New Risk • Jun 03
New major risk - Revenue and earnings growth Earnings have declined by 8.0% 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 8.0% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€14.2m market cap, or US$16.5m). Recent Insider Transactions • May 26
Key Executive recently bought €145k worth of stock On the 20th of May, Guglielmo Marchetti bought around 235k shares on-market at roughly €0.62 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Guglielmo has been a buyer over the last 12 months, purchasing a net total of €177k worth in shares. New Risk • Apr 14
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 Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (€13.8m market cap, or US$16.3m). Buy Or Sell Opportunity • Feb 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.5% to €0.66. The fair value is estimated to be €0.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 33% in 2 years. Earnings are forecast to grow by 77% in the next 2 years. Buy Or Sell Opportunity • Nov 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to €0.62. The fair value is estimated to be €0.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 33% in 2 years. Earnings are forecast to grow by 77% in the next 2 years. Buy Or Sell Opportunity • Oct 27
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.9% to €0.70. The fair value is estimated to be €0.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 33% in 2 years. Earnings are forecast to grow by 984% in the next 2 years. New Risk • Jul 24
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x 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 Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (€16.0m market cap, or US$18.8m). New Risk • Apr 16
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: Minor Risks High level of debt (75% net debt to equity). Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€15.8m market cap, or US$18.0m). Reported Earnings • Oct 02
First half 2024 earnings released: €0.07 loss per share (vs €0.11 profit in 1H 2023) First half 2024 results: €0.07 loss per share (down from €0.11 profit in 1H 2023). Revenue: €16.8m (down 8.0% from 1H 2023). Net loss: €1.55m (down 162% from profit in 1H 2023). Revenue is forecast to grow 38% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Entertainment industry in Italy. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 25% per year. New Risk • Sep 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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 Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (5.4% net profit margin). Market cap is less than US$100m (€18.2m market cap, or US$20.1m). New Risk • Jul 01
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.5x 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 Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. 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 (5.4% net profit margin). Market cap is less than US$100m (€20.6m market cap, or US$22.1m). New Risk • Apr 16
New minor risk - Financial data availability The 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 (28% accrual ratio). Minor Risks High level of debt (50% net debt to equity). 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. Market cap is less than US$100m (€23.4m market cap, or US$24.9m). Major Estimate Revision • Oct 18
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €45.9m to €40.9m. EPS estimate fell from €0.245 to €0.195 per share. Net income forecast to grow 15% next year vs 133% growth forecast for Entertainment industry in Italy. Consensus price target down from €2.20 to €2.00. Share price was steady at €1.27 over the past week. New Risk • Sep 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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: Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Paying a dividend despite having no free cash flows. Market cap is less than US$100m (€28.2m market cap, or US$30.5m). Upcoming Dividend • May 08
Upcoming dividend of €0.12 per share at 6.6% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 6.6%. Within top quartile of Italian dividend payers (5.2%). Higher than average of industry peers (2.1%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 1 independent director (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 02
First half 2022 earnings released: EPS: €0.10 (vs €0.05 in 1H 2021) First half 2022 results: EPS: €0.10 (up from €0.05 in 1H 2021). Revenue: €17.6m (up 132% from 1H 2021). Net income: €2.22m (up 100% from 1H 2021). Profit margin: 13% (down from 15% in 1H 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 02
Upcoming dividend of €0.082 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. Trailing yield: 5.1%. Within top quartile of Italian dividend payers (4.7%). Higher than average of industry peers (1.8%). Price Target Changed • Apr 27
Price target increased to €2.40 Up from €2.20, the current price target is provided by 1 analyst. New target price is 49% above last closing price of €1.61. Stock is down 11% over the past year. The company is forecast to post earnings per share of €0.25 for next year compared to €0.16 last year. Board Change • Apr 27
Less than half of directors are independent 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. 1 independent director (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 03
First half 2021 earnings released: EPS €0.05 (vs €0.04 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €9.64m (up 72% from 1H 2020). Net income: €1.11m (up €1.95m from 1H 2020). Profit margin: 12% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Price Target Changed • Jul 27
Price target decreased to €2.20 Down from €4.00, the current price target is provided by 1 analyst. New target price is 39% above last closing price of €1.58. Stock is down 16% over the past year. Valuation Update With 7 Day Price Move • Nov 30
Market bids up stock over the past week After last week's 18% share price gain to €1.85, the stock is trading at a trailing P/E ratio of 22.7x, up from the previous P/E ratio of 19.3x. This compares to an average P/E of 12x in the Entertainment industry in Italy. Total returns to shareholders over the past three years are 32%. Valuation Update With 7 Day Price Move • Nov 13
Market bids up stock over the past week After last week's 16% share price gain to €1.42, the stock is trading at a trailing P/E ratio of 17.4x, up from the previous P/E ratio of 15x. This compares to an average P/E of 14x in the Entertainment industry in Italy. Total returns to shareholders over the past three years are 10%. Price Target Changed • Nov 04
Price target lowered to €2.20 Down from €3.80, the current price target is provided by 1 analyst. The new target price is 79% above the current share price of €1.23. As of last close, the stock is down 51% over the past year. Is New 90 Day High Low • Oct 26
New 90-day low: €1.16 The company is down 38% from its price of €1.87 on 28 July 2020. The Italian market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 20% over the same period. Is New 90 Day High Low • Oct 10
New 90-day low: €1.41 The company is down 23% from its price of €1.82 on 10 July 2020. The Italian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 12% over the same period. Reported Earnings • Sep 28
First half earnings released Over the last 12 months the company has reported total profits of €1.73m, down 55% from the prior year. Total revenue was €24.9m over the last 12 months, down 8.8% from the prior year.