Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €59.40, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 14x in the Chemicals industry in Germany. Total returns to shareholders of 145% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €24.91 per share. Announcement • Mar 30
SOL S.p.A., Annual General Meeting, May 12, 2026 SOL S.p.A., Annual General Meeting, May 12, 2026, at 11:00 W. Europe Standard Time. Reported Earnings • Mar 30
Full year 2025 earnings released: EPS: €1.84 (vs €1.63 in FY 2024) Full year 2025 results: EPS: €1.84 (up from €1.63 in FY 2024). Revenue: €1.81b (up 10% from FY 2024). Net income: €167.0m (up 13% from FY 2024). Profit margin: 9.2% (up from 9.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 27
SOL S.p.A. announces Annual dividend, payable on May 20, 2026 SOL S.p.A. announced Annual dividend of EUR 0.4500 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. New Risk • Sep 18
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 49% 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 (49% net debt to equity). Share price has been volatile over the past 3 months (7.3% average weekly change). Reported Earnings • Sep 15
First half 2025 earnings released: EPS: €0.92 (vs €0.83 in 1H 2024) First half 2025 results: EPS: €0.92 (up from €0.83 in 1H 2024). Revenue: €890.2m (up 13% from 1H 2024). Net income: €83.5m (up 12% from 1H 2024). Profit margin: 9.4% (in line with 1H 2024). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 12
Upcoming dividend of €0.39 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (3.9%). Declared Dividend • Mar 31
Dividend increased to €0.39 Dividend of €0.39 is 5.4% higher than last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 1.1%, which is lower than the industry average of 6.1%. Sustainability & Growth The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 30
SOL S.p.A. announces Annual dividend, payable on May 21, 2025 SOL S.p.A. announced Annual dividend of EUR 0.3900 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: €1.63 (vs €1.61 in FY 2023) Full year 2024 results: EPS: €1.63 (up from €1.61 in FY 2023). Revenue: €1.64b (up 9.3% from FY 2023). Net income: €147.7m (up 1.3% from FY 2023). Profit margin: 9.0% (in line with FY 2023). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 17
First half 2024 earnings released: EPS: €0.83 (vs €0.88 in 1H 2023) First half 2024 results: EPS: €0.83 (down from €0.88 in 1H 2023). Revenue: €779.6m (up 3.0% from 1H 2023). Net income: €74.9m (down 5.9% from 1H 2023). Profit margin: 9.6% (in line with 1H 2023). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 19% per year. Upcoming Dividend • May 13
Upcoming dividend of €0.37 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (5.0%). New Risk • Mar 28
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: €1.61 (vs €1.47 in FY 2022) Full year 2023 results: EPS: €1.61 (up from €1.47 in FY 2022). Revenue: €1.53b (up 5.4% from FY 2022). Net income: €145.7m (up 9.0% from FY 2022). Profit margin: 9.5% (in line with FY 2022). Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 20
Second quarter 2023 earnings released: EPS: €0.42 (vs €0.35 in 2Q 2022) Second quarter 2023 results: EPS: €0.42 (up from €0.35 in 2Q 2022). Revenue: €378.9m (up 11% from 2Q 2022). Net income: €38.5m (up 20% from 2Q 2022). Profit margin: 10% (in line with 2Q 2022). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 47% 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • May 15
Upcoming dividend of €0.33 per share at 1.2% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.6%). Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Erwin Paul Rauhe was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 18
Second quarter 2022 earnings released: EPS: €0.35 (vs €0.26 in 2Q 2021) Second quarter 2022 results: EPS: €0.35 (up from €0.26 in 2Q 2021). Revenue: €357.9m (up 28% from 2Q 2021). Net income: €32.1m (up 36% from 2Q 2021). Profit margin: 9.0% (up from 8.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 09
Upcoming dividend of €0.24 per share Eligible shareholders must have bought the stock before 16 May 2022. Payment date: 18 May 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (5.2%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Erwin Paul Rauhe was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
SOL S.p.A. announced that it has received €75 million in funding from The Prudential Insurance Company of America, Prudential Legacy Insurance Company of New Jersey, Prudential Term Reinsurance Company, Pruco Life Insurance Company, Gibraltar Universal Life Reinsurance Company On April 6, 2022, SOL S.p.A. closed the transaction. Reported Earnings • Sep 18
Second quarter 2021 earnings released: EPS €0.26 (vs €0.23 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: €280.7m (up 17% from 2Q 2020). Net income: €23.7m (up 15% from 2Q 2020). Profit margin: 8.4% (down from 8.6% in 2Q 2020). The decrease in margin was driven by higher expenses. 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 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
Full year 2020 earnings released: EPS €1.19 (vs €0.58 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €987.1m (up 7.5% from FY 2019). Net income: €108.2m (up 107% from FY 2019). Profit margin: 11% (up from 5.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 17
Upcoming dividend of €0.22 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (3.6%). Upcoming Dividend • May 10
Upcoming dividend of €0.22 per share Eligible shareholders must have bought the stock before 17 May 2021. Payment date: 19 May 2021. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (3.5%). Is New 90 Day High Low • Feb 19
New 90-day high: €15.55 The company is up 30% from its price of €11.95 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 13% over the same period. Is New 90 Day High Low • Jan 26
New 90-day high: €14.25 The company is up 31% from its price of €10.90 on 27 October 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 21% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: €14.10 The company is up 18% from its price of €12.00 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: €12.90 The company is up 25% from its price of €10.35 on 08 September 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: €12.05 The company is up 15% from its price of €10.45 on 21 August 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: €12.00 The company is up 17% from its price of €10.30 on 09 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 10.0% over the same period. Is New 90 Day High Low • Sep 18
New 90-day high: €11.15 The company is up 9.0% from its price of €10.20 on 19 June 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 8.0% over the same period.