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Gas Plus S.p.A.
(GSP)
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Rating:73Outperform
Price Target:
€7.50
▲(25.63% Upside)
Action:Reiterated
Date:09/16/26
The score is driven primarily by solid financial health—low leverage and strong recent operating/free cash flow—tempered by meaningful volatility in revenue, earnings, and historical cash conversion. Technicals add support as the stock is trading above key moving averages with positive momentum. Valuation is reasonable with a mid-teens P/E and a ~3.6% dividend yield, but the earnings variability limits upside confidence.
Positive Factors
Low leverage
Debt-to-equity of about 0.23, down from 0.60 in 2021, and equity of roughly €247m versus €48m of debt indicate substantial balance-sheet capacity. This conservative funding profile can support field operations and investment while reducing financial strain through commodity cycles.
Negative Factors
Revenue volatility
Sharp revenue declines in 2023 and 2024, followed by a rebound in 2025, demonstrate material variability in the company’s top line. Such swings can make production planning, investment decisions and earnings expectations less dependable over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
Debt-to-equity of about 0.23, down from 0.60 in 2021, and equity of roughly €247m versus €48m of debt indicate substantial balance-sheet capacity. This conservative funding profile can support field operations and investment while reducing financial strain through commodity cycles.
Read all positive factors
Gas Plus S.p.A. (GSP) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€310.24M
Dividend Yield3.51%
Average Volume (3M)172.85K
Price to Earnings (P/E)16.6
Beta (1Y)-0.24
Revenue Growth9.71%
EPS Growth43.36%
CountryIT
Employees127
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.56
Shares Outstanding44,909,620
10 Day Avg. Volume337,161
30 Day Avg. Volume172,847
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)1.23
Price to Sales (P/S)1.83
P/FCF Ratio6.04
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.64
Revenue Forecast (FY)€195.99M
Gas Plus S.p.A. Business Overview & Revenue Model
Company Description
Headquartered in Milan, Italy, Gas Plus S.p.A. primarily engages in the exploration and production of natural gas across the country. Its comprehensive operations also encompass the distribution, transport, and storage of natural gas, in addition ...
How the Company Makes Money
Gas Plus S.p.A. makes money primarily by monetizing natural gas it produces and by selling natural gas to customers. Key revenue streams include: (1) Upstream natural gas sales: revenue generated from the sale of natural gas extracted from the com...
Gas Plus S.p.A. Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
78
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 166.68M | 165.58M | 130.99M | 157.06M | 233.55M | 84.64M |
| Gross Profit | 19.68M | 31.79M | 22.14M | 78.27M | 111.58M | 26.31M |
| EBITDA | 85.72M | 78.83M | 54.16M | 70.50M | 85.08M | 25.30M |
| Net Income | 25.47M | 19.77M | 12.55M | 49.22M | 3.35M | 3.15M |
Balance Sheet | ||||||
| Total Assets | 540.44M | 523.01M | 518.83M | 513.92M | 558.15M | 507.77M |
| Cash, Cash Equivalents and Short-Term Investments | 40.46M | 45.99M | 29.10M | 24.02M | 36.15M | 21.11M |
| Total Debt | 29.86M | 47.85M | 52.93M | 72.05M | 80.45M | 103.26M |
| Total Liabilities | 287.37M | 276.01M | 287.74M | 284.97M | 371.64M | 336.73M |
| Stockholders Equity | 252.98M | 246.90M | 230.96M | 228.81M | 186.36M | 170.88M |
Cash Flow | ||||||
| Free Cash Flow | 67.84M | 50.14M | 36.65M | -5.25M | 35.93M | 2.96M |
| Operating Cash Flow | 93.80M | 71.11M | 47.74M | 19.25M | 63.27M | 21.05M |
| Investing Cash Flow | -56.20M | -24.36M | -13.67M | -16.99M | -26.66M | -18.09M |
| Financing Cash Flow | -38.08M | -33.65M | -26.24M | -11.59M | -27.46M | 13.56M |
Gas Plus S.p.A. Technical Analysis
Positive
5.97
Price Trends
5.96
Positive
5.77
Positive
6.07
Positive
Market Momentum
0.28
Negative
76.73
Negative
85.33
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:GSP, the sentiment is Positive. The current price of 5.97 is below the 20-day moving average (MA) of 6.26, above the 50-day MA of 5.96, and below the 200-day MA of 6.07, indicating a bullish trend. The MACD of 0.28 indicates Negative momentum. The RSI at 76.73 is Negative, neither overbought nor oversold. The STOCH value of 85.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:GSP.
Gas Plus S.p.A. Peers Comparison
UnderperformOutperform
Sector (65)
IT:GSP
Gas Plus S.p.A.
7.12
1.39
24.24%
IT:NXT
Next Geosolutions Europe SpA
15.70
4.31
37.79%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.