New Risk • May 21
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 48% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (48% net debt to equity). Dividend is not well covered by earnings (139% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Upcoming Dividend • May 18
Upcoming dividend of €0.58 per share Eligible shareholders must have bought the stock before 25 May 2026. Payment date: 27 May 2026. The company is paying out more than 100% of its profits and is paying out 85% of its cash flow. Trailing yield: 4.2%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (5.6%). New Risk • May 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.9% Last year net profit margin: 2.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (139% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Reported Earnings • May 15
First quarter 2026 earnings released: EPS: €0.086 (vs €0.30 in 1Q 2025) First quarter 2026 results: EPS: €0.086 (down from €0.30 in 1Q 2025). Revenue: €73.1m (up 2.5% from 1Q 2025). Net income: €1.07m (down 72% from 1Q 2025). Profit margin: 1.5% (down from 5.3% in 1Q 2025). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 6% per year. New Risk • Apr 30
New major risk - Revenue and earnings growth Earnings have declined by 35% 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 35% per year over the past 5 years. Minor Risks High level of debt (44% net debt to equity). Dividend is not well covered by earnings (139% payout ratio). Large one-off items impacting financial results. Aankondiging • Mar 30
Sabaf S.p.A., Annual General Meeting, Apr 29, 2026 Sabaf S.p.A., Annual General Meeting, Apr 29, 2026, at 10:00 W. Europe Standard Time. Location: via dei carpini n 1, ospitaletto bs Italy Declared Dividend • Mar 30
Dividend of €0.58 announced Dividend of €0.58 is the same as last year. Ex-date: 25th May 2026 Payment date: 27th May 2026 Dividend yield will be 4.4%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not covered by earnings (139% earnings payout ratio). However, it is well covered by cash flows (44% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 55% to bring the payout ratio under control. EPS is expected to grow by 109% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. New Risk • Mar 25
New major risk - Revenue and earnings growth Earnings have declined by 35% 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 Risks Interest payments are not well covered by earnings (1.9x net interest cover). Earnings have declined by 35% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (191% payout ratio). Large one-off items impacting financial results. Reported Earnings • Mar 25
Full year 2025 earnings released: EPS: €0.42 (vs €0.55 in FY 2024) Full year 2025 results: EPS: €0.42 (down from €0.55 in FY 2024). Revenue: €288.7m (up 1.3% from FY 2024). Net income: €5.18m (down 25% from FY 2024). Profit margin: 1.8% (down from 2.4% in FY 2024). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Aankondiging • Mar 25
Sabaf S.p.A. announces Annual dividend, payable on May 27, 2026 Sabaf S.p.A. announced Annual dividend of EUR 0.5800 per share payable on May 27, 2026, ex-date on May 25, 2026 and record date on May 26, 2026. New Risk • Mar 25
New major risk - Revenue and earnings growth Earnings have declined by 35% 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 Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 35% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (191% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Reported Earnings • Nov 12
Third quarter 2025 earnings released Third quarter 2025 results: EPS: €0.17. Revenue: €71.7m (up 3.7% from 3Q 2024). Net income: €2.14m (up 79% from 3Q 2024). Profit margin: 3.0% (up from 1.7% in 3Q 2024). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. New Risk • Oct 14
New major risk - Revenue and earnings growth Earnings have declined by 23% 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 23% per year over the past 5 years. Minor Risks High level of debt (47% net debt to equity). Dividend is not well covered by earnings (191% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Reported Earnings • Sep 05
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €69.4m (down 8.5% from 2Q 2024). Net income: €1.45m (down 65% from 2Q 2024). Profit margin: 2.1% (down from 5.4% in 2Q 2024). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Consumer Durables industry in Europe. Upcoming Dividend • May 19
Upcoming dividend of €0.58 per share Eligible shareholders must have bought the stock before 26 May 2025. Payment date: 28 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (4.4%). In line with average of industry peers (4.2%). New Risk • May 14
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (41% net debt to equity). Dividend is not well covered by earnings (105% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Declared Dividend • Mar 27
Dividend increased to €0.58 Dividend of €0.58 is 7.4% higher than last year. Ex-date: 26th May 2025 Payment date: 28th May 2025 Dividend yield will be 4.0%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio). However, it is covered by cash flows (61% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 16% to bring the payout ratio under control. EPS is expected to grow by 128% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. New Risk • Mar 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 36% 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: Minor Risks Dividend is not well covered by earnings (105% payout ratio). Large one-off items impacting financial results. Aankondiging • Mar 26
Sabaf S.p.A. announces Annual dividend, payable on May 28, 2025 Sabaf S.p.A. announced Annual dividend of EUR 0.5800 per share payable on May 28, 2025, ex-date on May 26, 2025 and record date on May 27, 2025. Buy Or Sell Opportunity • Mar 05
Now 20% overvalued Over the last 90 days, the stock has fallen 2.4% to €14.05. The fair value is estimated to be €11.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 96% in the next 2 years. Buy Or Sell Opportunity • Jan 30
Now 20% overvalued Over the last 90 days, the stock has fallen 18% to €14.80. The fair value is estimated to be €12.29, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 96% in the next 2 years. Buy Or Sell Opportunity • Jan 08
Now 20% overvalued Over the last 90 days, the stock has fallen 14% to €15.25. The fair value is estimated to be €12.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 96% in the next 2 years. Buy Or Sell Opportunity • Nov 26
Now 20% overvalued Over the last 90 days, the stock has fallen 6.3% to €15.75. The fair value is estimated to be €13.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 96% in the next 2 years. Reported Earnings • Nov 14
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €0.095. Revenue: €72.2m (up 6.3% from 3Q 2023). Net income: €1.20m (down 57% from 3Q 2023). Profit margin: 1.7% (down from 4.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Germany. New Risk • Sep 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • May 27
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 44% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (44% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (11% increase in shares outstanding). Upcoming Dividend • May 20
Upcoming dividend of €0.54 per share Eligible shareholders must have bought the stock before 27 May 2024. Payment date: 29 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.0%). Reported Earnings • May 15
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.34. Revenue: €71.0m (up 22% from 1Q 2023). Net income: €4.27m (up €5.06m from 1Q 2023). Profit margin: 6.0% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 14
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to €18.30. The fair value is estimated to be €14.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 46%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 43% per annum over the same time period. Buy Or Sell Opportunity • Apr 11
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.1% to €18.05. The fair value is estimated to be €14.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 46%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings are also forecast to grow by 42% per annum over the same time period. Aankondiging • Apr 10
Sabaf S.p.A., Annual General Meeting, May 08, 2024 Sabaf S.p.A., Annual General Meeting, May 08, 2024, at 10:30 Central European Standard Time. Location: registered office in Ospitaletto (BS) Via dei Carpini no. 1 Brescia Italy Agenda: To discuss Financial report at 31 December 2023: management report prepared by the Board of Directors and consolidated non-financial statement; Independent Auditors' Report and Report of the Board of Statutory Auditors, approval of the Financial statements at 31 December 2023; to discuss Resolution on the dividend proposal; to discuss Report on remuneration policy and remuneration paid; to Appointment of the Board of Directors; to Appointment of the Board of Statutory Auditors for the three-year period from 2024 to 2026; to discuss Authorization to renew an insurance policy for the Company's directors, statutory auditors and managers for the period from 2024 to 2026; and to discuss other matters. Buy Or Sell Opportunity • Mar 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.9% to €17.26. The fair value is estimated to be €14.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 46%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings are also forecast to grow by 42% per annum over the same time period. New Risk • Mar 21
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 217% Dividend yield: 3.2% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Dividend is not well covered by earnings (217% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). Significant insider selling over the past 3 months (€450k sold). Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: €0.25 (vs €1.36 in FY 2022) Full year 2023 results: EPS: €0.25 (down from €1.36 in FY 2022). Revenue: €237.9m (down 6.0% from FY 2022). Net income: €3.10m (down 80% from FY 2022). Profit margin: 1.3% (down from 6.0% in FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Jan 24
Director recently sold €450k worth of stock On the 18th of January, Cinzia Saleri sold around 25k shares on-market at roughly €18.00 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €442k more than they bought in the last 12 months. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €70.1m (up 25% from 3Q 2022). Net income: €2.79m (up €2.70m from 3Q 2022). Profit margin: 4.0% (up from 0.2% in 3Q 2022). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Consumer Durables industry in Germany. New Risk • Sep 08
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x 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 (2.2x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). Reported Earnings • Sep 08
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €52.6m (down 30% from 2Q 2022). Net loss: €631.0k (down 111% from profit in 2Q 2022). Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. New Risk • Jul 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (54% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.9% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). Reported Earnings • May 15
First quarter 2023 earnings released First quarter 2023 results: €0.07 loss per share. Revenue: €60.4m (down 15% from 1Q 2022). Net loss: €791.0k (down 111% from profit in 1Q 2022). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Feb 17
Full year 2022 earnings released Full year 2022 results: Revenue: €263.2m (flat on FY 2021). Net income: €15.7m (down 34% from FY 2021). Profit margin: 6.0% (down from 9.1% in FY 2021). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Consumer Durables industry in Germany. 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. 10 experienced directors. 2 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Carlo Scarpa was the last independent director to join the board, commencing their role in 2019. 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 • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €57.7m (down 8.5% from 3Q 2021). Net income: €88.0k (down 99% from 3Q 2021). Profit margin: 0.2% (down from 10% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Consumer Durables industry in Germany. Reported Earnings • Nov 13
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €57.7m (down 8.5% from 3Q 2021). Net income: €88.0k (down 99% from 3Q 2021). Profit margin: 0.2% (down from 10% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Durables industry in Germany. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improved over the past week After last week's 16% share price gain to €18.78, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Consumer Durables industry in Germany. Total returns to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €16.46 per share. Reported Earnings • Sep 01
Second quarter 2022 earnings released: EPS: €0.49 (vs €0.74 in 2Q 2021) Second quarter 2022 results: EPS: €0.49 (down from €0.74 in 2Q 2021). Revenue: €74.8m (up 2.7% from 2Q 2021). Net income: €5.55m (down 33% from 2Q 2021). Profit margin: 7.4% (down from 11% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 1.7%, compared to a 2.0% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 23
Upcoming dividend of €0.60 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 01 June 2022. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (3.0%). Reported Earnings • May 15
First quarter 2022 earnings released First quarter 2022 results: Revenue: €73.4m (up 13% from 1Q 2021). Net income: €7.45m (down 12% from 1Q 2021). Profit margin: 10% (down from 13% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.9%, compared to a 7.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. 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. 9 experienced directors. 3 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Carlo Scarpa was the last independent director to join the board, commencing their role in 2019. 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 • Apr 09
Full year 2021 earnings released: EPS: €2.13 (vs €1.24 in FY 2020) Full year 2021 results: EPS: €2.13 (up from €1.24 in FY 2020). Revenue: €263.3m (up 42% from FY 2020). Net income: €23.9m (up 71% from FY 2020). Profit margin: 9.1% (up from 7.6% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.5%, compared to a 8.0% growth forecast for the industry in Germany. 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 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 19% share price gain to €23.70, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Consumer Durables industry in Germany. Total returns to shareholders of 64% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €25.08 per share. Aankondiging • Mar 31
Sabaf S.p.A., Annual General Meeting, Apr 28, 2022 Sabaf S.p.A., Annual General Meeting, Apr 28, 2022, at 10:30 Central European Standard Time. Agenda: To discuss Presentation of the 2021 Annual Report;To consider Report on remuneration policy and remuneration paid - resolution on the second section pursuant to paragraph 6 of Article 123-ter of Legislative Decree 58/1998; Authorization for the purchase and disposal of treasury shares subject to revocation of the resolution of 6 May 2021 for the non-executed part; Related and consequent resolutions;and discus other matters. Buying Opportunity • Mar 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €24.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% per annum over the last 3 years. Earnings per share has grown by 221% over the last year. Reported Earnings • Feb 11
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €271.9m (up 47% from FY 2020). Net income: €23.9m (up 71% from FY 2020). Profit margin: 8.8% (up from 7.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 1.9%, compared to a 7.3% growth forecast for the industry in Germany. Reported Earnings • Nov 14
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €64.6m (up 37% from 3Q 2020). Net income: €6.51m (up 258% from 3Q 2020). Profit margin: 10% (up from 3.9% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Aug 05
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €75.4m (up 120% from 2Q 2020). Net income: €8.29m (up €7.42m from 2Q 2020). Profit margin: 11% (up from 2.6% in 2Q 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • May 25
Upcoming dividend of €0.55 per share Eligible shareholders must have bought the stock before 31 May 2021. Payment date: 02 June 2021. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (3.2%). In line with average of industry peers (2.3%). Analyst Estimate Surprise Post Earnings • Feb 14
Revenue beats expectations Revenue exceeded analyst estimates by 2.2%. Over the next year, revenue is forecast to grow 4.1%, compared to a 7.2% growth forecast for the Consumer Durables industry in Germany. Reported Earnings • Feb 14
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €192.1m (up 23% from FY 2019). Net income: €14.0m (up 36% from FY 2019). Profit margin: 7.3% (up from 6.6% in FY 2019). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Feb 12
New 90-day high: €19.30 The company is up 43% from its price of €13.45 on 13 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 23% over the same period. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 19% share price gain to €18.55, the stock is trading at a trailing P/E ratio of 23.7x, up from the previous P/E ratio of 19.9x. This compares to an average P/E of 27x in the Consumer Durables industry in Germany. Total returns to shareholders over the past three years are 20%. Is New 90 Day High Low • Jan 21
New 90-day high: €16.40 The company is up 31% from its price of €12.55 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 20% over the same period. Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 17% share price gain to €15.05, the stock is trading at a trailing P/E ratio of 19.5x, up from the previous P/E ratio of 16.7x. This compares to an average P/E of 25x in the Consumer Durables industry in Germany. Total return to shareholders over the past three years is a loss of 23%. Is New 90 Day High Low • Dec 02
New 90-day high: €14.35 The company is up 23% from its price of €11.70 on 03 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 13% over the same period. Analyst Estimate Surprise Post Earnings • Nov 16
Revenue misses expectations Revenue missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 14%, compared to a 4.6% growth forecast for the Consumer Durables industry in Germany. Analyst Estimate Surprise Post Earnings • Nov 12
Revenue misses expectations Revenue missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 14%, compared to a 5.2% growth forecast for the Consumer Durables industry in Germany. Upcoming Dividend • Oct 05
Upcoming Dividend of €0.35 Per Share Will be paid on the 14th of October to those who are registered shareholders by the 12th of October. The trailing yield of 2.7% is below the top quartile of German dividend payers (3.7%), but is in line with industry peers (2.6%). Is New 90 Day High Low • Oct 03
New 90-day high: €12.85 The company is up 19% from its price of €10.80 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 15% over the same period. Aankondiging • Sep 11
Sabaf S.p.A. (BIT:SAB) acquired an additional 15.75% stake in CMI s.r.l from Guangdong Xingye Investment Limited Liability Company for €3.1 million. Sabaf S.p.A. (BIT:SAB) acquired an additional 15.75% stake in CMI s.r.l from Guangdong Xingye Investment Limited Liability Company for €3.1 million on September 10, 2020. Upon completion of the transaction, Sabaf will now hold 84.25% stake in CMI.
Sabaf S.p.A. (BIT:SAB) completed the acquisition of an additional 15.75% stake in CMI s.r.l from Guangdong Xingye Investment Limited Liability Company on September 10, 2020. 
