New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 Interest payments are not well covered by earnings (0.7x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€32.9m market cap, or US$38.7m). Buy Or Sell Opportunity • Nov 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to €4.90. The fair value is estimated to be €6.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Meanwhile, the company became loss making. New Risk • Oct 10
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 11x earnings per share. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (€46.0m market cap, or US$53.2m). Reported Earnings • Oct 05
First half 2025 earnings released First half 2025 results: Revenue: €80.2m (up 13% from 1H 2024). Net loss: €700.0k (down 303% from profit in 1H 2024). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Construction industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. New Risk • Apr 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Dividend is not well covered by earnings (dividend per share is over 11x earnings per share). Market cap is less than US$100m (€49.7m market cap, or US$56.6m). Reported Earnings • Mar 30
Full year 2024 earnings released Full year 2024 results: Revenue: €154.5m (down 2.7% from FY 2023). Net loss: €2.70m (down 143% from profit in FY 2023). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Construction industry in Europe. New Risk • Nov 11
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 69% 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 (69% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Market cap is less than US$100m (€66.3m market cap, or US$70.7m). Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €8.70, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Construction industry in Europe. Total loss to shareholders of 45% over the past three years. Reported Earnings • Sep 29
First half 2024 earnings released First half 2024 results: Revenue: €70.9m (down 3.7% from 1H 2023). Net income: €345.0k (down 91% from 1H 2023). Profit margin: 0.5% (down from 5.0% in 1H 2023). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Construction industry in Europe. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €9.94, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Construction industry in Europe. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.99 per share. New Risk • May 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (68% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (4.0% net profit margin). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Market cap is less than US$100m (€84.6m market cap, or US$91.4m). Upcoming Dividend • May 06
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 13 May 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of French dividend payers (5.3%). Lower than average of industry peers (3.9%). New Risk • Apr 24
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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (68% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (4.0% net profit margin). New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €91.2m (US$99.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (€91.2m market cap, or US$99.0m). Announcement • Mar 29
EdiliziAcrobatica S.p.A., Annual General Meeting, Apr 29, 2024 EdiliziAcrobatica S.p.A., Annual General Meeting, Apr 29, 2024. Agenda: To authorise the purchase and disposal of treasury shares, subject to revocation of the previous authorisation granted. New Risk • Oct 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 70% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (70% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.2% net profit margin). Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €13.60, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Construction industry in Europe. Total returns to shareholders of 177% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €22.82 per share. Buying Opportunity • Jul 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €20.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Earnings per share has grown by 92%. For the next 3 years, revenue is forecast to grow by 8.2% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Buying Opportunity • May 23
Now 20% undervalued Over the last 90 days, the stock is up 1.2%. The fair value is estimated to be €20.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Earnings per share has grown by 92%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Buying Opportunity • May 08
Now 21% undervalued Over the last 90 days, the stock is up 5.7%. The fair value is estimated to be €21.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Earnings per share has grown by 92%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Upcoming Dividend • May 01
Upcoming dividend of €0.50 per share at 4.6% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 10 May 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of French dividend payers (5.3%). Higher than average of industry peers (3.9%). Upcoming Dividend • Mar 27
Upcoming dividend of €0.80 per share at 4.6% yield Eligible shareholders must have bought the stock before 03 April 2023. Payment date: 05 April 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of French dividend payers (5.3%). In line with average of industry peers (4.3%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Director Marco Caneva was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 04
First half 2022 earnings released: EPS: €0 (vs €0.20 in 1H 2021) First half 2022 results: EPS: €0. Revenue: €67.9m (up 85% from 1H 2021). Net income: €10.7m (up €9.06m from 1H 2021). Profit margin: 16% (up from 4.4% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Construction industry in Europe. Upcoming Dividend • May 02
Upcoming dividend of €0.30 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of French dividend payers (5.0%). Lower than average of industry peers (3.6%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Director Marco Caneva was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 06
Full year 2021 earnings released Full year 2021 results: Revenue: €87.7m (up 91% from FY 2020). Net income: €11.1m (up €9.33m from FY 2020). Profit margin: 13% (up from 3.8% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 19%, compared to a 15% growth forecast for the industry in France. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 17% share price gain to €14.60, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 205% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.57 per share. Reported Earnings • Oct 01
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: €36.7m (up 98% from 1H 2020). Net income: €1.60m (up €1.58m from 1H 2020). Profit margin: 4.4% (up from 0.1% in 1H 2020). The increase in margin was driven by higher revenue. Announcement • Sep 24
EdiliziAcrobatica S.p.A. (BIT:EDAC) completed the acquisition of the business unit of Accés Vertical SL. EdiliziAcrobatica S.p.A. (BIT:EDAC) signed a preliminary contract to acquire the business unit of Accés Vertical SL for €0.45 million on May 7, 2021. The consideration consists of value equal to €0.45 million along with the recognition of an earn-out in 2022 and 2024 upon achievement of turnover and EBITDA margin targets. Emintad Italy s.r.l. acted as the financial advisor and Studio Legale LCA acted as the legal advisor to EdiliziAcrobatica. Banca Profilo S.p.A. (BIT:PRO) acted as the nominated advisor to EdiliziAcrobatica.
EdiliziAcrobatica S.p.A. (BIT:EDAC) completed the acquisition of the business unit of Accés Vertical SL on September 22, 2021. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improved over the past week After last week's 24% share price gain to €15.95, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 15x in the Construction industry in Europe. Total returns to shareholders of 178% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €18.11 per share. Upcoming Dividend • Jun 28
Upcoming dividend of €0.057 per share Eligible shareholders must have bought the stock before 05 July 2021. Payment date: 07 July 2021. Trailing yield: 1.3%. Lower than top quartile of French dividend payers (3.8%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improved over the past week After last week's 18% share price gain to €11.90, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 15x in the Construction industry in Europe. Total returns to shareholders of 97% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €15.17 per share. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 22% share price gain to €9.48, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Construction industry in Europe. Total returns to shareholders of 93% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €18.75 per share. Reported Earnings • May 06
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: €46.2m (up 11% from FY 2019). Net income: €1.76m (up 61% from FY 2019). Profit margin: 3.8% (up from 2.6% in FY 2019). The increase in margin was driven by higher revenue. Upcoming Dividend • Apr 26
Upcoming dividend of €0.16 per share Eligible shareholders must have bought the stock before 03 May 2021. Payment date: 05 May 2021. Trailing yield: 2.4%. Lower than top quartile of French dividend payers (4.0%). Lower than average of industry peers (2.9%). Is New 90 Day High Low • Feb 10
New 90-day high: €5.50 The company is up 12% from its price of €4.91 on 12 November 2020. The French market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 1.0% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: €5.20 The company is down 16% from its price of €6.20 on 17 July 2020. The French market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 10.0% over the same period. Is New 90 Day High Low • Sep 30
New 90-day low: €5.54 The company is down 6.0% from its price of €5.92 on 02 July 2020. The French market is down 1.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is down 10.0% over the same period.