Buy Or Sell Opportunity • Apr 17
Now 21% undervalued Over the last 90 days, the stock has risen 15% to €2.10. The fair value is estimated to be €2.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 42% per annum over the same time period. Aankondiging • Apr 13
Matica Fintec S.p.A., Annual General Meeting, Apr 24, 2026 Matica Fintec S.p.A., Annual General Meeting, Apr 24, 2026, at 16:00 W. Europe Standard Time. New Risk • Apr 10
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x 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 Risks Interest payments are not well covered by earnings (1.2x net interest cover). Shareholders have been substantially diluted in the past year (216% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (€63.6m market cap, or US$74.5m). Reported Earnings • Mar 30
Full year 2025 earnings released Full year 2025 results: Revenue: €42.7m (up 92% from FY 2024). Net income: €841.0k (down 70% from FY 2024). Profit margin: 2.0% (down from 13% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Tech industry in Italy. New Risk • Mar 24
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 7.2% 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 Risk Shareholders have been substantially diluted in the past year (216% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (€65.7m market cap, or US$76.1m). Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €2.14, the stock trades at a trailing P/E ratio of 36.4x. Average forward P/E is 17x in the Tech industry in Europe. Total loss to shareholders of 13% over the past three years. Aankondiging • Dec 30
Matica Fintec S.p.A. (BIT:MFT) completed the acquisition of an unknown minority stake in Credence ID, LLC. Matica Fintec S.p.A. (BIT:MFT) agreed to acquire an unknown minority stake in Credence ID, LLC for $0.8 million on December 22, 2025. A cash consideration of $0.8 million will be paid by Matica Fintec S.p.A. The transaction is structured such that Matica will acquire 51 percent through an $8 million investment, consisting of $7.2 million via a capital increase through subscription to newly issued equity and $800,000 used to purchase units from CID Holdco LLC.
Matica Fintec S.p.A. (BIT:MFT) completed the acquisition of an unknown minority stake in Credence ID, LLC on December 29 2025. Aankondiging • Sep 04
Matica Fintec S.p.A. (BIT:MFT) completed the acquisition of PANINI S.p.A. from Seta Holding S.a. Matica Fintec S.p.A. (BIT:MFT) signed a binding agreement to acquire PANINI S.p.A. from Seta Holding S.a. for €24 million on July 31, 2025. As part of the acquisition, Matica Fintec S.p.A. will acquire entire share capital of Panini Spa. The transaction also includes the acquisition of Panini Spa's wholly owned subsidiary Panini North America, LLC. For the period ended December 31, 2024 PANINI S.p.A. reported revenue of €40 million and EBITDA of €6.2 million. The closing of the transaction is expected in September 2025. Matteo Brancaleoni, Michela Agostini, Francesco Panizza, Umberto Zanuso, Giuseppe Panaro, Roberto Junior Amoroso and Germano Palumbo of Fineurop Soditic S.p.A. acted as financial advisor Giovanni Gazzaniga, Nicolò Baruffi, Vanessa Sebastianutti, Ludovica Porzio, Simone Cadeddu, Jacopo Nardelli, Pierpaolo Mastromarini, Michele Arruzzolo and Francesco Bianco of Studio Legale Bird & Bird acted as legal advisor whereas Alfonso Laratta, Annalisa Vitali, Andrea Paolo Pacilli, Fabio Cavallo and Utku Yurttas of Nexia Audirevi S.p.A acted as Financial and Tax Due Diligence provider to Matica Fintec S.p.A.
Matica Fintec S.p.A. (BIT:MFT) completed the acquisition of PANINI S.p.A. from Seta Holding S.a. on September 3, 2025. The integration of Panini and Matica combines complementary capabilities, unlocking synergies that will accelerate innovation and growth, thus creating further value for customers and stakeholders of both companies. Aankondiging • Aug 02
Matica Fintec S.p.A. (BIT:MFT) signed a binding agreement to acquire PANINI S.p.A. from Seta Holding S.a. for €24 million. Matica Fintec S.p.A. (BIT:MFT) signed a binding agreement to acquire PANINI S.p.A. from Seta Holding S.a. for €24 million on July 31, 2025. As part of the acquisition, Matica Fintec S.p.A. will acquire entire share capital of Panini Spa. The transaction also includes the acquisition of Panini Spa's wholly owned subsidiary Panini North America, LLC. The closing of the transaction is expected in September 2025. New Risk • Jul 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 216% 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 Risk Shareholders have been substantially diluted in the past year (216% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€56.9m market cap, or US$66.8m). Buy Or Sell Opportunity • May 22
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €1.64. The fair value is estimated to be €2.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 16%. Buy Or Sell Opportunity • May 06
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €1.65. The fair value is estimated to be €2.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 16%. New Risk • Oct 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Market cap is less than US$100m (€18.6m market cap, or US$20.5m). Buy Or Sell Opportunity • Jul 01
Now 14% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to €1.69. The fair value is estimated to be €1.47, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 49%. Buy Or Sell Opportunity • Jun 19
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to €1.75. The fair value is estimated to be €1.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 49%. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €1.56, the stock trades at a trailing P/E ratio of 7.8x. Average forward P/E is 14x in the Tech industry in Europe. Total returns to shareholders of 10% over the past three years. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: €0.20 (vs €0.24 in FY 2022) Full year 2023 results: EPS: €0.20 (down from €0.24 in FY 2022). Revenue: €23.6m (up 15% from FY 2022). Net income: €2.20m (down 15% from FY 2022). Profit margin: 9.3% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Tech industry in Italy. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Feb 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (7.6% increase in shares outstanding). Market cap is less than US$100m (€15.7m market cap, or US$16.9m). Price Target Changed • Sep 15
Price target decreased by 16% to €3.45 Down from €4.10, the current price target is an average from 2 analysts. New target price is 92% above last closing price of €1.80. Stock is down 10.0% over the past year. The company is forecast to post earnings per share of €0.24 for next year compared to €0.24 last year. New Risk • Aug 13
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 6.3% 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 Risk Share price has been highly volatile over the past 3 months (6.3% average weekly change). Minor Risks Shareholders have been diluted in the past year (7.5% increase in shares outstanding). Market cap is less than US$100m (€20.3m market cap, or US$22.3m). New Risk • Jun 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 5.1% 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: Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Shareholders have been diluted in the past year (7.5% increase in shares outstanding). Market cap is less than US$100m (€21.1m market cap, or US$23.0m). Major Estimate Revision • Apr 20
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €24.0m to €21.0m. EPS estimate fell from €0.261 to €0.24 per share. Net income forecast to grow 1.4% next year vs 1.4% growth forecast for Tech industry in Italy. Consensus price target down from €4.10 to €4.00. Share price was steady at €2.54 over the past week. Buying Opportunity • Apr 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.9%. The fair value is estimated to be €3.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 85%. Revenue is forecast to grow by 52% in 2 years. Earnings is forecast to grow by 72% in the next 2 years. Buying Opportunity • Mar 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.8%. The fair value is estimated to be €3.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 85%. Revenue is forecast to grow by 52% in 2 years. Earnings is forecast to grow by 72% in the next 2 years. Buying Opportunity • Feb 22
Now 21% undervalued Over the last 90 days, the stock is up 5.0%. The fair value is estimated to be €3.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 85%. Revenue is forecast to grow by 52% in 2 years. Earnings is forecast to grow by 72% in the next 2 years. Buying Opportunity • Feb 03
Now 21% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be €3.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 85%. Revenue is forecast to grow by 52% in 2 years. Earnings is forecast to grow by 72% in the next 2 years. Price Target Changed • Nov 16
Price target increased to €4.45 Up from €4.15, the current price target is an average from 2 analysts. New target price is 80% above last closing price of €2.47. Stock is down 9.2% over the past year. The company is forecast to post earnings per share of €0.20 for next year compared to €0.12 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. 8 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). Operations Director & Director Pietro Broggian 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. Major Estimate Revision • Oct 27
Consensus EPS estimates increase by 37% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €18.5m to €19.5m. EPS estimate increased from €0.15 to €0.21 per share. Net income forecast to grow 37% next year vs 11% growth forecast for Tech industry in Italy. Consensus price target up from €4.15 to €4.45. Share price rose 11% to €2.46 over the past week. Reported Earnings • Oct 02
First half 2022 earnings released: EPS: €0.12 (vs €0.058 in 1H 2021) First half 2022 results: EPS: €0.12 (up from €0.058 in 1H 2021). Revenue: €8.88m (up 19% from 1H 2021). Net income: €1.21m (up 99% from 1H 2021). Profit margin: 14% (up from 8.1% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Tech industry in Europe. Buying Opportunity • Sep 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €2.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings is also forecast to grow by 28% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 17% share price gain to €2.90, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Tech industry in Europe. Total returns to shareholders of 105% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.28 per share. Price Target Changed • Jun 01
Price target increased to €4.15 Up from €3.62, the current price target is an average from 2 analysts. New target price is 53% above last closing price of €2.71. Stock is up 94% over the past year. The company is forecast to post earnings per share of €0.15 for next year compared to €0.12 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). Operations Director & Director Pietro Broggian 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. Reported Earnings • Apr 08
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €0.12 (up from €0.005 in FY 2020). Revenue: €15.4m (up 21% from FY 2020). Net income: €1.23m (up €1.18m from FY 2020). Profit margin: 8.0% (up from 0.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 14%, compared to a 1.7% growth forecast for the industry in Italy. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 16% share price gain to €2.31, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Tech industry in Europe. Total returns to shareholders of 65% over the past year. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 20% share price decline to €1.94, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Tech industry in Europe. Total returns to shareholders of 50% over the past year. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improved over the past week After last week's 31% share price gain to €2.76, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 19x in the Tech industry in Europe. Total returns to shareholders of 112% over the past year. Aankondiging • Jun 25
Matica Fintec S.p.A. (BIT:MFT) commences an Equity Buyback Plan for €2 million worth of its shares, under the authorization approved on April 14, 2021. Matica Fintec S.p.A. (BIT:MFT) commences share repurchases on June 14 2021, under the program mandated by the Shareholder's Meeting held on April 14, 2021. As per the mandate, the company is authorized to repurchase €2 million worth of shares, such that the company’s holding in treasury together with the shares repurchased does not exceed 20% of its issued share capital at any point of time. The purchases will be made at a price not lower, in the minimum by 20% and not higher in the maximum by 25% compared to the official price of the Matica Fintec shares recorded in the trading session of the day preceding the operation, in compliance with the current community and national legislation and accepted market practices recognized by Consob. The authorization is valid for 18 months. Reported Earnings • Apr 18
Full year 2020 earnings released: EPS €0.005 (vs €0.029 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €13.1m (down 16% from FY 2019). Net income: €50.4k (down 84% from FY 2019). Profit margin: 0.4% (down from 2.0% in FY 2019). Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 16% share price gain to €1.35, the stock is trading at a trailing P/E ratio of 48.2x, up from the previous P/E ratio of 41.6x. This compares to an average P/E of 26x in the Tech industry in Europe. Total return to shareholders over the past year is a loss of 26%. Is New 90 Day High Low • Feb 02
New 90-day low: €1.17 The company is down 8.0% from its price of €1.28 on 03 November 2020. The Italian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 14
New 90-day low: €1.25 The company is down 7.0% from its price of €1.34 on 16 October 2020. The Italian market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 24% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: €1.26 The company is down 15% from its price of €1.47 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 Tech industry, which is up 20% over the same period. Is New 90 Day High Low • Sep 26
New 90-day low: €1.31 The company is down 12% from its price of €1.48 on 26 June 2020. The Italian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 12% over the same period.