New Risk • Aug 04
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 04
First half 2026 earnings released: EPS: €0.11 (vs €0.12 in 1H 2025) First half 2026 results: EPS: €0.11 (down from €0.12 in 1H 2025). Revenue: €5.96b (down 3.4% from 1H 2025). Net income: €107.8m (down 6.9% from 1H 2025). Profit margin: 1.8% (down from 1.9% in 1H 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 01
Now 22% overvalued Over the last 90 days, the stock has fallen 8.8% to €2.24. The fair value is estimated to be €1.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last year. Earnings per share has grown by 34%. Announcement • Jul 31
Webuild S.p.A. (BIT:WBD) proposed to acquire remaining 95% stake in TREVI - Finanziaria Industriale S.p.A. (BIT:TFIN) from CDP Equity, Pear Tree Funds - Pear Tree Polaris Foreign Value Fund (MutualFund:QFVO.X), a fund managed by Pear Tree Advisors, Inc., Praude Asset Management Ltd. and others for approximately €280 million. Webuild S.p.A. (BIT:WBD) proposed to acquire remaining 95% stake in TREVI - Finanziaria Industriale S.p.A. (BIT:TFIN) from CDP Equity, Pear Tree Funds - Pear Tree Polaris Foreign Value Fund (MutualFund:QFVO.X), a fund managed by Pear Tree Advisors, Inc., Praude Asset Management Ltd. and others for approximately €280 million on July 29, 2026. Under the terms of the acquisition, Webuild S.p.A. will pay €4.5 in cash per share or a total of €280.35 million. In a related transaction, I.CO.P. S.p.A. Società Benefit proposed to launch an exchange offer to acquire TREVI - Finanziaria Industriale S.p.A. Upon completion, Webuild S.p.A. will own 100% stake in TREVI - Finanziaria Industriale S.p.A. and the shares will be delisted from Euronext Milan.
The transaction is subject to obtaining regulatory clearances from the competent Authorities and minimum tender of atleast 66.7% stake in TREVI - Finanziaria Industriale S.p.A. The deal has been approved by the board of directors of Webuild S.p.A. The acceptance period for the Offer to be agreed with Borsa Italiana and lasting between a minimum of 15 and a maximum of 40 trading days, subject to extension will commence following publication of the Offer Document. The offer is expected to close during the second half of 2026.
Goldman Sachs Bank Europe SE, Italian Branch acted as financial advisor to Webuild S.p.A. Banca IMI - Intesa Sanpaolo acted as financial advisor to Webuild S.p.A. Natixis S.A., Milan Branch acted as financial advisor to Webuild S.p.A. Provasoli Advisory Partners acted as financial advisor to Webuild S.p.A. Giliberti Triscornia e Associati Studio Legale acted as legal advisor to Webuild S.p.A. Announcement • Mar 19
Webuild S.p.A. announces Annual dividend, payable on May 20, 2026 Webuild S.p.A. announced Annual dividend of EUR 0.0810 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. Announcement • Mar 19
Webuild S.p.A. announces Annual dividend, payable on May 21, 2025 Webuild S.p.A. announced Annual dividend of EUR 0.0810 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Announcement • Feb 02
Webuild S.p.A. to Report Q4, 2024 Results on Mar 13, 2025 Webuild S.p.A. announced that they will report Q4, 2024 results on Mar 13, 2025 Announcement • Nov 26
Webuild S.p.A. (BIT:WBD) acquired an additional 13% stake in Eurolink S.C.P.A. from Cooperativa Muratori E Cementisti Faenza Societa' Cooperativa for €25.9 million. Webuild S.p.A. (BIT:WBD) acquired an additional 13% stake in Eurolink S.C.P.A. from Cooperativa Muratori E Cementisti Faenza Societa' Cooperativa for €25.9 million on November 26, 2024. A cash consideration of €11.3 million will be paid by Webuild S.p.A. As part of consideration, €11.3 million is paid towards common equity of Eurolink S.C.P.A with the assumption of a debt of €14.6 million.
Webuild S.p.A. (BIT:WBD) completed the acquisition of an additional 13% stake in Eurolink S.C.P.A. from Cooperativa Muratori E Cementisti Faenza Societa' Cooperativa for €25.9 million on November 26, 2024 Reported Earnings • Jul 28
First half 2024 earnings released First half 2024 results: Revenue: €5.37b (up 23% from 1H 2023). Net income: €57.4m (up €89.9m from 1H 2023). Profit margin: 1.1% (up from net loss in 1H 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Construction industry in Europe. New Risk • May 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Upcoming Dividend • May 13
Upcoming dividend of €0.071 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (3.8%). Declared Dividend • Mar 25
Dividend increased to €0.071 Dividend of €0.071 is 25% higher than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 3.2%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (8% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Mar 20
Full year 2023 earnings released Full year 2023 results: Revenue: €9.89b (up 28% from FY 2022). Net income: €134.1m (up 381% from FY 2022). Profit margin: 1.4% (up from 0.4% in FY 2022). Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Construction industry in Europe. Announcement • Mar 01
Webuild S.p.A. announced that it has received funding from Garden City Equity Webuild S.p.A. announced a private placement on February 28, 2024. The transaction included participation from returning investor Garden City Equity. Reported Earnings • Jul 31
First half 2023 earnings released First half 2023 results: Revenue: €4.54b (up 25% from 1H 2022). Net loss: €32.4m (down 453% from profit in 1H 2022). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • May 15
Upcoming dividend of €0.057 per share at 2.9% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €1.97, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 134% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.82 per share. Reported Earnings • Mar 18
Full year 2022 earnings released Full year 2022 results: Revenue: €8.09b (up 35% from FY 2021). Net income: €27.9m (up €333.0m from FY 2021). Profit margin: 0.3% (up from net loss in FY 2021). Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Construction industry in Europe. Reported Earnings • Aug 03
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up €55.9m from 1H 2021). Profit margin: (up from net loss in 1H 2021). Over the next year, revenue is forecast to grow 9.8%, compared to a 5.4% growth forecast for the industry in Germany. Upcoming Dividend • May 16
Upcoming dividend of €0.055 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.3%). In line with average of industry peers (3.5%). Reported Earnings • Apr 11
Full year 2021 earnings released: €0.33 loss per share (vs €0.16 profit in FY 2020) Full year 2021 results: €0.33 loss per share (down from €0.16 profit in FY 2020). Revenue: €5.98b (up 41% from FY 2020). Net loss: €305.2m (down 313% from profit in FY 2020). Over the next year, revenue is forecast to grow 20%, compared to a 5.8% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €1.37, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Construction industry in Europe. Total loss to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €0.56 per share. Reported Earnings • Aug 02
First half 2021 earnings released The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €3.05b (up 57% from 1H 2020). Net loss: €55.9m (loss narrowed 33% from 1H 2020). Upcoming Dividend • May 03
Upcoming dividend of €0.055 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 12 May 2021. Trailing yield: 3.1%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (2.8%). Is New 90 Day High Low • Mar 16
New 90-day high: €1.75 The company is up 42% from a price of €1.23 on 16 December 2020. Outperformed the German market which is up 9.0% over the last 90 days. Exceeded the Construction industry, which is flat over the same period. Simply Wall St's valuation model estimates the intrinsic value at €1.48 per share. Is New 90 Day High Low • Feb 04
New 90-day high: €1.31 The company is up 27% from its price of €1.03 on 06 November 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.43 per share. Is New 90 Day High Low • Oct 29
New 90-day low: €0.90 The company is down 28% from its price of €1.25 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.96 per share. Is New 90 Day High Low • Sep 28
New 90-day low: €0.96 The company is down 36% from its price of €1.50 on 30 June 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.94 per share.