Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to €11.55, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Consumer Durables industry in the United Kingdom. Total loss to shareholders of 24% over the past year. Buy Or Sell Opportunity • Mar 31
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €11.55. The fair value is estimated to be €14.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 7.3% per annum over the same time period. 공시 • Mar 20
B&C Speakers S.p.A. announces Annual dividend, payable on May 06, 2026 B&C Speakers S.p.A. announced Annual dividend of EUR 0.7000 per share payable on May 06, 2026, ex-date on May 04, 2026 and record date on May 05, 2026. Declared Dividend • Mar 24
Dividend increased to €1.00 Dividend of €1.00 is 43% higher than last year. Ex-date: 5th May 2025 Payment date: 7th May 2025 Dividend yield will be 6.3%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 8.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 1.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Mar 24
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Valerie Sun was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • Mar 21
B&C Speakers S.p.A. announces Annual dividend, payable on May 07, 2025 B&C Speakers S.p.A. announced Annual dividend of EUR 1.0000 per share payable on May 07, 2025, ex-date on May 05, 2025 and record date on May 06, 2025. Board Change • Feb 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Valerie Sun was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Valerie Sun was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Valerie Sun was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 13
Second quarter 2024 earnings released: EPS: €0.77 (vs €0.38 in 2Q 2023) Second quarter 2024 results: EPS: €0.77 (up from €0.38 in 2Q 2023). Revenue: €27.4m (up 13% from 2Q 2023). Net income: €8.47m (up 109% from 2Q 2023). Profit margin: 31% (up from 17% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Sep 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Valerie Sun was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: €0.30 (vs €0.37 in 1Q 2023) First quarter 2024 results: EPS: €0.30 (down from €0.37 in 1Q 2023). Revenue: €23.9m (down 1.5% from 1Q 2023). Net income: €3.26m (down 20% from 1Q 2023). Profit margin: 14% (down from 17% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 29
Upcoming dividend of €0.70 per share Eligible shareholders must have bought the stock before 06 May 2024. Payment date: 08 May 2024. Trailing yield: 4.1%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (4.9%). Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: €1.28 (vs €1.13 in FY 2022) Full year 2023 results: EPS: €1.28 (up from €1.13 in FY 2022). Revenue: €94.0m (up 14% from FY 2022). Net income: €14.0m (up 14% from FY 2022). Profit margin: 15% (in line with FY 2022). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 18
Third quarter 2023 earnings released: EPS: €0.32 (vs €0.44 in 3Q 2022) Third quarter 2023 results: EPS: €0.32. Revenue: €22.7m (up 9.6% from 3Q 2022). Net income: €3.56m (flat on 3Q 2022). Profit margin: 16% (down from 17% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Consumer Durables industry in the United Kingdom. Reported Earnings • Sep 14
Second quarter 2023 earnings released: EPS: €0.38 (vs €0.20 in 2Q 2022) Second quarter 2023 results: EPS: €0.38 (up from €0.20 in 2Q 2022). Revenue: €24.3m (up 21% from 2Q 2022). Net income: €4.06m (up 83% from 2Q 2022). Profit margin: 17% (up from 11% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Consumer Durables industry in the United Kingdom. 공시 • Sep 10
B&C Speakers S.p.A. acquired Eminence Speaker LLC from Eminence Holdings, LLC for $3.56 million. B&C Speakers S.p.A. acquired Eminence Speaker LLC from Eminence Holdings, LLC for $3.56 million on September 8, 2023. In the year 2022, Eminence Speaker LLC recorded revenue of $11.9 million and EBITDA of $0.48. KT&Partners served as Financial Advisor, Nelson Mullins Riley, Scarborough LLP and GWA served as legal advisor and Deloitte provided the due diligence provider to B&C SpeakersB&C Speakers S.p.A. completed the acquisition of Eminence Speaker LLC from Eminence Holdings, LLC on September 8, 2023 
