Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €2.38, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 13x in the Chemicals industry in Italy. Total loss to shareholders of 45% over the past three years. Major Estimate Revision • Jul 10
Consensus EPS estimates increase from loss to €0.115 profit, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from €322.9m to €317.2m. EPS estimate of -€0.11 up from expected loss of €0.115 per share previously. Chemicals industry in Italy expected to see average net income growth of 15% next year. Consensus price target up from €4.20 to €4.90. Share price rose 2.7% to €3.05 over the past week. New Risk • Jul 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.9% 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 Interest payments are not well covered by earnings (1.9x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings are forecast to decline by an average of 6.9% per year for the foreseeable future. High level of non-cash earnings (44% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (5.5% net profit margin). Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €2.73, the stock trades at a trailing P/E ratio of 8.9x. Average forward P/E is 13x in the Chemicals industry in Italy. Total loss to shareholders of 28% over the past three years. Reported Earnings • May 06
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: €0.27 (down from €0.48 in FY 2024). Revenue: €373.0m (up 68% from FY 2024). Net income: €16.5m (down 37% from FY 2024). Profit margin: 4.4% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 25%. Earnings per share (EPS) also surpassed analyst estimates. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. New Risk • Apr 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.1% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.1% average weekly change). Earnings are forecast to decline by an average of 94% per year for the foreseeable future. High level of non-cash earnings (65% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €2.46, the stock trades at a trailing P/E ratio of 6.1x. Average forward P/E is 14x in the Chemicals industry in Italy. Total loss to shareholders of 52% over the past three years. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 94% per year for the foreseeable future. High level of non-cash earnings (65% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (7.1% average weekly change). Price Target Changed • Feb 09
Price target increased by 11% to €4.20 Up from €3.80, the current price target is provided by 1 analyst. New target price is 95% above last closing price of €2.15. Stock is down 8.3% over the past year. The company is forecast to post a net loss per share of €0.33 compared to earnings per share of €0.48 last year. Major Estimate Revision • Dec 18
Consensus revenue estimates decrease by 15%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €352.6m to €299.2m. EPS estimate increased from -€0.45 to -€0.33 per share. Chemicals industry in Italy expected to see average net income growth of 0.02% next year. Consensus price target broadly unchanged at €3.85. Share price was steady at €2.57 over the past week. New Risk • Oct 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 65% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 109% per year for the foreseeable future. High level of non-cash earnings (65% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). New Risk • Oct 08
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 8.7% 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 (8.7% operating cash flow to total debt). Earnings are forecast to decline by an average of 109% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €2.78, the stock trades at a trailing P/E ratio of 5.7x. Average forward P/E is 14x in the Chemicals industry in Italy. Total loss to shareholders of 54% over the past three years. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €2.58, the stock trades at a trailing P/E ratio of 5.3x. Average forward P/E is 15x in the Chemicals industry in Italy. Total loss to shareholders of 62% over the past three years. Major Estimate Revision • Jul 13
Consensus estimates of losses per share improve by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from €329.9m to €352.6m. EPS estimate increased from -€0.436 per share to -€0.303 per share. Chemicals industry in Italy expected to see average net income growth of 2.5% next year. Consensus price target broadly unchanged at €3.80. Share price fell 2.1% to €2.13 over the past week. New Risk • Jun 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 45% 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 Risks Interest payments are not well covered by earnings (0.2x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings are forecast to decline by an average of 87% per year for the foreseeable future. High level of non-cash earnings (45% accrual ratio). Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €2.35, the stock trades at a trailing P/E ratio of 4.9x. Average forward P/E is 14x in the Chemicals industry in Italy. Total loss to shareholders of 68% over the past three years. New Risk • May 27
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.5x 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 Risks Interest payments are not well covered by earnings (0.5x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings are forecast to decline by an average of 86% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. New Risk • May 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 86% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings are forecast to decline by an average of 86% per year for the foreseeable future. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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 Share price has been highly volatile over the past 3 months (10.0% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (€15m net loss in 2 years). New Risk • Mar 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €90.9m (US$99.3m) 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: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€15m net loss in 2 years). Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (€90.9m market cap, or US$99.3m). Price Target Changed • Nov 25
Price target decreased by 21% to €5.55 Down from €7.00, the current price target is an average from 2 analysts. New target price is 81% above last closing price of €3.07. Stock is up 11% over the past year. The company is forecast to post a net loss per share of €0.28 next year compared to a net loss per share of €0.20 last year. Breakeven Date Change • Nov 25
No longer forecast to breakeven The 2 analysts covering Seri Industrial no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of €12.5m in 2025. New consensus forecast suggests the company will make a loss of €10.4m in 2025. Reported Earnings • Oct 02
First half 2024 earnings released First half 2024 results: Revenue: €94.2m (up 4.9% from 1H 2023). Net loss: €5.72m (loss narrowed 18% from 1H 2023). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Chemicals industry in Italy. Major Estimate Revision • Apr 18
Consensus EPS estimates upgraded to €0.018 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €269.4m to €251.8m. 2024 losses expected to reduce from -€0.025 to -€0.018 per share. Chemicals industry in Italy expected to see average net income growth of 10% next year. Consensus price target broadly unchanged at €7.10. Share price rose 5.5% to €3.47 over the past week. Reported Earnings • Apr 03
Full year 2023 earnings released Full year 2023 results: Revenue: €200.1m (up 7.2% from FY 2022). Net loss: €11.2m (loss widened 156% from FY 2022). Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Chemicals industry in Italy. Major Estimate Revision • Dec 12
Consensus revenue estimates fall by 22% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €248.5m to €194.9m. Forecast losses increased from -€0.03 to -€0.199 per share. Chemicals industry in Italy expected to see average net income growth of 1.9% next year. Consensus price target down from €9.50 to €7.00. Share price rose 2.0% to €3.25 over the past week. Reported Earnings • Sep 25
First half 2023 earnings released First half 2023 results: Revenue: €89.8m (down 4.2% from 1H 2022). Net loss: €7.04m (loss widened 37% from 1H 2022). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Electrical industry in Italy. Price Target Changed • Jul 13
Price target decreased by 9.8% to €9.65 Down from €10.70, the current price target is an average from 2 analysts. New target price is 102% above last closing price of €4.78. Stock is down 29% over the past year. The company is forecast to post a net loss per share of €0.03 next year compared to a net loss per share of €0.091 last year. Major Estimate Revision • Jul 13
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €308.4m to €261.1m. Forecast loss of -€0.03, down from profit of €0.34 per share profit previously. Electrical industry in Italy expected to see average net income growth of 6.7% next year. Consensus price target down from €10.70 to €9.65. Share price rose 12% to €4.78 over the past week. Breakeven Date Change • Jul 12
Forecast breakeven date pushed back to 2024 The 2 analysts covering Seri Industrial previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 58% to 2023. The company is expected to make a profit of €18.4m in 2024. Average annual earnings growth of 83% is required to achieve expected profit on schedule. New Risk • Jul 03
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€24m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€24m free cash flow). Share price has been highly volatile over the past 3 months (7.5% average weekly change). Minor Risk Shareholders have been diluted in the past year (10% increase in shares outstanding). Reported Earnings • Mar 24
Full year 2022 earnings released Full year 2022 results: Revenue: €204.1m (up 23% from FY 2021). Net loss: €4.44m (loss widened 190% from FY 2021). Revenue is forecast to grow 60% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Electrical industry in Italy. Price Target Changed • Nov 16
Price target decreased to €10.35 Down from €12.50, the current price target is an average from 2 analysts. New target price is 68% above last closing price of €6.15. Stock is down 42% over the past year. The company is forecast to post a net loss per share of €0.093 next year compared to a net loss per share of €0.032 last year. Board Change • Nov 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. 7 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 04
First half 2022 earnings released: €0.11 loss per share (vs €0.093 loss in 1H 2021) First half 2022 results: €0.11 loss per share (further deteriorated from €0.093 loss in 1H 2021). Revenue: €93.7m (up 18% from 1H 2021). Net loss: €5.14m (loss widened 17% from 1H 2021). Revenue is forecast to grow 60% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Price Target Changed • May 13
Price target decreased to €12.50 Down from €14.05, the current price target is an average from 2 analysts. New target price is 80% above last closing price of €6.96. Stock is down 0.1% over the past year. The company is forecast to post earnings per share of €0.10 next year compared to a net loss per share of €0.032 last year. Board Change • Apr 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 President of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 20
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €0 (down 100% from FY 2020). Net loss: €1.53m (loss narrowed 62% from FY 2020). Profit margin: (up from net loss in FY 2020). Revenue missed analyst estimates by 5.9%. Is New 90 Day High Low • Feb 05
New 90-day high: €5.15 The company is up 75% from its price of €2.94 on 06 November 2020. The Italian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 03
New 90-day high: €3.50 The company is up 9.0% from its price of €3.23 on 04 September 2020. The Italian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 14% over the same period. Reported Earnings • Oct 05
First half earnings released Over the last 12 months the company has reported total losses of €4.09m, with losses widening by €3.87m from the prior year. Total revenue was €130.5m over the last 12 months, down 2.0% from the prior year. Reported Earnings • Sep 24
First half earnings released Over the last 12 months the company has reported total losses of €4.09m, with earnings decreasing by €4.38m from the prior year. Total revenue was €130.5m over the last 12 months, down 2.3% from the prior year.