Corporate Credit Rating for OENERGY S.P.A.: B1- (First Issuance)

modefinance published the Solicited Corporate Credit Rating of OENERGY S.P.A. on the  website and the rating assigned to the entity is B1- (first issuance). The analysis revealed it is an adequate company with average capability of repaying financial obligations and it is little affected by adverse economic scenarios.

OENERGY S.P.A. is a company operating since 2010 in the energy sector, authorised to sell wholesale and retail natural gas and electricity, ranging from domestic users to large companies. 

The Company’s financial and economic situation shows strong growth compared to 2020, with an overall improvement in solvency, liquidity and profitability. There is growth in operating revenues (+9%), margins and profit of period (+148%), while cash and equivalents benefit from improved operating cash flow and a decrease in short-terms financial debts, with a positive effect on net debt. 

At the same time, there is an improvement in working capital, both on commercial receivables and payables sides, which also contributes to an improvement of operating cash flow, enabling repayment of financial liabilities and growth in corporate cash. 

The Bank of Italy’s Central Credit Register shows correct management of credit lines. The corporate structure is easily identifiable, with control traceable to entrepreneur Mattia Pagani, who hold the majority of shares through an holding company. Mr. Pagani presides the administrative body of a collegial form, whose actions appear to be subject to the control of a body also having a collegial form. In addition, the Company has adopted the organizational model ex-231/2001. No black records have been registered for the Company, shareholders or board’s members. 

In 2021, the management has initiated project to consolidate real estate assets in order to provide the construction of photovoltaic plants: a fleet of ten plants are planned to be installed in the next five years, dislocated in different Italian regions. 

Compared to the peer group, the Company’s positioning is in line with the 50th percentile for size and solvency, while the performance in terms of profitability appears weak, well below the 50th percentile. The peer group expresses sufficient solvency indicators, while the financial balance appears adequate and sector profitability is good. 

The energy sector in Italy is important and it is going through a historical period of strong and important changes: however, this is affected by recent geopolitical tensions and the need for the Italian Government to diversify its energy dependence. This dynamic lead to a constant uncertainty, which undermines consumption and, consequently, economic growth. Macroeconomic forecast data are therefore likely to be revised downward. 

The present Corporate Credit rating is issued by modefinance under EU Regulation 1060/2009 and following amendments.

The present rating is solicited and is based on both private and public information. The rated entity and/or related third parties have provided all private information used. modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available at http://cra.modefinance.com/en

The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on modefinance Rating Scale and Mappings, is available at http://cra.modefinance.com/en/methodologies.

For information on historical default rates of modefinance Corporate Credit Ratings please refer to ESMA Central Repository and ESMA European Rating Platform.

modefinance refers to default as a company under bankruptcy, or under liquidation status, or under administration or for which missed payments on a financial obligation are officially recorded.

The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory. Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.

The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation.

No amendments were applied after the notification process.

The rated entity is not a buyer of ancillary services provided by modefinance (credit risk software).

The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.

The present Credit Rating is an opinion of the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.

Head Analyst - Christian Raimondo, Rating Analyst
christian.raimondo@modefinance.com

Assistant Analyst - Fabio Politelli, Rating Analyst
fabio.politelli@modefinance.com

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager
pinar.dilek@modefinance.com