Buy Or Sell Opportunity • Jul 07
Now 22% undervalued Over the last 90 days, the stock has risen 11% to €45.90. The fair value is estimated to be €58.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 9.5% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Price Target Changed • May 11
Price target increased by 12% to €54.75 Up from €49.00, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €56.00. Stock is up 96% over the past year. The company is forecast to post earnings per share of €2.67 for next year compared to €2.14 last year. Buy Or Sell Opportunity • May 11
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 10.0% to €55.20. The fair value is estimated to be €44.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 9.5% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €55.20, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 15x in the Machinery industry in Italy. Total returns to shareholders of 86% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €49.17 per share. New Risk • Apr 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Declared Dividend • Mar 19
Dividend increased to €0.85 Dividend of €0.85 is 6.3% higher than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 2.1%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 4.2% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 18
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: €2.14 (down from €2.34 in FY 2024). Revenue: €905.1m (down 4.1% from FY 2024). Net income: €61.3m (down 8.8% from FY 2024). Profit margin: 6.8% (down from 7.1% in FY 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 8.8%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Anuncio • Mar 18
Comer Industries S.p.A. announces Annual dividend, payable on May 20, 2026 Comer Industries S.p.A. announced Annual dividend of EUR 0.8500 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. New Risk • Feb 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.0% average weekly change). New Risk • Jan 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.3% average weekly change). Buy Or Sell Opportunity • Dec 17
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to €43.80. The fair value is estimated to be €35.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Earnings per share has declined by 6.6%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Buy Or Sell Opportunity • Dec 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to €42.60. The fair value is estimated to be €35.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Earnings per share has declined by 6.6%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. New Risk • Sep 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.3% average weekly change). Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €37.70, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Machinery industry in Italy. Total returns to shareholders of 62% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €36.52 per share. Reported Earnings • Aug 04
First half 2025 earnings released: EPS: €1.09 (vs €1.35 in 1H 2024) First half 2025 results: EPS: €1.09 (down from €1.35 in 1H 2024). Revenue: €449.4m (down 16% from 1H 2024). Net income: €31.2m (down 20% from 1H 2024). Profit margin: 6.9% (down from 7.2% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Price Target Changed • Aug 03
Price target increased by 8.2% to €35.27 Up from €32.60, the current price target is an average from 3 analysts. New target price is 7.8% above last closing price of €32.70. Stock is down 0.6% over the past year. The company is forecast to post earnings per share of €1.81 for next year compared to €2.34 last year. Buy Or Sell Opportunity • May 21
Now 20% undervalued Over the last 90 days, the stock has risen 1.1% to €28.30. The fair value is estimated to be €35.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 5.7% per annum over the same time period. Upcoming Dividend • May 12
Upcoming dividend of €0.80 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Italian dividend payers (5.5%). Higher than average of industry peers (1.7%). Declared Dividend • Mar 23
Dividend reduced to €0.80 Dividend of €0.80 is 36% lower than last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 2.7%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is well covered by both earnings (46% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 13% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Anuncio • Mar 21
Comer Industries S.p.A. announces Annual dividend, payable on May 21, 2025 Comer Industries S.p.A. announced Annual dividend of EUR 0.8000 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Buy Or Sell Opportunity • Feb 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.9% to €27.00. The fair value is estimated to be €33.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 4.5% per annum over the same time period. Buy Or Sell Opportunity • Feb 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to €28.90. The fair value is estimated to be €36.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 4.5% per annum over the same time period. Buy Or Sell Opportunity • Jan 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to €30.30. The fair value is estimated to be €39.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to decline by 4.1% in 2 years. Earnings are forecast to decline by 0.8% in the next 2 years. New Risk • Jan 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Buy Or Sell Opportunity • Dec 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.6% to €30.50. The fair value is estimated to be €39.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to decline by 4.1% in 2 years. Earnings are forecast to grow by 0.8% in the next 2 years. Buy Or Sell Opportunity • Nov 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.8% to €32.00. The fair value is estimated to be €40.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to decline by 2.7% in 2 years. Earnings are forecast to grow by 2.5% in the next 2 years. Reported Earnings • Aug 08
First half 2024 earnings released: EPS: €1.35 (vs €1.92 in 1H 2023) First half 2024 results: EPS: €1.35 (down from €1.92 in 1H 2023). Revenue: €534.7m (down 21% from 1H 2023). Net income: €38.8m (down 30% from 1H 2023). Profit margin: 7.2% (down from 8.1% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • May 20
Now 21% undervalued Over the last 90 days, the stock has risen 10% to €28.80. The fair value is estimated to be €36.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 0.6% per annum. Earnings are also forecast to grow by 4.7% per annum over the same time period. Upcoming Dividend • May 06
Upcoming dividend of €1.25 per share Eligible shareholders must have bought the stock before 13 May 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Italian dividend payers (5.7%). Higher than average of industry peers (1.4%). Anuncio • Nov 30
Comer Industries S.p.A. (BIT:COM) commences an Equity Buyback Plan for 2,867,809 shares, representing 10% of its issued share capital, under the authorization approved on November 16, 2023. Comer Industries S.p.A. (BIT:COM) commences share repurchases on November 20, 2023, under the program authorized by shareholders in the Ordinary General Meeting held on November 16, 2023. As per the mandate, the company is authorized to repurchase up to 2,867,809 shares, representing 10% of its issued share capital. The repurchase price should not deviate more or less than 15% from the reference price that the stock will have recorded in the stock market session of the day before each individual operation. The shares will be repurchased such that the holding of company's shares do not exceed 10% of its issued share capital. The purpose of the program is to regularize the progress of negotiations and prices and to support the liquidity of the security on the market, to conserve shares for subsequent use, to service future compensation and incentive plans based on financial instruments and reserved for the directors and employees of the Company and/or the companies directly or indirectly controlled by it, to use to service any future programs for the free assignment of shares to shareholders. The authorization will be valid for 18 months. As of October 17, 2023, the company had 28,678,090 issued shares.
On November 16, 2023, the company announced a share repurchase program. Under the first tranche, the company will repurchase up to 286,781 shares, representing 1% of is share capital for €10 million. The repurchases under the tranche will commence from November 20, 2023, and will run through May 20, 2024. Buying Opportunity • Nov 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €33.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Earnings per share has grown by 46%. Revenue is forecast to decline by 0.4% in 2 years. Earnings is forecast to grow by 8.1% in the next 2 years. Reported Earnings • Aug 07
First half 2023 earnings released: EPS: €1.92 (vs €1.68 in 1H 2022) First half 2023 results: EPS: €1.92 (up from €1.68 in 1H 2022). Revenue: €678.9m (up 6.7% from 1H 2022). Net income: €55.0m (up 14% from 1H 2022). Profit margin: 8.1% (up from 7.6% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 46% per year whereas the company’s share price has increased by 49% per year. Buying Opportunity • Jul 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €38.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 44% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings is also forecast to grow by 9.6% per annum over the same time period. Upcoming Dividend • May 08
Upcoming dividend of €0.75 per share at 2.3% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Italian dividend payers (5.2%). Higher than average of industry peers (1.0%). Price Target Changed • Apr 05
Price target increased by 14% to €37.50 Up from €32.90, the current price target is provided by 1 analyst. New target price is 9.3% above last closing price of €34.30. Stock is up 24% over the past year. The company is forecast to post earnings per share of €3.17 for next year compared to €3.16 last year. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: €3.16 (vs €1.38 in FY 2021) Full year 2022 results: EPS: €3.16 (up from €1.38 in FY 2021). Revenue: €1.24b (up 107% from FY 2021). Net income: €90.7m (up 130% from FY 2021). Profit margin: 7.3% (up from 6.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 48% per year. Anuncio • Jan 11
Comer Industries S.p.A. (BIT:COM) completed the acquisition of Benevelli Electric Powertrain Solutions and Sitem Motori Elettrici. Comer Industries S.p.A. (BIT:COM) agreed to acquire Benevelli Electric Powertrain Solutions and Sitem Motori Elettrici for an entreprise value of €54 million on December 2, 2022. The payment will be on cash and debt free basis. The consideration for the transaction will be paid €50 million at the closing and €4 million in four annual installments of €1 million, without interest, effective as of the twelfth month following the closing date. The amount to be paid at closing, expected by the first half of January 2023 with effect from January 1, 2023, will be financed using a medium- to long-term bank loan stipulated with Crédit Agricole Italia. Comer Industries was assisted by the law firm NOBILI RTZ Legal together with ADVANT Nctm.
Comer Industries S.p.A. (BIT:COM) completed the acquisition of Benevelli Electric Powertrain Solutions and Sitem Motori Elettrici on January 9, 2023. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Arnaldo Camuffo was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 23% share price gain to €27.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Machinery industry in Italy. Total returns to shareholders of 132% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €31.13 per share. Major Estimate Revision • Sep 07
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €2.36 to €2.75. Revenue forecast steady at €1.18b. Net income forecast to grow 11% next year vs 19% growth forecast for Machinery industry in Italy. Consensus price target down from €34.90 to €32.90. Share price rose 3.3% to €22.00 over the past week. Buying Opportunity • Aug 19
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 9.5%. The fair value is estimated to be €31.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 91% over the last year. Earnings per share has grown by 14%. Revenue is forecast to grow by 34% in 2 years. Earnings is forecast to grow by 25% in the next 2 years. Reported Earnings • Aug 05
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €22.6m from profit in 1H 2021). Profit margin: (down from 7.8% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 28%, compared to a 19% growth forecast for the industry in Italy. Buying Opportunity • Jun 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €31.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Arnaldo Camuffo was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: €1.37 (vs €1.07 in FY 2020) Full year 2021 results: EPS: €1.37 (up from €1.07 in FY 2020). Revenue: €603.9m (up 52% from FY 2020). Net income: €39.4m (up 81% from FY 2020). Profit margin: 6.5% (up from 5.5% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 97%, compared to a 17% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Mar 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €35.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last year. Earnings per share has grown by 124% over the last year. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 16% share price gain to €28.20, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Machinery industry in Italy. Total returns to shareholders of 168% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €35.32 per share. Major Estimate Revision • Feb 25
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from €526.9m to €791.5m. EPS estimate unchanged at €2.06. Net income forecast to grow 40% next year vs 35% growth forecast for Machinery industry in Italy. Consensus price target up from €29.60 to €33.10. Share price fell 5.2% to €25.60 over the past week. Price Target Changed • Feb 22
Price target increased to €33.10 Up from €28.10, the current price target is an average from 2 analysts. New target price is 24% above last closing price of €26.80. Stock is up 106% over the past year. The company posted earnings per share of €1.07 last year. Buying Opportunity • Feb 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €35.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last year. Earnings per share has grown by 124% over the last year. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 18% share price gain to €34.80, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 24x in the Machinery industry in Italy. Total returns to shareholders of 258% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €46.57 per share. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 20% share price gain to €31.80, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 24x in the Machinery industry in Italy. Total returns to shareholders of 235% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €46.37 per share. Reported Earnings • Aug 08
First half 2021 earnings released: EPS €1.11 (vs €0.43 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €290.0m (up 51% from 1H 2020). Net income: €22.6m (up 156% from 1H 2020). Profit margin: 7.8% (up from 4.6% in 1H 2020). The increase in margin was driven by higher revenue. Major Estimate Revision • Aug 06
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €1.29 to €1.72. Revenue forecast unchanged at €526.9m. Net income forecast to grow 38% next year vs 44% growth forecast for Machinery industry in Italy. Consensus price target of €28.10 unchanged from last update. Share price rose 8.4% to €25.80 over the past week. Anuncio • Jul 16
Comer Industries S.p.A. (BIT:COM) entered into a definitive agreement to acquire Walterscheid Powertrain Group from OEP Capital Advisors, L.P. Comer Industries S.p.A. (BIT:COM) entered into a definitive agreement to acquire Walterscheid Powertrain Group from OEP Capital Advisors, L.P. for approximately €200 million on July 15, 2021. Under terms of the transaction, the total consideration of €203 million includes €40 million cash consideration and will issue up to a maximum of 8,030,552 new Comer Industries' shares, which results in the entry of OEP in Comer Industries' share capital with a proforma stake of 28%. Comer Industries will be funding the cash consideration through a combination of available funds and new debt, which will also be used to refinance Walterscheid Powertrain Group’s existing debt. Walterscheid Powertrain Group will continue its operations. Walterscheid Powertrain reported consolidated turnover of €396 million in 2020. The transaction is subject to approval of antitrust authorities, relevant authorities pursuant to foreign direct investment legislation, Comer shareholders' meeting approval and other customary closing conditions and expected to close in the fourth quarter. Crédit Agricole Corporate and Investment Bank S.A. acted as financial advisor, NCTM Studio Legale Associato and Studio Biscozzi Nobili acted as legal advisors, PricewaterhouseCoopers LLP acted as due diligence provider to Comer Industries. Freshfields Bruckhaus Deringer LLP acted as legal advisor to OEP. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improved over the past week After last week's 23% share price gain to €25.80, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 24x in the Machinery industry in Italy. Total returns to shareholders of 168% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €16.63 per share. Upcoming Dividend • Apr 19
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 26 April 2021. Payment date: 28 April 2021. Trailing yield: 2.8%. Lower than top quartile of Italian dividend payers (4.0%). Higher than average of industry peers (1.1%). Reported Earnings • Mar 27
Full year 2020 earnings released: EPS €1.07 (vs €0.91 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €396.2m (down 2.2% from FY 2019). Net income: €21.8m (up 18% from FY 2019). Profit margin: 5.5% (up from 4.6% in FY 2019). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Feb 24
New 90-day high: €13.20 The company is up 22% from its price of €10.80 on 26 November 2020. The Italian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 8.0% over the same period. Is New 90 Day High Low • Feb 08
New 90-day high: €12.40 The company is up 22% from its price of €10.20 on 10 November 2020. The Italian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 11% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: €12.30 The company is up 24% from its price of €9.95 on 21 October 2020. The Italian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: €11.90 The company is up 19% from its price of €10.00 on 08 September 2020. The Italian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: €10.70 The company is up 9.0% from its price of €9.80 on 18 August 2020. The Italian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 8.0% over the same period.