お知らせ • Feb 13
Tod's Rises 17% on L Catterton Bids to Help Owner's Delisting Plan Shares in TOD'S S.p.A. rose 17.4%, after private equity firm L Catterton offered to buy 36% of the luxury shoemaker and take it private, in agreement with the Della Valle founding family. Shares rose to EUR 42.7 each by 08:35 GMT, just below the EUR 43 per share offered by the investment firm backed by France's LVMH, which values Tod's at just over EUR 1.4 billion. The move follows a failed attempt in 2022 by the Della Valles, who own 64.5% of Tod's, to take the company private. In addition to the eponymous brand, famous for its Gommino loafers, Tod's also owns the iconic Roger Vivier shoe brand, as well as the Fay and Hogan labels. The Della Valle family refrained however from still taking Tod's private, as they had said they could do, by merging it into their DeVa Finance vehicle. But L Catterton said it plans to merge Tod's into the vehicle used to launch the offer if the bid fails to reach the delisting threshold. CEO and founder Diego Della Valle is tendering its 10.45% stake in Tod's, while retaining another 54% together with his brother Andrea. LVMH will keep its 10% stake and L Catterton will own the remainder of Tod's if the offer is successful. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to €42.86, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 15x in the Luxury industry in Europe. Total returns to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €45.64 per share. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: €0.70 (vs €0.18 loss in FY 2021) Full year 2022 results: EPS: €0.70 (up from €0.18 loss in FY 2021). Revenue: €1.03b (up 14% from FY 2021). Net income: €23.1m (up €29.0m from FY 2021). Profit margin: 2.2% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Luxury industry in Germany. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. お知らせ • Oct 28
DeVa Finance cancelled the acquisition of TOD'S S.p.A. (BIT : TOD). DeVa Finance made an offer to acquire a 25.55% stake in TOD'S S.p.A. (BIT : TOD) for approximately €340 million on August 3, 2022. The offer price in €40 per share. Upon completion, Della Valle family through its holding companies will own a total of 90% and LVMH will retain its 10% stake. Following completion, TOD'S shares will be delisted from stock exchange. The offer began on September 26, 2022 and will end on October 25, 2022. BNP Paribas, Crédit Agricole Corporate Investment Bank and Deutsche Bank are acting as financial advisers and are also providing financing for the offer. Milan of Lazard acted as financial advisor to TOD'S Board of Directors in the deal.
DeVa Finance cancelled the acquisition of TOD'S S.p.A. (BIT : TOD) on October 26, 2022. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorated over the past week After last week's 20% share price decline to €32.14, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 16x in the Luxury industry in Germany. Total loss to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €61.33 per share. お知らせ • Oct 11
TOD'S S.p.A. to Report Q3, 2022 Results on Nov 10, 2022 TOD'S S.p.A. announced that they will report Q3, 2022 results on Nov 10, 2022 Reported Earnings • Sep 10
First half 2022 earnings released: EPS: €0.02 (vs €0.63 loss in 1H 2021) First half 2022 results: EPS: €0.02 (up from €0.63 loss in 1H 2021). Revenue: €476.0m (up 18% from 1H 2021). Net income: €755.0k (up €21.5m from 1H 2021). Profit margin: 0.2% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Luxury industry in Germany. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 12
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: €0.18 loss per share (up from €2.21 loss in FY 2020). Revenue: €900.4m (up 39% from FY 2020). Net loss: €5.94m (loss narrowed 92% from FY 2020). Revenue exceeded analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 9.3%, compared to a 13% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 12
First half 2021 earnings released: €0.63 loss per share (vs €2.44 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €405.1m (up 55% from 1H 2020). Net loss: €20.7m (loss narrowed 74% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 13
New 90-day high: €31.82 The company is up 9.0% from its price of €29.24 on 11 December 2020. The German market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.81 per share. Reported Earnings • Mar 13
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €647.0m (down 30% from FY 2019). Net loss: €73.2m (down 258% from profit in FY 2019). Analyst Estimate Surprise Post Earnings • Mar 13
Revenue misses expectations Revenue missed analyst estimates by 0.3%. Over the next year, revenue is forecast to grow 15%, compared to a 8.0% growth forecast for the Luxury industry in Germany. Is New 90 Day High Low • Dec 05
New 90-day high: €28.08 The company is up 20% from its price of €23.48 on 04 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €27.87 per share. Is New 90 Day High Low • Nov 18
New 90-day high: €24.84 The company is up 4.0% from its price of €23.94 on 20 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €30.02 per share. Is New 90 Day High Low • Oct 15
New 90-day low: €22.20 The company is down 8.0% from its price of €24.14 on 17 July 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €30.18 per share. お知らせ • Aug 02
TOD'S S.p.A. to Report First Half, 2020 Results on Sep 08, 2020 TOD'S S.p.A. announced that they will report first half, 2020 results on Sep 08, 2020