Buy Or Sell Opportunity • May 26
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to €1.12. The fair value is estimated to be €1.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. New Risk • May 19
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • May 19
First quarter 2026 earnings released First quarter 2026 results: €0.02 loss per share. Revenue: €205.0m (down 7.9% from 1Q 2025). Net loss: €3.60m (loss widened 51% from 1Q 2025). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 28 percentage points per year, which is a significant difference in performance. Board Change • May 17
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 3 independent directors (7 non-independent directors). Lead Independent Director Alessandra Bianchi was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annonce • Feb 16
FountainVest Partners cancelled the acquisition of 47.1% stake in EuroGroup Laminations S.p.A. (BIT:EGLA) from E.M.S. Euro Management Services S.p.A. FountainVest Partners entered into share purchase agreement to acquire 47.1% stake in EuroGroup Laminations S.p.A. (BIT:EGLA) from E.M.S. Euro Management Services S.p.A. for approximately €300 million on July 28, 2025. A cash consideration of €295.18 million valued at €3.85 per share will be paid by FountainVest Partners. As part of consideration, €295.18 million is paid towards common equity of EuroGroup Laminations S.p.A. As part of the transaction, EMS reinvests 50% of the proceeds from the sale in the new controlling holding company. In a related transaction Tikehau Capital agreed to sale 7.9% stake in EuroGroup Laminations S.p.A. Tikehau Capital, the second largest shareholder of EuroGroup Laminations, has expressed its support for the transaction and has signed a separate sale and purchase agreement for the sale of its shares. As part of the financing of the transaction, EMS and Tikehau Capital have confirmed their willingness to provide a vendor loan each, where requested. Sergio Lori, Marco Arduini and Isidoro Guardalà will continue to hold, respectively, the positions of president, CEO and deputy-CEO of EuroGroup.
The closing of the transaction is expected by the first half of 2026.
Irving Bellotti, Luigi Labbate, Valerio Leone and Andrea Arese of Rothschild S.p.A. acted as financial advisor and Freshfields LLP (Italy Branch) acted as legal advisor to E.M.S. Euro Management Services S.p.A. Morgan Stanley & Co. International Plc and BNP Paribas acted as financial advisors to FountainVest Partners. Clifford Chance acted as legal advisor for FountainVest Partners. Tikehau Capital has been assisted by Legance as legal advisor.
FountainVest Partners cancelled the acquisition of 47.1% stake in EuroGroup Laminations S.p.A. (BIT:EGLA) from E.M.S. Euro Management Services S.p.A. on February 16, 2026. FountainVest Partners called off the deal after they failed to obtain a regulatory approval in India. Annonce • Dec 19
EuroGroup Laminations S.p.A. to Report First Half, 2026 Results on Aug 03, 2026 EuroGroup Laminations S.p.A. announced that they will report first half, 2026 results on Aug 03, 2026 Major Estimate Revision • Nov 24
Consensus EPS estimates fall by 81% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €910.2m to €832.8m. EPS estimate also fell from €0.101 per share to €0.019 per share. Net income forecast to grow 24% next year vs 42% growth forecast for Electrical industry in Italy. Consensus price target of €3.85 unchanged from last update. Share price fell 6.6% to €3.26 over the past week. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: €0.003 (vs €0.006 in 3Q 2024) Third quarter 2025 results: EPS: €0.003 (down from €0.006 in 3Q 2024). Revenue: €187.5m (down 17% from 3Q 2024). Net income: €396.0k (down 65% from 3Q 2024). Profit margin: 0.2% (down from 0.5% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Electrical industry in Italy. Reported Earnings • Aug 05
Second quarter 2025 earnings released: EPS: €0.029 (vs €0.046 in 2Q 2024) Second quarter 2025 results: EPS: €0.029 (down from €0.046 in 2Q 2024). Revenue: €210.8m (down 3.9% from 2Q 2024). Net income: €3.08m (down 61% from 2Q 2024). Profit margin: 1.5% (down from 3.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Electrical industry in Italy. Price Target Changed • Jul 29
Price target increased by 13% to €3.22 Up from €2.85, the current price target is an average from 3 analysts. New target price is 11% below last closing price of €3.61. Stock is up 5.2% over the past year. The company is forecast to post earnings per share of €0.11 for next year compared to €0.19 last year. New Risk • Jun 19
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.0009x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.4% average weekly change). Profit margins are more than 30% lower than last year (2.4% net profit margin). New Risk • May 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.7% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.0009x net interest cover). Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (2.4% net profit margin). Reported Earnings • May 20
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: €0.19 (down from €0.21 in FY 2023). Revenue: €876.0m (up 4.3% from FY 2023). Net income: €31.1m (down 8.6% from FY 2023). Profit margin: 3.6% (down from 4.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Electrical industry in Italy. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.16, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 9x in the Electrical industry in Italy. Total loss to shareholders of 27% over the past year. Upcoming Dividend • May 12
Upcoming dividend of €0.042 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Italian dividend payers (5.4%). Lower than average of industry peers (2.1%). Price Target Changed • May 11
Price target decreased by 19% to €2.85 Down from €3.52, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €2.77. Stock is down 35% over the past year. The company is forecast to post earnings per share of €0.08 for next year compared to €0.19 last year. Reported Earnings • Apr 18
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: €0.19 (down from €0.21 in FY 2023). Revenue: €876.0m (up 4.3% from FY 2023). Net income: €31.1m (down 8.6% from FY 2023). Profit margin: 3.6% (down from 4.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Electrical industry in Italy. Major Estimate Revision • Apr 17
Consensus EPS estimates fall by 56% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €980.0m to €953.5m. EPS estimate also fell from €0.183 per share to €0.08 per share. Net income forecast to shrink 56% next year vs 36% growth forecast for Electrical industry in Italy . Consensus price target down from €3.52 to €3.28. Share price fell 2.2% to €2.36 over the past week. Declared Dividend • Mar 27
Dividend of €0.042 announced Dividend of €0.042 is the same as last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 1.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 74% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Mar 27
EuroGroup Laminations S.p.A. announces Annual dividend, payable on May 21, 2025 EuroGroup Laminations S.p.A. announced Annual dividend of EUR 0.0420 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Price Target Changed • Feb 25
Price target decreased by 11% to €4.58 Down from €5.14, the current price target is an average from 5 analysts. New target price is 53% above last closing price of €2.99. Stock is down 9.7% over the past year. The company is forecast to post earnings per share of €0.20 for next year compared to €0.21 last year. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €2.88, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Electrical industry in Italy. Total loss to shareholders of 13% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €4.78 per share. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €2.55, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 6x in the Electrical industry in Italy. Total loss to shareholders of 29% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.36 per share. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: €0.006 (vs €0.062 in 3Q 2023) Third quarter 2024 results: EPS: €0.006 (down from €0.062 in 3Q 2023). Revenue: €225.9m (up 18% from 3Q 2023). Net income: €1.13m (down 89% from 3Q 2023). Profit margin: 0.5% (down from 5.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Electrical industry in Italy. Reported Earnings • Aug 05
Second quarter 2024 earnings released: EPS: €0.046 (vs €0.058 in 2Q 2023) Second quarter 2024 results: EPS: €0.046 (down from €0.058 in 2Q 2023). Revenue: €219.3m (down 2.7% from 2Q 2023). Net income: €7.91m (down 12% from 2Q 2023). Profit margin: 3.6% (down from 4.0% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Electrical industry in Italy. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: €0.05 (vs €0.05 in 1Q 2023) First quarter 2024 results: EPS: €0.05 (in line with 1Q 2023). Revenue: €208.0m (down 9.6% from 1Q 2023). Net income: €8.25m (down 12% from 1Q 2023). Profit margin: 4.0% (down from 4.1% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Electrical industry in Italy. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €4.13, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Electrical industry in Italy. Total loss to shareholders of 22% over the past year. Price Target Changed • Mar 13
Price target decreased by 7.4% to €5.33 Down from €5.75, the current price target is an average from 4 analysts. New target price is 47% above last closing price of €3.61. Stock is down 29% over the past year. The company is forecast to post earnings per share of €0.24 for next year compared to €6.43 last year. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.72, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Electrical industry in Italy. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: €0.062 (vs €1.57 in 3Q 2022) Third quarter 2023 results: EPS: €0.062. Revenue: €191.4m (down 14% from 3Q 2022). Net income: €10.5m (up 8.9% from 3Q 2022). Profit margin: 5.5% (up from 4.3% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Electrical industry in Italy. Buying Opportunity • Oct 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 31%. The fair value is estimated to be €4.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last year. Earnings per share has declined by 67%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings is also forecast to grow by 32% per annum over the same time period. New Risk • Aug 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 5.9% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (5.9% average weekly change). High level of non-cash earnings (38% accrual ratio). New Risk • Aug 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% 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 Risk High level of non-cash earnings (38% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Reported Earnings • Aug 08
Second quarter 2023 earnings released Second quarter 2023 results: Net income: €7.57m (up €7.57m from 2Q 2022). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Electrical industry in Italy. Major Estimate Revision • Aug 06
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €993.7m to €907.5m. EPS estimate also fell from €0.279 per share to €0.248 per share. Net income forecast to grow 5.3% next year vs 4.7% growth forecast for Electrical industry in Italy. Consensus price target broadly unchanged at €6.67. Share price rose 9.8% to €5.48 over the past week. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €5.13, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Electrical industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €8.63 per share. New Risk • Jul 18
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. This is currently the only risk that has been identified for the company. Buying Opportunity • May 22
Now 22% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be €7.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last year. Earnings per share has grown by 110%. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings is also forecast to grow by 31% per annum over the same time period. Annonce • Feb 11
EuroGroup Laminations S.p.A. has completed an IPO in the amount of €419.17931 million. EuroGroup Laminations S.p.A. has completed an IPO in the amount of €419.17931 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 76,214,420
Price\Range: €5.5
Discount Per Security: €0.21
Transaction Features: Regulation S; Rule 144A; Sponsor Backed Offering