Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €4.04, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Machinery industry in Italy. Total loss to shareholders of 12% over the past three years. New Risk • Jul 26
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 5.8% 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 (5.8% average weekly change). Market cap is less than US$100m (€48.0m market cap, or US$54.6m). Major Estimate Revision • Apr 15
Consensus EPS estimates increase by 15%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from €35.0m to €33.0m. EPS estimate rose from €0.20 to €0.23. Net income forecast to grow 31% next year vs 16% growth forecast for Machinery industry in Italy. Consensus price target down from €4.48 to €4.30. Share price was steady at €3.16 over the past week. Reported Earnings • Apr 09
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: €0.17 (up from €0.07 in FY 2024). Revenue: €30.0m (up 10% from FY 2024). Net income: €2.21m (up 140% from FY 2024). Profit margin: 7.4% (up from 3.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 32%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. New Risk • Apr 02
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (€36.1m market cap, or US$41.6m). Major Estimate Revision • Oct 26
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €32.3m to €30.4m. EPS estimate also fell from €0.18 per share to €0.13 per share. Net income forecast to grow 143% next year vs 34% growth forecast for Machinery industry in Italy. Consensus price target of €4.48 unchanged from last update. Share price was steady at €3.34 over the past week. Major Estimate Revision • May 02
Consensus revenue estimates fall by 84% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €34.7m to €5.43m. EPS estimate fell from €0.32 to €0.18 per share. Net income forecast to grow 160% next year vs 0.5% decline forecast for Machinery industry in Italy. Consensus price target down from €5.76 to €4.92. Share price rose 3.4% to €3.06 over the past week. Reported Earnings • Apr 04
Full year 2024 earnings released: EPS: €0.07 (vs €0.33 in FY 2023) Full year 2024 results: EPS: €0.07 (down from €0.33 in FY 2023). Revenue: €27.2m (down 24% from FY 2023). Net income: €923.0k (down 79% from FY 2023). Profit margin: 3.4% (down from 12% in FY 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 4.9% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. New Risk • Apr 02
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 6.0% 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 High level of non-cash earnings (33% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Profit margins are more than 30% lower than last year (5.5% net profit margin). Market cap is less than US$100m (€35.1m market cap, or US$37.9m). Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €3.22, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Machinery industry in Italy. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €3.16, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Machinery industry in Italy. Total loss to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €2.43, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Machinery industry in Italy. Total loss to shareholders of 42% over the past three years. New Risk • Oct 24
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 High level of non-cash earnings (33% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (5.5% net profit margin). Market cap is less than US$100m (€31.7m market cap, or US$34.3m). Major Estimate Revision • Oct 10
Consensus revenue estimates fall by 17% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €36.2m to €30.1m. EPS estimate fell from €0.36 to €0.23 per share. Net income forecast to grow 113% next year vs 24% growth forecast for Machinery industry in Italy. Consensus price target down from €7.24 to €5.76. Share price was steady at €3.02 over the past week. Reported Earnings • Sep 29
First half 2024 earnings released: EPS: €0.062 (vs €0.27 in 1H 2023) First half 2024 results: EPS: €0.062 (down from €0.27 in 1H 2023). Revenue: €14.1m (down 27% from 1H 2023). Net income: €811.0k (down 77% from 1H 2023). Profit margin: 5.8% (down from 18% in 1H 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 4.6% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €4.21, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Machinery industry in Italy. Total returns to shareholders of 33% over the past three years. Upcoming Dividend • May 06
Upcoming dividend of €0.05 per share Eligible shareholders must have bought the stock before 13 May 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Italian dividend payers (5.7%). In line with average of industry peers (1.4%). New Risk • Apr 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 53% 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 (53% accrual ratio). Minor Risk Market cap is less than US$100m (€44.7m market cap, or US$47.8m). New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. 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 2023 fiscal period end). Market cap is less than US$100m (€47.8m market cap, or US$50.8m). Major Estimate Revision • Nov 07
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €40.9m to €36.4m. EPS estimate fell from €0.50 to €0.43 per share. Net income forecast to grow 14% next year vs 5.9% growth forecast for Machinery industry in Italy. Consensus price target down from €8.90 to €8.10. Share price was steady at €4.34 over the past week. Reported Earnings • Oct 05
First half 2023 earnings released: EPS: €0.30 (vs €0.21 in 1H 2022) First half 2023 results: EPS: €0.30 (up from €0.21 in 1H 2022). Revenue: €19.3m (up 17% from 1H 2022). Net income: €3.48m (up 25% from 1H 2022). Profit margin: 18% (up from 17% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 35% per year. Upcoming Dividend • May 01
Upcoming dividend of €0.10 per share at 2.2% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 10 May 2023. Payout ratio is a comfortable 25% and the cash payout ratio is 85%. Trailing yield: 2.2%. Lower than top quartile of Italian dividend payers (5.1%). Higher than average of industry peers (1.0%). Price Target Changed • Apr 08
Price target increased by 11% to €8.33 Up from €7.50, the current price target is provided by 1 analyst. New target price is 78% above last closing price of €4.67. Stock is down 3.7% over the past year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improved over the past week After last week's 17% share price gain to €4.04, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Machinery industry in Italy. Total returns to shareholders of 51% over the past three years. Reported Earnings • Sep 30
First half 2022 earnings released: EPS: €0 (vs €0.19 in 1H 2021) First half 2022 results: EPS: €0. Revenue: €16.5m (up 18% from 1H 2021). Net income: €2.77m (up 11% from 1H 2021). Profit margin: 17% (down from 18% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Machinery industry in Italy. Upcoming Dividend • May 02
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Italian dividend payers (4.7%). Higher than average of industry peers (1.2%). Price Target Changed • Apr 27
Price target increased to €8.25 Up from €6.56, the current price target is provided by 1 analyst. New target price is 83% above last closing price of €4.51. Stock is up 38% over the past year. The company is forecast to post earnings per share of €0.41 for next year compared to €0.38 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Apr 16
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €0.39 (up from €0.19 in FY 2020). Revenue: €28.6m (up 62% from FY 2020). Net income: €5.04m (up 106% from FY 2020). Profit margin: 18% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 9.1%, compared to a 17% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improved over the past week After last week's 16% share price gain to €5.20, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Machinery industry in Italy. Total returns to shareholders of 78% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 23% share price decline to €3.78, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Machinery industry in Italy. Total returns to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 18% share price gain to €5.60, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Machinery industry in Italy. Total returns to shareholders of 94% over the past three years. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 19% share price gain to €4.70, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Machinery industry in Italy. Total returns to shareholders of 52% over the past three years. Reported Earnings • Oct 01
First half 2021 earnings released The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €13.9m (up 70% from 1H 2020). Net income: €2.51m (up €2.18m from 1H 2020). Profit margin: 18% (up from 4.0% in 1H 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 26% share price gain to €4.14, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 23x in the Machinery industry in Italy. Total returns to shareholders of 30% over the past three years. Major Estimate Revision • Jul 28
Consensus EPS estimates increase to €0.22 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €22.5m to €24.4m. EPS estimate increased from €0.19 to €0.22 per share. Net income forecast to grow 15% next year vs 45% growth forecast for Machinery industry in Italy. Consensus price target up from €5.23 to €5.84. Share price fell 2.4% to €3.26 over the past week. Upcoming Dividend • Apr 26
Upcoming dividend of €0.05 per share Eligible shareholders must have bought the stock before 03 May 2021. Payment date: 05 May 2021. Trailing yield: 1.5%. Lower than top quartile of Italian dividend payers (4.0%). Higher than average of industry peers (0.9%). Price Target Changed • Apr 24
Price target increased to €5.23 Up from €3.44, the current price target is provided by 1 analyst. New target price is 59% above last closing price of €3.28. Stock is up 66% over the past year. Is New 90 Day High Low • Jan 04
New 90-day high: €2.65 The company is up 43% from its price of €1.85 on 06 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 12% over the same period. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 22% share price gain to €2.65, the stock is trading at a trailing P/E ratio of 20.5x, up from the previous P/E ratio of 16.8x. This compares to an average P/E of 17x in the Machinery industry in Italy. Total returns to shareholders over the past year are 3.9%. Is New 90 Day High Low • Dec 17
New 90-day high: €2.21 The company is up 23% from its price of €1.79 on 18 September 2020. The Italian market is up 9.0% 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. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 19% share price gain to €2.03, the stock is trading at a trailing P/E ratio of 15.7x, up from the previous P/E ratio of 13.2x. This compares to an average P/E of 17x in the Machinery industry in Italy. Total return to shareholders over the past year is a loss of 21%. Is New 90 Day High Low • Nov 25
New 90-day high: €2.03 The company is up 13% from its price of €1.80 on 26 August 2020. The Italian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 12% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: €1.64 The company is down 10.0% from its price of €1.82 on 30 July 2020. The Italian market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 4.0% over the same period. Major Estimate Revision • Oct 14
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from €0.13 to €0.09. Revenue estimate was approximately flat at €17.3m. Net income is expected to grow by 66% next year compared to 0.03% growth forecast for the Machinery industry in Italy. The consensus price target increased from €3.44 to €3.49. Share price is up 6.3% to €1.96 over the past week. Is New 90 Day High Low • Sep 29
New 90-day low: €1.66 The company is down 13% from its price of €1.91 on 01 July 2020. The Italian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 15% over the same period.