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Immsi

BIT:IMS
Snowflake Description

Good value with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IMS
BIT
€219M
Market Cap
  1. Home
  2. IT
  3. Automobiles
Company description

Immsi S.p.A. operates in property and holding, industrial, and marine sectors in Italy, India, the United States, and internationally. The last earnings update was 61 days ago. More info.


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IMS Share Price and Events
7 Day Returns
19%
BIT:IMS
-0.2%
IT Auto
0.8%
IT Market
1 Year Returns
39.5%
BIT:IMS
-23%
IT Auto
-0.4%
IT Market
IMS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Immsi (IMS) 19% 25.3% 20.1% 39.5% 63% -0.1%
IT Auto -0.2% 6.5% -11.2% -23% 103% -11.7%
IT Market 0.8% 5.6% -0.1% -0.4% 9.2% -30.4%
1 Year Return vs Industry and Market
  • IMS outperformed the Auto industry which returned -23% over the past year.
  • IMS outperformed the Market in Italy which returned -0.4% over the past year.
Price Volatility
IMS
Industry
5yr Volatility vs Market

Value

 Is Immsi undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Immsi to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Immsi.

BIT:IMS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 21%
Perpetual Growth Rate 10-Year IT Government Bond Rate 2.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BIT:IMS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IT Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 9%
Auto Unlevered Beta Simply Wall St/ S&P Global 0.62
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.623 (1 + (1- 24%) (496.6%))
2.323
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (2 * 9.02%)
20.97%

Discounted Cash Flow Calculation for BIT:IMS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Immsi is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

BIT:IMS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 20.97%)
2020 81.11 Est @ 27.52% 67.05
2021 97.45 Est @ 20.14% 66.59
2022 112.05 Est @ 14.98% 63.29
2023 124.79 Est @ 11.37% 58.26
2024 135.81 Est @ 8.84% 52.42
2025 145.41 Est @ 7.07% 46.39
2026 153.88 Est @ 5.83% 40.58
2027 161.51 Est @ 4.96% 35.21
2028 168.54 Est @ 4.35% 30.37
2029 175.16 Est @ 3.93% 26.09
Present value of next 10 years cash flows €486.26
BIT:IMS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €175.16 × (1 + 2.93%) ÷ (20.97% – 2.93%)
€999.42
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €999.42 ÷ (1 + 20.97%)10
€148.88
BIT:IMS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €486.26 + €148.88
€635.14
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €635.14 / 340.53
€1.87
BIT:IMS Discount to Share Price
Calculation Result
Value per share (EUR) From above. €1.87
Current discount Discount to share price of €0.64
= -1 x (€0.64 - €1.87) / €1.87
65.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Immsi is available for.
Intrinsic value
>50%
Share price is €0.64 vs Future cash flow value of €1.87
Current Discount Checks
For Immsi to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Immsi's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Immsi's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Immsi's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Immsi's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:IMS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.04
BIT:IMS Share Price ** BIT (2019-07-15) in EUR €0.64
Europe Auto Industry PE Ratio Median Figure of 17 Publicly-Listed Auto Companies 8.76x
Italy Market PE Ratio Median Figure of 240 Publicly-Listed Companies 16.17x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Immsi.

BIT:IMS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:IMS Share Price ÷ EPS (both in EUR)

= 0.64 ÷ 0.04

15.32x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Immsi is overvalued based on earnings compared to the Europe Auto industry average.
  • Immsi is good value based on earnings compared to the Italy market.
Price based on expected Growth
Does Immsi's expected growth come at a high price?
Raw Data
BIT:IMS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.32x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
21.9%per year
Europe Auto Industry PEG Ratio Median Figure of 11 Publicly-Listed Auto Companies 0.9x
Italy Market PEG Ratio Median Figure of 161 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Immsi, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Immsi's assets?
Raw Data
BIT:IMS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €0.70
BIT:IMS Share Price * BIT (2019-07-15) in EUR €0.64
Italy Auto Industry PB Ratio Median Figure of 5 Publicly-Listed Auto Companies 1.3x
Italy Market PB Ratio Median Figure of 324 Publicly-Listed Companies 1.5x
BIT:IMS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:IMS Share Price ÷ Book Value per Share (both in EUR)

= 0.64 ÷ 0.70

0.92x

* Primary Listing of Immsi.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Immsi is good value based on assets compared to the IT Auto industry average.
X
Value checks
We assess Immsi's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Auto industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Auto industry average (and greater than 0)? (1 check)
  5. Immsi has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Immsi expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Immsi, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
21.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Immsi expected to grow at an attractive rate?
  • Immsi's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Immsi's earnings growth is expected to exceed the Italy market average.
  • Unable to compare Immsi's revenue growth to the Italy market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BIT:IMS Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:IMS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 21.9%
Europe Auto Industry Earnings Growth Rate Market Cap Weighted Average 8%
Europe Auto Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
Italy Market Earnings Growth Rate Market Cap Weighted Average 8.9%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BIT:IMS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:IMS Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
BIT:IMS Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 1,495 169 14
2018-12-31 1,465 132 13
2018-09-30 1,472 138 11
2018-06-30 1,449 116 8
2018-03-31 1,456 126 6
2017-12-31 1,455 141 8
2017-09-30 1,439 152 3
2017-06-30 1,427 141 0
2017-03-31 1,398 132 -3
2016-12-31 1,384 139 -9
2016-09-30 1,389 142 -12
2016-06-30 1,373 179 -10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Immsi's earnings are expected to grow significantly at over 20% yearly.
  • Unable to determine if Immsi is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BIT:IMS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Immsi Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:IMS Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
BIT:IMS Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.04
2018-12-31 0.04
2018-09-30 0.03
2018-06-30 0.02
2018-03-31 0.02
2017-12-31 0.02
2017-09-30 0.01
2017-06-30 0.00
2017-03-31 -0.01
2016-12-31 -0.03
2016-09-30 -0.03
2016-06-30 -0.03

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Immsi will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Immsi's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Immsi has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Immsi performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Immsi's growth in the last year to its industry (Auto).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Immsi has delivered over 20% year on year earnings growth in the past 5 years.
  • Immsi's 1-year earnings growth exceeds its 5-year average (145.5% vs 72.6%)
  • Immsi's earnings growth has exceeded the Europe Auto industry average in the past year (145.5% vs 3.9%).
Earnings and Revenue History
Immsi's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Immsi Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:IMS Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,494.60 14.32 287.22
2018-12-31 1,464.53 12.86 283.68
2018-09-30 1,472.40 10.69 278.77
2018-06-30 1,449.32 8.29 279.71
2018-03-31 1,455.88 5.83 275.04
2017-12-31 1,454.94 8.19 276.50
2017-09-30 1,438.62 2.96 280.71
2017-06-30 1,427.41 0.01 275.70
2017-03-31 1,398.33 -2.65 277.07
2016-12-31 1,383.85 -8.66 275.86
2016-09-30 1,388.84 -11.73 271.49
2016-06-30 1,372.59 -10.25 273.93
2016-03-31 1,360.83 -13.11 269.41
2015-12-31 1,362.01 -9.55 271.29
2015-09-30 1,353.11 -27.87 262.43
2015-06-30 1,344.30 -27.51 263.72
2015-03-31 1,302.34 -68.00 263.82
2014-12-31 1,274.58 -70.81 261.04
2014-09-30 1,245.13 -74.37 259.36
2014-06-30 1,217.88 -77.86 255.54
2014-03-31 1,231.83 -32.58 251.91
2013-12-31 1,257.74 -33.55 261.30
2013-09-30 1,293.79 -41.99 272.80
2013-06-30 1,364.23 -35.61 266.82
2013-03-31 1,424.89 -33.43 280.49
2012-12-31 1,468.29 -33.61 280.16
2012-09-30 1,503.67 4.13 269.30

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Immsi has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Immsi used its assets less efficiently than the Europe Auto industry average last year based on Return on Assets.
  • Immsi has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Immsi's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Auto industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Immsi has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Immsi's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Immsi's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Immsi's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Immsi's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Immsi's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Immsi Company Filings, last reported 3 months ago.

BIT:IMS Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 385.57 1,057.39 183.93
2018-12-31 379.38 1,055.62 203.48
2018-09-30 378.22 1,014.30 202.06
2018-06-30 379.15 1,048.12 205.49
2018-03-31 366.94 1,046.23 129.66
2017-12-31 370.69 1,000.18 143.29
2017-09-30 378.83 1,022.89 190.46
2017-06-30 377.62 1,094.78 229.94
2017-03-31 394.95 1,077.56 137.77
2016-12-31 392.56 1,122.13 205.54
2016-09-30 398.61 1,037.16 154.42
2016-06-30 401.79 1,087.02 164.40
2016-03-31 408.69 1,095.54 118.55
2015-12-31 428.09 1,077.69 141.01
2015-09-30 447.65 1,025.60 112.83
2015-06-30 452.60 1,102.52 143.37
2015-03-31 454.25 1,097.02 100.60
2014-12-31 442.11 1,031.38 118.82
2014-09-30 482.14 965.84 132.13
2014-06-30 477.59 986.79 129.53
2014-03-31 508.59 1,022.57 92.34
2013-12-31 509.17 941.64 102.90
2013-09-30 546.08 895.32 96.21
2013-06-30 540.96 964.63 129.21
2013-03-31 544.26 1,001.48 127.99
2012-12-31 547.94 875.93 108.25
2012-09-30 600.32 875.64 153.37
  • Immsi's level of debt (282.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (202.3% vs 282.5% today).
  • Debt is not well covered by operating cash flow (15.5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Immsi's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Immsi has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Immsi's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Immsi dividends.
If you bought €2,000 of Immsi shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Immsi's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Immsi's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BIT:IMS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Europe Auto Industry Average Dividend Yield Market Cap Weighted Average of 12 Stocks 4.7%
Italy Market Average Dividend Yield Market Cap Weighted Average of 185 Stocks 4%
Italy Minimum Threshold Dividend Yield 10th Percentile 1%
Italy Bottom 25% Dividend Yield 25th Percentile 2.1%
Italy Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BIT:IMS Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
BIT:IMS Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2017-11-14 0.000 0.000
2017-11-13 0.000 0.000
2017-09-15 0.000 0.000
2017-09-01 0.000 0.000
2017-05-15 0.000 0.000
2017-05-12 0.000 0.000
2017-04-07 0.000 0.000
2017-03-23 0.000 0.000
2016-04-08 0.015 3.922
2016-03-23 0.015 3.990
2013-11-14 0.000 0.000
2013-08-29 0.000 0.000
2013-05-15 0.000 0.000
2013-04-09 0.000 0.000
2013-03-25 0.000 0.000
2012-03-09 0.030 6.422
2011-08-30 0.030 5.021
2011-04-07 0.030 3.819
2010-03-19 0.030 3.648
2009-11-13 0.000 0.000
2009-08-28 0.000 0.000
2009-03-31 0.000 0.000
2008-08-29 0.030 4.397

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Immsi has not reported any payouts.
  • Unable to verify if Immsi's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Immsi's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Immsi has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Immsi's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Immsi afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Immsi has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Immsi's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Michele Colaninno
COMPENSATION €691,200
AGE 43
TENURE AS CEO 4.2 years
CEO Bio

Mr. Michele Colaninno has been the Chief Executive Officer of Immsi SpA since May 13, 2015 and has been its Managing Director since 2010 and also serves as its Internal Control and Risk Management System Director. Mr. Colaninno served as the Chief Operating Officer at Immsi SpA. Mr. Colaninno served as General Manager of Immsi SpA since March 27, 2003. He has been a Director of Immsi SpA since November 13, 2006 He serves as the Chairman of the Board of ISM Investimenti S.p.A. Mr. Colaninno has been a Director of Piaggio & C. SpA since August 28, 2006. He served as a Director of Rodriquez Cantieri Navali SpA.

CEO Compensation
  • Michele's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Michele's remuneration is higher than average for companies of similar size in Italy.
Management Team

Michele Colaninno

TITLE
CEO, GM
COMPENSATION
€691K
AGE
43
TENURE
4.2 yrs

Andrea Paroli

TITLE
Financial Reporting Manager & Investor Relations Manager
Board of Directors Tenure

Average tenure and age of the Immsi board of directors in years:

10.8
Average Tenure
59
Average Age
  • The average tenure for the Immsi board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Marco Reboa

TITLE
Chairman of Supervisory Board
COMPENSATION
€43K
AGE
64

Roberto Colaninno

TITLE
Chairman
COMPENSATION
€890K
AGE
76
TENURE
13.2 yrs

Michele Colaninno

TITLE
CEO, GM
COMPENSATION
€691K
AGE
43
TENURE
12.7 yrs

Daniele Discepolo

TITLE
Vice Chairman & Lead Independent Director
COMPENSATION
€32K
AGE
72

Alessandro Lai

TITLE
Chairman of the Board of Statutory Auditors & Member of Supervisory board
COMPENSATION
€57K
AGE
59

Matteo Colaninno

TITLE
Director
COMPENSATION
€40K
AGE
49
TENURE
16.5 yrs

Maurizio Strozzi

TITLE
Internal Audit Department Manager & Member of Supervisory board

Rita Ciccone

TITLE
Non-Executive Independent Director
COMPENSATION
€45K
AGE
59
TENURE
7.2 yrs

Ruggero Magnoni

TITLE
Director
COMPENSATION
€40K
AGE
68
TENURE
8.9 yrs

Patrizia Pasquale

TITLE
Director
COMPENSATION
€26K
AGE
58
TENURE
4.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Immsi's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Immsi has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should You Care About Immsi S.p.A.’s (BIT:IMS) Investment Potential?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Immsi: 0.099 = €108m ÷ (€2.2b - €1.1b) (Based on the trailing twelve months to March 2019.) So, Immsi has an ROCE of 9.9%. … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise. … Immsi's current liabilities are fairly high, making its ROCE look better than otherwise.

Simply Wall St -

Is Immsi S.p.A. (BIT:IMS) A Volatile Stock?

(BIT:IMS), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Estimating The Fair Value Of Immsi S.p.A. (BIT:IMS)

Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model. … We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth … The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second 'steady growth' period.

Simply Wall St -

Do Institutions Own Immsi S.p.A. (BIT:IMS) Shares?

Companies that used to be publicly owned tend to have lower insider ownership. … Immsi is not a large company by global standards. … Our analysis of the ownership of the company, below, shows that.

Simply Wall St -

Is Immsi S.p.A. (BIT:IMS) Better Than Average At Deploying Capital?

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business.

Simply Wall St -

One Thing To Remember About The Immsi S.p.A. (BIT:IMS) Share Price

(BIT:IMS), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility).

Simply Wall St -

Does Immsi S.p.A.'s (BIT:IMS) CEO Salary Compare Well With Others?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Michele Colaninno's Compensation Compare With Similar Sized Companies. … has a market cap of €137m, and is paying total annual CEO compensation of €691k.

Simply Wall St -

What Kind Of Shareholder Appears On The Immsi SpA's (BIT:IMS) Shareholder Register?

Immsi is a smaller company with a market capitalization of €144m, so it may still be flying under the radar of many institutional investors. … Our analysis of the ownership of the company, below, shows that. … institutional investors have bought into the company.

Simply Wall St -

How Immsi SpA (BIT:IMS) Can Impact Your Portfolio Volatility

Generally, an investor should consider two types of risk that impact the market value of IMS. … The second type is market risk, one that you cannot diversify away, since it arises from macroeconomic factors which directly affects all the stocks in the market. … A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one.

Simply Wall St -

What Does Immsi SpA's (BIT:IMS) Ownership Structure Look Like?

In this article, I will take a quick look at Immsi SpA’s (BIT:IMS) recent ownership structure – an unconventional investing subject, but an important one. … When it comes to ownership structure of a company, the impact has been observed in both the long-and short-term performance of shares. … Differences in ownership structure of companies can have a profound effect on how management's incentives are aligned with shareholder returns, and whether they adhere to corporate governance best practices.

Simply Wall St -

Company Info

Description

Immsi S.p.A. operates in property and holding, industrial, and marine sectors in Italy, India, the United States, and internationally. It operates a tourist and holiday resort; and manages a building in Rome, as well as invests in real estate development projects. The company also manufactures two-wheeled motor vehicles, including scooters, mopeds, and motorcycles under the Piaggio, Vespa, Gilera, Aprilia, Moto Guzzi, Derbi, and Scarabeo brands; and three-and four-wheeled light transport vehicles under the Ape, Porter, and Quargo names, as well as offers engines, spare parts, and accessories. In addition, it constructs high speed ships, such as hydrofoils and fast ferries comprising mono-hulls and catamarans, yachts, and mine-hunters and fast patrol boats for military marines. The company was founded in 2000 and is based in Mantova, Italy.

Details
Name: Immsi S.p.A.
IMS
Exchange: BIT
Founded: 2000
€219,301,320
340,530,000
Website: http://www.immsi.it
Address: Immsi S.p.A.
P.zza Vilfredo Pareto,
3 Centro Direzionale Boma,
Mantova,
Mantova, 46100,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT IMS Common Stock Borsa Italiana IT EUR 15. Feb 2000
DB IMY Common Stock Deutsche Boerse AG DE EUR 15. Feb 2000
BST IMY Common Stock Boerse-Stuttgart DE EUR 15. Feb 2000
LSE 0O2X Common Stock London Stock Exchange GB EUR 15. Feb 2000
BATS-CHIXE IMSM Common Stock BATS 'Chi-X Europe' GB EUR 15. Feb 2000
Number of employees
Current staff
Staff numbers
6,851
Immsi employees.
Industry
Motorcycle Manufacturers
Automobiles
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/15 20:50
End of day share price update: 2019/07/15 00:00
Last estimates confirmation: 2016/06/13
Last earnings filing: 2019/05/15
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.