Upcoming Dividend • May 04
Upcoming dividend of €0.095 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 13 May 2026. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Italian dividend payers (4.5%). Lower than average of industry peers (2.4%). Reported Earnings • Mar 31
Full year 2025 earnings released Full year 2025 results: Revenue: €73.1m (up 11% from FY 2024). Net income: €5.43m (down 6.4% from FY 2024). Profit margin: 7.4% (down from 8.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Leisure industry in Italy. Declared Dividend • Mar 29
Dividend increased to €0.095 Dividend of €0.095 is 5.6% higher than last year. Ex-date: 11th May 2026 Payment date: 13th May 2026 Dividend yield will be 2.0%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (53% 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 dividend has increased by an average of 6.5% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Mar 27
Racing Force S.P.A. announces Annual dividend, payable on May 13, 2026 Racing Force S.P.A. announced Annual dividend of EUR 0.0950 per share payable on May 13, 2026, ex-date on May 11, 2026 and record date on May 12, 2026. Buy Or Sell Opportunity • Nov 24
Now 21% undervalued Over the last 90 days, the stock has risen 1.9% to €4.89. The fair value is estimated to be €6.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 39% in the next 2 years. Buy Or Sell Opportunity • Nov 04
Now 21% undervalued Over the last 90 days, the stock has risen 3.6% to €4.94. The fair value is estimated to be €6.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 39% in the next 2 years. Reported Earnings • Sep 28
First half 2025 earnings released: EPS: €0.16 (vs €0.20 in 1H 2024) First half 2025 results: EPS: €0.16 (down from €0.20 in 1H 2024). Revenue: €39.3m (up 4.6% from 1H 2024). Net income: €4.25m (down 21% from 1H 2024). Profit margin: 11% (down from 14% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Leisure industry in Italy. Buy Or Sell Opportunity • Aug 07
Now 21% undervalued Over the last 90 days, the stock has risen 13% to €4.71. The fair value is estimated to be €5.93, 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 6.7% per annum. Earnings are also forecast to grow by 7.6% per annum over the same time period. Upcoming Dividend • May 05
Upcoming dividend of €0.09 per share Eligible shareholders must have bought the stock before 12 May 2025. Payment date: 14 May 2025. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Italian dividend payers (5.5%). Lower than average of industry peers (3.2%). Annonce • Apr 10
Racing Force S.P.A., Annual General Meeting, Apr 29, 2025 Racing Force S.P.A., Annual General Meeting, Apr 29, 2025, at 14:00 W. Europe Standard Time. Buy Or Sell Opportunity • Apr 02
Now 21% undervalued Over the last 90 days, the stock has risen 8.6% to €4.18. The fair value is estimated to be €5.28, 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 6.9% per annum. Earnings are also forecast to grow by 9.5% per annum over the same time period. Declared Dividend • Mar 31
Dividend of €0.09 announced Dividend of €0.09 is the same as last year. Ex-date: 12th May 2025 Payment date: 14th May 2025 Dividend yield will be 2.1%, which is lower than the industry average of 2.5%. Sustainability & Growth The dividend has increased by an average of 8.7% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Mar 30
Racing Force S.P.A. announces Annual dividend, payable on May 14, 2025 Racing Force S.P.A. announced Annual dividend of EUR 0.0900 per share payable on May 14, 2025, ex-date on May 12, 2025 and record date on May 13, 2025. New Risk • Jul 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.7% net profit margin). Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Upcoming Dividend • May 06
Upcoming dividend of €0.09 per share Eligible shareholders must have bought the stock before 13 May 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Italian dividend payers (5.7%). Lower than average of industry peers (3.4%). Reported Earnings • Apr 19
Full year 2023 earnings released Full year 2023 results: Revenue: €62.7m (up 6.4% from FY 2022). Net income: €4.79m (down 37% from FY 2022). Profit margin: 7.7% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Leisure industry in Europe. New Risk • Apr 08
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: Major Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 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 (5.9% average weekly change). Profit margins are more than 30% lower than last year (8.8% net profit margin). New Risk • Feb 09
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 5.5% 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: Major Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.5% average weekly change). Profit margins are more than 30% lower than last year (8.8% net profit margin). Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorates as stock falls 13% After last week's 13% share price decline to €4.62, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 15x in the Leisure industry in Europe. Total loss to shareholders of 11% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.22 per share. Major Estimate Revision • Feb 07
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €64.5m to €62.8m. EPS estimate also fell from €0.222 per share to €0.175 per share. Net income forecast to shrink 9.9% next year vs 23% growth forecast for Leisure industry in Italy . Consensus price target down from €6.40 to €6.10. Share price fell 13% to €4.62 over the past week. Major Estimate Revision • Sep 28
Consensus EPS estimates fall by 17%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €64.5m to €65.4m. EPS estimate fell from €0.28 to €0.232 per share. Net income forecast to grow 17% next year vs 21% growth forecast for Leisure industry in Italy. Consensus price target down from €6.80 to €6.45. Share price fell 7.8% to €5.22 over the past week. New Risk • Sep 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% 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 (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (8.8% net profit margin). Shareholders have been diluted in the past year (8.2% increase in shares outstanding). Reported Earnings • Sep 24
First half 2023 earnings released First half 2023 results: Revenue: €37.2m (up 11% from 1H 2022). Net income: €4.88m (down 30% from 1H 2022). Profit margin: 13% (down from 21% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Leisure industry in Europe. Buying Opportunity • Sep 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be €7.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 49% in the next 2 years. New Risk • Sep 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.8% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (8.8% net profit margin). Shareholders have been diluted in the past year (8.2% increase in shares outstanding). Upcoming Dividend • May 08
Upcoming dividend of €0.09 per share at 1.5% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Trailing yield: 1.5%. Lower than top quartile of Italian dividend payers (5.2%). Lower than average of industry peers (2.4%). Reported Earnings • Apr 20
Full year 2022 earnings released Full year 2022 results: Revenue: €58.9m (up 26% from FY 2021). Net income: €7.55m (up 81% from FY 2021). Profit margin: 13% (up from 8.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Leisure industry in Europe. Annonce • Jan 13
Racing Force S.P.A. has completed a Follow-on Equity Offering in the amount of €10.000002 million. Racing Force S.P.A. has completed a Follow-on Equity Offering in the amount of €10.000002 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,941,748
Price\Range: €5.15
Transaction Features: Subsequent Direct Listing Reported Earnings • Sep 30
First half 2022 earnings released: EPS: €0 (vs €0 in 1H 2021) First half 2022 results: EPS: €0 (in line with 1H 2021). Revenue: €33.6m (up 35% from 1H 2021). Net income: €6.94m (up 93% from 1H 2021). Profit margin: 21% (up from 14% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Leisure industry in Europe.