Buy Or Sell Opportunity • May 05
Now 20% undervalued Over the last 90 days, the stock has risen 3.5% to €5.05. The fair value is estimated to be €6.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Upcoming Dividend • May 04
Inaugural dividend of €0.096 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 13 May 2026. This is the first dividend for Ecomembrane since going public. The average dividend yield among industry peers is 1.0%. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €5.65, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Machinery industry in Italy. Total returns to shareholders of 38% over the past year. New Risk • Apr 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (€21.5m market cap, or US$25.3m). Price Target Changed • Apr 13
Price target decreased by 8.5% to €6.50 Down from €7.10, the current price target is provided by 1 analyst. New target price is 31% above last closing price of €4.96. Stock is up 36% over the past year. Reported Earnings • Apr 08
Full year 2025 earnings released Full year 2025 results: Revenue: €26.3m (up 30% from FY 2024). Net income: €1.14m (up €975.5k from FY 2024). Profit margin: 4.3% (up from 0.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Machinery industry in Italy. Annonce • Apr 06
Ecomembrane S.p.A., Annual General Meeting, Apr 21, 2026 Ecomembrane S.p.A., Annual General Meeting, Apr 21, 2026, at 17:15 W. Europe Standard Time. Annonce • Mar 24
Ecomembrane S.p.A. announces Annual dividend, payable on May 13, 2026 Ecomembrane S.p.A. announced Annual dividend of EUR 0.0960 per share payable on May 13, 2026, ex-date on May 11, 2026 and record date on May 12, 2026. New Risk • Mar 19
New major risk - Revenue and earnings growth Earnings have declined by 84% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 84% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (€21.0m market cap, or US$24.2m). New Risk • Feb 03
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 5.6% 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 Share price has been volatile over the past 3 months (5.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (€18.0m market cap, or US$21.3m). Buy Or Sell Opportunity • Apr 15
Now 27% overvalued Over the last 90 days, the stock has fallen 15% to €3.90. The fair value is estimated to be €3.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 53% per annum over the same time period. New Risk • Apr 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 236% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (€16.7m market cap, or US$18.2m). Annonce • Oct 14
BayWa r.e. bioenergy GmbH completed the acquisition of 37.8932% stake in Alvus S.r.l and Favus S.r.l.- Favus Gmbhfrom from Ecomembrane S.r.l. BayWa r.e. bioenergy GmbH signed an agreement to acquire a 18.9466% stake in Alvus S.r.l and Favus S.R.L. - Favus Gmbh from Ecomembrane S.r.l. on August 9, 2023. The agreement, in addition to providing a set of declarations and guarantees, provides for the occurrence of certain conditions precedent before the closing, expected by the end 2023.
BayWa r.e. bioenergy GmbH completed the acquisition of 18.9466% stake in Alvus S.r.l and Favus S.R.L. - Favus Gmbh from Ecomembrane S.r.l. on October 12, 2023. New Risk • Aug 17
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 4.7% 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: Major Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (4.7% average weekly change). Market cap is less than US$100m (€33.3m market cap, or US$36.2m).