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Piaggio & C

DB:P1I
Snowflake Description

Proven track record with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
P1I
DB
€704M
Market Cap
  1. Home
  2. DE
  3. Automobiles
Company description

Piaggio & C. SpA, together with its subsidiaries, develops, manufactures, and distributes two-wheeler and commercial motor vehicles. The last earnings update was 101 days ago. More info.


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P1I Share Price and Events
7 Day Returns
0.5%
DB:P1I
-0.3%
DE Auto
0.6%
DE Market
1 Year Returns
-16.3%
DB:P1I
-18.7%
DE Auto
-12.4%
DE Market
P1I Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Piaggio & C (P1I) 0.5% 0.9% 7.7% -16.3% 1.7% -11%
DE Auto -0.3% -0.7% -1.8% -18.7% 4.6% -20.4%
DE Market 0.6% 2% -1.8% -12.4% 9.8% 4%
1 Year Return vs Industry and Market
  • P1I outperformed the Auto industry which returned -18.7% over the past year.
  • P1I underperformed the Market in Germany which returned -12.4% over the past year.
Price Volatility
P1I
Industry
5yr Volatility vs Market

Value

 Is Piaggio & C undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Piaggio & C to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Piaggio & C.

DB:P1I Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.9%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:P1I
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 9.8%
Auto Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.594 (1 + (1- 24%) (86.62%))
0.985
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.98
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.985 * 9.77%)
9.85%

Discounted Cash Flow Calculation for DB:P1I using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Piaggio & C is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:P1I DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (EUR, Millions) 47.10 56.44 80.50 82.78 85.12
Source Analyst x4 Analyst x5 Analyst x1 Est @ 2.83% Est @ 2.83%
Present Value
Discounted (@ 9.85%)
42.88 46.77 60.73 56.85 53.21
Present value of next 5 years cash flows €260.44
DB:P1I DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= €85.12 × (1 + 0.23%) ÷ (9.85% – 0.23%)
€886.65
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= €886.65 ÷ (1 + 9.85%)5
€554.31
DB:P1I Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= €260.44 + €554.31
€814.75
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €814.75 / 357.51
€2.25
DB:P1I Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:P1I represents 0.98515x of BIT:PIA
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.98515x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 2.28 x 0.98515
€2.25
Value per share (EUR) From above. €2.25
Current discount Discount to share price of €1.92
= -1 x (€1.92 - €2.25) / €2.25
14.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Piaggio & C is available for.
Intrinsic value
14%
Share price is €1.92 vs Future cash flow value of €2.25
Current Discount Checks
For Piaggio & C to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Piaggio & C's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Piaggio & C's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Piaggio & C's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Piaggio & C's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:P1I PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in EUR €0.09
BIT:PIA Share Price ** BIT (2019-02-15) in EUR €1.95
Germany Auto Industry PE Ratio Median Figure of 6 Publicly-Listed Auto Companies 5.74x
Germany Market PE Ratio Median Figure of 420 Publicly-Listed Companies 17.9x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Piaggio & C.

DB:P1I PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:PIA Share Price ÷ EPS (both in EUR)

= 1.95 ÷ 0.09

22.42x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Piaggio & C is overvalued based on earnings compared to the DE Auto industry average.
  • Piaggio & C is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Piaggio & C's expected growth come at a high price?
Raw Data
DB:P1I PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.42x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
26.4%per year
Europe Auto Industry PEG Ratio Median Figure of 10 Publicly-Listed Auto Companies 0.77x
Germany Market PEG Ratio Median Figure of 276 Publicly-Listed Companies 1.43x

*Line of best fit is calculated by linear regression .

DB:P1I PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 22.42x ÷ 26.4%

0.85x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Piaggio & C is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Piaggio & C's assets?
Raw Data
DB:P1I PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in EUR €1.08
BIT:PIA Share Price * BIT (2019-02-15) in EUR €1.95
Germany Auto Industry PB Ratio Median Figure of 8 Publicly-Listed Auto Companies 0.97x
Germany Market PB Ratio Median Figure of 566 Publicly-Listed Companies 1.76x
DB:P1I PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:PIA Share Price ÷ Book Value per Share (both in EUR)

= 1.95 ÷ 1.08

1.81x

* Primary Listing of Piaggio & C.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Piaggio & C is overvalued based on assets compared to the DE Auto industry average.
X
Value checks
We assess Piaggio & C's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Auto industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Auto industry average (and greater than 0)? (1 check)
  5. Piaggio & C has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Piaggio & C expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
26.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Piaggio & C expected to grow at an attractive rate?
  • Piaggio & C's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Piaggio & C's earnings growth is expected to exceed the Germany market average.
  • Piaggio & C's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:P1I Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:P1I Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 26.4%
DB:P1I Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 5%
Germany Auto Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
Europe Auto Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 9.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:P1I Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:P1I Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 1,685 2
2021-12-31 1,620 214 90 3
2020-12-31 1,560 165 57 6
2019-12-31 1,475 156 46 6
2018-12-31 1,391 153 36 6
DB:P1I Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-09-30 1,379 150 31
2018-06-30 1,347 133 26
2018-03-31 1,346 148 22
2017-12-31 1,342 150 20
2017-09-30 1,339 144 20
2017-06-30 1,332 137 17
2017-03-31 1,315 130 14
2016-12-31 1,313 127 14
2016-09-30 1,324 157 13
2016-06-30 1,308 187 15
2016-03-31 1,300 154 12
2015-12-31 1,295 129 12

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Piaggio & C's earnings are expected to grow significantly at over 20% yearly.
  • Piaggio & C's revenue is expected to grow by 5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:P1I Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Piaggio & C Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:P1I Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.25 0.25 0.25 1.00
2020-12-31 0.17 0.19 0.15 6.00
2019-12-31 0.13 0.15 0.12 6.00
2018-12-31 0.10 0.11 0.09 5.00
DB:P1I Past Financials Data
Date (Data in EUR Millions) EPS *
2018-09-30 0.09
2018-06-30 0.07
2018-03-31 0.06
2017-12-31 0.06
2017-09-30 0.06
2017-06-30 0.05
2017-03-31 0.04
2016-12-31 0.04
2016-09-30 0.04
2016-06-30 0.04
2016-03-31 0.03
2015-12-31 0.03

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Piaggio & C is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Piaggio & C's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Piaggio & C has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Piaggio & C performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Piaggio & C's growth in the last year to its industry (Auto).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Piaggio & C has delivered over 20% year on year earnings growth in the past 5 years.
  • Piaggio & C's 1-year earnings growth exceeds its 5-year average (55.9% vs 32.5%)
  • Piaggio & C's earnings growth has exceeded the DE Auto industry average in the past year (55.9% vs 49.1%).
Earnings and Revenue History
Piaggio & C's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Piaggio & C Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:P1I Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 1,378.90 31.20 274.93
2018-06-30 1,346.74 25.52 262.28
2018-03-31 1,345.64 22.46 262.42
2017-12-31 1,342.45 19.98 262.86
2017-09-30 1,338.68 20.02 269.17
2017-06-30 1,331.92 17.17 267.39
2017-03-31 1,315.17 14.27 265.76
2016-12-31 1,313.11 14.04 264.65
2016-09-30 1,324.41 12.72 255.07
2016-06-30 1,307.90 15.10 261.94
2016-03-31 1,300.34 11.94 258.58
2015-12-31 1,295.29 11.87 260.58
2015-09-30 1,285.05 12.53 256.26
2015-06-30 1,278.18 14.40 257.19
2015-03-31 1,238.49 16.17 252.71
2014-12-31 1,213.27 16.07 250.01
2014-09-30 1,188.35 -12.40 248.94
2014-06-30 1,169.96 -15.01 242.97
2014-03-31 1,185.87 -6.54 241.39
2013-12-31 1,212.54 -6.55 250.64
2013-09-30 1,248.85 25.40 265.45
2013-06-30 1,313.63 33.19 264.49
2013-03-31 1,366.48 39.87 273.09
2012-12-31 1,406.15 42.01 273.06
2012-09-30 1,428.61 43.56 280.01
2012-06-30 1,450.53 46.36 286.72
2012-03-31 1,507.91 46.51 297.75

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Piaggio & C has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Piaggio & C used its assets less efficiently than the DE Auto industry average last year based on Return on Assets.
  • Piaggio & C has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Piaggio & C's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Auto industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Piaggio & C has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Piaggio & C's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Piaggio & C's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Piaggio & C's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Piaggio & C's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Piaggio & C's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Piaggio & C Company Filings, last reported 4 months ago.

DB:P1I Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 386.56 610.08 197.50
2018-06-30 384.30 852.11 193.32
2018-03-31 380.04 635.71 125.21
2017-12-31 385.06 768.02 128.07
2017-09-30 389.77 621.99 179.39
2017-06-30 391.14 856.17 222.76
2017-03-31 398.67 688.79 134.74
2016-12-31 393.71 881.61 191.76
2016-09-30 393.16 846.16 150.96
2016-06-30 393.19 854.32 152.59
2016-03-31 396.59 829.02 98.50
2015-12-31 404.29 773.63 101.43
2015-09-30 410.04 801.88 106.99
2015-06-30 409.79 857.85 120.68
2015-03-31 423.36 693.75 96.85
2014-12-31 413.07 777.60 98.21
2014-09-30 420.56 581.68 128.33
2014-06-30 411.66 728.05 104.03
2014-03-31 393.41 621.64 71.05
2013-12-31 392.12 675.95 67.34
2013-09-30 427.20 533.11 65.55
2013-06-30 429.16 573.81 101.88
2013-03-31 443.85 607.91 103.28
2012-12-31 439.87 494.46 86.11
2012-09-30 449.98 532.06 149.42
2012-06-30 444.36 510.65 107.34
2012-03-31 448.56 548.94 114.72
  • Piaggio & C's level of debt (157.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (125.3% vs 157.8% today).
  • Debt is well covered by operating cash flow (24.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.1x coverage).
X
Financial health checks
We assess Piaggio & C's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Piaggio & C has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Piaggio & C's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.82%
Current annual income from Piaggio & C dividends. Estimated to be 4.57% next year.
If you bought €2,000 of Piaggio & C shares you are expected to receive €56 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Piaggio & C's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.54%).
  • Piaggio & C's dividend is below the markets top 25% of dividend payers in Germany (3.96%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:P1I Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Europe Auto Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 4.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 330 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:P1I Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 0.20 1.00
2020-12-31 0.09 6.00
2019-12-31 0.07 6.00
2018-12-31 0.06 6.00
DB:P1I Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-03-26 0.055 2.744
2017-02-27 0.055 2.476
2016-03-24 0.050 3.056
2016-03-11 0.050 2.636
2015-03-20 0.072 2.979
2015-02-27 0.072 2.527
2014-11-03 0.000 0.000
2014-10-23 0.000 0.000
2014-08-08 0.000 0.000
2014-07-28 0.000 0.000
2014-05-14 0.000 0.000
2014-05-08 0.000 0.000
2014-03-20 0.000 0.000
2013-02-27 0.092 4.371
2012-07-27 0.082 4.178
2012-02-23 0.082 3.980
2011-03-08 0.070 2.976
2010-02-26 0.070 3.064
2009-02-27 0.060 4.063
2009-02-16 0.060 5.659

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Piaggio & C's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess Piaggio & C's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Piaggio & C afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Piaggio & C has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Piaggio & C's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Roberto Colaninno
COMPENSATION €1,290,000
AGE 75
TENURE AS CEO 12.3 years
CEO Bio

Mr. Roberto Colaninno has been the Chief Executive Officer of Piaggio & C. SpA since November 26, 2006 and served as its President and Director in charge of Internal Audit. Mr. Colaninno serves as Managing Director of Piaggio Finance S.A. He served as the Chief Operating Officer at Piaggio & C. SpA. He served as the Chief Executive Officer of Alitalia - Compagnia Aerea Italiana S.p.A. He served as the Chief Executive Officer of Omnia Holding SpA and Omniapartecipazioni S.P.A. He served as the President of HOPA SpA. He also served as the Chief Executive Officer of Olivetti since September 1996. He served as the Chief Executive Officer of Telecom Italia SpA. He serves as the Chairman of Piaggio & C. SpA, Chairman of Omnia Holding S.p.A., Omniainvest SPA, Compagnia Aerea Italiana S.r.l, Piaggio Holding Netherlands B.V., RCN Finanziaria S.p.A. and Immobiliare Regis S.r.l. He serves as the Chairman of the Fingruppo financial holding company and Chairman of Oliman, a joint venture between Olivetti and Mannesmann AG of Germany. He has been the Chairman Emeritus of Alitalia - Compagnia Aerea Italiana S.p.A. until January 2015. Mr. Colaninno serves as the Chairman of Piaggio SpA, Omniaholding SpA and Alitalia-Compagnia Aerea Italiana. He has been an Executive Chairman of Immsi SPA since May 12, 2006 and has been its Director since January 31, 2003. He served as Chairman of the Board of Aprilia S.p.A., until December 31, 2005. He served as the Chairman of Alitalia - Compagnia Aerea Italiana S.p.A. until January 2015. He served as the Chairman of Telecom Italia Mobile SpA. and Hopa S.p.A. He serves as Vice Chairman of Omnitel Pronto Italia. He served as Deputy Chairman of Seat Pagine Gialle SpA. He served as a Director of Efibanca S.p.A., Rodriquez Cantieri Navali SpA and Banca Agricola Mantovana. He has been a Director of Piaggio & C. SpA since August 28, 2006. He served as a Director of Wang Global Inc. (Formerly Wang Laboratories Inc.) since March 1998. He served as an Independent Director of Mediobanca SpA since January 24, 2007 and served as its Director from July 30 2001 to December 2006. He served as a Director of Hopa S.p.A. and Capitalia SpA. He served as an Independent Director of Mediobanca Banca di Credito Finanziario S.p.A. since January 24, 2007 and as Director from July 30, 2001 to December 2006. He served as a Director of Telecom Italia Mobile S.p.A. He served as a Director of Banca Toscana SpA since March 26, 1999. He serves as a Member of the Governing Body of Confindustria, the Italian industrialists' association and Vice Chairman of Feder Lombarda, the federation of industrialists in Lombardy, Italy. In 2001, he was awarded an honorary degree in Business & Economics from the University of Lecce. In 2013, he was awarded an honorary master’s diploma in Management, Innovation & Services Engineering from the Sant’Anna School of Advanced Studies, a special-statute university in Pisa.

CEO Compensation
  • Roberto's compensation has been consistent with company performance over the past year.
  • Roberto's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the Piaggio & C management team in years:

4.8
Average Tenure
  • The tenure for the Piaggio & C management team is about average.
Management Team

Roberto Colaninno

TITLE
Chairman & CEO
COMPENSATION
€1M
AGE
75
TENURE
12.3 yrs

Simone Montanari

TITLE
Chief Financial Officer
TENURE
1.9 yrs

Alessandra Simonotto

TITLE
Head of Administration & Credit Management

Raffaele Lupotto

TITLE
Head of Investor Relations & Senior VP

Ulisse Spada

TITLE
General Counsel & Member of Supervisory Body
TENURE
10.1 yrs

Davide Zanolini

TITLE
Executive Vice President of Marketing & Communication
TENURE
5.3 yrs

Giancarlo Milianti

TITLE
Executive Vice President of Human Resources
TENURE
10.1 yrs

Maurizio Carletti

TITLE
Executive Vice President of 2 Wheeler Italy & EMEA Market
TENURE
4.3 yrs

Gianluca Fiume

TITLE
Executive Vice President of Asia Pacifc 2 Wheeler - China
TENURE
4.3 yrs

Vincenzo Scardigno

TITLE
Executive Vice President of 3-4 Wheeler EMEA & Emerging Markets
TENURE
4.3 yrs
Board of Directors Tenure

Average tenure and age of the Piaggio & C board of directors in years:

3.8
Average Tenure
68
Average Age
  • The tenure for the Piaggio & C board of directors is about average.
Board of Directors

Matteo Colaninno

TITLE
Deputy Chairman
COMPENSATION
€100K
AGE
48
TENURE
15.1 yrs

Roberto Colaninno

TITLE
Chairman & CEO
COMPENSATION
€1M
AGE
75

Raviinder Chopra

TITLE
Chairman of Piaggio Vehicles Private Ltd
AGE
75

Mario Maria

TITLE
Chairman & CEO of Piaggio Group Americas
TENURE
4.6 yrs

Giuseppe Tesauro

TITLE
Lead Independent Director
COMPENSATION
€43K
AGE
76

Graziano Visentin

TITLE
Independent Director
COMPENSATION
€52K
AGE
68
TENURE
3.8 yrs

Piera Vitali

TITLE
Chairman of Board of Statutory Auditors
TENURE
3.8 yrs

Michele Colaninno

TITLE
Director
COMPENSATION
€40K
AGE
42
TENURE
12.5 yrs

Maria Carrozza

TITLE
Independent Director
COMPENSATION
€29K
TENURE
3.8 yrs

Andrea Formica

TITLE
Independent Director
COMPENSATION
€29K
AGE
57
TENURE
3.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
19. Dec 18 Sell Omniaholding S.p.A Company 14. Dec 18 14. Dec 18 -2,000,000 €1.74 €-3,476,001
12. Dec 18 Buy Omniaholding S.p.A Company 11. Dec 18 11. Dec 18 50,000 €1.75 €87,710
11. Dec 18 Buy Omniaholding S.p.A Company 10. Dec 18 10. Dec 18 50,000 €1.75 €87,690
26. Nov 18 Buy Omniaholding S.p.A Company 23. Nov 18 23. Nov 18 100,000 €1.73 €173,310
22. Nov 18 Buy Omniaholding S.p.A Company 21. Nov 18 21. Nov 18 50,000 €1.76 €88,105
23. Nov 18 Buy Omniaholding S.p.A Company 22. Nov 18 22. Nov 18 100,000 €1.73 €173,245
21. Nov 18 Buy Omniaholding S.p.A Company 20. Nov 18 20. Nov 18 50,000 €1.77 €88,580
20. Nov 18 Buy Omniaholding S.p.A Company 19. Nov 18 19. Nov 18 50,000 €1.78 €89,000
19. Nov 18 Buy Omniaholding S.p.A Company 16. Nov 18 16. Nov 18 50,000 €1.78 €89,185
16. Nov 18 Buy Omniaholding S.p.A Company 15. Nov 18 15. Nov 18 50,000 €1.79 €89,715
14. Nov 18 Buy Omniaholding S.p.A Company 13. Nov 18 13. Nov 18 50,000 €1.83 €91,455
13. Nov 18 Buy Omniaholding S.p.A Company 12. Nov 18 12. Nov 18 50,000 €1.80 €90,005
12. Nov 18 Buy Omniaholding S.p.A Company 09. Nov 18 09. Nov 18 100,000 €1.85 €184,870
26. Oct 18 Buy Omniaholding S.p.A Company 24. Oct 18 24. Oct 18 100,000 €1.82 €182,160
25. Oct 18 Buy Omniaholding S.p.A Company 24. Oct 18 24. Oct 18 100 €1.82 €182
10. Sep 18 Buy Omniaholding S.p.A Company 07. Sep 18 07. Sep 18 50,000 €1.94 €97,165
07. Sep 18 Buy Omniaholding S.p.A Company 06. Sep 18 06. Sep 18 50,000 €1.95 €97,560
06. Sep 18 Buy Omniaholding S.p.A Company 05. Sep 18 05. Sep 18 50,000 €1.93 €96,605
05. Sep 18 Buy Omniaholding S.p.A Company 04. Sep 18 04. Sep 18 46,000 €1.88 €86,324
04. Sep 18 Buy Omniaholding S.p.A Company 03. Sep 18 03. Sep 18 100,000 €1.87 €186,630
03. Sep 18 Buy Omniaholding S.p.A Company 31. Aug 18 31. Aug 18 120,000 €1.86 €223,536
22. Jun 18 Buy Omniaholding S.p.A Company 21. Jun 18 21. Jun 18 100,000 €2.00 €199,675
21. Jun 18 Buy Omniaholding S.p.A Company 20. Jun 18 20. Jun 18 50,000 €2.01 €100,690
20. Jun 18 Buy Omniaholding S.p.A Company 19. Jun 18 19. Jun 18 50,000 €2.03 €101,550
31. May 18 Buy Omniaholding S.p.A Company 29. May 18 30. May 18 120,316 €2.01 €239,077
X
Management checks
We assess Piaggio & C's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Piaggio & C has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Map
Description

Piaggio & C. SpA, together with its subsidiaries, develops, manufactures, and distributes two-wheeler and commercial motor vehicles. The company offers two-wheelers, including scooters, motorcycles, and mopeds, as well as related spare parts and accessories under the Aprilia, Derbi, Gilera, Moto Guzzi, Piaggio, Scarabeo, and Vespa brand names. It also provides three-and four-wheeler light transport sector vehicles, as well as related spare parts and accessories for commercial and private use under the Ape and Veicoli Commerciali brands. In addition, the company sells engines to third parties; conducts two-wheeler sports championships; and provides technical services. It distributes its vehicles primarily through dealers and importers in Europe, the Middle East, Africa, the Americas, the Asia Pacific, and India. The company was founded in 1884 and is headquartered in Pontedera, Italy. Piaggio & C. SpA is a subsidiary of IMMSI S.p.A.

Details
Name: Piaggio & C. SpA
P1I
Exchange: DB
Founded: 1884
€704,294,357
357,509,826
Website: http://www.piaggiogroup.com
Address: Piaggio & C. SpA
Viale Rinaldo Piaggio, 25,
Pontedera,
Pisa, 56025,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT PIA Common Stock Borsa Italiana IT EUR 11. Jul 2006
OTCPK PIAG.F Common Stock Pink Sheets LLC US USD 11. Jul 2006
DB P1I Common Stock Deutsche Boerse AG DE EUR 11. Jul 2006
LSE 0FM1 Common Stock London Stock Exchange GB EUR 11. Jul 2006
BATS-CHIXE PIAM Common Stock BATS 'Chi-X Europe' GB EUR 11. Jul 2006
Number of employees
Current staff
Staff numbers
6,754
Piaggio & C employees.
Industry
Motorcycle Manufacturers
Automobiles
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/15 21:17
End of day share price update: 2019/02/15 00:00
Last estimates confirmation: 2019/02/14
Last earnings filing: 2018/11/06
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.