Board Change • 7h
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Diana D'Isanto was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Oct 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Diana D'Isanto was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Mar 31
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 15% 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 No financial data reported. Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (29% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€17.7m market cap, or US$19.1m). New Risk • Feb 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 5.6% 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 Risks No financial data reported. High level of non-cash earnings (29% accrual ratio). Minor Risks 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 (5.6% average weekly change). Market cap is less than US$100m (€34.9m market cap, or US$36.3m). New Risk • Dec 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (7.9% average weekly change). High level of non-cash earnings (29% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€44.3m market cap, or US$46.2m). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €2.01, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 14x in the Building industry in Italy. Total loss to shareholders of 80% over the past three years. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €2.54, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 14x in the Building industry in Italy. Total loss to shareholders of 59% over the past three years. New Risk • Sep 29
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). High level of non-cash earnings (29% accrual ratio). Minor Risks 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 (5.7% average weekly change). Market cap is less than US$100m (€44.3m market cap, or US$49.4m). Buy Or Sell Opportunity • Aug 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 32% to €2.52. The fair value is estimated to be €3.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last year. Earnings per share has declined by 6.3%. Buy Or Sell Opportunity • Jul 02
Now 38% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €2.73. The fair value is estimated to be €4.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last year. Earnings per share has declined by 6.3%. Revenue is forecast to grow by 89% in a year. Earnings are forecast to grow by 26% in the next year. Buy Or Sell Opportunity • Jun 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €2.69. The fair value is estimated to be €3.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 61% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 89% in a year. Earnings are forecast to grow by 26% in the next year. Valuation Update With 7 Day Price Move • May 31
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €3.02, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 13x in the Building industry in Italy. Total loss to shareholders of 42% over the past three years. Buy Or Sell Opportunity • May 07
Now 21% overvalued Over the last 90 days, the stock has fallen 2.1% to €3.96. The fair value is estimated to be €3.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 61% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 89% in a year. Earnings are forecast to grow by 26% in the next year. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.73, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Building industry in Italy. Total loss to shareholders of 38% over the past three years. New Risk • Apr 16
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 Share price has been highly volatile over the past 3 months (9.5% average weekly change). High level of non-cash earnings (29% 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. Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Market cap is less than US$100m (€66.1m market cap, or US$70.2m). Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €2.76, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 16x in the Building industry in Europe. Total loss to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €4.54, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 15x in the Building industry in Europe. Total returns to shareholders of 70% over the past three years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €3.91, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 14x in the Building industry in Europe. Total returns to shareholders of 353% over the past three years. New Risk • Oct 05
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 81% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks High level of debt (81% net debt to equity). Dividend is not well covered by cash flows (175% cash payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Shareholders have been diluted in the past year (3.8% increase in shares outstanding). Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to €4.45, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 14x in the Building industry in Europe. Total returns to shareholders of 389% over the past three years. New Risk • Aug 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.8% 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 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 (5.1% average weekly change). Shareholders have been diluted in the past year (3.8% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €7.08, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 15x in the Building industry in Europe. Total returns to shareholders of 562% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €7.32, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 16x in the Building industry in Europe. Total returns to shareholders of 625% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Director Diana D'Isanto was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improved over the past week After last week's 16% share price gain to €7.04, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 12x in the Building industry in Europe. Total returns to shareholders of 488% over the past three years. Reported Earnings • Oct 03
First half 2022 earnings released: EPS: €0 (vs €0.20 in 1H 2021) First half 2022 results: EPS: €0. Revenue: €57.1m (up 74% from 1H 2021). Net income: €10.5m (up 144% from 1H 2021). Profit margin: 18% (up from 13% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 45% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Building industry in Europe. Price Target Changed • Sep 20
Price target decreased to €14.10 Down from €15.40, the current price target is an average from 2 analysts. New target price is 119% above last closing price of €6.43. Stock is up 9.4% over the past year. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €6.21, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Building industry in Europe. Total returns to shareholders of 843% over the past three years. Upcoming Dividend • Jun 06
Upcoming dividend of €0.28 per share Eligible shareholders must have bought the stock before 13 June 2022. Payment date: 15 June 2022. Trailing yield: 3.7%. Lower than top quartile of Italian dividend payers (4.8%). Higher than average of industry peers (2.0%). Board Change • Apr 27
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 4 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). President of Board of Statutory Auditor Giuseppe Fotino is the most experienced director on the board, commencing their role in 2018. Independent Director Diana D'Isanto was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €77.3m (up 282% from FY 2020). Net income: €16.9m (up €14.1m from FY 2020). Profit margin: 22% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 29%. Over the next year, revenue is forecast to grow 98%, compared to a 10% growth forecast for the industry in Italy. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €7.36, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Building industry in Europe. Total returns to shareholders of 935% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 18% share price gain to €10.00, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Building industry in Europe. Total returns to shareholders of 1,167% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 18% share price gain to €10.00, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Building industry in Europe. Total returns to shareholders of 1,167% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 16% share price gain to €8.08, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 37x in the Building industry in Italy. Total returns to shareholders of 877% over the past three years. Reported Earnings • Sep 17
First half 2021 earnings released: EPS €0.20 (vs €0.013 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €32.9m (up €29.6m from 1H 2020). Net income: €4.30m (up €4.16m from 1H 2020). Profit margin: 13% (up from 4.3% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 19% share price gain to €6.70, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 21x in the Building industry in Europe. Total returns to shareholders of 534% over the past three years. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 18% share price gain to €6.02, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 24x in the Building industry in Europe. Total returns to shareholders of 482% over the past year. Reported Earnings • Apr 02
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €20.7m (up 71% from FY 2019). Net income: €1.54m (up 490% from FY 2019). Profit margin: 7.4% (up from 2.2% in FY 2019). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Feb 06
New 90-day high: €4.67 The company is up 253% from its price of €1.32 on 06 November 2020. The Italian market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 5.0% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: €3.90 The company is up 248% from its price of €1.12 on 23 October 2020. The Italian market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: €2.19 The company is up 109% from its price of €1.05 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 Building industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Nov 05
Market bids up stock over the past week After last week's 25% share price gain to €1.30, the stock is trading at a trailing P/E ratio of 56.6x, up from the previous P/E ratio of 45.1x. This compares to an average P/E of 19x in the Building industry in Europe. Total returns to shareholders over the past year were flat. Is New 90 Day High Low • Nov 04
New 90-day high: €1.25 The company is up 21% from its price of €1.03 on 05 August 2020. The Italian market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 7.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day low: €0.96 The company is down 14% from its price of €1.11 on 08 July 2020. The Italian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 14% over the same period. Is New 90 Day High Low • Sep 18
New 90-day low: €1.01 The company is down 12% from its price of €1.15 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 Building industry, which is up 14% over the same period.