Board Change • Mar 24
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). Chairman of Board of Statutory Auditors Barbara Ricciardi is the most experienced director on the board, commencing their role in 2019. Independent Director Edoardo Narduzzi was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Feb 19
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). President of Board of Statutory Auditors Barbara Ricciardi is the most experienced director on the board, commencing their role in 2019. Independent Director Edoardo Narduzzi was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Dec 16
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). President of Board of Statutory Auditors Barbara Ricciardi is the most experienced director on the board, commencing their role in 2019. Independent Director Edoardo Narduzzi was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. New Risk • Sep 11
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 7.8% 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 Share price has been highly volatile over the past 3 months (7.8% average weekly change). Earnings have declined by 40% per year over the past 5 years. Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (€3.61m market cap, or US$4.22m). Price Target Changed • Aug 14
Price target decreased by 12% to €169 Down from €192, the current price target is an average from 2 analysts. New target price is 251% above last closing price of €48.00. Stock is down 74% over the past year. The company posted a net loss per share of €116 last year. New Risk • Jun 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 38% per year over the past 5 years. Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (€4.87m market cap, or US$5.66m). Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). Price Target Changed • Jun 04
Price target decreased by 11% to €183 Down from €204, the current price target is an average from 2 analysts. New target price is 106% above last closing price of €88.80. Stock is down 58% over the past year. The company posted a net loss per share of €116 last year. New Risk • Apr 15
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 43% This is considered a major 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: Major Risks Earnings have declined by 39% per year over the past 5 years. Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (€6.09m market cap, or US$6.91m). New Risk • Feb 17
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 Risks Share price has been highly volatile over the past 3 months (8.8% average weekly change). Earnings have declined by 34% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (€4.02m market cap, or US$4.22m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Price Target Changed • Nov 14
Price target decreased by 20% to €263 Down from €327, the current price target is provided by 1 analyst. New target price is 67% above last closing price of €158. Stock is down 7.2% over the past year. The company posted a net loss per share of €118 last year. New Risk • Jul 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.02m (US$9.76m) This is considered a major 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: Major Risks Share price has been highly volatile over the past 3 months (8.3% average weekly change). Earnings have declined by 19% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (€9.02m market cap, or US$9.76m). Price Target Changed • Apr 17
Price target decreased by 11% to €361 Down from €406, the current price target is an average from 2 analysts. New target price is 34% above last closing price of €270. Stock is up 56% over the past year. The company posted a net loss per share of €94.63 last year. New Risk • Jan 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 Share price has been highly volatile over the past 3 months (8.1% average weekly change). Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (€17.9m market cap, or US$19.4m). New Risk • Aug 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (€8.94m market cap, or US$9.71m). Minor Risk Share price has been volatile over the past 3 months (5.0% average weekly change). Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Anna Guglielmi was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. 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. 12 experienced directors. No highly experienced directors. 1 independent director (8 non-independent directors). President of Statutory Auditors Vicenzo Tommaso Miceli was the last 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. Board Change • Jul 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Chairman of the Board of Directors Federico Freni was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Is New 90 Day High Low • Dec 16
New 90-day low: €355 The company is down 15% from its price of €418 on 17 September 2020. The Italian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 2.0% over the same period. Is New 90 Day High Low • Nov 30
New 90-day low: €380 The company is down 7.0% from its price of €410 on 01 September 2020. The Italian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 8.0% over the same period. Is New 90 Day High Low • Sep 23
New 90-day low: €383 The company is down 5.0% from its price of €402 on 25 June 2020. The Italian market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is flat over the same period.