Announcement • Sep 11
Saras S.p.A.(BIT:SRS) dropped from Euronext 150 Index Saras S.p.A. has been dropped from the Euronext 150 Index. Announcement • Sep 05
Saras to Delist on September 11 Varas said on September 3, 2024 it held 95.285% of Saras' share (Saras S.p.A.) Capital at end of reopening of terms of tender offer. Joint procedure on residual shares, delisting of Saras, to take place on September 11. Announcement • Aug 22
Saras S.p.A.(BIT:SRS) dropped from S&P Global BMI Index Saras S.p.A.(BIT:SRS) dropped from S&P Global BMI Index Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: €0.033 (vs €0.018 loss in 2Q 2023) Second quarter 2024 results: EPS: €0.033 (up from €0.018 loss in 2Q 2023). Revenue: €2.88b (up 48% from 2Q 2023). Net income: €31.3m (up €48.1m from 2Q 2023). Profit margin: 1.1% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 13
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 8.5%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (4.2%). Declared Dividend • Mar 25
Dividend reduced to €0.15 Dividend of €0.15 is 21% lower than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 8.5%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not covered by cash flows (161% cash payout ratio). The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 89% over the next 3 years. Since a fall of 50% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Mar 18
Full year 2023 earnings released: EPS: €0.33 (vs €0.44 in FY 2022) Full year 2023 results: EPS: €0.33 (down from €0.44 in FY 2022). Revenue: €11.4b (down 28% from FY 2022). Net income: €313.9m (down 25% from FY 2022). Profit margin: 2.7% (up from 2.6% in FY 2022). The increase in margin was driven by lower expenses. Revenue is expected to fall by 2.3% p.a. on average during the next 3 years compared to a 1.6% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €1.81, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 1x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 253% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.68 per share. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: €0.16 (vs €0.058 in 3Q 2022) Third quarter 2023 results: EPS: €0.16 (up from €0.058 in 3Q 2022). Revenue: €3.06b (down 28% from 3Q 2022). Net income: €151.2m (up 176% from 3Q 2022). Profit margin: 4.9% (up from 1.3% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to fall by 4.4% p.a. on average during the next 3 years compared to a 1.8% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 02
Now 20% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be €1.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 4.4% per annum. Earnings is also forecast to decline by 34% per annum over the same time period. Upcoming Dividend • May 15
Upcoming dividend of €0.19 per share at 15% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Trailing yield: 15%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (6.1%). Reported Earnings • May 12
First quarter 2023 earnings released: EPS: €0.15 (vs €0.081 in 1Q 2022) First quarter 2023 results: EPS: €0.15 (up from €0.081 in 1Q 2022). Revenue: €3.47b (up 18% from 1Q 2022). Net income: €139.1m (up 82% from 1Q 2022). Profit margin: 4.0% (up from 2.6% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.6% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 17% share price gain to €1.49, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 4x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.76 per share. Board Change • Nov 16
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. 7 non-independent directors. Independent Director Francesca Luchi was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: €0.058 (vs €0.039 loss in 3Q 2021) Third quarter 2022 results: EPS: €0.058 (up from €0.039 loss in 3Q 2021). Revenue: €4.27b (up 104% from 3Q 2021). Net income: €54.8m (up €90.2m from 3Q 2021). Profit margin: 1.3% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is expected to fall by 14% p.a. on average during the next 3 years compared to a 4.5% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 17% share price gain to €1.27, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 3x in the Oil and Gas industry in the United Kingdom. Total loss to shareholders of 8.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.04 per share. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: €0.23 (vs €0.025 in 2Q 2021) Second quarter 2022 results: EPS: €0.23 (up from €0.025 in 2Q 2021). Revenue: €4.75b (up 125% from 2Q 2021). Net income: €215.9m (up €191.5m from 2Q 2021). Profit margin: 4.5% (up from 1.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 19% compared to a 21% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improved over the past week After last week's 16% share price gain to €1.27, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 2x in the Oil and Gas industry in the United Kingdom. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.24 per share. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €1.08, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 2x in the Oil and Gas industry in the United Kingdom. Total loss to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.37 per share. Buying Opportunity • Jul 13
Now 20% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be €1.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.1% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 7.1% per annum. Earnings is also forecast to decline by 30% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improved over the past week After last week's 16% share price gain to €1.41, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 3x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 7.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.68 per share. Buying Opportunity • May 20
Now 21% undervalued Over the last 90 days, the stock is up 100%. The fair value is estimated to be €1.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.1% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 7.1% per annum. Earnings is also forecast to decline by 26% per annum over the same time period. Reported Earnings • May 18
First quarter 2022 earnings released: EPS: €0.081 (vs €0.025 loss in 1Q 2021) First quarter 2022 results: EPS: €0.081 (up from €0.025 loss in 1Q 2021). Revenue: €2.95b (up 83% from 1Q 2021). Net income: €76.6m (up €100.4m from 1Q 2021). Profit margin: 2.6% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 2.9%, compared to a 23% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. 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. 6 experienced directors. 6 highly experienced directors. Independent Director Francesca Luchi was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 15
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.01 (up from €0.29 loss in FY 2020). Revenue: €8.64b (up 64% from FY 2020). Net income: €9.33m (up €284.9m from FY 2020). Profit margin: 0.1% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 8.1%. Over the next year, revenue is expected to shrink by 5.7% compared to a 32% growth forecast for the oil industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 12
Third quarter 2021 earnings released: €0.039 loss per share (vs €0.007 profit in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: €2.12b (up 82% from 3Q 2020). Net loss: €35.4m (down €41.9m from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS €0.025 (vs €0.072 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €2.15b (up 145% from 2Q 2020). Net income: €24.4m (up €91.8m from 2Q 2020). Profit margin: 1.1% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Reported Earnings • May 13
First quarter 2021 earnings released: €0.025 loss per share (vs €0.12 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: €1.63b (down 11% from 1Q 2020). Net loss: €23.8m (loss narrowed 79% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 02
Full year 2020 earnings released: €0.29 loss per share (vs €0.028 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €5.34b (down 43% from FY 2019). Net loss: €275.5m (down €301.7m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 17
New 90-day high: €0.70 The company is up 22% from its price of €0.57 on 19 November 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.35 per share. Is New 90 Day High Low • Jan 05
New 90-day high: €0.61 The company is up 17% from its price of €0.52 on 07 October 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.64 per share. Is New 90 Day High Low • Dec 09
New 90-day high: €0.61 The company is up 9.0% from its price of €0.56 on 10 September 2020. The British market is also up 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Oil and Gas industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.53 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations Revenue exceeded analyst estimates by 47%. Over the next year, revenue is forecast to grow 1.3%, compared to a 33% growth forecast for the Oil and Gas industry in the United Kingdom. Is New 90 Day High Low • Oct 13
New 90-day low: €0.42 The company is down 35% from its price of €0.64 on 15 July 2020. The British market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.38 per share. Is New 90 Day High Low • Sep 25
New 90-day low: €0.45 The company is down 36% from its price of €0.70 on 26 June 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas 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 €0.38 per share.