Upcoming Dividend • May 11
Upcoming dividend of €0.06 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Italian dividend payers (4.6%). Higher than average of industry peers (0.7%). Major Estimate Revision • Mar 25
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €436.4m to €408.7m. EPS estimate also fell from €0.46 per share to €0.368 per share. Net income forecast to grow 68% next year vs 68% growth forecast for Electrical industry in Italy. Consensus price target down from €3.40 to €2.90. Share price rose 4.2% to €1.97 over the past week. Price Target Changed • Mar 24
Price target decreased by 9.4% to €2.90 Down from €3.20, the current price target is provided by 1 analyst. New target price is 49% above last closing price of €1.95. Stock is down 3.2% over the past year. The company is forecast to post earnings per share of €0.37 for next year compared to €0.23 last year. Aankondiging • Mar 23
IRCE S.p.A., Annual General Meeting, Apr 30, 2026 IRCE S.p.A., Annual General Meeting, Apr 30, 2026, at 11:00 W. Europe Standard Time. Declared Dividend • Mar 19
Dividend of €0.06 announced Dividend of €0.06 is the same as last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 3.0%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (26% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Reported Earnings • Mar 18
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: €0.23 (down from €0.26 in FY 2024). Revenue: €381.1m (down 4.5% from FY 2024). Net income: €6.18m (down 11% from FY 2024). Profit margin: 1.6% (down from 1.7% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) also missed analyst estimates by 19%. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Aankondiging • Mar 18
IRCE S.p.A. announces Annual dividend, payable on May 20, 2026 IRCE S.p.A. announced Annual dividend of EUR 0.0600 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. New Risk • Mar 17
New major risk - Revenue and earnings growth Earnings have declined by 2.0% 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 2.0% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (€50.3m market cap, or US$58.1m). Price Target Changed • Nov 25
Price target increased by 9.7% to €3.40 Up from €3.10, the current price target is provided by 1 analyst. New target price is 60% above last closing price of €2.12. Stock is down 2.3% over the past year. The company is forecast to post earnings per share of €0.29 for next year compared to €0.26 last year. New Risk • Nov 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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 Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (€54.7m market cap, or US$63.0m). Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: €0.053 (vs €0.086 in 3Q 2024) Third quarter 2025 results: EPS: €0.053 (down from €0.086 in 3Q 2024). Revenue: €83.2m (down 15% from 3Q 2024). Net income: €1.40m (down 38% from 3Q 2024). Profit margin: 1.7% (down from 2.3% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Oct 09
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €436.5m to €395.2m. EPS estimate also fell from €0.333 per share to €0.288 per share. Net income forecast to grow 80% next year vs 68% growth forecast for Electrical industry in Italy. Consensus price target of €3.20 unchanged from last update. Share price rose 6.0% to €2.29 over the past week. Reported Earnings • Sep 15
Second quarter 2025 earnings released: EPS: €0.07 (vs €0.098 in 2Q 2024) Second quarter 2025 results: EPS: €0.07 (down from €0.098 in 2Q 2024). Revenue: €102.1m (down 5.9% from 2Q 2024). Net income: €1.86m (down 28% from 2Q 2024). Profit margin: 1.8% (down from 2.4% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: €0.074 (vs €0.085 in 1Q 2024) First quarter 2025 results: EPS: €0.074 (down from €0.085 in 1Q 2024). Revenue: €103.4m (up 2.9% from 1Q 2024). Net income: €1.95m (down 13% from 1Q 2024). Profit margin: 1.9% (down from 2.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Upcoming Dividend • May 12
Upcoming dividend of €0.06 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (2.1%). Reported Earnings • Apr 06
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: €0.26 (down from €0.31 in FY 2023). Revenue: €398.9m (down 1.2% from FY 2023). Net income: €6.90m (down 16% from FY 2023). Profit margin: 1.7% (down from 2.0% in FY 2023). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Aankondiging • Mar 20
IRCE S.p.A., Annual General Meeting, Apr 28, 2025 IRCE S.p.A., Annual General Meeting, Apr 28, 2025, at 11:00 W. Europe Standard Time. Declared Dividend • Mar 19
Dividend of €0.06 announced Dividend of €0.06 is the same as last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 3.0%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (23% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Aankondiging • Mar 18
IRCE S.p.A. announces Annual dividend, payable on May 21, 2025 IRCE S.p.A. announced Annual dividend of EUR 0.0600 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: €0.086 (vs €0.061 in 3Q 2023) Third quarter 2024 results: EPS: €0.086 (up from €0.061 in 3Q 2023). Revenue: €98.2m (up 6.0% from 3Q 2023). Net income: €2.27m (up 41% from 3Q 2023). Profit margin: 2.3% (up from 1.7% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Reported Earnings • Sep 15
Second quarter 2024 earnings released: EPS: €0.098 (vs €0.09 in 2Q 2023) Second quarter 2024 results: EPS: €0.098 (up from €0.09 in 2Q 2023). Revenue: €108.6m (up 2.5% from 2Q 2023). Net income: €2.60m (up 9.4% from 2Q 2023). Profit margin: 2.4% (up from 2.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: €0.085 (vs €0.097 in 1Q 2023) First quarter 2024 results: EPS: €0.085 (down from €0.097 in 1Q 2023). Revenue: €100.5m (down 11% from 1Q 2023). Net income: €2.25m (down 13% from 1Q 2023). Profit margin: 2.2% (down from 2.3% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 13
Upcoming dividend of €0.06 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (1.7%). Declared Dividend • Mar 21
Dividend of €0.06 announced Shareholders will receive a dividend of €0.06. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 3.1%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Mar 21
Price target increased by 36% to €3.00 Up from €2.20, the current price target is provided by 1 analyst. New target price is 54% above last closing price of €1.95. Stock is down 19% over the past year. The company is forecast to post earnings per share of €0.30 for next year compared to €0.31 last year. Reported Earnings • Mar 19
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: €0.31 (down from €0.35 in FY 2022). Revenue: €404.5m (down 12% from FY 2022). Net income: €8.23m (down 11% from FY 2022). Profit margin: 2.0% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.1%. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: €0.061 (vs €0.03 in 3Q 2022) Third quarter 2023 results: EPS: €0.061 (up from €0.03 in 3Q 2022). Revenue: €93.0m (down 12% from 3Q 2022). Net income: €1.61m (up 101% from 3Q 2022). Profit margin: 1.7% (up from 0.8% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 28
Price target decreased by 12% to €2.20 Down from €2.50, the current price target is provided by 1 analyst. New target price is 10% above last closing price of €2.00. Stock is down 4.5% over the past year. The company is forecast to post earnings per share of €0.32 for next year compared to €0.35 last year. Reported Earnings • Sep 14
Second quarter 2023 earnings released: EPS: €0.09 (vs €0.096 in 2Q 2022) Second quarter 2023 results: EPS: €0.09 (down from €0.096 in 2Q 2022). Revenue: €106.2m (down 22% from 2Q 2022). Net income: €2.38m (down 6.7% from 2Q 2022). Profit margin: 2.2% (up from 1.9% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2023 earnings released: EPS: €0.097 (vs €0.062 in 1Q 2022) First quarter 2023 results: EPS: €0.097 (up from €0.062 in 1Q 2022). Revenue: €113.4m (down 10% from 1Q 2022). Net income: €2.57m (up 56% from 1Q 2022). Profit margin: 2.3% (up from 1.3% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 2 years compared to a 5.3% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 15
Upcoming dividend of €0.06 per share at 2.4% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (2.1%). Major Estimate Revision • Mar 22
Consensus revenue estimates decrease by 10%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €460.4m to €414.0m. EPS estimate increased from €0.21 to €0.31 per share. Net income forecast to shrink 6.7% next year vs 8.4% growth forecast for Electrical industry in Italy . Consensus price target up from €2.10 to €2.50. Share price rose 3.5% to €2.38 over the past week. Reported Earnings • Mar 18
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: €0.35 (down from €0.35 in FY 2021). Revenue: €459.6m (flat on FY 2021). Net income: €9.22m (down 1.6% from FY 2021). Profit margin: 2.0% (in line with FY 2021). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is expected to decline by 2.6% p.a. on average during the next 2 years, while revenues in the Electrical industry in Italy are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 17
Price target increased by 14% to €2.50 Up from €2.20, the current price target is provided by 1 analyst. New target price is 9.2% above last closing price of €2.29. Stock is down 18% over the past year. The company is forecast to post earnings per share of €0.10 for next year compared to €0.35 last year. Price Target Changed • Nov 16
Price target decreased to €2.20 Down from €2.90, the current price target is provided by 1 analyst. New target price is 8.4% above last closing price of €2.03. Stock is down 35% over the past year. The company is forecast to post earnings per share of €0.10 for next year compared to €0.35 last year. 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. 2 independent directors (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. Major Estimate Revision • Oct 05
Consensus EPS estimates fall by 58% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €482.4m to €447.0m. EPS estimate also fell from €0.24 per share to €0.10 per share. Net income forecast to shrink 36% next year vs 22% growth forecast for Electrical industry in Italy . Consensus price target down from €2.90 to €2.20. Share price was steady at €2.11 over the past week. Reported Earnings • Sep 18
Second quarter 2022 earnings released: EPS: €0.096 (vs €0.13 in 2Q 2021) Second quarter 2022 results: EPS: €0.096 (down from €0.13 in 2Q 2021). Revenue: €136.2m (up 9.3% from 2Q 2021). Net income: €2.55m (down 23% from 2Q 2021). Profit margin: 1.9% (down from 2.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.0% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 16
Upcoming dividend of €0.05 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Italian dividend payers (4.7%). In line with average of industry peers (2.1%). Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: €0.063 (down from €0.13 in 1Q 2021). Revenue: €126.4m (up 22% from 1Q 2021). Net income: €1.65m (down 51% from 1Q 2021). Profit margin: 1.3% (down from 3.2% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 1.2%, compared to a 10% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target decreased to €2.90 Down from €3.20, the current price target is provided by 1 analyst. New target price is 15% above last closing price of €2.53. Stock is up 11% over the past year. The company is forecast to post earnings per share of €0.24 for next year compared to €0.35 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. 9 experienced directors. No highly experienced directors. 2 independent directors (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. Major Estimate Revision • Mar 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €421.2m to €482.4m. EPS estimate fell from €0.39 to €0.24. Net income forecast to grow 18% next year vs 18% growth forecast for Electrical industry in Italy. Consensus price target down from €3.53 to €3.20. Share price was steady at €2.78 over the past week. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €0.35 (up from €0.10 in FY 2020). Revenue: €457.7m (up 55% from FY 2020). Net income: €9.38m (up 244% from FY 2020). Profit margin: 2.0% (up from 0.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 1.9%. Over the next year, revenue is expected to shrink by 8.0% compared to a 11% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €2.48, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 20x in the Electrical industry in Europe. Total returns to shareholders of 14% over the past three years. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS €0.084 (vs €0.041 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €113.2m (up 63% from 3Q 2020). Net income: €2.23m (up 107% from 3Q 2020). Profit margin: 2.0% (up from 1.6% in 3Q 2020). The increase in margin was driven by higher revenue. 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 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 18
Second quarter 2021 earnings released: EPS €0.13 (vs €0.016 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €124.6m (up 109% from 2Q 2020). Net income: €3.31m (up €2.88m from 2Q 2020). Profit margin: 2.7% (up from 0.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 19
First quarter 2021 earnings released: EPS €0.13 (vs €0.033 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €103.8m (up 34% from 1Q 2020). Net income: €3.34m (up €4.20m from 1Q 2020). Profit margin: 3.2% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improved over the past week After last week's 16% share price gain to €2.73, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 25x in the Electrical industry in Europe. Total returns to shareholders of 5.5% over the past three years. Upcoming Dividend • May 17
Upcoming dividend of €0.03 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 1.1%. Lower than top quartile of Italian dividend payers (3.8%). Lower than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 16% share price gain to €2.28, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 25x in the Electrical industry in Europe. Total loss to shareholders of 9.9% over the past three years. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS €0.10 (vs €0.073 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €296.1m (down 5.3% from FY 2019). Net income: €2.73m (up 40% from FY 2019). Profit margin: 0.9% (up from 0.6% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 11
New 90-day high: €1.79 The company is up 17% from its price of €1.52 on 12 November 2020. The Italian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: €1.69 The company is up 13% from its price of €1.49 on 15 September 2020. The Italian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 10.0% over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS €0.041 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: €69.3m (down 2.1% from 3Q 2019). Net income: €1.08m (up €1.55m from 3Q 2019). Profit margin: 1.6% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 05
New 90-day low: €1.40 The company is down 4.0% from its price of €1.46 on 07 August 2020. The Italian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 8.0% over the same period. Reported Earnings • Sep 21
First half earnings released Over the last 12 months the company has reported total losses of €1.08m, with earnings decreasing by €4.56m from the prior year. Total revenue was €279.0m over the last 12 months, down 17% from the prior year.