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    Oil & Gas Refining & Marketing
Saras S.p.A.

Saras S.p.A.

SAAFY
Saras S.p.A.US flagOther OTC
8.80
USD
+0.20
- -
8.37BMarket Cap
Saras S.p.A.
SAAFY
(Other OTC)

Recent

price

8.80

P/E

ratio

- -

div

yld

- -

ROIC.AI

2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
TTM
FRC
45.41
28.18
45.96
59.04
63.61
60
54.57
43.93
36.16
40.82
54.84
49.8
27.35
45.41
82.95
59.8
62.12
Revenue per Share
0.33
0.39
-0.05
0.32
-0.48
-1.46
-1.41
1.21
1.05
1.29
0.75
0.14
-1.45
0.05
2.19
1.65
1.58
Basic EPS, GAAP
0.09
-0.22
-0.01
-0.61
2.32
1.17
0.14
0.94
0.69
1.5
1.32
0.25
-2.88
0.24
3.96
0.46
0.3
Free Cash Flow per Basic Share
0.85
0.85
- -
- -
- -
0.03
- -
- -
0.85
0.5
0.6
0.4
- -
- -
- -
0.95
- -
Dividend per Share
0.62
0.69
0.24
0.61
-0.18
-1.17
-1.12
1.5
1.34
1.58
1.04
0.43
-1.17
0.34
2.48
1.94
0.86
Book Value per Share
4.39
4.22
4.34
4.87
4.57
4.45
2.02
3.55
3.89
4.92
5.3
5.21
3.89
3.99
6.16
6.86
6.7
Tangible Book Value per Share
188
186
186
186
186
185
185
185
187
187
187
188
190
189
190
190
190
Basic Weighted Avg Shares
8,556
5,230
8,530
10,961
11,810
11,107
10,102
8,132
6,761
7,632
10,267
9,369
5,184
8,563
15,777
11,374
11,821
Sales/Revenue/Turnover
1.04
2.91
0.19
1.06
-1.12
-4.14
-4.32
2.7
4.51
3.57
1.11
-1.01
-9.62
0.04
5.75
3.37
3.38
Operating Margin (%)
168
193
207
213
244
193
47
245
247
178
179
199
254
197
191
201
206
Depreciation Expense
62
73
-9
59
-89
-271
-262
224
196
241
140
26
-276
9
417
314
300
Net Income, GAAP
31.72
38.86
- -
50.75
- -
- -
- -
34.93
36.33
27.32
24.31
25.94
- -
71.02
53.11
25.41
21.36
Effective Tax Rate (%)
0.72
1.39
-0.11
0.54
-0.75
-2.44
-2.59
2.75
2.9
3.16
1.37
0.28
-5.31
0.11
2.64
2.76
2.54
Profit Margin (%)
322
224
441
352
392
272
-266
485
266
430
383
102
165
-399
683
685
312
Working Capital
- -
- -
- -
285
425
386
277
586
183
248
248
199
599
5
401
314
- -
LT Debt
1,311
1,228
1,220
1,283
1,197
921
660
885
923
1,072
1,104
1,059
785
794
1,212
1,345
1,311
Total Equity
3.6
6.86
- -
3.24
- -
- -
- -
9.11
13.17
14.64
6.01
-4.92
- -
0.05
22.88
14.57
17.08
Return on Invested Capital (%)
21.22
84.82
- -
30.98
- -
- -
- -
33.82
29.94
48.18
30.44
9.99
- -
1.8
47.43
39.18
57.7
Return on Capital (%)
25.03
59.56
-10.99
74.15
- -
- -
- -
- -
74.19
88.15
57.26
18.96
- -
- -
155.71
74.74
176.51
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'23
Mar'24
Jun'24
ST Debt
91
144
372
LT Borrowings
314
314
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
951
951
951
Market Capitalization
1,375
1,464
1,554

Working Capital

FRC

•

in mil. unless spec.
Dec'23
Mar'24
Jun'24
Total Current Assets
2,451
2,701
2,385
Cash, Cash Equivalents & STI
543
590
351
Accounts Receivable, Net
489
615
512
Inventories
1,247
1,268
1,355
Total Current Liabilities
1,766
1,988
2,072
Payables & Accruals
- -
- -
- -
ST Debt
91
144
372
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.4%
6.96%
10.9%
Free Cash Flow
53.87%
0.09%
-88.5%
Net Income, GAAP
278.37%
600.75%
-24.7%
Sales/Revenue/Turnover
7.01%
13.62%
-27.91%
Total Cash Common Dividend
- -
- -
139.93%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2022
2,942
4,729
4,255
3,851
15,777
2023
3,462
1,936
3,033
2,953
11,374
2024
3,023
2,812
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2022
0.4
- -
- -
- -
2.19
2023
0.74
- -
- -
- -
1.65
2024
0.41
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2022
- -
- -
- -
- -
- -
2023
- -
- -
- -
- -
0.95
2024
- -
- -
- -
- -
- -
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Business
Saras S.p.A. operates as an independent energy company focused on oil refining, marketing, power generation and renewable energy production. The group refines crude oil into diesel, gasoline, heating diesel, liquefied petroleum gas, virgin naphtha, aviation fuel and bunkering products at its Sarroch refinery in Sardinia, Italy, which processes 300,000 barrels per day and ranks among Europe's largest and most complex facilities with a Nelson Index of 11.7; it sells and distributes these products directly and through subsidiaries like Saras Trading SA in Geneva for trading and procurement, Saras Energia SA in Spain for refining and gas stations, and an LNG terminal in Cartagena, Spain. Saras generates electricity via a 575 MW integrated gasification combined cycle plant using refinery byproducts, contributing over 40% of Sardinia's needs, and through renewables including 250 MW from wind farms and a solar plant via Sardeolica; it also manages energy dispatch via Saras Energy Management Srl and pursues green hydrogen via a 50% stake in SardHy Green Hydrogen Srl with Enel Green Power. Founded in 1962 by Angelo Moratti and headquartered in Milan, Italy, with key operations in Sarroch and Madrid, the company serves primarily Italian, Spanish and broader European markets. In 2024, Vitol B.V. completed its acquisition of a 35% stake from the Moratti family in June via Varas S.p.A., raising its total ownership to 46%, triggering a mandatory tender offer aimed at full control and potential delisting; this followed regulatory approvals including EU competition clearance and Italian golden power conditions, alongside board changes with new directors from Vitol and Franco Balsamo as CEO.

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