Equity Brief · Utilities2026-10-27
ASC.MI·Utilities

Next reporting 6 Nov 2026In 9 days

Ascopiave S.p.A.

I · AI Analysis

The brief

Ascopiave distributes natural gas through regulated networks in Italian municipalities, operates renewable energy generation including hydroelectric, photovoltaic and wind power plants, and provides integrated water services and heat management [Yahoo Finance].

Ascopiave is an Italian natural gas distribution utility that also operates renewable energy assets and water services [Yahoo Finance]. The company holds concessions to manage gas distribution networks across various Italian municipalities and produces energy from hydroelectric, photovoltaic and wind power plants [Yahoo Finance]. With 762 employees and a market capitalisation of EUR 635.2M, Ascopiave is a subsidiary of Asco Holding SpA [Yahoo Finance].

Moderate financial health with strong revenue growth but elevated debt and a sharp margin compression in the latest quarter.

The brief AI analysisConfidence 4/10

Sentinellis health

Moderate concerns

5.8/10

7.5+ strong · 4.5–7.5 moderate · under 4.5 weak

Profitability

16% of score10.0/10
Net margin+12.7%Gross margin+88.8%

Returns on capital

16% of score0.0/10
ROIC+4.0%· need > 10%Return on equity+4.1%· need > 12%

Growth & momentum

21% of score5.0/10
Revenue growth+47.3%Operating margin trend-44.6pp YoY· need not down > 3pp YoY

Balance sheet

21% of score7.5/10
Current ratio0.5x· not applicable to this kind of companyNet debt / EBITDA4.4x· need < 4.0xInterest coverage5.9xDebt / equity0.76

Cash generation

16% of score10.0/10
Free cash flowEUR 28.6MCash vs reported profitEUR 133.9M vs EUR 36.3M

Value creation

11% of score0.0/10
ROIC vs cost of capital-0.7pp· need ROIC above WACC

Sentinellis calculation from the published statements — not a score reported by any data source. Each category is scored on the checks that had data; missing inputs are excluded rather than counted as failures.

Market capitalisation

EUR 635.2M

Revenue (TTM)

EUR 285.4M

Explainers

How we read these numbers

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Net debt at 4.4 times EBITDA is elevated for a utility, limiting financial flexibility and raising refinancing risk if interest rates remain high [Sentinellis calculation].

1 of 5 risks in this report

Risks

5

Opportunities

4

Red flags

3

Leadership

6

11 more findings in the full report — free with any account.

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III · Related

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Produced 27 Oct 2026, 11:05 UTC

Figures come from company filings and market data. The Sentinellis health score and the wording attached to it are our interpretation of those figures, not numbers the company reported.

Not investment advice and not a recommendation to buy or sell. Sentinellis holds no positions in the companies it covers, takes no payment from issuers, and has no broker referral arrangements.

How every figure and score is calculated