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Italian multi-utility providing gas and electricity distribution, water services and waste management, mainly in Emilia-Romagna.
Italian multi-utility providing gas and electricity distribution, water services and waste management, mainly in Emilia-Romagna.
Earns regulated returns on gas, power and water networks plus fees for waste collection and treatment, with free-market sales of gas and electricity as a more volatile add-on. Local councils across Emilia-Romagna and neighboring regions hold roughly half the shares through a shareholder agreement.
Moat: narrow (regulatory licence, scale, installed base). Regulated regional utility networks and municipal ownership create local monopoly-like positions.
Headquarters: Bologna, Italy · Founded: 2002 · Employees: 10,456
Size Hera (HER.MI) is an Italy Utilities company (Electric Utilities) with a market value of $6.14B, the 38th largest of 123 Italy companies the cockpit tracks. Shares closed at €3.74 on 6 Nov 2026.
Performance Over six months the shares fell 3.4%, against -5.7% for the median peer and +3.1% for the Italy market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 11.4% over the last twelve months (peer median +7.2%); the operating margin is 7.8% (peer median 17.3%).
Valuation It trades at 11.9× forward earnings against a peer median of 17.1× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.5 points above its cost of capital (6.7% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €12.5B | €12.8B | €12.9B | €15.3B | €20.1B |
| Revenue growth | — | -1% | -16% | -24% | — |
| Gross profit | €1.45B | €4.23B | €4.45B | €4.38B | €2.19B |
| EBITDA | n/a | €1.26B | €1.28B | €1.17B | €489M |
| Net income | €470M | €464M | €494M | €441M | €255M |
| Free cash flow | n/a | €884M | €571M | €1.33B | -€190M |
| Capital expenditure | n/a | €1.03B | €860M | €816M | €710M |
| Total debt | €5.83B | €4.93B | €4.79B | €4.73B | €5.65B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hera HER.MI | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% |
| A2A A2A.MI | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% |
| Iren IRE.MI | $3.54B | -9% | -8% | 9% | 10.6× | 5.5% |
| Enel ENEL.MI | $108B | 0% | 0% | 16% | 13.4× | 6.2% |
| Acea ACE.MI | $5.14B | -7% | -21% | 26% | 14.3× | 5.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HER.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.2% | -0.3% | 3rd highest of 21 |
| 6-month return | -3.4% | -5.7% | 9th highest of 21 |
| Distance from 52-week high | -15.9% | -26.5% | 7th highest of 21 |
| Revenue growth (TTM) | -11.4% | +7.2% | 2nd lowest of 21 |
| Operating margin | 7.8% | 17.3% | lowest of 21 |
| Forward P/E | 11.9× | 17.1× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -8.9% | 0.9% | least demanding of 11 |
| Growth delivered (Del g) | +12.6% | +7.1% | 2nd highest of 11 |
| Hurdle (Req g minus delivered) | -21.5 pp | -6.0 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +4.5 pp | -0.9 pp | 2nd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hera HER.MI | Italy | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% | +12.6% |
| YTL 1773.T | Japan | $6.14B | +1% | +19% | 19% | 12.5× | n/a | n/a |
| ATCO ACO-X.TO | Canada | $6.15B | +25% | +5% | 12% | 16.8× | 15.0% | +5.5% |
| Enel Chile SA Sponsored ADR ENIC | United States | $6.06B | -6% | +16% | 19% | 9.4× | 3.4% | +6.9% |
| TXNM Energy TXNM | United States | $6.41B | -1% | +10% | 24% | 22.5× | n/a | n/a |
| Companhia Energetica de Minas Gerais SA Sponsored ADR Pfd CIG | United States | $6.45B | -23% | +13% | 13% | 9.0× | -1.6% | +9.4% |
| Shenergy 600642.SS | China | $6.64B | +1% | -2% | 12% | 12.6× | -1.6% | +7.2% |
| Ormat Technologies ORA | United States | $5.65B | -24% | +31% | 19% | 41.2× | n/a | n/a |
| Torrent Power TORNTPOWER.NS | India | $6.78B | -26% | +8% | 13% | 23.3× | n/a | n/a |
| China Southern Power Grid Energy Storage 600995.SS | China | $5.48B | -21% | +18% | 41% | 18.7× | n/a | n/a |
| Portland General Electric POR | United States | $5.47B | -5% | +3% | 16% | 12.9× | n/a | n/a |
| HK Electric Investments & HK Electric Investments 2638.HK | Hong Kong | $6.99B | -3% | +4% | 42% | 17.1× | 3.5% | +3.1% |
| Capital Power CPX.TO | Canada | $7.13B | -4% | +25% | 10% | 19.5× | 18.9% | +11.8% |
| SPIC Hydropower 600292.SS | China | $7.26B | -34% | +301% | 28% | 72.6× | -6.8% | +27.0% |
| Acea ACE.MI | Italy | $5.14B | -7% | -21% | 26% | 14.3× | 5.8% | -3.3% |
| Inner Mongolia MengDian HuaNeng Thermal Power 600863.SS | China | $7.35B | +16% | -3% | 16% | 18.4× | -1.9% | +6.5% |
| NorthWestern Energy NWE | United States | $5.09B | +14% | +11% | 19% | 20.6× | n/a | n/a |
| Beijing Jingneng Power 600578.SS | China | $5.06B | +3% | -6% | 11% | 11.0× | -2.8% | +12.2% |
| Huadian Energy 600726.SS | China | $5.01B | -33% | -7% | 10% | n/a | n/a | n/a |
| Shanghai Electric Power 600021.SS | China | $4.98B | -31% | -6% | 13% | 8.9× | n/a | n/a |
| Brookfield Renewable BEPC | United States | $4.79B | -13% | +6% | 19% | 249.6× | n/a | n/a |