View ValuationCasta Diva Group 将来の成長Future 基準チェック /56Casta Diva Group利益と収益がそれぞれ年間32.4%と8.6%増加すると予測されています。EPS は年間 増加すると予想されています。自己資本利益率は 3 年後に25.5% 18.8%なると予測されています。主要情報32.4%収益成長率18.85%EPS成長率Entertainment 収益成長17.3%収益成長率8.6%将来の株主資本利益率25.52%アナリストカバレッジGood最終更新日11 May 2026今後の成長に関する最新情報更新なしすべての更新を表示Recent updatesお知らせ • Feb 04+ 1 more updateCasta Diva Group S.p.A. to Report Fiscal Year 2025 Results on May 28, 2026Casta Diva Group S.p.A. announced that they will report fiscal year 2025 results at 9:05 AM, Central European Standard Time on May 28, 2026Valuation Update With 7 Day Price Move • Jan 07Investor sentiment improves as stock rises 26%After last week's 26% share price gain to €2.29, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 23x in the Entertainment industry in Germany. Total returns to shareholders of 267% over the past three years.お知らせ • Jun 17Casta Diva Group S.p.A., Annual General Meeting, Jun 30, 2025Casta Diva Group S.p.A., Annual General Meeting, Jun 30, 2025, at 15:00 W. Europe Standard Time.お知らせ • Feb 02Casta Diva Group S.p.A. to Report Q4, 2024 Results on May 28, 2025Casta Diva Group S.p.A. announced that they will report Q4, 2024 results on May 28, 2025お知らせ • Feb 01Casta Diva Group S.p.A. to Report First Half, 2025 Results on Sep 30, 2025Casta Diva Group S.p.A. announced that they will report first half, 2025 results on Sep 30, 2025お知らせ • Dec 31Casta Diva Group S.p.A. acquired First Class S.R.L.Casta Diva Group S.p.A. agreed to acquire First Class S.R.L. on December 30, 2024. Casta Diva Group S.p.A. completed acquisition of First Class S.R.L.Valuation Update With 7 Day Price Move • Oct 01Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €1.24, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Entertainment industry in Germany. Total returns to shareholders of 250% over the past three years.New Risk • Jul 08New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 97% 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 (7.1% operating cash flow to total debt). High level of non-cash earnings (97% accrual ratio). Minor Risk Market cap is less than US$100m (€28.4m market cap, or US$30.7m).Reported Earnings • Jun 30Full year 2023 earnings releasedFull year 2023 results: Revenue: €111.5m (up 33% from FY 2022). Net income: €1.64m (up 8.8% from FY 2022). Profit margin: 1.5% (down from 1.8% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Entertainment industry in Germany.お知らせ • Jun 13Casta Diva Group S.p.A., Annual General Meeting, Jun 27, 2024Casta Diva Group S.p.A., Annual General Meeting, Jun 27, 2024, at 15:00 W. Europe Standard Time.Valuation Update With 7 Day Price Move • May 28Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €1.65, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 28x in the Entertainment industry in Germany. Total returns to shareholders of 331% over the past three years.Valuation Update With 7 Day Price Move • Feb 01Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €1.56, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Entertainment industry in Europe. Total returns to shareholders of 282% over the past three years.Valuation Update With 7 Day Price Move • Nov 10Investor sentiment improves as stock rises 18%After last week's 18% share price gain to €1.23, the stock trades at a trailing P/E ratio of 20.8x. Average forward P/E is 14x in the Entertainment industry in Germany. Total returns to shareholders of 98% over the past year.Valuation Update With 7 Day Price Move • Oct 23Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €1.14, the stock trades at a trailing P/E ratio of 19.8x. Average forward P/E is 14x in the Entertainment industry in Germany. Total returns to shareholders of 77% over the past year.Reported Earnings • Oct 05First half 2023 earnings releasedFirst half 2023 results: EPS: €0.078. Revenue: €50.5m (up 21% from 1H 2022). Net income: €1.55m (down 18% from 1H 2022). Profit margin: 3.1% (down from 4.5% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Entertainment industry in Germany.New Risk • Oct 01New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (42% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (€25.7m market cap, or US$27.1m).Valuation Update With 7 Day Price Move • Jul 18Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €1.36, the stock trades at a trailing P/E ratio of 19.2x. Average forward P/E is 18x in the Entertainment industry in Germany. Total returns to shareholders of 121% over the past year.New Risk • Jul 10New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (€24.1m market cap, or US$26.5m).Reported Earnings • Jul 02Full year 2022 earnings releasedFull year 2022 results: Revenue: €84.0m (up 206% from FY 2021). Net income: €1.51m (up 246% from FY 2021). Profit margin: 1.8% (up from 1.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Entertainment industry in Germany.Valuation Update With 7 Day Price Move • Apr 20Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €1.18, the stock trades at a trailing P/E ratio of 7x. Average forward P/E is 19x in the Entertainment industry in Germany. Total returns to shareholders of 301% over the past year.Reported Earnings • Oct 02First half 2022 earnings released: EPS: €0 (vs €0 in 1H 2021)First half 2022 results: EPS: €0 (in line with 1H 2021). Revenue: €41.7m (up 319% from 1H 2021). Net income: €1.88m (up €2.80m from 1H 2021). Profit margin: 4.5% (up from net loss in 1H 2021). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Entertainment industry in Germany.お知らせ • Jul 23Casta Diva Group Appoints Attilio Manassero as Chief Luxury OfficerCasta Diva Group (CDG) announced Attilio Manassero will take on the role of Chief Luxury Officer, and will be assisted by Alessandro Costa and Ambra Anelli in their respective responsibilities.お知らせ • Jul 21Casta Diva Group S.p.A. (BIT:CDG) acquired We Are Live S.R.L.Casta Diva Group S.p.A. (BIT:CDG) acquired We Are Live S.R.L. on July 20, 2022. At Casta Diva, Attilio Manassero will take on the role of Chief Luxury Officer, and will be assisted by Alessandro Costa and Ambra Anelli in their respective responsibilities. Casta Diva Group S.p.A. (BIT:CDG) completed the acquisition of We Are Live S.R.L. on July 20, 2022.Reported Earnings • Oct 01First half 2021 earnings releasedThe company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €9.95m (up 53% from 1H 2020). Net loss: €914.6k (loss narrowed 33% from 1H 2020).Reported Earnings • Jul 04Full year 2020 earnings released: €0.18 loss per share (vs €0.026 loss in FY 2019)The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: €16.4m (down 56% from FY 2019). Net loss: €3.40m (loss widened €2.97m from FY 2019).お知らせ • Jun 24Casta Diva Group S.p.A. announced that it has received €0.5 million in fundingCasta Diva Group S.p.A. (BIT:CDG) announced a private placement of 1,000,000 shares at a price of €0.50 per share for gross proceeds of €500,000 on June 23, 2021. The transaction included participation from Michele Constantino and Matteo Valcelli.業績と収益の成長予測DB:99C - アナリストの将来予測と過去の財務データ ( )EUR Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/20281706811212/31/20271616912612/31/20261535711612/31/202513533756/30/202512311614N/A3/31/2025122167N/A12/31/20241221-50N/A9/30/20241202-131N/A6/30/20241182-212N/A3/31/20241152-162N/A12/31/20231112-112N/A9/30/20231021-7-1N/A6/30/2023921-4-3N/A3/31/202388114N/A12/31/2022842512N/A9/30/2022712512N/A6/30/2022593511N/A3/31/202243236N/A12/31/202127001N/A9/30/202124-1-2-1N/A6/30/202120-3-4-3N/A3/31/202118-3-3-2N/A12/31/202016-3-2-1N/A9/30/202019-2-20N/A6/30/202022-2-21N/A3/31/202029-1-20N/A12/31/2019370-30N/A9/30/2019410-11N/A6/30/201945012N/A3/31/2019400N/A1N/A12/31/201834-1N/A0N/A9/30/201828-2N/A-1N/A6/30/201822-2N/A-2N/A3/31/201824-2N/A-1N/A12/31/201725-2N/A0N/A9/30/201730-1N/AN/AN/A6/30/201735-1N/AN/AN/A3/31/201729-1N/AN/AN/A12/31/2016230N/A0N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: 99Cの予測収益成長率 (年間32.4% ) は 貯蓄率 ( 1.9% ) を上回っています。収益対市場: 99Cの収益 ( 32.4% ) はGerman市場 ( 17.1% ) よりも速いペースで成長すると予測されています。高成長収益: 99Cの収益は今後 3 年間で 大幅に 増加すると予想されています。収益対市場: 99Cの収益 ( 8.6% ) German市場 ( 6.8% ) よりも速いペースで成長すると予測されています。高い収益成長: 99Cの収益 ( 8.6% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: 99Cの 自己資本利益率 は、3年後には高くなると予測されています ( 25.5 %)成長企業の発掘7D1Y7D1Y7D1YMedia 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/22 17:08終値2026/05/22 00:00収益2025/06/30年間収益2024/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Casta Diva Group S.p.A. 6 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。9 アナリスト機関Stefania VergatiBanca Finnat Euramerica SpAGian GuicciardiBanca Finnat Euramerica SpACosmin FilkerGBC AG6 その他のアナリストを表示
お知らせ • Feb 04+ 1 more updateCasta Diva Group S.p.A. to Report Fiscal Year 2025 Results on May 28, 2026Casta Diva Group S.p.A. announced that they will report fiscal year 2025 results at 9:05 AM, Central European Standard Time on May 28, 2026
Valuation Update With 7 Day Price Move • Jan 07Investor sentiment improves as stock rises 26%After last week's 26% share price gain to €2.29, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 23x in the Entertainment industry in Germany. Total returns to shareholders of 267% over the past three years.
お知らせ • Jun 17Casta Diva Group S.p.A., Annual General Meeting, Jun 30, 2025Casta Diva Group S.p.A., Annual General Meeting, Jun 30, 2025, at 15:00 W. Europe Standard Time.
お知らせ • Feb 02Casta Diva Group S.p.A. to Report Q4, 2024 Results on May 28, 2025Casta Diva Group S.p.A. announced that they will report Q4, 2024 results on May 28, 2025
お知らせ • Feb 01Casta Diva Group S.p.A. to Report First Half, 2025 Results on Sep 30, 2025Casta Diva Group S.p.A. announced that they will report first half, 2025 results on Sep 30, 2025
お知らせ • Dec 31Casta Diva Group S.p.A. acquired First Class S.R.L.Casta Diva Group S.p.A. agreed to acquire First Class S.R.L. on December 30, 2024. Casta Diva Group S.p.A. completed acquisition of First Class S.R.L.
Valuation Update With 7 Day Price Move • Oct 01Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €1.24, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Entertainment industry in Germany. Total returns to shareholders of 250% over the past three years.
New Risk • Jul 08New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 97% 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 (7.1% operating cash flow to total debt). High level of non-cash earnings (97% accrual ratio). Minor Risk Market cap is less than US$100m (€28.4m market cap, or US$30.7m).
Reported Earnings • Jun 30Full year 2023 earnings releasedFull year 2023 results: Revenue: €111.5m (up 33% from FY 2022). Net income: €1.64m (up 8.8% from FY 2022). Profit margin: 1.5% (down from 1.8% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Entertainment industry in Germany.
お知らせ • Jun 13Casta Diva Group S.p.A., Annual General Meeting, Jun 27, 2024Casta Diva Group S.p.A., Annual General Meeting, Jun 27, 2024, at 15:00 W. Europe Standard Time.
Valuation Update With 7 Day Price Move • May 28Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €1.65, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 28x in the Entertainment industry in Germany. Total returns to shareholders of 331% over the past three years.
Valuation Update With 7 Day Price Move • Feb 01Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €1.56, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Entertainment industry in Europe. Total returns to shareholders of 282% over the past three years.
Valuation Update With 7 Day Price Move • Nov 10Investor sentiment improves as stock rises 18%After last week's 18% share price gain to €1.23, the stock trades at a trailing P/E ratio of 20.8x. Average forward P/E is 14x in the Entertainment industry in Germany. Total returns to shareholders of 98% over the past year.
Valuation Update With 7 Day Price Move • Oct 23Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €1.14, the stock trades at a trailing P/E ratio of 19.8x. Average forward P/E is 14x in the Entertainment industry in Germany. Total returns to shareholders of 77% over the past year.
Reported Earnings • Oct 05First half 2023 earnings releasedFirst half 2023 results: EPS: €0.078. Revenue: €50.5m (up 21% from 1H 2022). Net income: €1.55m (down 18% from 1H 2022). Profit margin: 3.1% (down from 4.5% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Entertainment industry in Germany.
New Risk • Oct 01New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (42% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (€25.7m market cap, or US$27.1m).
Valuation Update With 7 Day Price Move • Jul 18Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €1.36, the stock trades at a trailing P/E ratio of 19.2x. Average forward P/E is 18x in the Entertainment industry in Germany. Total returns to shareholders of 121% over the past year.
New Risk • Jul 10New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (€24.1m market cap, or US$26.5m).
Reported Earnings • Jul 02Full year 2022 earnings releasedFull year 2022 results: Revenue: €84.0m (up 206% from FY 2021). Net income: €1.51m (up 246% from FY 2021). Profit margin: 1.8% (up from 1.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Entertainment industry in Germany.
Valuation Update With 7 Day Price Move • Apr 20Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €1.18, the stock trades at a trailing P/E ratio of 7x. Average forward P/E is 19x in the Entertainment industry in Germany. Total returns to shareholders of 301% over the past year.
Reported Earnings • Oct 02First half 2022 earnings released: EPS: €0 (vs €0 in 1H 2021)First half 2022 results: EPS: €0 (in line with 1H 2021). Revenue: €41.7m (up 319% from 1H 2021). Net income: €1.88m (up €2.80m from 1H 2021). Profit margin: 4.5% (up from net loss in 1H 2021). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Entertainment industry in Germany.
お知らせ • Jul 23Casta Diva Group Appoints Attilio Manassero as Chief Luxury OfficerCasta Diva Group (CDG) announced Attilio Manassero will take on the role of Chief Luxury Officer, and will be assisted by Alessandro Costa and Ambra Anelli in their respective responsibilities.
お知らせ • Jul 21Casta Diva Group S.p.A. (BIT:CDG) acquired We Are Live S.R.L.Casta Diva Group S.p.A. (BIT:CDG) acquired We Are Live S.R.L. on July 20, 2022. At Casta Diva, Attilio Manassero will take on the role of Chief Luxury Officer, and will be assisted by Alessandro Costa and Ambra Anelli in their respective responsibilities. Casta Diva Group S.p.A. (BIT:CDG) completed the acquisition of We Are Live S.R.L. on July 20, 2022.
Reported Earnings • Oct 01First half 2021 earnings releasedThe company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €9.95m (up 53% from 1H 2020). Net loss: €914.6k (loss narrowed 33% from 1H 2020).
Reported Earnings • Jul 04Full year 2020 earnings released: €0.18 loss per share (vs €0.026 loss in FY 2019)The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: €16.4m (down 56% from FY 2019). Net loss: €3.40m (loss widened €2.97m from FY 2019).
お知らせ • Jun 24Casta Diva Group S.p.A. announced that it has received €0.5 million in fundingCasta Diva Group S.p.A. (BIT:CDG) announced a private placement of 1,000,000 shares at a price of €0.50 per share for gross proceeds of €500,000 on June 23, 2021. The transaction included participation from Michele Constantino and Matteo Valcelli.