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Tabella1

enia spa azioni prezzo numero capitalizzazione


ordinarie 3.500 ### 377,549
risparmio 0.000 0 0
privilegiate 0.000 0 0
### 377,549

30/06/08 periodo in corso periodo precedente sviluppo esercizio precedente rettifiche attese es. in corso sviluppo
ricavi 889,679 95.56% 807,009 95.60% 10.24% 1,169,215 95.33% 1.45 -50000 1,238,989 95.69% 5.97%
ricavi diversi 25,193 2.71% 25,269 2.99% -0.30% 38,859 3.17% 1.54 0 38,742 2.99% -0.30%
variazione lavori in corso 0 0.00% 1 0.00% -100.00% 0 0.00% 0 0 0 0.00% #DIV/0!
incremento immob.ni 16,186 1.74% 11,864 1.41% 36.43% 18,357 1.50% 1.55 -8000 17,044 1.32% -7.15%
ricavi non ricorrenti 0 0.00% 1 0.00% -100.00% 0 0.00% 0 0 0 0.00% #DIV/0!
valore della produzione 931,058 ### 844,144 ### 10.30% 1,226,431 ### 1,294,776 ### 5.57%
materie prime, merci 531,828 57.12% 469,100 55.57% 13.37% 707,843 57.72% 1.51 0 715,899 55.29% 1.14%
incidenza materie prime 1.75 1.80 1.73 -0.02 1.73
margine lordo 399,230 42.88% 375,044 44.43% 6.45% 518,588 42.28% 578,876 44.71% 11.63%
spese per servizi 160,313 17.22% 145,213 17.20% 10.40% 204,403 16.67% 1.41 0 225,658 17.43% 10.40%
oneri non ricorrenti 5,644 0.61% 1 0.00% ### 0 0.00% 0 0 0 0.00% #DIV/0!
alti oneri 30,513 3.28% 33,233 3.94% -8.18% 43,235 3.53% 1.3 0 39,696 3.07% -8.18%
valore aggiunto 202,760 21.78% 196,597 23.29% 3.13% 270,950 22.09% 313,522 24.21% 15.71%
spese per il personale 87,703 9.42% 82,492 9.77% 6.32% 111,995 9.13% 1.36 0 119,070 9.20% 6.32%
margine operativo lordo 115,057 12.36% 114,105 13.52% 0.83% 158,955 12.96% 194,452 15.02% 22.33%
ammortamenti materiali 50,290 5.40% 46,435 5.50% 8.30% 62,506 5.10% 1.35 0 67,695 5.23% 8.30%
ammortamenti immateriali 0 0.00% 1 0.00% -100.00% 0 0.00% 0 0 0 0.00% #DIV/0!
svalutazioni 14,943 1.60% 14,750 1.75% 1.31% 20,738 1.69% 1.41 0 21,009 1.62% 1.31%
margine operativo netto 49,824 5.35% 52,919 6.27% -5.85% 75,711 6.17% 105,748 8.17% 39.67%
oneri finanziari 31,606 3.39% 23,484 2.78% 34.59% 30,962 2.52% 1.32 0 41,670 3.22% 34.59%
proventi finanziari 9,739 1.05% 6,284 0.74% 54.98% 8,449 0.69% 1.34 -1500 11,594 0.90% 37.23%
gestione cambi 0 0.00% -1 0.00% -100.00% 0 0.00% 0 0 0 0.00% #DIV/0!
Altro 871 0.09% 499 0.06% 74.55% 759 0.06% 1.52 0 1,325 0.10% 74.55%
utile pre imposte 28,828 3.10% 36,217 4.29% -20.40% 53,957 4.40% 76,997 5.95% 42.70%
imposte 2,333 0.25% 17,611 2.09% -86.75% 24,309 1.98% 1.38 0 21,631 1.67% -11.02%
tax rate 8.09% 48.63% 45.05% 20.00% 28.09%
utile netto di gruppo 26,495 2.85% 18,606 2.20% 42.40% 29,648 2.42% 55,366 4.28% 86.75%
-quota di terzi 2,381 0.26% 1,312 0.16% 81.48% 2,919 0.24% 2.22 0 5,000 0.39% 71.29%
utile netto quota terzi 24,114 2.59% 17,294 2.05% 39.44% 26,729 2.18% 1.55 0 50,366 3.89% 88.43%

patrimonio 446,060 45.64% 707,017 61.64% 700,129 61.38% 453,357 50.19%


posizione finanziaria 531,231 54.36% 440,000 38.36% 440,500 38.62% 450,000 49.81%
capitale investito 977,291 ### 1,147,017 ### 1,140,629 ### 903,357 ###

Book Value Per Share 4.14 6.55 6.49 4.20


Price to Book Value 0.85 0.53 0.54 0.83

Debiti / equity 1.19 0.62 0.63 0.99


leverage 4.62 3.86 2.77 2.31
Earning Per Share 0.246 0.172 0.275 0.513
cash flow 76,785 65,042 92,154 123,061
cash flow per azione 0.712 0.603 0.854 1.141
Pe gruppo 14.25 20.29 12.73 6.82
pe netto quota terzi 15.66 21.83 14.13 7.50
ev/ebitda 7.90 7.16 5.15 4.26

free risk rate 4.50 4.50 4.50 4.50


risk market 5.60 5.60 5.60 5.60
beta 1.20 1.20 1.20 1.20
costo capitali propri 11.22 11.22 11.22 11.22
costo cap. terzi lordo 6.00 5.80 5.80 5.80
costo cap. di terzi netto 5.51 2.98 3.19 4.17
WACC 8.12 8.06 8.12 7.71
ROE 5.94% 2.63% 4.23% 12.21%
ROI 5.10% 4.61% 6.64% 11.71%

dividendi ordinarie 0.200 0.200


dividendi risparmio 0.000 0.000
dividendi privilegiate 0.000 0.000
dividendi totali 21,574 21,574
pay out ratio 72.77% 38.97%
yeld ordinarie 5.71% 5.71%
yeld risparmio #DIV/0! #DIV/0!
yeld privilegiate #DIV/0! #DIV/0!

Pagina 1
Tabella2
enia spa

13/12/08 tipo prezzo n°azioni cap.ne % equity valore


ordinarie 3.5000 107,871 377,549 100 #VALUE! ###
risparmio 0.0000 1 0 #VALUE! ###
107,872 377,549 #VALUE!

0.0722

ASSUMPTIONS

Free risk rate 4.50% Patrimonio netto - E - 453,000 50.17%

Coeff. Rischio specif. 2.80%


Coef. Rischio settoriale 2.80% Posiz. Finanz. netta – D - 450,000 49.83%

Beta 1.20
Costo del capitale proprio 11.22% Capitale investito - CE - 903,000 100.00%

Costo capitale di terzi 5.80% 3.19% N° QUOTE/ 000 ord 107,871

Tax rate 45.00 0.45 risp 1

Wacc 1.59% 5.63% 7.22% 0.0722 1.0722

% di crescita perpetua “g” 0.00% 0.0000 1.0000

CRESCITA RICAVI 0 3 3 3 3 3 3 3 3 3

EBIT MARGIN 8.17% 8.30% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 t.value
Ricavi 1,294,776 1,333,619 1,373,628 1,414,837 1,457,282 1,501,000 1,546,030 1,592,411 1,640,183 1,689,389 0

Ebit 105,783 110,690 116,758 120,261 123,869 127,585 131,413 135,355 139,416 143,598 0

Tax rate 28.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00%

Imposte 29,619 49,811 52,541 54,118 55,741 57,413 59,136 60,910 62,737 64,619 #VALUE!

Ammortamenti 67,700 70,000 70,000 72,000 73,000 73,000 73,000 75,000 75,000 75,000 0

Accantonamenti 0 0 0 0 0 0 0 0 0 0 0

Variaz. CCN 40,000 0 -40,000 0 40,000 0 -40,000 0 40,000 0 0

Investimenti -120,000 -70,000 -70,000 -72,000 -73,000 -73,000 -73,000 -75,000 -75,000 -75,000 0

Free Cash Flow 63,864 60,880 24,217 66,144 108,128 70,172 32,277 74,445 116,679 78,979 1,094,143

Anno 1 2 3 4 5 6 7 8 9 10

Discount 1.0722 1.1496 1.2326 1.3215 1.4169 1.5192 1.6289 1.7464 1.8725 2.0077 2.0077

D. F. cash Flow 59,564 52,958 19,648 50,051 76,312 46,190 19,816 42,627 62,312 39,339 544,983

Somma dfcf 59,564 112,523 132,171 182,221 258,533 304,723 324,539 367,166 429,478 468,816 1,013,800

Multipli pay out 40.00% 50.00% 50.00%


Valore finale 1,013,800 2008 2009 2010

Capitalizz. #VALUE! #VALUE! #VALUE! Indici 2008 2009 2010

PFN 450,000 az. ord. 107,871 107,871 107,871 Ev #VALUE! #VALUE! #VALUE!

Minority 0.00 az. risp. 1 1 1 ev/ebitda #VALUE! #VALUE! #VALUE!

Surplus asset 0.00 PFN neg. ### ### ### ev/sales #VALUE! #VALUE! #VALUE!

Valore equity #VALUE! PFN pos. 0 0 0 BVPS 4.20 4.38 4.56589114

ord. risp. Ricavi ### ### ### ROE 11.12% 8.16% 8.23%

Valore per azione ### ### EBITDA ### ### ### ROI 11.71% 12.69% 13.86%

Sconto 0.00% 0.00% EBIT ### ### ### ROS 8.17% 8.30% 8.50%

Valore per azione ### ### Utile netto 50,366,786 38,541,597 40,522,022 EPS 0.467 0.357 0.376

Patrimonio ### ### ### PE – PU #VALUE! #VALUE! #VALUE!

QUOT. ATTUALE 3.5000 0.0000 Cap. inv. ### ### ### PBV #VALUE! #VALUE! #VALUE!

UP/DOWN SIDE #VALUE! #VALUE! Ord. #VALUE! #VALUE! #VALUE! deb/equity 0.99 0.85 0.71

Gain /Loss x share ### ### Risp. #VALUE! #VALUE! #VALUE! Net Profit 3.89% 2.89% 2.95%

Pagina 2

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