Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 8 highly experienced directors. Head of Strategic Development & Director Roberto Pesenti was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 10
Italmobiliare S.p.A. announces Annual dividend, payable on May 06, 2026 Italmobiliare S.p.A. announced Annual dividend of EUR 1.1000 per share payable on May 06, 2026, ex-date on May 04, 2026 and record date on May 05, 2026. Announcement • Apr 19
Italmobiliare S.p.A. announces Annual dividend, payable on May 07, 2025 Italmobiliare S.p.A. announced Annual dividend of EUR 0.9000 per share payable on May 07, 2025, ex-date on May 05, 2025 and record date on May 06, 2025. Announcement • Mar 17
Italmobiliare S.p.A., Annual General Meeting, Apr 17, 2025 Italmobiliare S.p.A., Annual General Meeting, Apr 17, 2025, at 10:30 W. Europe Standard Time. Buy Or Sell Opportunity • Nov 13
Now 21% overvalued Over the last 90 days, the stock has fallen 1.1% to €27.20. The fair value is estimated to be €22.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to decline by 15% in the next 2 years. Reported Earnings • Aug 04
First half 2024 earnings released: EPS: €1.18 (vs €0.017 loss in 1H 2023) First half 2024 results: EPS: €1.18 (up from €0.017 loss in 1H 2023). Revenue: €342.7m (up 19% from 1H 2023). Net income: €49.7m (up €50.4m from 1H 2023). Profit margin: 14% (up from net loss in 1H 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Industrials industry in Europe. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • Aug 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 3.1% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (104% cash payout ratio). Board Change • Aug 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. Independent Director Pietro Ruffini was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 11
Full year 2023 earnings released: EPS: €1.58 (vs €0.50 in FY 2022) Full year 2023 results: EPS: €1.58 (up from €0.50 in FY 2022). Revenue: €593.6m (up 21% from FY 2022). Net income: €66.6m (up 216% from FY 2022). Profit margin: 11% (up from 4.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Industrials industry in Europe. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Feb 20
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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 199% Paying a dividend despite having no free cash flows. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.9% net profit margin). Announcement • Jan 24
Italmobiliare S.p.A., Annual General Meeting, Apr 23, 2024 Italmobiliare S.p.A., Annual General Meeting, Apr 23, 2024, at 15:00 Central European Standard Time. Announcement • Aug 08
Permira Advisers Ltd. agreed to acquire an unknown majority stake in Florence Group S.P.A. from VAM Investments Group s.p.a., Fondo Italiano d'Investimento SGR S.p.A, Italmobiliare S.p.A. and Florence Group’s entrepreneurs. Permira Advisers Ltd. agreed to acquire an unknown majority stake in Florence Group S.P.A. from VAM Investments Group s.p.a., Fondo Italiano d'Investimento SGR S.p.A, Italmobiliare S.p.A. and Florence Group’s entrepreneurs May 22, 2023. The entrepreneurs, the management team and VAM Investments will reinvest a significant portion of their proceeds and will remain committed to the project. Fondo Italiano d’Investimento will also retain a minority stake. Attila Kiss will continue to lead Gruppo Florence as CEO and Francesco Trapani will retain his role as Chairman. The Group generated revenues of more than €600 million in 2022. The deal is subject to customary regulatory approvals and expected to close in the fourth quarter of 2023. As on August 7, 2023, The European Commission has approved the transaction.P. Morgan and EY acted as financial advisor and Legance and Latham & Watkins provided legal advice to Permira. BofA Securities, Citigroup and KPMG acted as financial advisor and DWF and Gianni & Origoni provided legal advice to sellers. Reported Earnings • Aug 02
First half 2023 earnings released: €0.017 loss per share (vs €0.13 profit in 1H 2022) First half 2023 results: €0.017 loss per share (down from €0.13 profit in 1H 2022). Revenue: €288.1m (up 12% from 1H 2022). Net loss: €715.0k (down 113% from profit in 1H 2022). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Industrials industry in Europe. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 01
Upcoming dividend of €0.70 per share at 2.7% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 10 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.5%). In line with average of industry peers (2.9%). Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. Independent Director Valentina Casella was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: €0.50 (vs €2.35 in FY 2021) Full year 2022 results: EPS: €0.50 (down from €2.35 in FY 2021). Revenue: €489.1m (down 1.7% from FY 2021). Net income: €21.1m (down 79% from FY 2021). Profit margin: 4.3% (down from 20% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Industrials industry in Europe. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 2% per year. Announcement • Dec 13
Italmobiliare S.p.A. to Report Q2, 2023 Results on Jul 28, 2023 Italmobiliare S.p.A. announced that they will report Q2, 2023 results at 3:00 PM, Central European Standard Time on Jul 28, 2023 Reported Earnings • Jul 31
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €41.2m from profit in 1H 2021). Profit margin: (down from 18% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 9.7%, compared to a 6.5% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 02
Upcoming dividend of €1.40 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 30% and the cash payout ratio is 94%. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.1%). Lower than average of industry peers (3.4%). Reported Earnings • Mar 10
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €3.31 (up from €1.62 in FY 2020). Revenue: €497.7m (down 15% from FY 2020). Net income: €139.7m (up 105% from FY 2020). Profit margin: 28% (up from 12% in FY 2020). Revenue exceeded analyst estimates by 14%. Over the next year, revenue is expected to shrink by 5.6% compared to a 9.5% growth forecast for the industry in Germany. 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 14% per year, which means it is significantly lagging earnings growth. Announcement • Jan 20
Italmobiliare Ordinary Shares to Be Deleted from Other OTC Italmobiliare S.p.A.'s Ordinary Shares will be deleted from other OTC effective from January 20, 2022 due to CUSIP Suspended. Reported Earnings • Aug 09
First half 2021 earnings released: EPS €0.97 (vs €0.25 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €232.5m (up 57% from 1H 2020). Net income: €41.2m (up €51.9m from 1H 2020). Profit margin: 18% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 26
Upcoming dividend of €0.65 per share Eligible shareholders must have bought the stock before 03 May 2021. Payment date: 05 May 2021. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (3.2%). In line with average of industry peers (2.4%). Reported Earnings • Apr 24
Full year 2020 earnings released: EPS €1.62 (vs €1.51 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: €585.5m (up 1.4% from FY 2019). Net income: €68.3m (up 7.5% from FY 2019). Profit margin: 12% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Mar 07
Full year 2020 earnings released: EPS €1.62 (vs €1.51 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: €590.8m (up 2.3% from FY 2019). Net income: €68.3m (up 7.5% from FY 2019). Profit margin: 12% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 07
Revenue beats expectations Revenue exceeded analyst estimates by 5.2%. Over the next year, revenue is expected to shrink by 1.3% compared to a 1.5% growth forecast for the Industrials industry in Germany. Is New 90 Day High Low • Feb 26
New 90-day low: €26.15 The company is down 7.0% from its price of €28.20 on 27 November 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Industrials industry, which is up 15% over the same period. Is New 90 Day High Low • Oct 24
New 90-day low: €27.40 The company is down 11% from its price of €30.75 on 24 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Industrials industry, which is down 4.0% over the same period. Is New 90 Day High Low • Sep 27
New 90-day low: €27.55 The company is down 3.0% from its price of €28.35 on 29 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Industrials industry, which is up 11% over the same period. Announcement • Sep 08
Italmobiliare S.p.A. (BIT:ITM) completed the acquisition of an additional 60% stake in Profumo Farmaceutica di Santa Maria Novella. Italmobiliare S.p.A. (BIT:ITM) agreed to acquire an additional 60% stake in Profumo Farmaceutica di Santa Maria Novella for €120 million on August 18, 2020. After the completion of the transaction, Italmobiliare will own 80% of Profumo Farmaceutica di Santa Maria Novella. Eugenio Alphandery will retain 20% stake in Profumo Farmaceutica di Santa Maria Novella. Profumo Farmaceutica di Santa Maria Novella reported revenue of approximately €31.5 million and an EBITDA of over €12 million with a net cash position of €19 million in 2019. Eugenio Alphandery will become Deputy Chairman to guarantee - together with Director Daniele Berti - continuity in the strategic evolution and preservation of the heritage, Laura Zanetti - Chairperson at Italmobiliare - also joins the Board of Directors together with two independent directors: Allegra Antinori from the long-established Tuscan winemaking family and Matteo Capellini The transaction is expected to be closed in mid September 2020. Niccolò Querci and Michele Castiglioni of Clearwater International acted as financial advisor to Italmobiliare.
Italmobiliare S.p.A. (BIT:ITM) completed the acquisition of an additional 60% stake in Profumo Farmaceutica di Santa Maria Novella on September 7, 2020. Announcement • Aug 19
Italmobiliare S.p.A. (BIT:ITM) agreed to acquire additional 60% majority stake in Profumo Farmaceutica di Santa Maria Novella. Italmobiliare S.p.A. (BIT:ITM) agreed to acquire additional 60% majority stake in Profumo Farmaceutica di Santa Maria Novella on August 18, 2020. Profumo Farmaceutica di Santa Maria Novella reported revenue of approximately €31.5 million and an EBITDA of over €12 million with a net cash position of €19 million in 2019. The transaction to be closed within mid of this September, 2020. 
