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Atlantia

DB:AU9
Snowflake Description

Undervalued established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AU9
DB
€9B
Market Cap
  1. Home
  2. DE
  3. Transportation
Company description

Atlantia S.p.A., through its subsidiaries, engages in the construction and operation of motorways, airports and transport infrastructure, parking areas, and intermodal systems worldwide. The last earnings update was 144 days ago. More info.


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  • Atlantia has significant price volatility in the past 3 months.
AU9 Share Price and Events
7 Day Returns
-11%
DB:AU9
11.3%
DE Infrastructure
9.9%
DE Market
1 Year Returns
-53%
DB:AU9
-43.8%
DE Infrastructure
-17.5%
DE Market
AU9 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Atlantia (AU9) -11% -43% -47.7% -53% -55.9% -56.8%
DE Infrastructure 11.3% -34% -49.8% -43.8% -42.3% -21.2%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • AU9 underperformed the Infrastructure industry which returned -43.8% over the past year.
  • AU9 underperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
AU9
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Atlantia undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Atlantia to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Atlantia.

DB:AU9 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 16.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:AU9
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 8.2%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.728 (1 + (1- 24%) (467.5%))
2.552
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (2 * 8.23%)
16.07%

Discounted Cash Flow Calculation for DB:AU9 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Atlantia is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:AU9 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 16.07%)
2020 2,573.25 Analyst x8 2,216.98
2021 2,701.71 Analyst x9 2,005.39
2022 2,526.33 Analyst x4 1,615.58
2023 2,927.33 Analyst x3 1,612.84
2024 2,991.71 Est @ 2.2% 1,420.10
2025 3,034.26 Est @ 1.42% 1,240.89
2026 3,060.92 Est @ 0.88% 1,078.48
2027 3,076.17 Est @ 0.5% 933.79
2028 3,083.29 Est @ 0.23% 806.37
2029 3,084.68 Est @ 0.05% 695.04
Present value of next 10 years cash flows €13,625.00
DB:AU9 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €3,084.68 × (1 + -0.39%) ÷ (16.07% – -0.39%)
€18,667.40
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €18,667.40 ÷ (1 + 16.07%)10
€4,206.14
DB:AU9 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €13,625.00 + €4,206.14
€17,831.14
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €17,831.14 / 817.96
€21.8
DB:AU9 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:AU9 represents 0.94226x of BIT:ATL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.94226x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 21.80 x 0.94226
€20.54
Value per share (EUR) From above. €20.54
Current discount Discount to share price of €10.77
= -1 x (€10.77 - €20.54) / €20.54
47.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Atlantia is available for.
Intrinsic value
48%
Share price is €10.77 vs Future cash flow value of €20.54
Current Discount Checks
For Atlantia to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Atlantia's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Atlantia's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Atlantia's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Atlantia's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:AU9 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in EUR €1.71
BIT:ATL Share Price ** BIT (2020-03-31) in EUR €11.43
Europe Infrastructure Industry PE Ratio Median Figure of 38 Publicly-Listed Infrastructure Companies 10.3x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Atlantia.

DB:AU9 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:ATL Share Price ÷ EPS (both in EUR)

= 11.43 ÷ 1.71

6.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Atlantia is good value based on earnings compared to the Europe Infrastructure industry average.
  • Atlantia is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Atlantia's expected growth come at a high price?
Raw Data
DB:AU9 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.67x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
3.9%per year
Europe Infrastructure Industry PEG Ratio Median Figure of 18 Publicly-Listed Infrastructure Companies 1.17x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:AU9 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.67x ÷ 3.9%

1.72x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Atlantia is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Atlantia's assets?
Raw Data
DB:AU9 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in EUR €19.24
BIT:ATL Share Price * BIT (2020-03-31) in EUR €11.43
Germany Infrastructure Industry PB Ratio Median Figure of 5 Publicly-Listed Infrastructure Companies 0.9x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
DB:AU9 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:ATL Share Price ÷ Book Value per Share (both in EUR)

= 11.43 ÷ 19.24

0.59x

* Primary Listing of Atlantia.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Atlantia is good value based on assets compared to the DE Infrastructure industry average.
X
Value checks
We assess Atlantia's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Infrastructure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Infrastructure industry average (and greater than 0)? (1 check)
  5. Atlantia has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Atlantia expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Atlantia expected to grow at an attractive rate?
  • Atlantia's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Atlantia's earnings growth is positive but not above the Germany market average.
  • Atlantia's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:AU9 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:AU9 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 3.9%
DB:AU9 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts -0.1%
Europe Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 4.4%
Europe Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:AU9 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:AU9 Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31
2023-12-31 11,617 5,159 1,702 2
2022-12-31 11,224 5,062 1,523 4
2021-12-31 11,459 5,278 1,462 12
2020-12-31 9,686 4,195 776 6
2020-03-31
2019-12-31 11,580 4,832 1,438 14
DB:AU9 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-09-30 11,743 4,686 1,408
2019-06-30 10,073 3,972 1,070
2019-03-31 8,547 3,567 851
2018-12-31 7,180 2,944 814
2018-09-30 6,517 1,045
2018-06-30 6,183 2,457 1,183
2018-03-31 6,280 2,281 1,213
2017-12-31 6,169 2,416 1,173
2017-09-30 6,433 1,174
2017-06-30 6,171 2,611 1,234
2017-03-31 6,142 2,462 1,139
2016-12-31 6,030 2,362 1,126

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Atlantia's earnings are expected to grow by 3.9% yearly, however this is not considered high growth (20% yearly).
  • Atlantia's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:AU9 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Atlantia Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AU9 Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 1.93 2.43 1.33 3.00
2021-12-31 1.76 2.46 1.15 10.00
2020-12-31 0.84 1.05 0.55 4.00
2020-03-31
2019-12-31 1.71 2.33 1.22 12.00
DB:AU9 Past Financials Data
Date (Data in EUR Millions) EPS *
2019-09-30 1.71
2019-06-30 1.31
2019-03-31 1.04
2018-12-31 1.00
2018-09-30 1.28
2018-06-30 1.45
2018-03-31 1.47
2017-12-31 1.43
2017-09-30 1.43
2017-06-30 1.50
2017-03-31 1.39
2016-12-31 1.37

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Atlantia is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Atlantia's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Atlantia has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Atlantia performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Atlantia's growth in the last year to its industry (Infrastructure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Atlantia's year on year earnings growth rate has been positive over the past 5 years.
  • Atlantia's 1-year earnings growth exceeds its 5-year average (34.8% vs 10.1%)
  • Atlantia's earnings growth has exceeded the Europe Infrastructure industry average in the past year (34.8% vs 6.9%).
Earnings and Revenue History
Atlantia's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Atlantia Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AU9 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 11,742.89 1,408.45
2019-06-30 10,072.80 1,070.31
2019-03-31 8,546.89 851.45
2018-12-31 7,179.89 814.45
2018-09-30 6,516.74 1,045.03
2018-06-30 6,182.94 1,182.78
2018-03-31 6,279.74 1,213.03
2017-12-31 6,168.74 1,173.03
2017-09-30 6,432.76 1,174.34 -24.26
2017-06-30 6,171.47 1,234.24
2017-03-31 6,141.76 1,139.34 -24.26
2016-12-31 6,029.76 1,126.34
2016-09-30 5,950.98 911.54
2016-06-30 5,924.35 888.51
2016-03-31 5,915.98 977.54
2015-12-31 5,864.98 845.54
2015-09-30 6,096.91 869.72
2015-06-30 5,808.44 765.98
2015-03-31 5,496.91 583.72
2014-12-31 5,471.91 675.72
2014-09-30 5,296.32 624.85
2014-06-30 5,008.32 620.85
2014-03-31 4,768.32 637.85
2013-12-31 4,579.32 624.85
2013-09-30 4,307.58 682.25
2013-06-30 4,640.92 599.05

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Atlantia has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Atlantia used its assets less efficiently than the Europe Infrastructure industry average last year based on Return on Assets.
  • Atlantia's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Atlantia's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Infrastructure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Atlantia has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Atlantia's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Atlantia's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Atlantia is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Atlantia's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Atlantia's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Atlantia Company Filings, last reported 6 months ago.

DB:AU9 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 15,855.00 43,708.00 5,310.00
2019-06-30 15,705.42 48,280.41 4,384.12
2019-03-31 16,668.00 46,952.00 8,719.00
2018-12-31 16,331.75 48,222.38 5,312.69
2018-09-30 11,828.00 21,904.00 9,204.00
2018-06-30 11,558.87 18,142.22 4,977.55
2018-03-31 11,969.00 19,211.00 6,108.00
2017-12-31 11,762.98 18,223.67 5,821.06
2017-09-30 11,990.00 18,143.00 5,979.00
2017-06-30 9,816.24 17,470.60 3,181.05
2017-03-31 10,147.00 18,417.00 4,252.00
2016-12-31 9,923.12 18,081.19 3,595.35
2016-09-30 9,023.00 15,377.00 2,578.00
2016-06-30 8,643.29 15,241.70 2,131.64
2016-03-31 8,627.00 16,052.00 3,364.00
2015-12-31 8,482.82 15,982.83 3,206.37
2015-09-30 8,635.00 14,143.00 1,783.00
2015-06-30 8,609.62 14,266.33 1,645.11
2015-03-31 8,615.00 14,649.00 2,092.00
2014-12-31 8,263.32 15,162.28 2,311.54
2014-09-30 8,417.00 15,554.00 2,425.00
2014-06-30 8,213.84 15,455.23 1,962.37
2014-03-31 8,280.00 17,533.00 4,168.00
2013-12-31 8,209.67 18,314.74 4,761.77
2013-09-30 5,731.01 15,782.70 3,483.24
2013-06-30 5,476.08 15,719.91 2,820.89
  • Atlantia's level of debt (275.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (184.8% vs 275.7% today).
  • Debt is not well covered by operating cash flow (10.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.9x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Atlantia's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Atlantia has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Atlantia's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.87%
Current annual income from Atlantia dividends. Estimated to be 8.8% next year.
If you bought €2,000 of Atlantia shares you are expected to receive €157 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Atlantia's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • Atlantia's dividend is above the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:AU9 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
Europe Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 7.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:AU9 Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 1.30 1.00
2023-12-31 1.29 2.00
2022-12-31 1.08 6.00
2021-12-31 1.06 14.00
2020-12-31 0.89 17.00
2020-03-31
2019-12-31 0.81 17.00
DB:AU9 Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-07 0.900 4.281
2018-04-09 1.300 6.195
2018-03-02 1.300 5.042
2017-05-02 0.970 3.702
2016-03-31 0.880 3.895
2016-03-04 0.880 3.652
2015-03-30 0.800 3.353
2015-03-06 0.800 3.319
2015-02-26 0.800 3.442
2014-10-20 0.746 3.698
2014-03-31 0.746 3.882
2014-03-07 0.746 4.040
2013-03-08 0.746 5.112
2012-05-18 0.711 6.059
2011-03-28 0.677 5.775
2011-03-11 0.677 4.667
2010-03-05 0.644 4.554
2009-10-09 0.626 4.113
2009-04-03 0.613 4.840

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Atlantia's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
X
Income/ dividend checks
We assess Atlantia's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Atlantia afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Atlantia has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Atlantia's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Carlo Bertazzo
COMPENSATION €85,000
AGE 54
TENURE AS CEO 0.2 years
CEO Bio

Mr. Carlo Bertazzo serves as the General Manager of Edizione Holding S.p.A. Mr. Bertazzo serves as Chief Executive Officer at Atlantia S.p.A. since January 13, 2020 and serves as its General Manager since 2020. He serves as Non-Independent Executive Director of Atlantia S.p.A. since April 2013. He served as Director at Sintonia S.p.A. until February 29, 2020. Mr. Bertazzo had been a Director of Cellnex Telecom, S.A. since July 13, 2018 until 2020. He served as the Chief Financial Officer of Edizione Holding S.p.A since 1995. Mr. Bertazzo served as the Managing Director of Generale Mobiliare Interessenze Azionarie S.p.A. (alternate name, Gemina SpA) since April 19, 2011. He worked for IFI -- Istituto Finanziario Industriale S.p.A from 1991 to 1994, where he filled several positions in such areas as Control, Financial Planning and Portfolio Company management. He started his professional career in 1990 with Banca Commerciale Italiana SPA. He served as Deputy Executive Chairman of Aeroporti di Roma SpA until January 14, 2014. He served as a Director of Aeroporti di Roma SpA since April 20, 2016 until 2019. He serves as a Director of Emittenti Titoli S.p.A., Telecom Media News S.p.A., Telecom Italia International N.V. and TI AUDIT Scarl. He serves as a Director of Schemaventotto S.p.A., Sintonia S.A. and TIM S.p.A. He served as a Director of Aeroporti di Roma SpA from September 29, 2011 to January 14, 2014. He is a Director of Abertis Infraestructuras, S.A. since December 10, 2018. Mr. Bertazzo served as a Director of Generale Mobiliare Interessenze Azionarie S.p.A. since April 19, 2011. He serves as a Director of Autostrade per l'Italia S.p.A since November 2019. Mr. Bertazzo served as a Director of Telecom Italia Mobile S.p.A. since 2002. He served as a Director of Seat Pagine Gialle SpA since 2002. He served as a Non-Executive Director of Telecom Italia Media SpA since February 2002. He graduated in Business Economics at Venice Ca' Foscari University in 1990.

CEO Compensation
  • Carlo's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Carlo's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Atlantia management team in years:

1.2
Average Tenure
56
Average Age
  • The average tenure for the Atlantia management team is less than 2 years, this suggests a new team.
Management Team

Fabio Cerchiai

TITLE
Chairman of the Board
COMPENSATION
€1M
AGE
75

Carlo Bertazzo

TITLE
CEO, GM & Non-Independent Executive Director
COMPENSATION
€85K
AGE
54
TENURE
0.2 yrs

Massimo Sonego

TITLE
Head of Corporate Development & Investor Relations
AGE
46

Michelangelo Damasco

TITLE
General Counsel
AGE
56
TENURE
5.2 yrs

Guglielmo Bove

TITLE
Head of Group Compliance & Security
AGE
55
TENURE
3.3 yrs

Francesco Delzio

TITLE
Head of External Relations
AGE
45

Nicola Pelà

TITLE
Head of Human Capital & Organization Director
AGE
57

Gennarino Tozzi

TITLE
Head of Group Infrastructure Development

Giancarlo Guenzi

TITLE
General Manager
AGE
64
TENURE
0.4 yrs

Roberto Mengucci

TITLE
Head of Higway Business Coordination
AGE
58
TENURE
1.2 yrs
Board of Directors Tenure

Average tenure and age of the Atlantia board of directors in years:

1.2
Average Tenure
57
Average Age
  • The average tenure for the Atlantia board of directors is less than 3 years, this suggests a new board.
Board of Directors

Carlo Bertazzo

TITLE
CEO, GM & Non-Independent Executive Director
COMPENSATION
€85K
AGE
54
TENURE
6.8 yrs

Corrado Gatti

TITLE
Chairman of the Board of Statutory Auditors
COMPENSATION
€82K

Fabio Cerchiai

TITLE
Chairman of the Board
COMPENSATION
€1M
AGE
75
TENURE
9.8 yrs

Cristina De Benetti

TITLE
Independent Director
AGE
53
TENURE
1.2 yrs

Riccardo Bruno

TITLE
Independent Director
AGE
60
TENURE
1.2 yrs

Valentina Martinelli

TITLE
Non-Executive Director
COMPENSATION
€55K

Dario Frigerio

TITLE
Independent Director
AGE
57
TENURE
1.2 yrs

Gioia Ghezzi

TITLE
Independent Director
AGE
57
TENURE
1.2 yrs

Giuseppe Guizzi

TITLE
Independent Director
TENURE
1.2 yrs

Anna Invernizzi

TITLE
Independent Director
TENURE
1.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Atlantia's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Atlantia has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Atlantia S.p.A., through its subsidiaries, engages in the construction and operation of motorways, airports and transport infrastructure, parking areas, and intermodal systems worldwide. It operates 14,000 kilometers of toll motorways in Italy and France. The company manages, maintains, constructs, and widens related motorways operated under concession; and provides support for the Italian motorway operators. It also develops, operates, and manages Rome’s Fiumicino and Ciampino airports; and operates the airports of Nice, Cannes-Mandelieu, and Saint-Tropez. In addition, the company engages in the design, project management, monitoring, and maintenance of road networks and airport infrastructures; operation of tolling systems; and provision of systems integration, hardware and software maintenance, customer, and consultancy services in the field of free-flow electronic tolling systems. Further, it produces and operates free-flow tolling systems, traffic and transport management systems, and electronic payment systems. Additionally, the company offers insurance brokerage, as well as engineering services. Atlantia S.p.A. was founded in 1950 and is headquartered in Rome, Italy.

Details
Name: Atlantia S.p.A.
AU9
Exchange: DB
Founded: 1950
€9,349,334,257
817,964,502
Website: http://www.atlantia.it
Address: Atlantia S.p.A.
Via Bergamini 50,
Rome,
Rome, 00159,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT ATL Ordinary Shares Borsa Italiana IT EUR 22. Sep 2003
OTCPK ATAS.F Ordinary Shares Pink Sheets LLC US USD 22. Sep 2003
DB AU9 Ordinary Shares Deutsche Boerse AG DE EUR 22. Sep 2003
LSE 0I2R Ordinary Shares London Stock Exchange GB EUR 22. Sep 2003
SWX AU9 Ordinary Shares SIX Swiss Exchange CH CHF 22. Sep 2003
WBAG ATL Ordinary Shares Wiener Boerse AG AT EUR 22. Sep 2003
BMV ATL N Ordinary Shares Bolsa Mexicana de Valores MX MXN 22. Sep 2003
BATS-CHIXE ATLM Ordinary Shares BATS 'Chi-X Europe' GB EUR 22. Sep 2003
OTCPK ATAS.Y ADR Pink Sheets LLC US USD 24. Oct 2008
Number of employees
Current staff
Staff numbers
29,090
Atlantia employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 22:59
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/31
Last earnings filing: 2019/11/08
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.