New Risk • Jan 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (€56.2m market cap, or US$65.6m). Board Change • Dec 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Vice-President of Board Rabah Derradji was the last director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 16
ELES Semiconductor Equipment S.p.A., Annual General Meeting, Apr 30, 2025 ELES Semiconductor Equipment S.p.A., Annual General Meeting, Apr 30, 2025, at 10:00 W. Europe Standard Time. Location: todi z i bodoglie 148 1 z, pg Italy Reported Earnings • Oct 02
First half 2024 earnings released First half 2024 results: Revenue: €15.5m (up 6.4% from 1H 2023). Net income: €256.0k (up 13% from 1H 2023). Profit margin: 1.7% (up from 1.6% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Semiconductor industry in Germany. Announcement • May 31
ELES Semiconductor Equipment S.p.A., Annual General Meeting, Jun 13, 2024 ELES Semiconductor Equipment S.p.A., Annual General Meeting, Jun 13, 2024, at 10:00 W. Europe Standard Time. Reported Earnings • May 14
Full year 2023 earnings released Full year 2023 results: Revenue: €33.7m (up 29% from FY 2022). Net income: €799.0k (up 22% from FY 2022). Profit margin: 2.4% (down from 2.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Semiconductor industry in Germany. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €2.29, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 15x in the Semiconductor industry in Germany. Total loss to shareholders of 49% over the past three years. New Risk • Apr 16
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 Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (€32.1m market cap, or US$34.1m). Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to €1.68, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Semiconductor industry in Germany. Total loss to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €1.58, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Semiconductor industry in Germany. Total loss to shareholders of 61% over the past three years. New Risk • Feb 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (€27.7m market cap, or US$30.0m). Board Change • Nov 15
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Bruno Arrigoni was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.36, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Semiconductor industry in Germany. Total loss to shareholders of 13% over the past year. New Risk • Jul 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 29% 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: Major Risk Debt is not well covered by operating cash flow (1.3% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Profit margins are more than 30% lower than last year (2.5% net profit margin). Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (€32.6m market cap, or US$36.0m). Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €1.77, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 15x in the Semiconductor industry in Germany. Total loss to shareholders of 14% over the past year. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €1.61, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Semiconductor industry in Germany. Total loss to shareholders of 34% over the past year. Buying Opportunity • Feb 23
Now 23% undervalued Over the last 90 days, the stock is up 7.1%. The fair value is estimated to be €2.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 22%. Revenue is forecast to grow by 87% in 2 years. Earnings is forecast to grow by 826% in the next 2 years. Announcement • Feb 04
ELES Semiconductor Equipment S.p.A. announced that it expects to receive €6.46 million in funding ELES Semiconductor Equipment S.p.A. announced a private placement of 3,800,000 new shares, at a unit price of €1.70 per share for gross proceeds of €6,460,000? on February 3, 2023. The issue price was determined by applying a discount of approximately 3% to the average share price of the company over the past six months, a premium of approximately 2% to the average share price over the past three months, and substantially in line with the company's average share price over the past month Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Oct 15
ELES Semiconductor Equipment S.p.A. (BIT:ELES) completed the acquisition of a 33% stake in CBL ELECTRONICS S.r.l. ELES Semiconductor Equipment S.p.A. (BIT:ELES) agreed to acquire a 33% stake in CBL ELECTRONICS S.r.l. for €0.41 million on August 1, 2022.
ELES Semiconductor Equipment S.p.A. (BIT:ELES) completed the acquisition of a 33% stake in CBL ELECTRONICS S.r.l. on October 13, 2022. Reported Earnings • Sep 30
First half 2022 earnings released: EPS: €0 (vs €0.066 in 1H 2021) First half 2022 results: EPS: €0 (down from €0.066 in 1H 2021). Revenue: €10.3m (up 7.1% from 1H 2021). Net income: €118.0k (down 84% from 1H 2021). Profit margin: 1.1% (down from 7.8% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Semiconductor industry in Germany. Announcement • May 12
ELES Semiconductor Equipment S.p.A. (BIT:ELES) agreed to acquire 62.66% in Cbl Electronics Srl from Massimiliano Bellucci and Andrea Cannavicc for €1.3 million. ELES Semiconductor Equipment S.p.A. (BIT:ELES) agreed to acquire 62.66% in Cbl Electronics Srl from Massimiliano Bellucci and Andrea Cannavicc for €1.3 million on May 10, 2022. Total consideration of €940,000 of which €540000 paid in cash and €400000 to be paid at the discretion of Eles in cash or in Eles shares to be issued at a piece equal to the greater between the weighted average of the prices of the ELES Shares in the 30 calendar days prior to today's date and the weighted average of the prices of the ELES Shares in the 15 calendar days following the subscription date. if certain conditions are met, an earn-out of €400,000 will be paid to the Selling Shareholders. The remaining 4% of the shares held by the Selling Shareholders are subject to a "put and call" mechanism by September 30, 2023. The transaction will be financed through the use of Eles' own resources. Execution of the transaction is subject to the occurrence of the usual conditions precedent for transactions of this type, including: (i) obtaining authorisation from the Presidency of the Council of Ministers pursuant to Italian Legislative Decree 21/2012 (so-called "golden powers legislation"); (ii) completion of the approval procedure provided for in CBL's articles of association; (iii) obtaining waivers from certain contractual counterparties to the transfer of control of CBL. Gianni, Origoni, Grippo, Cappelli & Partners acted as legal advisor to Eles. Fabio Bartoccini of Arlex Arrigoni Avvocati Associati acted as legal advisor to Massimiliano Bellucci and Andrea Cannavicci. Board Change • Apr 27
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. 8 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Apr 19
Full year 2021 earnings released: EPS: €0.068 (vs €0.15 in FY 2020) Full year 2021 results: EPS: €0.068 (down from €0.15 in FY 2020). Revenue: €19.0m (up 5.1% from FY 2020). Net income: €854.0k (down 49% from FY 2020). Profit margin: 4.5% (down from 9.3% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 40%, compared to a 15% growth forecast for the industry in Germany. Reported Earnings • Oct 03
First half 2021 earnings released The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €9.66m (up 17% from 1H 2020). Net income: €751.0k (up 73% from 1H 2020). Profit margin: 7.8% (up from 5.2% in 1H 2020). The increase in margin was driven by higher revenue. Reported Earnings • Apr 05
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €19.1m (up 4.8% from FY 2019). Net income: €1.69m (up 101% from FY 2019). Profit margin: 8.8% (up from 4.6% in FY 2019). 
