View Past PerformanceRacing Force バランスシートの健全性財務の健全性 基準チェック /66Racing Forceの総株主資本は€62.5M 、総負債は€13.9Mで、負債比率は22.3%となります。総資産と総負債はそれぞれ€105.1Mと€42.6Mです。 Racing Forceの EBIT は€7.4Mで、利息カバレッジ比率18です。現金および短期投資は€5.6Mです。主要情報22.25%負債資本比率€13.91m負債インタレスト・カバレッジ・レシオ18x現金€5.60mエクイティ€62.50m負債合計€42.56m総資産€105.07m財務の健全性に関する最新情報更新なしすべての更新を表示Recent updatesUpcoming Dividend • May 04Upcoming dividend of €0.095 per shareEligible shareholders must have bought the stock before 11 May 2026. Payment date: 13 May 2026. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Italian dividend payers (4.5%). Lower than average of industry peers (2.4%).Reported Earnings • Mar 31Full year 2025 earnings releasedFull year 2025 results: Revenue: €73.1m (up 11% from FY 2024). Net income: €5.43m (down 6.4% from FY 2024). Profit margin: 7.4% (down from 8.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Leisure industry in Italy.Declared Dividend • Mar 29Dividend increased to €0.095Dividend of €0.095 is 5.6% higher than last year. Ex-date: 11th May 2026 Payment date: 13th May 2026 Dividend yield will be 2.0%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.5% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Mar 27Racing Force S.P.A. announces Annual dividend, payable on May 13, 2026Racing Force S.P.A. announced Annual dividend of EUR 0.0950 per share payable on May 13, 2026, ex-date on May 11, 2026 and record date on May 12, 2026.お知らせ • Dec 12+ 1 more updateRacing Force S.P.A. to Report Fiscal Year 2025 Results on Mar 25, 2026Racing Force S.P.A. announced that they will report fiscal year 2025 results on Mar 25, 2026Buy Or Sell Opportunity • Nov 24Now 21% undervaluedOver the last 90 days, the stock has risen 1.9% to €4.89. The fair value is estimated to be €6.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 39% in the next 2 years.Buy Or Sell Opportunity • Nov 04Now 21% undervaluedOver the last 90 days, the stock has risen 3.6% to €4.94. The fair value is estimated to be €6.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 39% in the next 2 years.Reported Earnings • Sep 28First half 2025 earnings released: EPS: €0.16 (vs €0.20 in 1H 2024)First half 2025 results: EPS: €0.16 (down from €0.20 in 1H 2024). Revenue: €39.3m (up 4.6% from 1H 2024). Net income: €4.25m (down 21% from 1H 2024). Profit margin: 11% (down from 14% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Leisure industry in Italy.Buy Or Sell Opportunity • Aug 07Now 21% undervaluedOver the last 90 days, the stock has risen 13% to €4.71. The fair value is estimated to be €5.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 7.6% per annum over the same time period.Upcoming Dividend • May 05Upcoming dividend of €0.09 per shareEligible shareholders must have bought the stock before 12 May 2025. Payment date: 14 May 2025. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Italian dividend payers (5.5%). Lower than average of industry peers (3.2%).分析記事 • May 02Racing Force (BIT:RFG) Is Paying Out A Dividend Of €0.09The board of Racing Force S.P.A. ( BIT:RFG ) has announced that it will pay a dividend on the 14th of May, with...お知らせ • Apr 10Racing Force S.P.A., Annual General Meeting, Apr 29, 2025Racing Force S.P.A., Annual General Meeting, Apr 29, 2025, at 14:00 W. Europe Standard Time.Buy Or Sell Opportunity • Apr 02Now 21% undervaluedOver the last 90 days, the stock has risen 8.6% to €4.18. The fair value is estimated to be €5.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings are also forecast to grow by 9.5% per annum over the same time period.分析記事 • Apr 01Racing Force (BIT:RFG) Has Affirmed Its Dividend Of €0.09Racing Force S.P.A.'s ( BIT:RFG ) investors are due to receive a payment of €0.09 per share on 14th of May. This...Declared Dividend • Mar 31Dividend of €0.09 announcedDividend of €0.09 is the same as last year. Ex-date: 12th May 2025 Payment date: 14th May 2025 Dividend yield will be 2.1%, which is lower than the industry average of 2.5%. Sustainability & Growth The dividend has increased by an average of 8.7% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Mar 30Racing Force S.P.A. announces Annual dividend, payable on May 14, 2025Racing Force S.P.A. announced Annual dividend of EUR 0.0900 per share payable on May 14, 2025, ex-date on May 12, 2025 and record date on May 13, 2025.分析記事 • Feb 05Racing Force (BIT:RFG) May Have Issues Allocating Its CapitalIf you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to...お知らせ • Jan 07+ 1 more updateRacing Force S.P.A. to Report First Half, 2025 Results on Sep 24, 2025Racing Force S.P.A. announced that they will report first half, 2025 results on Sep 24, 2025New Risk • Jul 01New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.5% 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 Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.7% net profit margin). Shareholders have been diluted in the past year (6.5% increase in shares outstanding).Upcoming Dividend • May 06Upcoming dividend of €0.09 per shareEligible shareholders must have bought the stock before 13 May 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Italian dividend payers (5.7%). Lower than average of industry peers (3.4%).分析記事 • Apr 26Racing Force's (BIT:RFG) Weak Earnings May Only Reveal A Part Of The Whole PictureRacing Force S.P.A.'s ( BIT:RFG ) recent weak earnings report didn't cause a big stock movement. We think that...Reported Earnings • Apr 19Full year 2023 earnings releasedFull year 2023 results: Revenue: €62.7m (up 6.4% from FY 2022). Net income: €4.79m (down 37% from FY 2022). Profit margin: 7.7% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Leisure industry in Europe.New Risk • Apr 08New minor risk - Financial data availabilityThe 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 Risk High level of non-cash earnings (27% 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. Share price has been volatile over the past 3 months (5.9% average weekly change). Profit margins are more than 30% lower than last year (8.8% net profit margin).分析記事 • Mar 15The Returns On Capital At Racing Force (BIT:RFG) Don't Inspire ConfidenceFinding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...New Risk • Feb 09New 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 5.5% 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 High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.5% average weekly change). Profit margins are more than 30% lower than last year (8.8% net profit margin).Valuation Update With 7 Day Price Move • Feb 08Investor sentiment deteriorates as stock falls 13%After last week's 13% share price decline to €4.62, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 15x in the Leisure industry in Europe. Total loss to shareholders of 11% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.22 per share.Major Estimate Revision • Feb 07Consensus EPS estimates fall by 21%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €64.5m to €62.8m. EPS estimate also fell from €0.222 per share to €0.175 per share. Net income forecast to shrink 9.9% next year vs 23% growth forecast for Leisure industry in Italy . Consensus price target down from €6.40 to €6.10. Share price fell 13% to €4.62 over the past week.Major Estimate Revision • Sep 28Consensus EPS estimates fall by 17%, revenue upgradedThe consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €64.5m to €65.4m. EPS estimate fell from €0.28 to €0.232 per share. Net income forecast to grow 17% next year vs 21% growth forecast for Leisure industry in Italy. Consensus price target down from €6.80 to €6.45. Share price fell 7.8% to €5.22 over the past week.New Risk • Sep 25New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 27% 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 Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (8.8% net profit margin). Shareholders have been diluted in the past year (8.2% increase in shares outstanding).Reported Earnings • Sep 24First half 2023 earnings releasedFirst half 2023 results: Revenue: €37.2m (up 11% from 1H 2022). Net income: €4.88m (down 30% from 1H 2022). Profit margin: 13% (down from 21% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Leisure industry in Europe.Buying Opportunity • Sep 22Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 4.5%. The fair value is estimated to be €7.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 49% in the next 2 years.New Risk • Sep 22New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.8% Last year net profit margin: 14% 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: Minor Risks Profit margins are more than 30% lower than last year (8.8% net profit margin). Shareholders have been diluted in the past year (8.2% increase in shares outstanding).Upcoming Dividend • May 08Upcoming dividend of €0.09 per share at 1.5% yieldEligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Trailing yield: 1.5%. Lower than top quartile of Italian dividend payers (5.2%). Lower than average of industry peers (2.4%).分析記事 • Apr 26We Think That There Are Issues Underlying Racing Force's (BIT:RFG) EarningsRacing Force S.P.A. ( BIT:RFG ) just reported some strong earnings, and the market reacted accordingly with a healthy...分析記事 • Apr 23Racing Force S.P.A. (BIT:RFG) Annual Results: Here's What Analysts Are Forecasting For This YearIt's been a good week for Racing Force S.P.A. ( BIT:RFG ) shareholders, because the company has just released its...Reported Earnings • Apr 20Full year 2022 earnings releasedFull year 2022 results: Revenue: €58.9m (up 26% from FY 2021). Net income: €7.55m (up 81% from FY 2021). Profit margin: 13% (up from 8.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Leisure industry in Europe.お知らせ • Jan 13Racing Force S.P.A. has completed a Follow-on Equity Offering in the amount of €10.000002 million.Racing Force S.P.A. has completed a Follow-on Equity Offering in the amount of €10.000002 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 1,941,748 Price\Range: €5.15 Transaction Features: Subsequent Direct ListingReported Earnings • Sep 30First half 2022 earnings released: EPS: €0 (vs €0 in 1H 2021)First half 2022 results: EPS: €0 (in line with 1H 2021). Revenue: €33.6m (up 35% from 1H 2021). Net income: €6.94m (up 93% from 1H 2021). Profit margin: 21% (up from 14% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Leisure industry in Europe.財務状況分析短期負債: RFGの 短期資産 ( €53.6M ) が 短期負債 ( €26.5M ) を超えています。長期負債: RFGの短期資産 ( €53.6M ) が 長期負債 ( €16.1M ) を上回っています。デット・ツー・エクイティの歴史と分析負債レベル: RFGの 純負債対資本比率 ( 13.3% ) は 満足できる 水準であると考えられます。負債の削減: RFGの負債対資本比率は、過去 5 年間で250.8%から22.3%に減少しました。債務返済能力: RFGの負債は 営業キャッシュフロー によって 十分にカバー されています ( 76.5% )。インタレストカバレッジ: RFGの負債に対する 利息支払い は EBIT ( 18 x coverage) によって 十分にカバーされています。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2026/07/03 19:56終値2026/07/03 00:00収益2025/12/31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この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、レポートの使い方に関する ガイド や YouTube の チュートリアル もご用意しています。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Racing Force S.P.A. 2 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。2 アナリスト機関Domenico GhilottiEquita SIM S.p.A.Corentin MartyTPICAP Midcap
Upcoming Dividend • May 04Upcoming dividend of €0.095 per shareEligible shareholders must have bought the stock before 11 May 2026. Payment date: 13 May 2026. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Italian dividend payers (4.5%). Lower than average of industry peers (2.4%).
Reported Earnings • Mar 31Full year 2025 earnings releasedFull year 2025 results: Revenue: €73.1m (up 11% from FY 2024). Net income: €5.43m (down 6.4% from FY 2024). Profit margin: 7.4% (down from 8.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Leisure industry in Italy.
Declared Dividend • Mar 29Dividend increased to €0.095Dividend of €0.095 is 5.6% higher than last year. Ex-date: 11th May 2026 Payment date: 13th May 2026 Dividend yield will be 2.0%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.5% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Mar 27Racing Force S.P.A. announces Annual dividend, payable on May 13, 2026Racing Force S.P.A. announced Annual dividend of EUR 0.0950 per share payable on May 13, 2026, ex-date on May 11, 2026 and record date on May 12, 2026.
お知らせ • Dec 12+ 1 more updateRacing Force S.P.A. to Report Fiscal Year 2025 Results on Mar 25, 2026Racing Force S.P.A. announced that they will report fiscal year 2025 results on Mar 25, 2026
Buy Or Sell Opportunity • Nov 24Now 21% undervaluedOver the last 90 days, the stock has risen 1.9% to €4.89. The fair value is estimated to be €6.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 39% in the next 2 years.
Buy Or Sell Opportunity • Nov 04Now 21% undervaluedOver the last 90 days, the stock has risen 3.6% to €4.94. The fair value is estimated to be €6.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 39% in the next 2 years.
Reported Earnings • Sep 28First half 2025 earnings released: EPS: €0.16 (vs €0.20 in 1H 2024)First half 2025 results: EPS: €0.16 (down from €0.20 in 1H 2024). Revenue: €39.3m (up 4.6% from 1H 2024). Net income: €4.25m (down 21% from 1H 2024). Profit margin: 11% (down from 14% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Leisure industry in Italy.
Buy Or Sell Opportunity • Aug 07Now 21% undervaluedOver the last 90 days, the stock has risen 13% to €4.71. The fair value is estimated to be €5.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 7.6% per annum over the same time period.
Upcoming Dividend • May 05Upcoming dividend of €0.09 per shareEligible shareholders must have bought the stock before 12 May 2025. Payment date: 14 May 2025. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Italian dividend payers (5.5%). Lower than average of industry peers (3.2%).
分析記事 • May 02Racing Force (BIT:RFG) Is Paying Out A Dividend Of €0.09The board of Racing Force S.P.A. ( BIT:RFG ) has announced that it will pay a dividend on the 14th of May, with...
お知らせ • Apr 10Racing Force S.P.A., Annual General Meeting, Apr 29, 2025Racing Force S.P.A., Annual General Meeting, Apr 29, 2025, at 14:00 W. Europe Standard Time.
Buy Or Sell Opportunity • Apr 02Now 21% undervaluedOver the last 90 days, the stock has risen 8.6% to €4.18. The fair value is estimated to be €5.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings are also forecast to grow by 9.5% per annum over the same time period.
分析記事 • Apr 01Racing Force (BIT:RFG) Has Affirmed Its Dividend Of €0.09Racing Force S.P.A.'s ( BIT:RFG ) investors are due to receive a payment of €0.09 per share on 14th of May. This...
Declared Dividend • Mar 31Dividend of €0.09 announcedDividend of €0.09 is the same as last year. Ex-date: 12th May 2025 Payment date: 14th May 2025 Dividend yield will be 2.1%, which is lower than the industry average of 2.5%. Sustainability & Growth The dividend has increased by an average of 8.7% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Mar 30Racing Force S.P.A. announces Annual dividend, payable on May 14, 2025Racing Force S.P.A. announced Annual dividend of EUR 0.0900 per share payable on May 14, 2025, ex-date on May 12, 2025 and record date on May 13, 2025.
分析記事 • Feb 05Racing Force (BIT:RFG) May Have Issues Allocating Its CapitalIf you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to...
お知らせ • Jan 07+ 1 more updateRacing Force S.P.A. to Report First Half, 2025 Results on Sep 24, 2025Racing Force S.P.A. announced that they will report first half, 2025 results on Sep 24, 2025
New Risk • Jul 01New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.5% 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 Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.7% net profit margin). Shareholders have been diluted in the past year (6.5% increase in shares outstanding).
Upcoming Dividend • May 06Upcoming dividend of €0.09 per shareEligible shareholders must have bought the stock before 13 May 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Italian dividend payers (5.7%). Lower than average of industry peers (3.4%).
分析記事 • Apr 26Racing Force's (BIT:RFG) Weak Earnings May Only Reveal A Part Of The Whole PictureRacing Force S.P.A.'s ( BIT:RFG ) recent weak earnings report didn't cause a big stock movement. We think that...
Reported Earnings • Apr 19Full year 2023 earnings releasedFull year 2023 results: Revenue: €62.7m (up 6.4% from FY 2022). Net income: €4.79m (down 37% from FY 2022). Profit margin: 7.7% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Leisure industry in Europe.
New Risk • Apr 08New minor risk - Financial data availabilityThe 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 Risk High level of non-cash earnings (27% 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. Share price has been volatile over the past 3 months (5.9% average weekly change). Profit margins are more than 30% lower than last year (8.8% net profit margin).
分析記事 • Mar 15The Returns On Capital At Racing Force (BIT:RFG) Don't Inspire ConfidenceFinding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
New Risk • Feb 09New 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 5.5% 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 High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.5% average weekly change). Profit margins are more than 30% lower than last year (8.8% net profit margin).
Valuation Update With 7 Day Price Move • Feb 08Investor sentiment deteriorates as stock falls 13%After last week's 13% share price decline to €4.62, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 15x in the Leisure industry in Europe. Total loss to shareholders of 11% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.22 per share.
Major Estimate Revision • Feb 07Consensus EPS estimates fall by 21%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €64.5m to €62.8m. EPS estimate also fell from €0.222 per share to €0.175 per share. Net income forecast to shrink 9.9% next year vs 23% growth forecast for Leisure industry in Italy . Consensus price target down from €6.40 to €6.10. Share price fell 13% to €4.62 over the past week.
Major Estimate Revision • Sep 28Consensus EPS estimates fall by 17%, revenue upgradedThe consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €64.5m to €65.4m. EPS estimate fell from €0.28 to €0.232 per share. Net income forecast to grow 17% next year vs 21% growth forecast for Leisure industry in Italy. Consensus price target down from €6.80 to €6.45. Share price fell 7.8% to €5.22 over the past week.
New Risk • Sep 25New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 27% 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 Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (8.8% net profit margin). Shareholders have been diluted in the past year (8.2% increase in shares outstanding).
Reported Earnings • Sep 24First half 2023 earnings releasedFirst half 2023 results: Revenue: €37.2m (up 11% from 1H 2022). Net income: €4.88m (down 30% from 1H 2022). Profit margin: 13% (down from 21% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Leisure industry in Europe.
Buying Opportunity • Sep 22Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 4.5%. The fair value is estimated to be €7.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 49% in the next 2 years.
New Risk • Sep 22New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.8% Last year net profit margin: 14% 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: Minor Risks Profit margins are more than 30% lower than last year (8.8% net profit margin). Shareholders have been diluted in the past year (8.2% increase in shares outstanding).
Upcoming Dividend • May 08Upcoming dividend of €0.09 per share at 1.5% yieldEligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Trailing yield: 1.5%. Lower than top quartile of Italian dividend payers (5.2%). Lower than average of industry peers (2.4%).
分析記事 • Apr 26We Think That There Are Issues Underlying Racing Force's (BIT:RFG) EarningsRacing Force S.P.A. ( BIT:RFG ) just reported some strong earnings, and the market reacted accordingly with a healthy...
分析記事 • Apr 23Racing Force S.P.A. (BIT:RFG) Annual Results: Here's What Analysts Are Forecasting For This YearIt's been a good week for Racing Force S.P.A. ( BIT:RFG ) shareholders, because the company has just released its...
Reported Earnings • Apr 20Full year 2022 earnings releasedFull year 2022 results: Revenue: €58.9m (up 26% from FY 2021). Net income: €7.55m (up 81% from FY 2021). Profit margin: 13% (up from 8.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Leisure industry in Europe.
お知らせ • Jan 13Racing Force S.P.A. has completed a Follow-on Equity Offering in the amount of €10.000002 million.Racing Force S.P.A. has completed a Follow-on Equity Offering in the amount of €10.000002 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 1,941,748 Price\Range: €5.15 Transaction Features: Subsequent Direct Listing
Reported Earnings • Sep 30First half 2022 earnings released: EPS: €0 (vs €0 in 1H 2021)First half 2022 results: EPS: €0 (in line with 1H 2021). Revenue: €33.6m (up 35% from 1H 2021). Net income: €6.94m (up 93% from 1H 2021). Profit margin: 21% (up from 14% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Leisure industry in Europe.