A2A S.p.A (0N54) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of A2A S.p.A €2.84, price €2.24, upside +27.0%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range €0.7891 – €2.60 · fair‑value band €2.13 – €3.56 · the €2.24 price screens below the €2.84 fair value. Dashed = 300-day average. As of Sep 24, 2026.
A2A S.p.A. engages in the production, sale, and distribution of gas and electricity, and district heating in Italy and internationally. It generates electricity through hydroelectric, thermoelectric, photovoltaic, and wind plants; and sells and distributes gas.
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A2A S.p.A. engages in the production, sale, and distribution of gas and electricity, and district heating in Italy and internationally. It generates electricity through hydroelectric, thermoelectric, photovoltaic, and wind plants; and sells and distributes gas. The company also engages in the production and sale of heat produced through district heating networks; waste management activities, including collection and street sweeping, treatment, disposal, and recovery of materials and energy; and the construction and management of integrated waste disposal plants and systems. In addition, it offers integrated water cycle management services; and technical consultancy services relating to energy efficiency certificates. Further, the company is involved in the management of public lighting systems and street lights, and water purification and sewer activities, as well as offers garbage collection, street sweeping, video surveillance, energy efficiency, and electric mobility services. A2A S.p.A. is headquartered in Milan, Italy.
Stock analysis
A2A S.p.A (0N54) currently trades at €2.24, while our model-based Fair Value estimate is €2.84, implying the stock looks roughly 21.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €5.79 per share, and 17 of the 25 models we run sit above the €2.24 price.
Bear case: the Asset-Based group reads lowest at €1.03, and 8 of the 25 models stay below the price. Evidence for this calculation is low.
Scenario range: €2.13 (bear) to €3.56 (bull), the price of €2.24 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Utilities sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
A2A S.p.A reported revenue of €6.7B in FY2020 versus €4.6B in FY2016, a compound +9.8%/yr. Reported net income was €364M in FY2020, compounding +11.9%/yr from FY2016.
Key figures
Market cap €5.1B · P/S ratio 0.35 · Net margin 5.5% · Return on equity 11.5% · Return on assets (EBIT) 5.7% · Operating margin 8.2% · Revenue (TTM) €14.6B · Revenue growth (YoY) +14.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −47% fair-value upside, at 27%, 0N54 screens cheaper than that median.
Fair Value models
Bear €2.13Fair Value €2.84Bull €3.56
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.57/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−6.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.1%
’16
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
10.8% (2016) → 8.2% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Diversified · 49 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Above median
Fair Value upside+9.3% · Top 25%
Profitability
Return on equity (TTM)11.5% · Above median
Return on assets3.4% · Above median
Net margin (TTM)4.9% · Below median
Operating margin (TTM)8.2% · Below median
Growth and dividend
Revenue growth14.7% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity1.08× · Above median
Valuation Multiplesvs Utilities - Diversified median · lower = cheaper
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Cite: Fair Value Calculator (2026). "A2A S.p.A Fair Value". https://www.fairvalue-calculator.com/stock/0N54
Frequently asked questions
Is A2A S.p.A (0N54) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €2.84 versus a price of €2.24, about +27% upside (undervalued).
What is the fair value of 0N54?
Our model-based fair value for A2A S.p.A is €2.84 (as of Sep 24, 2026), built from audited fundamentals. The current price: €2.24.
What is the quality score of 0N54?
A2A S.p.A has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for A2A S.p.A (0N54)?
Our model-based price target is the fair value of €2.84 (as of Sep 24, 2026) from 25 valuation models. Cautious scenario €2.13, optimistic scenario €3.56. It is a calculation from audited fundamentals, not an analyst target.
What is the A2A S.p.A stock forecast for 2026?
Our models put fair value at €2.84, about +27% upside versus a price of €2.24 (undervalued). Cautious scenario €2.13, optimistic scenario €3.56. The calculation is refreshed regularly with new filings.
What is the revenue of A2A S.p.A (0N54)?
A2A S.p.A reported trailing-twelve-month revenue of about €14.6B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of A2A S.p.A (0N54)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For A2A S.p.A it is €2.84 per share (as of Sep 24, 2026), against a price of €2.24. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is A2A S.p.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0N54 trades below its calculated fair value: price €2.24, fair value €2.84, a gap of about +27% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0N54?
No. The price is what the market pays today (€2.24); the fair value is what the company's own numbers justify (€2.84). For A2A S.p.A the two are €0.6045 per share apart. That gap is exactly why we show both numbers side by side.
How much is A2A S.p.A worth?
The market values A2A S.p.A at about €5.1B (market capitalisation, as of Sep 24, 2026). Per share that is €2.24; our models calculate a fair value of €2.84 per share.
What do the bullish and bearish scenarios say about 0N54?
Our models span a range for A2A S.p.A: cautious scenario €2.13, base €2.84, optimistic €3.56 per share (as of Sep 24, 2026, price €2.24). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of A2A S.p.A (0N54)?
Balance-sheet figures for A2A S.p.A (as of Sep 24, 2026): return on equity 11.5%, debt of 1.08 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 0N54 from its 52-week high?
A2A S.p.A trades at €2.24, about 14% below its 52-week high of €2.60 and 6% above the low of €2.11 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €2.84 is for.
Which stocks are comparable to A2A S.p.A?
From the same area (Utilities) we also value Iberdrola, S.A, Enel SpA, Engie SA, RWE Aktiengesellschaft generates and, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is A2A S.p.A stock attractive at the current price?
The data as of Sep 24, 2026: price €2.24, calculated fair value €2.84 (+27%), Quality Score 48/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0N54 calculated?
We run A2A S.p.A through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €2.84, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. A2A S.p.A currently trades 21 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of A2A S.p.A (0N54)?
The closing price on Oct 2, 2026 was €2.24. Our model-based fair value is €2.84, about +27% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with A2A S.p.A right now?
Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of A2A S.p.A
How large is the market capitalisation of A2A S.p.A (0N54)?
The market capitalisation of A2A S.p.A is €5.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of A2A S.p.A (0N54)?
The price-to-sales ratio of A2A S.p.A is 0.35 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of A2A S.p.A (0N54)?
The net margin of A2A S.p.A is 5.5% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of A2A S.p.A (0N54)?
The return on equity (ROE) of A2A S.p.A is 11.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of A2A S.p.A (0N54)?
On an EBIT basis the return on assets of A2A S.p.A is 5.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of A2A S.p.A (0N54)?
The operating margin of A2A S.p.A is 8.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at A2A S.p.A (0N54)?
Revenue at A2A S.p.A is growing +14.7% versus a year earlier (3y avg +6.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at A2A S.p.A (0N54)?
Earnings per share at A2A S.p.A are growing +12.1% versus a year earlier. How much earnings per share grew versus a year earlier.
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