Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €2.36, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Software industry in Italy. Total loss to shareholders of 35% over the past three years. Price Target Changed • Apr 16
Price target decreased by 9.3% to €4.85 Down from €5.35, the current price target is an average from 2 analysts. New target price is 109% above last closing price of €2.32. Stock is up 33% over the past year. The company is forecast to post earnings per share of €0.27 for next year compared to €0.18 last year. Reported Earnings • Apr 14
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: €0.18 (up from €0.17 loss in FY 2024). Revenue: €36.5m (up 7.1% from FY 2024). Net income: €1.38m (up €2.88m from FY 2024). Profit margin: 3.8% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Italy. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. New Risk • Apr 14
New major risk - Revenue and earnings growth Earnings have declined by 78% 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 Interest payments are not well covered by earnings (0.9x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 78% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€18.3m market cap, or US$21.5m). Annonce • Apr 13
Siav S.p.A., Annual General Meeting, Apr 27, 2026 Siav S.p.A., Annual General Meeting, Apr 27, 2026, at 15:00 W. Europe Standard Time. Price Target Changed • Feb 10
Price target increased by 21% to €5.18 Up from €4.28, the current price target is an average from 2 analysts. New target price is 61% above last closing price of €3.22. Stock is up 56% over the past year. The company is forecast to post earnings per share of €0.23 next year compared to a net loss per share of €0.17 last year. New Risk • Nov 25
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 5.7% 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 Interest payments are not well covered by earnings (0.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (€20.6m market cap, or US$23.8m). Price Target Changed • Nov 21
Price target decreased by 17% to €4.28 Down from €5.13, the current price target is an average from 2 analysts. New target price is 102% above last closing price of €2.12. Stock is up 6.0% over the past year. The company is forecast to post earnings per share of €0.049 next year compared to a net loss per share of €0.17 last year. Price Target Changed • Jun 26
Price target decreased by 17% to €5.13 Down from €6.20, the current price target is an average from 3 analysts. New target price is 140% above last closing price of €2.14. Stock is down 19% over the past year. The company is forecast to post earnings per share of €0.05 next year compared to a net loss per share of €0.17 last year. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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 Risks Interest payments are not well covered by earnings (0.7x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 68% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€15.6m market cap, or US$17.7m). Annonce • Apr 14
Siav S.p.A., Annual General Meeting, Apr 28, 2025 Siav S.p.A., Annual General Meeting, Apr 28, 2025, at 15:00 W. Europe Standard Time. Price Target Changed • Apr 11
Price target decreased by 9.4% to €6.20 Down from €6.85, the current price target is an average from 2 analysts. New target price is 220% above last closing price of €1.94. Stock is down 20% over the past year. The company posted a net loss per share of €0.031 last year. Reported Earnings • Oct 06
First half 2024 earnings released First half 2024 results: Revenue: €16.4m (down 1.3% from 1H 2023). Net loss: €496.0k (loss widened 34% from 1H 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Italy. New Risk • Oct 02
New major risk - Revenue and earnings growth Earnings have declined by 68% 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 Interest payments are not well covered by earnings (0.7x net interest cover). Earnings have declined by 68% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€16.1m market cap, or US$17.8m). New Risk • Jun 07
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 Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (€25.2m market cap, or US$27.3m). Reported Earnings • May 04
Full year 2023 earnings released Full year 2023 results: Revenue: €34.0m (up 1.3% from FY 2022). Net loss: €275.8k (down 127% from profit in FY 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Italy. New Risk • Apr 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 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 Risks Interest payments are not well covered by earnings (2.2x net interest cover). High level of non-cash earnings (31% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (1.9% net profit margin). Market cap is less than US$100m (€21.8m market cap, or US$23.2m). Price Target Changed • Apr 10
Price target decreased by 7.8% to €6.97 Down from €7.56, the current price target is an average from 2 analysts. New target price is 186% above last closing price of €2.44. Stock is down 25% over the past year. The company posted earnings per share of €0.11 last year. New Risk • Oct 08
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: 1.9% Last year net profit margin: 4.9% 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: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). High level of non-cash earnings (31% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (1.9% net profit margin). Market cap is less than US$100m (€31.8m market cap, or US$33.7m). New Risk • Oct 01
New major risk - Revenue and earnings growth Revenue has declined by 8.1% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Interest payments are not well covered by earnings (2.0x net interest cover). Revenue has declined by 8.1% over the past year. High level of non-cash earnings (31% accrual ratio). Minor Risk Market cap is less than US$100m (€32.7m market cap, or US$34.5m). New Risk • Jul 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 33% 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 Debt is not well covered by operating cash flow (20% operating cash flow to total debt). High level of non-cash earnings (33% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (€35.0m market cap, or US$38.8m). Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €4.41, the stock trades at a trailing P/E ratio of 40.1x. Average forward P/E is 24x in the Software industry in Italy. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €3.80, the stock trades at a trailing P/E ratio of 34.6x. Average forward P/E is 19x in the Software industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €7.17 per share. Board Change • Jan 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. Chairman and President Alfieri Voltan is the most experienced director on the board, commencing their role in 1969. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 03
First half 2022 earnings released: EPS: €0 (vs €0 in 1H 2021) First half 2022 results: EPS: €0 (in line with 1H 2021). Revenue: €18.7m (up 112% from 1H 2021). Net loss: €155.0k (loss widened 256% from 1H 2021). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Software industry in Italy. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €3.28, the stock trades at a trailing P/E ratio of 26.6x. Average forward P/E is 21x in the Software industry in Italy. Annonce • Aug 06
Siav S.p.A. has completed an IPO in the amount of €4.5 million. Siav S.p.A. has completed an IPO in the amount of €4.5 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,500,000
Price\Range: €3