New Risk • Jul 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Profit margins are more than 30% lower than last year (29% net profit margin). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €2.92, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Diversified Financial industry in Germany. Total loss to shareholders of 67% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €2.65, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 13x in the Diversified Financial industry in Germany. Total loss to shareholders of 70% over the past three years. Board Change • May 20
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. Executive Director Domenico Gammaldi is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • May 14
BFF Bank S.p.A., Annual General Meeting, Jun 16, 2026 BFF Bank S.p.A., Annual General Meeting, Jun 16, 2026, at 11:00 W. Europe Standard Time. Announcement • May 08
BFF Bank S.p.A. to Report Q1, 2026 Results on May 11, 2026 BFF Bank S.p.A. announced that they will report Q1, 2026 results on May 11, 2026 Board Change • Dec 30
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. Executive Director Domenico Gammaldi is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Oct 13
BFF Bank S.p.A. to Report Nine Months, 2025 Results on Nov 10, 2025 BFF Bank S.p.A. announced that they will report nine months, 2025 results on Nov 10, 2025 Announcement • Apr 26
BFF Bank S.p.A. to Report Q1, 2025 Results on May 08, 2025 BFF Bank S.p.A. announced that they will report Q1, 2025 results on May 08, 2025 Announcement • Mar 17
BFF Bank S.p.A., Annual General Meeting, Apr 17, 2025 BFF Bank S.p.A., Annual General Meeting, Apr 17, 2025, at 11:00 W. Europe Standard Time. Board Change • Dec 30
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 3 experienced directors. No highly experienced directors. Independent Director Domenico Gammaldi is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 10
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €67.4m (flat on 3Q 2023). Net income: €28.1m (down 28% from 3Q 2023). Profit margin: 42% (down from 57% in 3Q 2023). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Diversified Financial industry in Germany. Announcement • Oct 24
BFF Bank S.p.A. to Report Nine Months, 2024 Results on Nov 07, 2024 BFF Bank S.p.A. announced that they will report nine months, 2024 results on Nov 07, 2024 New Risk • Sep 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.0% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.0% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (153% cash payout ratio). New Risk • Aug 11
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €391k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Paying a dividend despite having no free cash flows. Minor Risk Significant insider selling over the past 3 months (€391k sold). Reported Earnings • Aug 07
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €197.6m (up 126% from 2Q 2023). Net income: €122.5m (up 341% from 2Q 2023). Profit margin: 62% (up from 32% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Diversified Financial industry in Germany. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €10.63, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Diversified Financial industry in Germany. Total returns to shareholders of 93% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €16.89 per share. Board Change • May 22
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 3 experienced directors. No highly experienced directors. Independent Director Domenico Gammaldi is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • May 16
CEO & Director recently bought €498k worth of stock On the 10th of May, Massimiliano Belingheri bought around 64k shares on-market at roughly €7.77 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Massimiliano's only on-market trade for the last 12 months. Reported Earnings • May 13
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.21. Revenue: €97.3m (down 13% from 1Q 2023). Net income: €39.3m (down 19% from 1Q 2023). Profit margin: 40% (down from 43% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Diversified Financial industry in Germany. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to €8.04, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Diversified Financial industry in Germany. Total returns to shareholders of 62% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €16.00 per share. Upcoming Dividend • Apr 15
Upcoming dividend of €0.54 per share Eligible shareholders must have bought the stock before 22 April 2024. Payment date: 24 April 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 8.9%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.8%). Buy Or Sell Opportunity • Apr 09
Now 21% undervalued Over the last 90 days, the stock has risen 23% to €12.44. The fair value is estimated to be €15.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. New Risk • Mar 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 22% Last year net profit margin: 56% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (22% net profit margin). Declared Dividend • Mar 11
Dividend of €0.54 announced Shareholders will receive a dividend of €0.54. Ex-date: 22nd April 2024 Payment date: 24th April 2024 Dividend yield will be 8.8%, which is higher than the industry average of 6.4%. Sustainability & Growth Dividend is covered by earnings (63% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.7% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Nov 24
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €244k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Significant insider selling over the past 3 months (€244k sold). Reported Earnings • Nov 12
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.21. Revenue: €96.8m (up 1.2% from 3Q 2022). Net income: €38.9m (up 6.9% from 3Q 2022). Profit margin: 40% (up from 38% in 3Q 2022). Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Sep 04
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Chairwoman of Statutory Auditor Nicoletta Paracchini was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 04
Upcoming dividend of €0.44 per share at 8.7% yield Eligible shareholders must have bought the stock before 11 September 2023. Payment date: 13 September 2023. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 8.7%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (6.0%). New Risk • Aug 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Significant insider selling over the past 3 months (€521k sold). Reported Earnings • Aug 06
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €87.5m (down 4.5% from 2Q 2022). Net income: €27.7m (up 9.3% from 2Q 2022). Profit margin: 32% (up from 28% in 2Q 2022). Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Diversified Financial industry in Germany. New Risk • Jul 07
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €521k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (117% cash payout ratio). Large one-off items impacting financial results. Significant insider selling over the past 3 months (€521k sold). Reported Earnings • May 14
First quarter 2023 earnings released: EPS: €0.26 (vs €0.17 in 1Q 2022) First quarter 2023 results: EPS: €0.26 (up from €0.17 in 1Q 2022). Revenue: €112.0m (up 17% from 1Q 2022). Net income: €48.4m (up 55% from 1Q 2022). Profit margin: 43% (up from 33% in 1Q 2022). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 17
Upcoming dividend of €0.42 per share at 8.5% yield Eligible shareholders must have bought the stock before 24 April 2023. Payment date: 26 April 2023. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 8.5%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.6%). Buying Opportunity • Mar 23
Now 22% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be €11.79, 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 7.0% per annum. Earnings is also forecast to grow by 3.1% per annum over the same time period. Reported Earnings • Feb 13
Full year 2022 earnings released Full year 2022 results: Revenue: €411.1m (up 31% from FY 2021). Net income: €232.0m (up 18% from FY 2021). Profit margin: 56% (down from 63% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Diversified Financial industry in Germany. Upcoming Dividend • Aug 15
Upcoming dividend of €0.37 per share Eligible shareholders must have bought the stock before 22 August 2022. Payment date: 24 August 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 11%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 07
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €105.0m (up 51% from 2Q 2021). Net income: €25.4m (down 2.6% from 2Q 2021). Profit margin: 24% (down from 38% in 2Q 2021). Over the next year, revenue is forecast to grow 4.2%, compared to a 8.2% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 12
Upcoming dividend of €0.68 per share Eligible shareholders must have bought the stock before 19 April 2022. Payment date: 21 April 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 20%. Within top quartile of German dividend payers (3.9%). Higher than average of industry peers (2.4%). Recent Insider Transactions • Mar 16
Insider recently bought €55k worth of stock On the 10th of March, Michele Antognoli bought around 9k shares on-market at roughly €6.10 per share. In the last 3 months, there was an even bigger purchase from another insider worth €101k. Despite this recent purchase, insiders have collectively sold €972k more in shares than they bought in the last 12 months. Announcement • Mar 10
BFF Bank S.p.A. has completed a Follow-on Equity Offering in the amount of €80.049113 million. BFF Bank S.p.A. has completed a Follow-on Equity Offering in the amount of €80.049113 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,043,704
Price\Range: €5.7
Transaction Features: Subsequent Direct Listing Recent Insider Transactions • Mar 03
CEO & Director recently bought €101k worth of stock On the 25th of February, Massimiliano Belingheri bought around 15k shares on-market at roughly €6.53 per share. This was the largest purchase by an insider in the last 3 months. This was Massimiliano's only on-market trade for the last 12 months. Reported Earnings • Feb 14
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €300.8m (up 43% from FY 2020). Net income: €197.4m (up 117% from FY 2020). Profit margin: 66% (up from 43% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 24%. Over the next year, revenue is forecast to grow 24%, compared to a 13% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 23
Insider recently sold €79k worth of stock On the 15th of December, Michele Antognoli sold around 12k shares on-market at roughly €6.68 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.1m more than they bought in the last 12 months. Upcoming Dividend • Oct 04
Upcoming dividend of €0.89 per share Eligible shareholders must have bought the stock before 11 October 2021. Payment date: 13 October 2021. Trailing yield: 10%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.2%). Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS €0.14 (vs €0.085 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €69.4m (up 55% from 2Q 2020). Net income: €26.1m (up 81% from 2Q 2020). Profit margin: 38% (up from 32% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 12
First quarter 2021 earnings released: EPS €1.08 First quarter 2021 results: Revenue: €67.4m (up 33% from 1Q 2020). Net income: €184.3m (up €161.1m from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 22
Upcoming Dividend of €0.019 Per Share Will be paid on the 31st of March to those who are registered shareholders by the 29th of March. The trailing yield of 0.3% is below the top quartile of German dividend payers (3.3%), and is lower than industry peers (2.3%). Reported Earnings • Mar 21
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €207.9m (up 2.1% from FY 2019). Net income: €91.1m (down 2.2% from FY 2019). Profit margin: 44% (down from 46% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Mar 10
New 90-day high: €5.67 The company is up 29% from its price of €4.40 on 10 December 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.19 per share. Reported Earnings • Feb 12
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €207.9m (up 2.1% from FY 2019). Net income: €91.1m (down 2.2% from FY 2019). Profit margin: 44% (down from 46% in FY 2019). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue misses expectations Revenue missed analyst estimates by 6.6%. Over the next year, revenue is forecast to grow 36%, compared to a 18% growth forecast for the Diversified Financial industry in Germany. Is New 90 Day High Low • Feb 10
New 90-day high: €4.85 The company is up 9.0% from its price of €4.47 on 11 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.10 per share. Upcoming Dividend • Jan 25
Upcoming Dividend of €0.073 Per Share Will be paid on the 3rd of February to those who are registered shareholders by the 1st of February. The trailing yield of 1.6% is below the top quartile of German dividend payers (3.5%), and is lower than industry peers (2.6%). Is New 90 Day High Low • Dec 31
New 90-day high: €4.84 The company is up 2.0% from its price of €4.74 on 02 October 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.36 per share. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS €0.11 The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: €46.4m (flat on 3Q 2019). Net income: €18.2m (down 17% from 3Q 2019). Profit margin: 39% (down from 47% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 16
New 90-day low: €4.40 The company is down 11% from its price of €4.96 on 17 July 2020. The German market is flat over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Diversified Financial industry, which is down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.49 per share.