Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €2.18, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Electronic industry in Italy. Total loss to shareholders of 47% over the past three years. Reported Earnings • Apr 17
Full year 2025 earnings released Full year 2025 results: Revenue: €319.1m (up 6.5% from FY 2024). Net income: €1.04m (up €32.7m from FY 2024). Profit margin: 0.3% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Electronic industry in Europe. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. New Risk • Apr 16
New major risk - Revenue and earnings growth Earnings have declined by 66% 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 Risk Earnings have declined by 66% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€67.8m market cap, or US$79.8m). Annonce • Feb 18
SIT S.p.A. (BIT:SIT) entered into agreement to acquire remaining 75.10% stake in Conthidra Sl. SIT S.p.A. (BIT:SIT) entered into agreement to acquire remaining 75.10% stake in Conthidra Sl on February 18, 2026. Upon completion, Conthidra’s management team will remain in place, continuing to lead the company’s expansion in Spain and Latin America and SIT S.p.A. will own 100% stake in Conthidra Sl.
For the period ending December 31, 2025, Conthidra Sl reported total revenue of €10 million and EBITDA of €0.6 million.
The deal is expected to close in the second quarter of 2026, pending customary conditions, including the completion of due diligence. The acquisition is not expected to materially affect the Group’s net financial position.
SIT was advised by the law firm SAT – Spinazzi Azzarita Troi Genito Scimemi, with Mariscal Abogados providing support in Spain. The sellers were represented by Arellano Asociados. Board Change • Feb 01
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. Independent Director Giorgio Martorelli was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Oct 28
Third quarter 2025 earnings released Third quarter 2025 results: EPS: €0.09. Revenue: €84.3m (up 17% from 3Q 2024). Net income: €2.20m (up €4.35m from 3Q 2024). Profit margin: 2.6% (up from net loss in 3Q 2024). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Electronic industry in Italy. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. New Risk • Sep 11
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 8.2% 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 Risk Share price has been highly volatile over the past 3 months (8.2% average weekly change). Minor Risk Market cap is less than US$100m (€46.5m market cap, or US$54.6m). Buy Or Sell Opportunity • Aug 27
Now 20% undervalued Over the last 90 days, the stock has risen 27% to €1.60. The fair value is estimated to be €2.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 13
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €83.6m (up 2.2% from 2Q 2024). Net income: €2.15m (up €6.42m from 2Q 2024). Profit margin: 2.6% (up from net loss in 2Q 2024). Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Electronic industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. New Risk • May 11
New major risk - Revenue and earnings growth Earnings have declined by 67% 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 (8.8% average weekly change). Earnings have declined by 67% per year over the past 5 years. Minor Risks High level of debt (149% net debt to equity). Market cap is less than US$100m (€31.4m market cap, or US$35.4m). Reported Earnings • Apr 20
Full year 2024 earnings released Full year 2024 results: Revenue: €299.5m (down 8.2% from FY 2023). Net loss: €31.6m (loss widened 35% from FY 2023). New Risk • Apr 19
New major risk - Revenue and earnings growth Earnings have declined by 63% 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 (1.8x net interest cover). Share price has been highly volatile over the past 3 months (9.1% average weekly change). Earnings have declined by 63% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€30.1m market cap, or US$34.3m). Reported Earnings • Nov 10
Third quarter 2024 earnings released Third quarter 2024 results: €0.088 loss per share. Revenue: €71.9m (down 4.4% from 3Q 2023). Net loss: €2.15m (loss widened 75% from 3Q 2023). Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Electronic industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 22 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 04
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €81.8m (down 1.8% from 2Q 2023). Net loss: €4.28m (loss narrowed 78% from 2Q 2023). Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Electronic industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jun 19
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €341.9m to €329.1m. Now expected to report a loss of €0.13 per share instead of €0.12 per share profit previously forecast. Electronic industry in Italy expected to see average net income growth of 26% next year. Consensus price target down from €4.20 to €2.20. Share price rose 3.3% to €1.90 over the past week. Reported Earnings • Apr 26
Full year 2023 earnings released Full year 2023 results: Revenue: €326.3m (down 17% from FY 2022). Net loss: €23.4m (down 309% from profit in FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Electronic industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 09
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 30% to €2.71. The fair value is estimated to be €2.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 2.2% in a year. Earnings are forecast to grow by 62% in the next year. New Risk • Dec 01
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 8.2% 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 Debt is not well covered by operating cash flow (8.6% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.2% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (€69.0m market cap, or US$75.1m). Reported Earnings • Nov 12
Third quarter 2023 earnings released Third quarter 2023 results: €0.051 loss per share. Revenue: €75.2m (down 21% from 3Q 2022). Net loss: €1.23m (loss narrowed 67% from 3Q 2022). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, while revenues in the Electronic industry in Italy are expected to remain flat. New Risk • Oct 13
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 5.1% 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 (1.9x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.1% average weekly change). Market cap is less than US$100m (€67.1m market cap, or US$70.4m). Reported Earnings • Oct 01
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €83.3m (down 17% from 2Q 2022). Net loss: €19.5m (down €21.3m from profit in 2Q 2022). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Electronic industry in Italy. New Risk • Jul 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €90.4m (US$98.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.04% net profit margin). Market cap is less than US$100m (€90.4m market cap, or US$98.6m). Major Estimate Revision • Jun 04
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €394.1m to €375.0m. EPS estimate also fell from €0.447 per share to €0.383 per share. Net income forecast to grow 6,219% next year vs 9.4% growth forecast for Electronic industry in Italy. Consensus price target down from €8.40 to €5.70. Share price fell 2.3% to €4.19 over the past week. Reported Earnings • May 19
First quarter 2023 earnings released First quarter 2023 results: Revenue: €83.6m (down 11% from 1Q 2022). Net income: €1.34m (down 89% from 1Q 2022). Profit margin: 1.6% (down from 13% in 1Q 2022). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Electronic industry in Italy. Price Target Changed • Nov 16
Price target decreased to €8.40 Down from €9.30, the current price target is provided by 1 analyst. New target price is 26% above last closing price of €6.68. Stock is down 37% over the past year. The company posted earnings per share of €0.34 last year. Reported Earnings • Oct 10
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €100.9m (up 3.4% from 2Q 2021). Net income: €1.84m (up 20% from 2Q 2021). Profit margin: 1.8% (up from 1.6% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Electronic industry in Italy. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 16% share price gain to €7.24, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 21x in the Electronic industry in Italy. Negligible returns to shareholders over past three years. Reported Earnings • May 14
First quarter 2022 earnings released First quarter 2022 results: EPS: €0.51. Revenue: €93.8m (up 1.2% from 1Q 2021). Net income: €12.4m (up 55% from 1Q 2021). Profit margin: 13% (up from 8.6% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Over the next year, revenue is forecast to grow 5.9%, compared to a 10% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 02
Upcoming dividend of €0.30 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. Payout ratio is on the higher end at 89%, however this is supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Italian dividend payers (4.7%). Higher than average of industry peers (2.0%). Price Target Changed • Apr 27
Price target decreased to €12.40 Down from €13.70, the current price target is provided by 1 analyst. New target price is 89% above last closing price of €6.56. Stock is down 13% over the past year. The company is forecast to post earnings per share of €0.58 for next year compared to €0.34 last year. Major Estimate Revision • Mar 30
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €409.0m to €399.5m. EPS estimate also fell from €0.71 per share to €0.58 per share. Net income forecast to grow 76% next year vs 23% growth forecast for Electronic industry in Italy. Consensus price target down from €13.70 to €12.40. Share price was steady at €8.20 over the past week. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €7.24, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Electronic industry in Italy. Total loss to shareholders of 9.6% over the past three years. Buying Opportunity • Feb 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €11.44, 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. Earnings per share has declined by 21% per annum over the last 3 years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: €0.017 loss per share The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: €96.0m (up 2.5% from 3Q 2020). Net loss: €422.0k (down 106% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Sep 25
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €97.6m (up 63% from 2Q 2020). Net income: €1.54m (up €1.88m from 2Q 2020). Profit margin: 1.6% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 18% share price gain to €10.45, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Electronic industry in Italy. Total returns to shareholders of 19% over the past three years. Annonce • Sep 01
SIT S.p.A. (BIT:SIT) completed the acquisition of Emerson Electric NGA product line from Emerson Electric Co. (NYSE:EMR). SIT S.p.A. (BIT:SIT) agreed to acquire NGA product line from Emerson Electric Co. (NYSE:EMR) on July 15, 2021. The transaction is expected to close by the end of Q3 2021, and is subject to various conditions. Legale Spinazzi Azzarita Troi and Santamarina y Steta, S.C. acted as legal advisors to SIT S.p.A.
SIT S.p.A. (BIT:SIT) completed the acquisition of Emerson Electric NGA product line from Emerson Electric Co. (NYSE:EMR) on September 1, 2021. Annonce • Jul 16
SIT S.p.A. (BIT:SIT) agreed to acquire NGA product line from Emerson Electric Co. (NYSE:EMR). SIT S.p.A. (BIT:SIT) agreed to acquire NGA product line from Emerson Electric Co. (NYSE:EMR) on July 15, 2021. The transaction is expected to close by the end of Q3 2021, and is subject to various conditions. Legale Spinazzi Azzarita Troi and Santamarina y Steta, S.C. acted as legal advisors to SIT S.p.A. Upcoming Dividend • May 04
Upcoming dividend of €0.28 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 12 May 2021. Trailing yield: 3.8%. Lower than top quartile of Italian dividend payers (3.9%). Higher than average of industry peers (2.4%). Reported Earnings • Mar 31
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €320.7m (down 8.9% from FY 2019). Net income: €13.2m (down 34% from FY 2019). Profit margin: 4.1% (down from 5.7% in FY 2019). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Feb 19
New 90-day high: €6.74 The company is up 39% from its price of €4.85 on 20 November 2020. The Italian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: €6.60 The company is up 34% from its price of €4.93 on 21 October 2020. The Italian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: €5.68 The company is up 29% from its price of €4.40 on 29 September 2020. The Italian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 18% over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: €5.00 The company is up 13% from its price of €4.43 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 Electronic industry, which is up 6.0% over the same period. Is New 90 Day High Low • Oct 19
New 90-day high: €4.98 The company is up 5.0% from its price of €4.76 on 21 July 2020. The Italian market is down 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 19% over the same period. Annonce • Oct 16
SIT S.p.A. (BIT:SIT) agreed to acquire Janz - Contagem E GestAo De FluIdos, S.A. from Janz family for €28.8 million. SIT S.p.A. (BIT:SIT) agreed to acquire Janz - Contadores De Energia, S.A for €28.8 million from Janz family on October 15, 2020. The value of the acquisition is €28 million on cash and debt free basis. The agreed price, excluding cash and financial payables, is approximately €28 million and an earn-out of up to €0.8 million is also envisaged based on the achievement of specific targets during the 2021. The perimeter of the acquisition includes, in addition to 100% of Janz, also a division that deals with mechanical machining and a stake in the distribution company in Spain and South American markets of Janz products, segments that will merge into a single entity at the time of closing. The operation will be financed by a new credit line that SIT S.p.A has obtained from the banks participating in the existing syndicated loan. For the year ended December 2019, Janz - Contadores De Energia, S.A. reported revenues of €18.6 million and EBITDA of €4 million. The transaction is subject to the fulfillment of certain conditions, including the obtaining of all legal approvals and authorizations. The transaction is expected to close in December 2020. SAT - Spinazzi Azzarita Troi Genito Legal Firm and PLMJ Advogados acted as legal advisors for SIT S.p.A. PwC acted as financial, accounting and tax due diligence advisors for SIT S.p.A. Enrico Arietti and Diogo Torrado of Oaklins acted as financial advisors for SIT S.p.A. Janz family was advised by Garrigues Portugal. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of €19.2m, down 5.8% from the prior year. Total revenue was €318.3m over the last 12 months, down 9.5% from the prior year. Is New 90 Day High Low • Sep 18
New 90-day low: €4.27 The company is down 11% from its price of €4.81 on 19 June 2020. The Italian market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 16% over the same period.