공시 • Oct 27
Vincenzo Zucchi S.p.A., Annual General Meeting, Nov 21, 2025 Vincenzo Zucchi S.p.A., Annual General Meeting, Nov 21, 2025, at 10:00 W. Europe Standard Time. New Risk • Oct 01
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2024. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2024 fiscal period end). Revenue has declined by 14% over the past year. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (€23.3m market cap, or US$27.4m). New Risk • Jul 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 14% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (5.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (€24.2m market cap, or US$28.1m). New Risk • Mar 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (€31.9m market cap, or US$34.6m). Upcoming Dividend • Aug 19
Upcoming dividend of €0.12 per share Eligible shareholders must have bought the stock before 26 August 2024. Payment date: 28 August 2024. Trailing yield: 5.7%. Within top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (2.0%). New Risk • Jun 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (€51.2m market cap, or US$54.8m). New Risk • Dec 11
New major risk - Revenue and earnings growth Earnings have declined by 1.5% 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 Risk Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (dividend per share is over 22x cash flows per share). Large one-off items impacting financial results. Market cap is less than US$100m (€57.2m market cap, or US$61.6m). Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Non-Executive Director Elena Nembrini was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Jul 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.0% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 166% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (5.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.4% net profit margin). Market cap is less than US$100m (€62.3m market cap, or US$67.6m). Upcoming Dividend • Jun 26
Upcoming dividend of €0.12 per share at 9.5% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 05 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 9.5%. Within top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (1.7%). Reported Earnings • Jun 19
First quarter 2023 earnings released First quarter 2023 results: EPS: €0.076. Revenue: €33.3m (up 14% from 1Q 2022). Net income: €1.93m (down 10% from 1Q 2022). Profit margin: 5.8% (down from 7.4% in 1Q 2022). New Risk • Jun 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 40% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 166% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (€59.3m market cap, or US$64.8m). Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 19% share price gain to €2.79, the stock trades at a trailing P/E ratio of 31.9x. Average trailing P/E is 23x in the Luxury industry in Italy. Total returns to shareholders of 87% over the past three years. Reported Earnings • Nov 24
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €26.7m (up 7.4% from 3Q 2021). Net income: €615.0k (down 75% from 3Q 2021). Profit margin: 2.3% (down from 9.8% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 03
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €20.7m (down 1.9% from 2Q 2021). Net loss: €1.35m (down 193% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 03
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €2.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 22%. Upcoming Dividend • Apr 27
Upcoming dividend of €0.24 per share Eligible shareholders must have bought the stock before 02 May 2022. Payment date: 04 May 2022. Trailing yield: 10%. Within top quartile of Italian dividend payers (4.6%). Higher than average of industry peers (1.4%). Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €2.92, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 28x in the Luxury industry in Italy. Total returns to shareholders of 61% over the past three years. Upcoming Dividend • Jan 31
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 07 February 2022. Payment date: 09 February 2022. Payout ratio is a comfortable 4.3% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Italian dividend payers (3.6%). Higher than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • Jan 01
Investor sentiment improved over the past week After last week's 20% share price gain to €3.83, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 27x in the Luxury industry in Italy. Total returns to shareholders of 106% over the past three years. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improved over the past week After last week's 16% share price gain to €3.13, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 26x in the Luxury industry in Italy. Total returns to shareholders of 76% over the past three years. Is New 90 Day High Low • Feb 20
New 90-day high: €1.87 The company is up 48% from its price of €1.27 on 20 November 2020. The Italian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 21% over the same period. Upcoming Dividend • Dec 22
First Dividend Is €0.12 Per Share Will be paid on the 30th of December to those who are registered shareholders by the 28th of December. This is the first dividend for Vincenzo Zucchi since going public. The average dividend yield among industry peers is 1.1%. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 25% share price gain to €1.59, the stock is trading at a trailing P/E ratio of 19.5x, up from the previous P/E ratio of 15.6x. This compares to an average P/E of 21x in the Luxury industry in Italy. Total return to shareholders over the past three years is a loss of 40%. Is New 90 Day High Low • Nov 24
New 90-day high: €1.33 The company is up 7.0% from its price of €1.24 on 25 August 2020. The Italian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 26% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: €1.19 The company is down 8.0% from its price of €1.30 on 24 June 2020. The Italian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is down 1.0% over the same period.