# Company A2A.MI (A2A.MI)

Canonical: https://gigainvestors.com/s/A2A.MI

Analysis as of: 2026-10-16T07:36:20.386Z. Financial observations: FY2013–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 2.38 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

- FY2022 operating-margin dip fully recovered the next year and stayed recovered; holding that year at the preceding margin meets the existing variation limit. Raw variation still determines the price discount.

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.39×

- One fully recovered margin dip: Yes

- Variation with recovered dip held at prior margin: 0.33

- Recovered dip fiscal year: FY2022

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.13×

- FY2018: 0.12×

- FY2019: 0.10×

- FY2020: 0.08×

- FY2021: 0.06×

- FY2022: 0.03×

- FY2023: 0.06×

- FY2024: 0.10×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.5%

- ROIC, second-lowest year: 6.5%

- Typical minus recent gross margin: 3.6 pp

- Typical gross margin (annual median): 27.1%

- Recent gross margin (lower of latest and 3-year median): 23.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.5%

- ROIC including acquisitions, ten-year median: 6.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.8%

- FY2017: 8.8%

- FY2018: 8.7%

- FY2019: 7.6%

- FY2020: 6.5%

- FY2021: 8.7%

- FY2022: 5.9%

- FY2023: 8.2%

- FY2024: 9.6%

- FY2025: 8.1%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.52×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.6B

- Net income, five-year total: EUR 3.2B

- Return on incremental invested capital: 36.3%

- Working capital / revenue, annual change: -1.5 pp

- Working capital / revenue, change between three-year averages: -10.7 pp

- Working capital / revenue, final three-year average: 2.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.96×

- FY2022: 0.92×

- FY2023: 0.07×

- FY2024: 0.23×

- FY2025: 0.72×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.8% vs 8.2%

- Per-share earnings: 0.11 to 0.24 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR 2.4B

- Cumulative retained earnings: EUR 457M

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.8%

- Per-share value change: EUR 0.13

- Per-share value, starting three-year median: EUR 0.11

- Per-share value, ending three-year median: EUR 0.24

- Average buyback yield: 0.2%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 3.6B

- Cumulative net income, 10 years: EUR 4.8B

- ROIC, first three-year median: 8.8%

- ROIC, last three-year median: 8.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.09

- FY2018: EUR 0.11

- FY2019: EUR 0.13

- FY2020: EUR 0.12

- FY2021: EUR 0.16

- FY2022: EUR 0.13

- FY2023: EUR 0.21

- FY2024: EUR 0.28

- FY2025: EUR 0.24

### accounting: pass

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.37×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.78×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.8%

- FY2017: -5.8%

- FY2018: -6.6%

- FY2019: -2.9%

- FY2020: -4.0%

- FY2021: -5.0%

- FY2022: -5.4%

- FY2023: -2.0%

- FY2024: -1.4%

- FY2025: -4.8%

## Holders

## Price story

Up 35% since Oct 2023 · sales +9.3%

Story as of 2026-10-16T10:00:07.236Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +9.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 4.8B 

- FY2017: EUR 5.6B 

- FY2018: EUR 6.3B 

- FY2019: EUR 7.1B 

- FY2020: EUR 6.7B 

- FY2021: EUR 11B 

- FY2022: EUR 23B 

- FY2023: EUR 14B 

- FY2024: EUR 13B 

- FY2025: EUR 14B 

### Gross margin · FY2025

gross margin 23.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 38.3% 

- FY2017: 34.2% 

- FY2018: 30.9% 

- FY2019: 27.6% 

- FY2020: 29.7% 

- FY2021: 19.9% 

- FY2022: 10.7% 

- FY2023: 20.0% 

- FY2024: 26.7% 

- FY2025: 23.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities diversified; annual sales are EUR 13.7 billion.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2025-12-31 (filed 2026-10-16T07:36:20.386Z); FY2025: revenue 13739000000; grossProfit 3232000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 20% to 26.7% during 2023–25; it earns 8.5% on its capital.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2023-12-31 (filed 2026-10-16T07:36:20.386Z); FY2023: grossProfit / revenue = 20%.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2024-12-31 (filed 2026-10-16T07:36:20.386Z); FY2024: grossProfit / revenue = 26.7%.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2025-12-31 (filed 2026-10-16T07:36:20.386Z); FY2025: grossProfit / revenue = 23.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.386Z); 10-year return on capital observations [[2016,0.08807840770098327],[2017,0.08763250883392228],[2018,0.08742523715717741],[2019,0.07567851231354104],[2020,0.06481423018328468],[2021,0.08717524455750766],[2022,0.05937244759052546],[2023,0.08183019263874504],[2024,0.09647857445159047],[2025,0.080521935821475]]; median 0.08450271859812636. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 36.3% on new investment; paid dividends in 7 of 7 years.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2016-12-31 (filed 2026-10-16T07:36:20.386Z); FY2016: growth capex 0; upkeep 386000000; owner earnings 441000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2017-12-31 (filed 2026-10-16T07:36:20.386Z); FY2017: growth capex 0; upkeep 306000000; owner earnings 560000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2018-12-31 (filed 2026-10-16T07:36:20.386Z); FY2018: growth capex 0; upkeep 305000000; owner earnings 718000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2019-12-31 (filed 2026-10-16T07:36:20.386Z); FY2019: growth capex 0; upkeep 380000000; owner earnings 482600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2020-12-31 (filed 2026-10-16T07:36:20.386Z); FY2020: growth capex 0; upkeep 451000000; owner earnings 446000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2021-12-31 (filed 2026-10-16T07:36:20.386Z); FY2021: growth capex 48000000; upkeep 666000000; owner earnings 481600000. Growth capex / owner earnings = 0.09966777408637874.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2022-12-31 (filed 2026-10-16T07:36:20.386Z); FY2022: growth capex 132000000; upkeep 724000000; cash acquisitions 497000000; owner earnings 368400000. Growth capex plus acquisitions / owner earnings = 1.707383279044517.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2023-12-31 (filed 2026-10-16T07:36:20.386Z); FY2023: growth capex 0; upkeep 1376000000; cash acquisitions 45000000; owner earnings 48600000. Growth capex plus acquisitions / owner earnings = 0.9259259259259259.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2024-12-31 (filed 2026-10-16T07:36:20.386Z); FY2024: growth capex 0; upkeep 1512000000; cash acquisitions 1311000000; owner earnings 201000000. Growth capex plus acquisitions / owner earnings = 6.522388059701493.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2025-12-31 (filed 2026-10-16T07:36:20.386Z); FY2025: growth capex 563295187.4422083; upkeep 1117704812.5577917; cash acquisitions 0; owner earnings 541095187.4422083. Growth capex plus acquisitions / owner earnings = 1.041027901402969.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.386Z); Incremental return on capital 0.3629932820216221, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.386Z); Dividend observations: [[2016,126000000],[2017,153000000],[2018,180000000],[2019,218000000],[2020,256000000],[2021,263000000],[2022,302000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/EAM.F.json#2025-12-31 (filed 2026-10-16T07:36:20.386Z); FY2025: cash repurchases 15000000 EUR.

### What the price says

The price is 0.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.386Z); Closing price 2.382999897003174 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 4.391199052682304; price multiple 0.5426763552309365. FY2025 cash earnings/share 0.17294247576295063. Closing-price date 2026-10-14.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 1.13 per share

- 2016-12: EUR 1.23 per share

- 2017-01: EUR 1.23 per share

- 2017-02: EUR 1.31 per share

- 2017-03: EUR 1.42 per share

- 2017-04: EUR 1.37 per share

- 2017-05: EUR 1.47 per share

- 2017-06: EUR 1.45 per share

- 2017-07: EUR 1.44 per share

- 2017-08: EUR 1.41 per share

- 2017-09: EUR 1.46 per share

- 2017-10: EUR 1.48 per share

- 2017-11: EUR 1.58 per share

- 2017-12: EUR 1.54 per share

- 2018-01: EUR 1.55 per share

- 2018-02: EUR 1.46 per share

- 2018-03: EUR 1.55 per share

- 2018-04: EUR 1.67 per share

- 2018-05: EUR 1.45 per share

- 2018-06: EUR 1.49 per share

- 2018-07: EUR 1.57 per share

- 2018-08: EUR 1.48 per share

- 2018-09: EUR 1.50 per share

- 2018-10: EUR 1.42 per share

- 2018-11: EUR 1.49 per share

- 2018-12: EUR 1.57 per share

- 2019-01: EUR 1.59 per share

- 2019-02: EUR 1.56 per share

- 2019-03: EUR 1.63 per share

- 2019-04: EUR 1.49 per share

- 2019-05: EUR 1.46 per share

- 2019-06: EUR 1.53 per share

- 2019-07: EUR 1.58 per share

- 2019-08: EUR 1.60 per share

- 2019-09: EUR 1.68 per share

- 2019-10: EUR 1.80 per share

- 2019-11: EUR 1.71 per share

- 2019-12: EUR 1.67 per share

- 2020-01: EUR 1.80 per share

- 2020-02: EUR 1.57 per share

- 2020-03: EUR 1.13 per share

- 2020-04: EUR 1.24 per share

- 2020-05: EUR 1.25 per share

- 2020-06: EUR 1.26 per share

- 2020-07: EUR 1.21 per share

- 2020-08: EUR 1.22 per share

- 2020-09: EUR 1.24 per share

- 2020-10: EUR 1.09 per share

- 2020-11: EUR 1.28 per share

- 2020-12: EUR 1.30 per share

- 2021-01: EUR 1.34 per share

- 2021-02: EUR 1.39 per share

- 2021-03: EUR 1.55 per share

- 2021-04: EUR 1.63 per share

- 2021-05: EUR 1.71 per share

- 2021-06: EUR 1.72 per share

- 2021-07: EUR 1.79 per share

- 2021-08: EUR 1.86 per share

- 2021-09: EUR 1.78 per share

- 2021-10: EUR 1.82 per share

- 2021-11: EUR 1.73 per share

- 2021-12: EUR 1.72 per share

- 2022-01: EUR 1.68 per share

- 2022-02: EUR 1.60 per share

- 2022-03: EUR 1.55 per share

- 2022-04: EUR 1.63 per share

- 2022-05: EUR 1.56 per share

- 2022-06: EUR 1.21 per share

- 2022-07: EUR 1.26 per share

- 2022-08: EUR 1.12 per share

- 2022-09: EUR 1.00 per share

- 2022-10: EUR 1.12 per share

- 2022-11: EUR 1.28 per share

- 2022-12: EUR 1.25 per share

- 2023-01: EUR 1.38 per share

- 2023-02: EUR 1.40 per share

- 2023-03: EUR 1.47 per share

- 2023-04: EUR 1.60 per share

- 2023-05: EUR 1.55 per share

- 2023-06: EUR 1.67 per share

- 2023-07: EUR 1.74 per share

- 2023-08: EUR 1.77 per share

- 2023-09: EUR 1.69 per share

- 2023-10: EUR 1.77 per share

- 2023-11: EUR 1.97 per share

- 2023-12: EUR 1.86 per share

- 2024-01: EUR 1.84 per share

- 2024-02: EUR 1.68 per share

- 2024-03: EUR 1.67 per share

- 2024-04: EUR 1.86 per share

- 2024-05: EUR 1.93 per share

- 2024-06: EUR 1.86 per share

- 2024-07: EUR 1.96 per share

- 2024-08: EUR 2.06 per share

- 2024-09: EUR 2.07 per share

- 2024-10: EUR 2.10 per share

- 2024-11: EUR 2.14 per share

- 2024-12: EUR 2.14 per share

- 2025-01: EUR 2.29 per share

- 2025-02: EUR 2.19 per share

- 2025-03: EUR 2.22 per share

- 2025-04: EUR 2.24 per share

- 2025-05: EUR 2.28 per share

- 2025-06: EUR 2.29 per share

- 2025-07: EUR 2.13 per share

- 2025-08: EUR 2.15 per share

- 2025-09: EUR 2.23 per share

- 2025-10: EUR 2.53 per share

- 2025-11: EUR 2.36 per share

- 2025-12: EUR 2.31 per share

- 2026-01: EUR 2.54 per share

- 2026-02: EUR 2.48 per share

- 2026-03: EUR 2.43 per share

- 2026-04: EUR 2.42 per share

- 2026-05: EUR 2.25 per share

- 2026-06: EUR 2.26 per share

- 2026-07: EUR 2.27 per share

- 2026-08: EUR 2.34 per share

- 2026-09: EUR 2.26 per share

- 2026-10: EUR 2.36 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.