Upcoming Dividend • Apr 29
Upcoming dividend of €0.13 per share Eligible shareholders must have bought the stock before 06 May 2024. Payment date: 08 May 2024. Payout ratio and cash payout ratio are on the higher end at 93% and 89% respectively. Trailing yield: 2.1%. Lower than top quartile of Italian dividend payers (5.7%). Higher than average of industry peers (1.4%). Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €6.14, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 21x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 77% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €3.66 per share. 공시 • Mar 27
Honeywell International Inc. (NasdaqGS:HON) announced the intention to acquire Civitanavi Systems S.p.A. from Civitanavi Systems Limited, Athena S.p.A. and other. Honeywell International Inc. (NasdaqGS:HON) announced the intention to acquire Civitanavi Systems S.p.A. from Civitanavi Systems Limited, Athena S.p.A. and others on March 27, 2024. Honeywell will initiate a voluntary tender offer to acquire all outstanding shares of Civitanavi for a purchase price of €6.30 per share in cash. The purchase price payable at closing represents a premium of approximately 27.1% to the 30-day volume-weighted average trading price of Civitanavi’s stock ended on March 26, 2024, the last day of trading before the announcement of the transaction. Honeywell has already secured the commitment of Civitanavi’s controlling shareholder, which owns approximately 66% of Civitanavi’s outstanding shares to tender its shares. The transaction is not subject to any financing condition and is expected to close in the third quarter of 2024, subject to customary closing conditions, including among the others: (i) receipt of required antitrust clearance; (ii) receipt of required clearances pursuant to the foreign direct investment regulations in Italy, United Kingdom and Canada and; (iii) the tender of at least 95% of Civitanavi’s outstanding shares. Bird & Bird is acting as legal counsel to Honeywell in the acquisition process, while UniCredit is acting as financial advisor. Price Target Changed • Mar 16
Price target increased by 10% to €5.80 Up from €5.25, the current price target is an average from 2 analysts. New target price is 17% above last closing price of €4.97. Stock is up 40% over the past year. The company is forecast to post earnings per share of €0.14 for next year compared to €0.23 last year. 공시 • Dec 24
Civitanavi Systems S.p.A., Annual General Meeting, Apr 24, 2024 Civitanavi Systems S.p.A., Annual General Meeting, Apr 24, 2024. Agenda: To consider and approve the Financial Statements as of 31 December 2023. Reported Earnings • Sep 25
First half 2023 earnings released: €0.032 loss per share (vs €0.066 profit in 1H 2022) First half 2023 results: €0.032 loss per share (down from €0.066 profit in 1H 2022). Revenue: €21.2m (up 58% from 1H 2022). Net loss: €973.6k (down 148% from profit in 1H 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Aerospace & Defense industry in Italy. 공시 • Jul 25
Civitanavi Systems S.p.A. to Report First Half, 2023 Results on Sep 21, 2023 Civitanavi Systems S.p.A. announced that they will report first half, 2023 results on Sep 21, 2023 Reported Earnings • Mar 19
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: €0.23. Revenue: €34.4m (up 38% from FY 2021). Net income: €6.97m (up 43% from FY 2021). Profit margin: 20% (in line with FY 2021). Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Aerospace & Defense industry in Europe. 공시 • Feb 01
Civitanavi Systems S.p.A. (BIT:CNS) entered into agreement to acquire PV Labs Inc . Civitanavi Systems S.p.A. (BIT:CNS) entered into agreement to acquire PV Labs Inc For on January 31, 2023. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 21% share price decline to €3.54, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 21x in the Aerospace & Defense industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €2.82 per share. Board Change • Nov 16
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Chairman of the Board of Directors & CEO Andrea Pizzarulli is the most experienced director on the board, commencing their role in 2012. Independent Director Tullio Rozzi was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Apr 27
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Chairman of the Board of Directors & CEO Andrea Pizzarulli is the most experienced director on the board, commencing their role in 2012. Independent Director Tullio Rozzi was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.