Terna - Rete Elettrica Nazionale Società per Azioni (TRN.MI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-202.9%

-€9.86

vs €9.58 price

Levered DCF

-€13.53

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.08

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.45×	14.38×	17.16×	15.68×	17.78×	16.03×	15.66×	14.49×
P/B	2.34×	2.04×	2.39×	2.63×	3×	2.87×	2.85×	2.53×
P/S	4.6×	4.2×	4.8×	4.63×	5.48×	5.24×	5.16×	4.43×
EV / EBITDA	10.5×	10.46×	12.49×	11.2×	13.32×	12.3×	11.89×	11.2×
Gross margin	48.1%	91.6%	81.7%	82.7%	84.0%	85.9%	86.2%	83.5%
Operating margin	43.6%	46.0%	43.2%	45.6%	46.8%	49.1%	49.9%	47.8%
Net margin	28.1%	29.1%	28.1%	29.3%	30.8%	32.8%	32.7%	30.8%
Current ratio	0.92×	0.91×	0.67×	0.74×	0.74×	0.95×	0.99×	0.74×
Debt / equity	1.5×	1.84×	2.05×	2.28×	2.65×	2.82×	2.3×	2.36×
Interest coverage	5.95×	6.11×	7.28×	11.29×	12.92×	14.65×	13.42×	12.17×
Dividend yield	4.5%	4.5%	4.4%	4.4%	3.9%	4.2%	4.0%	4.4%
Payout ratio	73.2%	65.0%	75.8%	69.5%	69.3%	67.0%	62.7%	63.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.3%	14.1%	14.0%	16.6%	16.9%	18.0%	18.1%	17.6%
Return on invested capital	5.1%	5.1%	4.9%	5.2%	4.6%	4.7%	5.4%	5.4%
Return on assets	3.7%	3.9%	3.8%	3.8%	3.5%	3.8%	4.2%	4.1%
Free cash flow yield	-1.7%	-7.5%	-6.4%	6.1%	-3.6%	-2.0%	1.5%	3.1%
Earnings yield	6.1%	6.9%	5.8%	6.3%	5.6%	6.3%	6.3%	6.9%
Enterprise value	€28B	€26.9B	€26.7B	€23.1B	€24.9B	€22.2B	€20.5B	€18.3B
Net debt / EBITDA	3.69×	4.5×	5.42×	4.65×	5.81×	5.35×	4.97×	4.98×
Cash conversion cycle (days)	-223	-3,757	-1,504	-2,281	-2,445	-1,790	-2,518	-2,178