View Past PerformanceDexelance バランスシートの健全性財務の健全性 基準チェック /26Dexelanceの総株主資本は€181.0M 、総負債は€175.3Mで、負債比率は96.8%となります。総資産と総負債はそれぞれ€545.4Mと€364.3Mです。主要情報96.80%負債資本比率€175.26m負債インタレスト・カバレッジ・レシオn/a現金€39.57mエクイティ€181.05m負債合計€364.32m総資産€545.37m財務の健全性に関する最新情報分析記事 • Apr 10We Think Dexelance (BIT:DEX) Is Taking Some Risk With Its DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...すべての更新を表示Recent updatesNew Risk • May 18New major risk - Revenue and earnings growthEarnings have declined by 15% 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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 15% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€62.1m market cap, or US$72.2m).New Risk • May 13New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 6.7% 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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (€62.6m market cap, or US$73.3m).Reported Earnings • May 11First quarter 2026 earnings released: €0.15 loss per share (vs €0.10 loss in 1Q 2025)First quarter 2026 results: €0.15 loss per share (further deteriorated from €0.10 loss in 1Q 2025). Revenue: €86.1m (up 19% from 1Q 2025). Net loss: €4.15m (loss widened 59% from 1Q 2025). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Consumer Durables industry in Italy.Price Target Changed • Apr 19Price target decreased by 46% to €5.00Down from €9.20, the current price target is provided by 1 analyst. New target price is 70% above last closing price of €2.94. Stock is down 64% over the past year. The company is forecast to post earnings per share of €0.059 next year compared to a net loss per share of €0.67 last year.New Risk • Mar 18New major risk - Revenue and earnings growthEarnings have declined by 0.4% 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 Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings have declined by 0.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€71.6m market cap, or US$82.4m).Reported Earnings • Mar 18Full year 2025 earnings released: €0.67 loss per share (vs €0.67 profit in FY 2024)Full year 2025 results: €0.67 loss per share (down from €0.67 profit in FY 2024). Revenue: €325.2m (flat on FY 2024). Net loss: €17.7m (down 199% from profit in FY 2024). Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Consumer Durables industry in Italy.New Risk • Feb 11New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: €83.2m (US$98.9m) 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 (1.6% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (€83.2m market cap, or US$98.9m).Buy Or Sell Opportunity • Feb 04Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 39% to €3.57. The fair value is estimated to be €4.64, 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 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 82% in the next 2 years.分析記事 • Feb 04Calculating The Fair Value Of Dexelance S.p.A. (BIT:DEX)Key Insights Dexelance's estimated fair value is €4.64 based on 2 Stage Free Cash Flow to Equity With €3.72 share...分析記事 • Dec 16Investors Give Dexelance S.p.A. (BIT:DEX) Shares A 26% HidingTo the annoyance of some shareholders, Dexelance S.p.A. ( BIT:DEX ) shares are down a considerable 26% in the last...New Risk • Dec 12New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 4.4% 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 Debt is not well covered by operating cash flow (1.6% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (4.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin).Valuation Update With 7 Day Price Move • Dec 12Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to €4.45, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 10x in the Consumer Durables industry in Italy. Total loss to shareholders of 51% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €4.64 per share.Buy Or Sell Opportunity • Dec 03Now 21% overvaluedOver the last 90 days, the stock has fallen 17% to €5.60. The fair value is estimated to be €4.64, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 133% in the next 2 years.分析記事 • Nov 23Dexelance's (BIT:DEX) Conservative Accounting Might Explain Soft EarningsThe market for Dexelance S.p.A.'s ( BIT:DEX ) shares didn't move much after it posted weak earnings recently. We think...New Risk • Nov 23New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.4% Last year net profit margin: 7.5% 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 Risk Debt is not well covered by operating cash flow (1.6% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin).Reported Earnings • Nov 17Third quarter 2025 earnings released: EPS: €0.76 (vs €0.11 in 3Q 2024)Third quarter 2025 results: EPS: €0.76 (up from €0.11 in 3Q 2024). Revenue: €80.5m (down 4.5% from 3Q 2024). Net income: €20.2m (up €17.2m from 3Q 2024). Profit margin: 25% (up from 3.5% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Consumer Durables industry in Italy.Price Target Changed • Nov 06Price target decreased by 7.2% to €9.43Down from €10.17, the current price target is an average from 3 analysts. New target price is 60% above last closing price of €5.88. Stock is down 34% over the past year. The company is forecast to post earnings per share of €0.30 for next year compared to €0.67 last year.分析記事 • Sep 12Dexelance S.p.A. (BIT:DEX) Just Reported Earnings, And Analysts Cut Their Target PriceShareholders might have noticed that Dexelance S.p.A. ( BIT:DEX ) filed its interim result this time last week. The...Reported Earnings • Sep 11Second quarter 2025 earnings released: €0.19 loss per share (vs €0.032 profit in 2Q 2024)Second quarter 2025 results: €0.19 loss per share (down from €0.032 profit in 2Q 2024). Revenue: €84.8m (up 8.3% from 2Q 2024). Net loss: €5.16m (down €5.87m from profit in 2Q 2024). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Consumer Durables industry in Italy.Price Target Changed • Sep 11Price target decreased by 13% to €10.43Down from €11.93, the current price target is an average from 3 analysts. New target price is 58% above last closing price of €6.60. Stock is down 28% over the past year. The company is forecast to post earnings per share of €0.26 for next year compared to €0.67 last year.お知らせ • Sep 04+ 1 more updateDexelance S.p.A. to Report First Half, 2025 Results on Sep 09, 2025Dexelance S.p.A. announced that they will report first half, 2025 results on Sep 09, 2025お知らせ • Jul 24Dexelance S.p.A. (BIT:DEX) acquired remaining 49% stake in Flexalighting Srl for €9.6 million.Dexelance S.p.A. (BIT:DEX) acquired remaining 49% stake in Flexalighting Srl for €9.6 million on July 22, 2025. A cash consideration of €9.6 million will be paid by Dexelance S.p.A. Following its completion, Dexelance now holds 100.0% of Flexalighting's share capital. The transaction is financed by Dexelance through financial debt of approximately Euro 6.8 million and, for the remaining portion, with its own means. Roberto Mantovani, who also took on the role of CEO of Axolight in October 2024, will continue to serve as Chairman and CEO of Flexalighting. For the period ending December 31, 2024, Flexalighting Srl reported total revenue of €11 million. Dexelance S.p.A. (BIT:DEX) completed the acquisition of remaining 49% stake in Flexalighting Srl on July 22, 2025.New Risk • May 19New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (4.6% net profit margin).Reported Earnings • May 15First quarter 2025 earnings released: EPS: €0.011 (vs €0.01 in 1Q 2024)First quarter 2025 results: EPS: €0.011. Revenue: €73.5m (up 1.0% from 1Q 2024). Net income: €300.0k (down 4.2% from 1Q 2024). Profit margin: 0.4% (in line with 1Q 2024). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Consumer Durables industry in Italy.Price Target Changed • May 13Price target decreased by 11% to €12.47Down from €14.07, the current price target is an average from 3 analysts. New target price is 57% above last closing price of €7.94. Stock is down 25% over the past year. The company is forecast to post earnings per share of €0.56 for next year compared to €0.67 last year.Buy Or Sell Opportunity • May 05Now 23% overvaluedOver the last 90 days, the stock has fallen 5.5% to €8.50. The fair value is estimated to be €6.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 9.2% per annum over the same time period.Buy Or Sell Opportunity • Apr 15Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 1.2% to €8.38. The fair value is estimated to be €6.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 9.2% per annum over the same time period.分析記事 • Apr 10We Think Dexelance (BIT:DEX) Is Taking Some Risk With Its DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...New Risk • Apr 05New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.4% Last year net profit margin: 9.7% 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. This is currently the only risk that has been identified for the company.お知らせ • Mar 18Dexelance S.p.A., Annual General Meeting, Apr 16, 2025Dexelance S.p.A., Annual General Meeting, Apr 16, 2025, at 11:00 W. Europe Standard Time.New Risk • Dec 09New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company.お知らせ • Oct 15Dexelance S.p.A. (BIT:DEX) acquired remaining 49% stake in Axo Light srl.Dexelance S.p.A. (BIT:DEX) acquired remaining 49% stake in Axo Light srl on October 15, 2024. The overall transaction in Axolight, which was fully financed by Dexelance with its own funds, took place with an equity value of approximately €3.2 million, of which approximately €1.2 million was used for the acquisition of the remaining minority stake. For the period ending December 31, 2023, Axo Light srl reported total revenue of €5 million. Roberto Mantovani, currently CEO of Flexalighting and experienced entrepreneur in the lighting market, will also take on the role as Axolight's new CEO. Dexelance S.p.A. (BIT:DEX) completed the acquisition of remaining 49% stake in Axo Light srl on October 15, 2024.Reported Earnings • Sep 11Second quarter 2024 earnings released: EPS: €0.027 (vs €0.16 in 2Q 2023)Second quarter 2024 results: EPS: €0.027 (down from €0.16 in 2Q 2023). Revenue: €80.9m (up 12% from 2Q 2023). Net income: €715.0k (down 83% from 2Q 2023). Profit margin: 0.9% (down from 5.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Consumer Durables industry in Italy.New Risk • Jun 14New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.7% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future.New Risk • Jun 09New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% 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 (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future.Buy Or Sell Opportunity • Jun 07Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 14% to €10.96. The fair value is estimated to be €8.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to decline by 25% in the next 2 years.Buy Or Sell Opportunity • May 03Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 16% to €10.82. The fair value is estimated to be €8.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are forecast to decline by 4.2% per annum over the same time period.Reported Earnings • Mar 13Full year 2023 earnings released: EPS: €1.05 (vs €0.29 loss in FY 2022)Full year 2023 results: EPS: €1.05 (up from €0.29 loss in FY 2022). Revenue: €292.3m (up 46% from FY 2022). Net income: €28.1m (up €34.1m from FY 2022). Profit margin: 9.6% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Consumer Durables industry in Italy.New Risk • Mar 12New major risk - Revenue and earnings growthEarnings have declined by 51% 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 (2.6x net interest cover). Earnings have declined by 51% per year over the past 5 years.Reported Earnings • Nov 19Third quarter 2023 earnings released: EPS: €0.073 (vs €0.23 in 3Q 2022)Third quarter 2023 results: EPS: €0.073 (down from €0.23 in 3Q 2022). Revenue: €62.9m (up 23% from 3Q 2022). Net income: €1.94m (down 59% from 3Q 2022). Profit margin: 3.1% (down from 9.2% in 3Q 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Durables industry in Italy.Buying Opportunity • Nov 10Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 19%. The fair value is estimated to be €11.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 54% over the last year. Meanwhile, the company became loss making.Buying Opportunity • Oct 12Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 21%. The fair value is estimated to be €11.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 54% over the last year. Meanwhile, the company became loss making.Buying Opportunity • Sep 26Now 23% undervalued after recent price dropOver the last 90 days, the stock is down 21%. The fair value is estimated to be €11.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 54% over the last year. Meanwhile, the company became loss making.New Risk • Sep 20New major risk - Revenue and earnings growthEarnings have declined by 53% 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 Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Earnings have declined by 53% per year over the past 5 years.お知らせ • Sep 20Italian Design Brands S.p.A. (BIT:IDB) reached an agreement to acquire 51% stake in Turri Srl.Italian Design Brands S.p.A. (BIT:IDB) reached an agreement to acquire 51% stake in Turri Srl on September 19, 2023. Andrea Turri will reinvest in the transaction as a minority shareholder and remain Chief Executive Officer of Turri. The transaction will be financed through IDB’s own means for approximately €5 million and with recourse to financial debt. Turri has reported revenue of €28.1 million and EBITDA of approximately €4 million in 2022. Marco Franzini of Grimaldi Studio Legale acted as legal advisor, Luciana Sist and Stefano Brunello of EY S.p.A. acted as financial and tax due diligence provider, Marco Valdonio of Maisto e Associati acted as legal advisor to Italian Design Brands. Marco Nicolini of Chiomenti Studio Legale acted as legal advisor and Roberto Bonacina and Jacopo de Maio of Ethica Holding S.p.A. acted as financial advisor to Andrea Turri.Reported Earnings • Sep 14Second quarter 2023 earnings released: EPS: €0.16 (vs €0.19 in 2Q 2022)Second quarter 2023 results: EPS: €0.16. Revenue: €72.4m (up 43% from 2Q 2022). Net income: €4.21m (up 8.2% from 2Q 2022). Profit margin: 5.8% (down from 7.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Italy.New Risk • Jun 22New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% 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 (16% operating cash flow to total debt). Shares are highly illiquid. Earnings have declined by 43% per year over the past 5 years.New Risk • Jun 12New major risk - Revenue and earnings growthEarnings have declined by 43% 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 Shares are highly illiquid. Earnings have declined by 43% per year over the past 5 years. Minor Risk High level of debt (57% net debt to equity).New Risk • Jun 10New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 74% 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 Shares are highly illiquid. Minor Risk High level of debt (74% net debt to equity).財務状況分析短期負債: DEXの 短期資産 ( €189.5M ) が 短期負債 ( €166.4M ) を超えています。長期負債: DEXの短期資産 ( €189.5M ) は 長期負債 ( €197.9M ) をカバーしていません。デット・ツー・エクイティの歴史と分析負債レベル: DEXの 純負債対資本比率 ( 74.9% ) は 高い と見なされます。負債の削減: DEXの負債対資本比率は、過去 5 年間で150.8%から96.8%に減少しました。債務返済能力: DEXの負債は 営業キャッシュフロー によって 十分にカバーされていません ( 8.6% )。インタレストカバレッジ: DEXの負債に対する 利息支払い が EBIT によって 十分にカバーされている かどうかを判断するにはデータが不十分です。貸借対照表健全な企業の発掘7D1Y7D1Y7D1YConsumer-durables 業界の健全な企業。View Dividend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2026/05/25 13:25終値2026/05/25 00:00収益2026/03/31年間収益2025/12/31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Dexelance S.p.A. 1 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。6 アナリスト機関Carmen NovelBanca Akros S.p.A. (ESN)Vandita Sood ChowdharyCitigroup IncLuigi De BellisEquita SIM S.p.A.3 その他のアナリストを表示
分析記事 • Apr 10We Think Dexelance (BIT:DEX) Is Taking Some Risk With Its DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
New Risk • May 18New major risk - Revenue and earnings growthEarnings have declined by 15% 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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 15% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€62.1m market cap, or US$72.2m).
New Risk • May 13New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 6.7% 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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (€62.6m market cap, or US$73.3m).
Reported Earnings • May 11First quarter 2026 earnings released: €0.15 loss per share (vs €0.10 loss in 1Q 2025)First quarter 2026 results: €0.15 loss per share (further deteriorated from €0.10 loss in 1Q 2025). Revenue: €86.1m (up 19% from 1Q 2025). Net loss: €4.15m (loss widened 59% from 1Q 2025). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Consumer Durables industry in Italy.
Price Target Changed • Apr 19Price target decreased by 46% to €5.00Down from €9.20, the current price target is provided by 1 analyst. New target price is 70% above last closing price of €2.94. Stock is down 64% over the past year. The company is forecast to post earnings per share of €0.059 next year compared to a net loss per share of €0.67 last year.
New Risk • Mar 18New major risk - Revenue and earnings growthEarnings have declined by 0.4% 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 Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings have declined by 0.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€71.6m market cap, or US$82.4m).
Reported Earnings • Mar 18Full year 2025 earnings released: €0.67 loss per share (vs €0.67 profit in FY 2024)Full year 2025 results: €0.67 loss per share (down from €0.67 profit in FY 2024). Revenue: €325.2m (flat on FY 2024). Net loss: €17.7m (down 199% from profit in FY 2024). Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Consumer Durables industry in Italy.
New Risk • Feb 11New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: €83.2m (US$98.9m) 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 (1.6% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (€83.2m market cap, or US$98.9m).
Buy Or Sell Opportunity • Feb 04Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 39% to €3.57. The fair value is estimated to be €4.64, 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 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 82% in the next 2 years.
分析記事 • Feb 04Calculating The Fair Value Of Dexelance S.p.A. (BIT:DEX)Key Insights Dexelance's estimated fair value is €4.64 based on 2 Stage Free Cash Flow to Equity With €3.72 share...
分析記事 • Dec 16Investors Give Dexelance S.p.A. (BIT:DEX) Shares A 26% HidingTo the annoyance of some shareholders, Dexelance S.p.A. ( BIT:DEX ) shares are down a considerable 26% in the last...
New Risk • Dec 12New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 4.4% 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 Debt is not well covered by operating cash flow (1.6% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (4.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin).
Valuation Update With 7 Day Price Move • Dec 12Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to €4.45, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 10x in the Consumer Durables industry in Italy. Total loss to shareholders of 51% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €4.64 per share.
Buy Or Sell Opportunity • Dec 03Now 21% overvaluedOver the last 90 days, the stock has fallen 17% to €5.60. The fair value is estimated to be €4.64, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 133% in the next 2 years.
分析記事 • Nov 23Dexelance's (BIT:DEX) Conservative Accounting Might Explain Soft EarningsThe market for Dexelance S.p.A.'s ( BIT:DEX ) shares didn't move much after it posted weak earnings recently. We think...
New Risk • Nov 23New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.4% Last year net profit margin: 7.5% 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 Risk Debt is not well covered by operating cash flow (1.6% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin).
Reported Earnings • Nov 17Third quarter 2025 earnings released: EPS: €0.76 (vs €0.11 in 3Q 2024)Third quarter 2025 results: EPS: €0.76 (up from €0.11 in 3Q 2024). Revenue: €80.5m (down 4.5% from 3Q 2024). Net income: €20.2m (up €17.2m from 3Q 2024). Profit margin: 25% (up from 3.5% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Consumer Durables industry in Italy.
Price Target Changed • Nov 06Price target decreased by 7.2% to €9.43Down from €10.17, the current price target is an average from 3 analysts. New target price is 60% above last closing price of €5.88. Stock is down 34% over the past year. The company is forecast to post earnings per share of €0.30 for next year compared to €0.67 last year.
分析記事 • Sep 12Dexelance S.p.A. (BIT:DEX) Just Reported Earnings, And Analysts Cut Their Target PriceShareholders might have noticed that Dexelance S.p.A. ( BIT:DEX ) filed its interim result this time last week. The...
Reported Earnings • Sep 11Second quarter 2025 earnings released: €0.19 loss per share (vs €0.032 profit in 2Q 2024)Second quarter 2025 results: €0.19 loss per share (down from €0.032 profit in 2Q 2024). Revenue: €84.8m (up 8.3% from 2Q 2024). Net loss: €5.16m (down €5.87m from profit in 2Q 2024). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Consumer Durables industry in Italy.
Price Target Changed • Sep 11Price target decreased by 13% to €10.43Down from €11.93, the current price target is an average from 3 analysts. New target price is 58% above last closing price of €6.60. Stock is down 28% over the past year. The company is forecast to post earnings per share of €0.26 for next year compared to €0.67 last year.
お知らせ • Sep 04+ 1 more updateDexelance S.p.A. to Report First Half, 2025 Results on Sep 09, 2025Dexelance S.p.A. announced that they will report first half, 2025 results on Sep 09, 2025
お知らせ • Jul 24Dexelance S.p.A. (BIT:DEX) acquired remaining 49% stake in Flexalighting Srl for €9.6 million.Dexelance S.p.A. (BIT:DEX) acquired remaining 49% stake in Flexalighting Srl for €9.6 million on July 22, 2025. A cash consideration of €9.6 million will be paid by Dexelance S.p.A. Following its completion, Dexelance now holds 100.0% of Flexalighting's share capital. The transaction is financed by Dexelance through financial debt of approximately Euro 6.8 million and, for the remaining portion, with its own means. Roberto Mantovani, who also took on the role of CEO of Axolight in October 2024, will continue to serve as Chairman and CEO of Flexalighting. For the period ending December 31, 2024, Flexalighting Srl reported total revenue of €11 million. Dexelance S.p.A. (BIT:DEX) completed the acquisition of remaining 49% stake in Flexalighting Srl on July 22, 2025.
New Risk • May 19New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (4.6% net profit margin).
Reported Earnings • May 15First quarter 2025 earnings released: EPS: €0.011 (vs €0.01 in 1Q 2024)First quarter 2025 results: EPS: €0.011. Revenue: €73.5m (up 1.0% from 1Q 2024). Net income: €300.0k (down 4.2% from 1Q 2024). Profit margin: 0.4% (in line with 1Q 2024). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Consumer Durables industry in Italy.
Price Target Changed • May 13Price target decreased by 11% to €12.47Down from €14.07, the current price target is an average from 3 analysts. New target price is 57% above last closing price of €7.94. Stock is down 25% over the past year. The company is forecast to post earnings per share of €0.56 for next year compared to €0.67 last year.
Buy Or Sell Opportunity • May 05Now 23% overvaluedOver the last 90 days, the stock has fallen 5.5% to €8.50. The fair value is estimated to be €6.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 9.2% per annum over the same time period.
Buy Or Sell Opportunity • Apr 15Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 1.2% to €8.38. The fair value is estimated to be €6.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 9.2% per annum over the same time period.
分析記事 • Apr 10We Think Dexelance (BIT:DEX) Is Taking Some Risk With Its DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
New Risk • Apr 05New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.4% Last year net profit margin: 9.7% 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. This is currently the only risk that has been identified for the company.
お知らせ • Mar 18Dexelance S.p.A., Annual General Meeting, Apr 16, 2025Dexelance S.p.A., Annual General Meeting, Apr 16, 2025, at 11:00 W. Europe Standard Time.
New Risk • Dec 09New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company.
お知らせ • Oct 15Dexelance S.p.A. (BIT:DEX) acquired remaining 49% stake in Axo Light srl.Dexelance S.p.A. (BIT:DEX) acquired remaining 49% stake in Axo Light srl on October 15, 2024. The overall transaction in Axolight, which was fully financed by Dexelance with its own funds, took place with an equity value of approximately €3.2 million, of which approximately €1.2 million was used for the acquisition of the remaining minority stake. For the period ending December 31, 2023, Axo Light srl reported total revenue of €5 million. Roberto Mantovani, currently CEO of Flexalighting and experienced entrepreneur in the lighting market, will also take on the role as Axolight's new CEO. Dexelance S.p.A. (BIT:DEX) completed the acquisition of remaining 49% stake in Axo Light srl on October 15, 2024.
Reported Earnings • Sep 11Second quarter 2024 earnings released: EPS: €0.027 (vs €0.16 in 2Q 2023)Second quarter 2024 results: EPS: €0.027 (down from €0.16 in 2Q 2023). Revenue: €80.9m (up 12% from 2Q 2023). Net income: €715.0k (down 83% from 2Q 2023). Profit margin: 0.9% (down from 5.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Consumer Durables industry in Italy.
New Risk • Jun 14New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.7% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future.
New Risk • Jun 09New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% 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 (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future.
Buy Or Sell Opportunity • Jun 07Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 14% to €10.96. The fair value is estimated to be €8.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to decline by 25% in the next 2 years.
Buy Or Sell Opportunity • May 03Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 16% to €10.82. The fair value is estimated to be €8.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are forecast to decline by 4.2% per annum over the same time period.
Reported Earnings • Mar 13Full year 2023 earnings released: EPS: €1.05 (vs €0.29 loss in FY 2022)Full year 2023 results: EPS: €1.05 (up from €0.29 loss in FY 2022). Revenue: €292.3m (up 46% from FY 2022). Net income: €28.1m (up €34.1m from FY 2022). Profit margin: 9.6% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Consumer Durables industry in Italy.
New Risk • Mar 12New major risk - Revenue and earnings growthEarnings have declined by 51% 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 (2.6x net interest cover). Earnings have declined by 51% per year over the past 5 years.
Reported Earnings • Nov 19Third quarter 2023 earnings released: EPS: €0.073 (vs €0.23 in 3Q 2022)Third quarter 2023 results: EPS: €0.073 (down from €0.23 in 3Q 2022). Revenue: €62.9m (up 23% from 3Q 2022). Net income: €1.94m (down 59% from 3Q 2022). Profit margin: 3.1% (down from 9.2% in 3Q 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Durables industry in Italy.
Buying Opportunity • Nov 10Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 19%. The fair value is estimated to be €11.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 54% over the last year. Meanwhile, the company became loss making.
Buying Opportunity • Oct 12Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 21%. The fair value is estimated to be €11.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 54% over the last year. Meanwhile, the company became loss making.
Buying Opportunity • Sep 26Now 23% undervalued after recent price dropOver the last 90 days, the stock is down 21%. The fair value is estimated to be €11.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 54% over the last year. Meanwhile, the company became loss making.
New Risk • Sep 20New major risk - Revenue and earnings growthEarnings have declined by 53% 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 Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Earnings have declined by 53% per year over the past 5 years.
お知らせ • Sep 20Italian Design Brands S.p.A. (BIT:IDB) reached an agreement to acquire 51% stake in Turri Srl.Italian Design Brands S.p.A. (BIT:IDB) reached an agreement to acquire 51% stake in Turri Srl on September 19, 2023. Andrea Turri will reinvest in the transaction as a minority shareholder and remain Chief Executive Officer of Turri. The transaction will be financed through IDB’s own means for approximately €5 million and with recourse to financial debt. Turri has reported revenue of €28.1 million and EBITDA of approximately €4 million in 2022. Marco Franzini of Grimaldi Studio Legale acted as legal advisor, Luciana Sist and Stefano Brunello of EY S.p.A. acted as financial and tax due diligence provider, Marco Valdonio of Maisto e Associati acted as legal advisor to Italian Design Brands. Marco Nicolini of Chiomenti Studio Legale acted as legal advisor and Roberto Bonacina and Jacopo de Maio of Ethica Holding S.p.A. acted as financial advisor to Andrea Turri.
Reported Earnings • Sep 14Second quarter 2023 earnings released: EPS: €0.16 (vs €0.19 in 2Q 2022)Second quarter 2023 results: EPS: €0.16. Revenue: €72.4m (up 43% from 2Q 2022). Net income: €4.21m (up 8.2% from 2Q 2022). Profit margin: 5.8% (down from 7.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Italy.
New Risk • Jun 22New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% 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 (16% operating cash flow to total debt). Shares are highly illiquid. Earnings have declined by 43% per year over the past 5 years.
New Risk • Jun 12New major risk - Revenue and earnings growthEarnings have declined by 43% 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 Shares are highly illiquid. Earnings have declined by 43% per year over the past 5 years. Minor Risk High level of debt (57% net debt to equity).
New Risk • Jun 10New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 74% 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 Shares are highly illiquid. Minor Risk High level of debt (74% net debt to equity).