 9.2 bn | 14.7 bn | esef· 24 Mar 2026verified |
| Equity | 2.8 bn | 4.2 bn | esef· 24 Mar 2026verified |
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: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.54 – 19.15 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
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/E4.54 – 19.15 (Mid 9.54)21 companies used · median multiple 13.4x · quartiles 6.4x – 27.0xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI, ELN.MI
- Dividend discount (DDM)5.88 – 8.01 (Mid 6.78)
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: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | 4.7x | 49 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 12.9x | 61 (vs peers) | 50% |
| 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 sheet30/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial61/100 · 1/3 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
ITALGAS S.P.A. (IG.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 21.4%.
The estimated value range is 5.21–13.58 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 8.16 EUR, the price of 9.17 EUR leaves a potential of -11.0% (value / price − 1) and a margin of safety of -12.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 40 companies
Multiples and returns vs the median
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% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| 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 | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| 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 | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for IG.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
Italgas is one of Italy's main natural gas distribution operators, also active in water through associated companies. In 2025 the group significantly extended its network through the acquisition of 2i Rete Gas and new distribution concessions, which makes the integration of these assets and the investment programme relevant.
SWOT
Strengths
- The group holds a consolidated position in natural gas distribution in Italy, with an extensive network and long-term concessions. The integration of 2i Rete Gas simplified the legal structure.
- Compliance and security certifications, such as those for anti-corruption, compliance and information management, support confidence in the group's governance systems.
- The DANA digital platform and solutions developed by Bludigit offer a technological advantage in network monitoring and smart metering management.
Weaknesses
- The 2025 transaction required divesting re-delivery points, which temporarily reduced the asset base and showed the group's sensitivity to antitrust requirements.
- Activity depends on winning territorial tenders, and losing important concessions could significantly reduce business volume.
- Integrating several companies, including those in Greece and in the water sector, raises management and process standardisation challenges.
Opportunities
- Concessions won in 2025 could grow the long-term customer base, if integration and network investments proceed as planned.
- Extending the digital platform to the group's other water companies could reduce operating costs and improve services.
- Developing artificial intelligence solutions and smart meters could create new revenue streams from digital services.
Threats
- Energy sector regulation and antitrust requirements may change operating conditions and limit expansion through acquisitions.
- Increasingly strict ESG requirements may make it harder to find suppliers that meet European sustainability standards.
- Rapid developments in commercial artificial intelligence could affect the group's digital plans if they are not adapted in time.
Risks
- Acquisition integration risksmedium
Integrating 2i Rete Gas and other assets may encounter operational and financial difficulties, especially if the expected synergies do not materialise.
- Territorial tender riskshigh
Losing some ATEM tenders could reduce future revenues and could affect the distribution growth plan.
- Compliance and regulatory risksmedium
Legislative changes at European, national or local level may impose additional costs or changes to operations, and failure to comply may have financial consequences.
- Supply chain risksmedium
The availability and cost of materials and services may fluctuate, and suppliers that do not meet ESG standards may create reputational risks.
- Human resources riskslow
The departure of key personnel, lack of technical skills or an ageing workforce may affect service quality and execution capacity.
Investment thesis
What would need to be true (bull case)
- The group expanded its asset base through the 2i Rete Gas acquisition and new concessions, which could support long-term growth if integration goes well.
- The digital platform and Bludigit solutions could bring operating efficiency and new services, given the progress already made integrating water systems.
- The governance structure and compliance certifications could reduce regulatory risks and strengthen confidence among investors and authorities.
What would break the thesis
- The divestitures imposed by the competition authority show that expansion through acquisitions is limited, and future revenues could be lower than estimated.
- Dependence on territorial tenders makes the business vulnerable to losing important concessions if other operators offer better terms.
- Simultaneous integration of several companies, including those in Greece, could slow operating efficiency and raise administrative costs.
What to watch
- Completion of the remaining area divestitures under the competition authority's decisionQ2 2026
- Integration of 2i Rete Gas and its effects on costs and operating efficiency2026
- Results of new territorial tenders and of the concessions won2026
- Extension of the digital platform to the group's other water companiesnext annual report
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 Italgas group, based in Italy, runs natural gas distribution through Italgas Reti and other controlled companies, and manages water services through associated companies such as Acqua Campania, Acqualatina and Siciliacque. The group also includes technology companies such as Bludigit, which develops digital and smart metering solutions. In 2025, through the acquisition of 99.94% of 2i Rete Gas, Italgas became the sole holder of this company, which was merged into Italgas Reti in July 2025. The legal structure was thus simplified and distribution activity in Italy was consolidated.
Distribution activity operates under concessions awarded through territorial tenders (ATEM), so long-term management depends on winning them. In 2025 Italgas won new concessions in the Catanzaro-Crotone area and in the Canavese area (Ivrea), both with long-duration contracts. At the same time the group brought in Greek companies Enaon and Enaon EDA, which have adopted the Italgas code of ethics since 2023.
The group emphasises digitalisation, through the DANA network monitoring platform and artificial intelligence systems developed by Bludigit. Compliance and information security certifications, such as ISO 37001, ISO 37301 and ISO/IEC 27001 for Bludigit, support how the group manages its operational and regulatory risks.
Segments
Natural gas distribution
The group's main segment is natural gas distribution in Italy. The integration of 2i Rete Gas and the concessions won in 2025 extend the customer base and the managed network, but require the company to divest part of its re-delivery points, as sales to Ascopiave, Estra and other buyers showed.
Water services
Through associated companies such as Acqua Campania, Acqualatina and Siciliacque, Italgas is also present in the water sector. The digital platform has already been integrated into 14 of 15 aqueduct systems, which suggests a gradual extension to the group's other water companies.
Market context
Italy's gas distribution market operates as a regulated monopoly in which operators win concessions through municipal tenders by territorial area. For Italgas, value in this market depends on winning tenders, the level of network investment and the regulatory policy applied to distribution activities.
The Italian distribution market is consolidating, with larger operators acquiring assets and concessions from smaller companies. These transactions are however subject to review by the competition authority, which imposed remedies and divestitures, so the market remains under constant supervision.
Trends
- Network consolidation and territorial tenderstailwind
ATEM tenders offer new long-term concessions but also attract competition from other operators. Winning the 2025 contracts supports long-term growth, if the integration of assets proceeds as planned.
- Antitrust requirements and imposed divestituresheadwind
The competition authority required the sale of re-delivery points, which temporarily reduces the asset base. The transaction could have positive effects on competition but represents a limited gain for the group divesting the assets.
- Digitalisation and artificial intelligencemixed
The DANA platform, Nimbus smart meters and artificial intelligence projects in the Digital Factory could reduce operating costs and improve network monitoring. Risks linked to the rapid development of commercial AI solutions remain hard to anticipate.
- ESG requirements and European regulationmixed
New sustainability requirements in European regulations could impose higher standards on suppliers, which may increase supply chain costs. The group's reporting and certification systems are prepared for these requirements.
Competitive position
In Italian gas distribution, competition runs mainly through territorial tenders, where Italgas competes with other regional and local operators. The buyers of the divested assets, such as Ascopiave, Estra and Plures, are also active players in this market, which points to continuing competition for concessions.
Competition is even more visible in water and digital services, where many regional companies operate. The group's position depends on its ability to integrate acquisitions quickly and to maintain operating efficiency against competitors working at a smaller scale.
- Ascopiave S.p.A.
Italian gas distribution operator, named as a potential buyer of re-delivery points divested by Italgas.
- Estra S.p.A.
Italian utility company, part of a consortium that took over some of the areas divested by Italgas.
- Plures
Formerly Alia Servizi Ambientali, a member of the consortium that took over divested areas in 2026.
- Erogasmet S.p.A.
Italian operator assessed as a potential buyer of distribution assets divested by the group.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202524 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Italgas S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.