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ENAV

DB:ENV
Snowflake Description

Excellent balance sheet with acceptable track record.

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

ENAV S.p.A. provides air navigation services primarily in Italy. The last earnings update was 27 days ago. More info.


Add to Portfolio Compare Print
  • ENAV has significant price volatility in the past 3 months.
ENV Share Price and Events
7 Day Returns
4.1%
DB:ENV
8.8%
DE Infrastructure
4.3%
DE Market
1 Year Returns
-12.9%
DB:ENV
-39.7%
DE Infrastructure
-14.2%
DE Market
ENV Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ENAV (ENV) 4.1% -11.2% -24% -12.9% 8.8% -
DE Infrastructure 8.8% -14.3% -42.2% -39.7% -39.4% -15.4%
DE Market 4.3% -9% -21.6% -14.2% -19.6% -25.6%
1 Year Return vs Industry and Market
  • ENV outperformed the Infrastructure industry which returned -39.7% over the past year.
  • ENV outperformed the Market in Germany which returned -14.2% over the past year.
Price Volatility
ENV
Industry
5yr Volatility vs Market

ENV Value

 Is ENAV 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 ENAV 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 ENAV.

DB:ENV Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.2%
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:ENV
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 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.691 (1 + (1- 24%) (-5.62%))
0.773
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.8 * 8.23%)
6.19%

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

The calculations below outline how an intrinsic value for ENAV 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:ENV DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.19%)
2020 74.00 Analyst x1 69.68
2021 107.67 Analyst x3 95.47
2022 129.67 Analyst x3 108.28
2023 153.50 Analyst x2 120.70
2024 143.00 Analyst x1 105.89
2025 136.32 Est @ -4.67% 95.05
2026 131.71 Est @ -3.38% 86.48
2027 128.43 Est @ -2.49% 79.41
2028 126.05 Est @ -1.86% 73.39
2029 124.26 Est @ -1.42% 68.13
Present value of next 10 years cash flows €902.00
DB:ENV DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €124.26 × (1 + -0.39%) ÷ (6.19% – -0.39%)
€1,879.98
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,879.98 ÷ (1 + 6.19%)10
€1,030.75
DB:ENV Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €902.00 + €1,030.75
€1,932.75
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,932.75 / 541.74
€3.57
DB:ENV Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:ENV represents 0.98506x of BIT:ENAV
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.98506x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 3.57 x 0.98506
€3.51
Value per share (EUR) From above. €3.51
Current discount Discount to share price of €4.09
= -1 x (€4.09 - €3.51) / €3.51
-16.3%

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

  • The current share price of ENAV is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 ENAV's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ENAV's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:ENV PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €0.22
BIT:ENAV Share Price ** BIT (2020-04-08) in EUR €4.15
Europe Infrastructure Industry PE Ratio Median Figure of 38 Publicly-Listed Infrastructure Companies 11.62x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 17.07x

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

** Primary Listing of ENAV.

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

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

= 4.15 ÷ 0.22

18.98x

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

  • ENAV is overvalued based on earnings compared to the Europe Infrastructure industry average.
  • ENAV is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does ENAV's expected growth come at a high price?
Raw Data
DB:ENV PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.98x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
4.6%per year
Europe Infrastructure Industry PEG Ratio Median Figure of 18 Publicly-Listed Infrastructure Companies 1.28x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.24x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.98x ÷ 4.6%

4.12x

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

  • ENAV is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on ENAV's assets?
Raw Data
DB:ENV PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €2.13
BIT:ENAV Share Price * BIT (2020-04-08) in EUR €4.15
Germany Infrastructure Industry PB Ratio Median Figure of 5 Publicly-Listed Infrastructure Companies 0.98x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.47x
DB:ENV PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 4.15 ÷ 2.13

1.95x

* Primary Listing of ENAV.

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

  • ENAV is overvalued based on assets compared to the DE Infrastructure industry average.
X
Value checks
We assess ENAV'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. ENAV has a total score of 0/6, 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.

ENV Future Performance

 How is ENAV expected to perform in the next 1 to 3 years based on estimates from 4 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
4.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ENAV expected to grow at an attractive rate?
  • ENAV's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • ENAV's earnings growth is positive but not above the Germany market average.
  • ENAV's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:ENV Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:ENV Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 4.6%
DB:ENV Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 2.4%
Europe Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 4.5%
Europe Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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:ENV Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:ENV Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31
2023-12-31 928 135 1
2022-12-31 939 259 131 2
2021-12-31 929 261 125 3
2020-12-31 901 208 107 2
2020-04-08
DB:ENV Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 865 118
2019-09-30 868 333 115
2019-06-30 855 339 116
2019-03-31 851 326 115
2018-12-31 848 308 114
2018-09-30 844 111
2018-06-30 847 250 107
2018-03-31 848 222 101
2017-12-31 849 194 101
2017-09-30 836 96
2017-06-30 827 200 81
2017-03-31 824 197 81

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ENAV's earnings are expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).
  • ENAV's revenue is expected to grow by 2.4% yearly, however this is not considered high growth (20% yearly).
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:ENV Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from ENAV Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ENV 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 0.23 0.23 0.23 1.00
2021-12-31 0.22 0.24 0.21 3.00
2020-12-31 0.20 0.20 0.19 2.00
2020-04-08
DB:ENV Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 0.22
2019-09-30 0.21
2019-06-30 0.21
2019-03-31
2018-12-31 0.21
2018-09-30
2018-06-30 0.20
2018-03-31
2017-12-31 0.19
2017-09-30
2017-06-30 0.15
2017-03-31

*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.
  • ENAV is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess ENAV'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.
ENAV 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.

ENV Past Performance

  How has ENAV 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 ENAV'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.
  • ENAV's year on year earnings growth rate has been positive over the past 5 years.
  • ENAV's 1-year earnings growth is less than its 5-year average (3.5% vs 19%)
  • ENAV's earnings growth has not exceeded the Europe Infrastructure industry average in the past year (3.5% vs 6.9%).
Earnings and Revenue History
ENAV'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 ENAV Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ENV Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 864.79 118.43 497.12
2019-09-30 867.76 114.53 602.84
2019-06-30 854.73 115.57 594.35
2019-03-31 851.06 115.23 591.52
2018-12-31 848.42 114.39 589.14
2018-09-30 843.80 110.63 609.26
2018-06-30 847.48 107.48 595.08
2018-03-31 847.98 101.29 600.14
2017-12-31 848.80 101.50 600.40
2017-09-30 836.34 95.55 607.93
2017-06-30 826.55 81.16 604.07
2017-03-31 823.99 80.97 605.80
2016-12-31 825.26 76.35 605.95
2016-09-30 831.80 73.47 608.62
2016-06-30 829.69 72.55 605.49
2016-03-31 821.22 68.14 569.17
2015-12-31 812.96 66.08 600.06
2015-09-30 830.20 79.88 503.12
2015-06-30 804.67 49.37 597.00
2015-03-31 774.56 25.95 601.46
2014-12-31 799.29 40.01 602.58
2013-12-31 804.03 49.57 588.19

*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.
  • ENAV has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • ENAV used its assets more efficiently than the Europe Infrastructure industry average last year based on Return on Assets.
  • ENAV has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess ENAV'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.
ENAV 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.

ENV Health

 How is ENAV'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 ENAV's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • ENAV is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • ENAV's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of ENAV'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.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are -2x 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 ENAV Company Filings, last reported 3 months ago.

DB:ENV Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,156.04 -126.38
2019-09-30 1,136.96 345.15 375.15
2019-06-30 1,070.21 347.21 293.67
2019-03-31 1,139.97 353.62 378.77
2018-12-31 1,137.56 352.18 325.31
2018-09-30 1,122.67 362.55 305.51
2018-06-30 1,057.98 364.55 181.59
2018-03-31 1,114.17 382.60 297.45
2017-12-31 1,119.96 381.13 263.33
2017-09-30 1,048.51 318.40 72.99
2017-06-30 1,048.51 318.40 72.99
2017-03-31 1,115.14 333.66 206.85
2016-12-31 1,119.83 332.35 231.01
2016-09-30 1,107.52 349.23 199.42
2016-06-30 1,060.63 355.69 118.39
2016-03-31 1,076.88 366.07 205.96
2015-12-31 1,090.55 363.61 174.14
2015-09-30
2015-06-30 1,219.31 235.40 139.41
2015-03-31 1,234.06 227.90 118.25
2014-12-31 1,234.06 227.90 118.25
2013-12-31 1,241.85 180.57 94.30
  • ENAV's level of debt (-11.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (18.5% vs -11.8% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • ENAV has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess ENAV'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. ENAV has a total score of 5/6, 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.

ENV Dividends

 What is ENAV'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
5.05%
Current annual income from ENAV dividends. Estimated to be 5.37% next year.
If you bought €2,000 of ENAV shares you are expected to receive €101 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?
  • ENAV's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.63%).
  • ENAV's dividend is above the markets top 25% of dividend payers in Germany (4.61%).
Upcoming dividend payment

Purchase ENAV before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:ENV 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 4 Analyst Estimates (S&P Global) See Below
Europe Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 30 Stocks 6.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.6%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

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

DB:ENV Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.24 1.00
2021-12-31 0.22 4.00
2020-12-31 0.22 3.00
2020-04-08
DB:ENV Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-12 0.209 5.452
2019-05-15 0.200 3.831
2018-03-12 0.186 4.276
2017-04-03 0.176 4.420
2017-03-16 0.176 4.763
2016-11-10 0.000 0.000
2016-09-27 0.000 0.000

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

  • Whilst dividend payments have been stable, ENAV has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but ENAV only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of ENAV's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess ENAV's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 ENAV afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ENAV has a total score of 2/6, see the detailed checks below.


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

ENV Management

 What is the CEO of ENAV'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
Roberta Neri
COMPENSATION €367,638
AGE 55
TENURE AS CEO 4.8 years
CEO Bio

Ms. Roberta Neri has been the Chief Executive Officer of ENAV S.p.A. since July 07, 2015. Ms. Neri worked for ACEA S.p.A. She served as Planning and Finance Director at ACEA S.p.A. until March 2009. From September 2010 to 2011, she served as Chief Executive Officer and Vice President of Marco Polo Engineering, for the part owned by Amber Capital. She served as chairwoman and Chief Executive Officer of Manesa S.r.l. Ms. Neri began her career in 1989 in Italsiel, where she dealt with the analysis, planning and creation of projects for the computerized management of corporate procedures. Subsequently, she worked for ACEA S.p.A. dealing with financing, budget planning, management control and strategic planning. Since August 2015, she has been chairwoman of the board of directors of Techno Sky. From November 2013 to November 2014, she served as chairwoman of the board of statutory auditors of Filas S.p.A. Finanziaria Laziale di Sviluppo. At ACEA S.p.A., she serves as Director of Tirreno Power, of Acea Ato 2 S.p.A., of Pubbliacqua S.p.A., of Aceaelectrabel S.p.A., of Aceaelectrabel Produzione S.p.A. and of Aceaelectrabel Trading. Since 2009, she has been a member of the board of directors of Manesa S.r.l., a company providing technical/financial consultancy and joint investments in regard to structured operations on behalf of financial and industrial investors. She has been a Director of Aireon LLC since August 31, 2017. Since March 27, 2015, she has been a member of the board of directors of Sorgenia S.p.A. She has been an Independent Director of Cementir Holding S.p.A. since April 19, 2017. She served as an Independent Director of Acea S.p.A., since April 23, 2015. Ms. Neri has been Director of ENAV S.p.A. since June 30, 2015. From January 2008 to May 2012, she served as a statutory auditor of E.Va. Energie Valsabbia S.p.A. From April 14, 2015 to September 1, 2015, she served as a member of the board of directors of Autostrade Meridionali S.p.A. Ms. Neri has a degree in Business Economics from Rome La Sapienza University.

CEO Compensation
  • Insufficient data for Roberta to compare compensation growth.
  • Roberta's remuneration is lower than average for companies of similar size in Germany.
Management Team

Roberta Neri

TITLE
CEO & Director
COMPENSATION
€368K
AGE
55
TENURE
4.8 yrs

Luca Colman

TITLE
Chief Financial Officer

Maurizio Paggetti

TITLE
Chief Operating Officer

Vincenzo Smorto

TITLE
Chief Technology Officer

Stefano Songini

TITLE
Head of Investor Relations

Florenziano Bettini

TITLE
Head of Integrated Compliance and Rick Management

Raffaella Romagnoli

TITLE
General Counsel and Head of Legal

Nicoletta Tomiselli

TITLE
Head of Communication

Cesare Ranieri

TITLE
Chief HR and Corporate Services Officer

Luca Morelli

TITLE
Head of Internal Communication
Board of Directors Tenure

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

4
Average Tenure
55
Average Age
  • The tenure for the ENAV board of directors is about average.
Board of Directors

Nicola Maione

TITLE
Chairman of the Board
COMPENSATION
€41K
TENURE
1.4 yrs

Roberta Neri

TITLE
CEO & Director
COMPENSATION
€368K
AGE
55
TENURE
4.8 yrs

Franca Brusco

TITLE
Member of Board of Statutory Auditors
TENURE
4 yrs

Carlo Paris

TITLE
Independent Director

Antonio Santi

TITLE
Independent Director
AGE
42

Dario Righetti

TITLE
Chairman of the Board of Statutory Auditors
TENURE
1 yrs

Maria Di Matteo

TITLE
Non-Executive Director
COMPENSATION
€50K
TENURE
4.8 yrs

Mario Vinzia

TITLE
Non Executive Director
AGE
57
TENURE
4 yrs

Giuseppe Acierno

TITLE
Independent Director

Fabiola Mascardi

TITLE
Independent Director
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 ENAV'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. ENAV 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.

ENV News

Simply Wall St News

ENV Company Info

Description

ENAV S.p.A. provides air navigation services primarily in Italy. The company operates in two segments, Flight Assistance Services and Maintenance Services. It offers air traffic control services, including air traffic handling, ATM platform, surveillance and navigation, and telecoms; airspace design; meteorology services, such as weather reports and forecasts; aeronautical information; flight inspection; engineering and maintenance; research and innovation; air traffic management training; and online services. The company also engages in the international activities, such as European aviation safety, network management, and deployment management; and the provision of business consulting services comprising aeronautical consulting and design, training, and flight calibration. In addition, it installs, maintains, and monitors various hardware and software systems; and develops and tests new technologies, as well as offers consultancy and services to international markets. The company is based in Rome, Italy.

Details
Name: ENAV S.p.A.
ENV
Exchange: DB
Founded:
€2,248,239,197
541,744,385
Website: http://www.enav.it
Address: ENAV S.p.A.
Via Salaria 716,
Rome,
Rome, 00138,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT ENAV Common Stock Borsa Italiana IT EUR 26. Jul 2016
OTCPK EENN.F Common Stock Pink Sheets LLC US USD 26. Jul 2016
DB ENV Common Stock Deutsche Boerse AG DE EUR 26. Jul 2016
LSE 0RIE Common Stock London Stock Exchange GB EUR 26. Jul 2016
BATS-CHIXE ENAVM Common Stock BATS 'Chi-X Europe' GB EUR 26. Jul 2016
Number of employees
Current staff
Staff numbers
4,231
ENAV employees.
Industry
Airport Services
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 22:50
End of day share price update: 2020/04/08 00:00
Last estimates confirmation: 2020/03/26
Last earnings filing: 2020/03/12
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.