BIT:PIA

Stock Analysis Report

Executive Summary

Piaggio & C. SpA, together with its subsidiaries, develops, manufactures, and distributes two-wheeler and commercial motor vehicles.

Snowflake

Fundamentals

Proven track record with moderate growth potential.


Similar Companies

Share Price & News

How has Piaggio & C's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

9.6%

BIT:PIA

2.5%

IT Auto

0.8%

IT Market


1 Year Return

41.8%

BIT:PIA

-20.2%

IT Auto

-3.4%

IT Market

PIA outperformed the Auto industry which returned -20.2% over the past year.

PIA outperformed the Market in Italy which returned -3.4% over the past year.


Share holder returns

PIAIndustryMarket
7 Day9.6%2.5%0.8%
30 Day7.2%-8.3%-5.5%
90 Day12.4%-0.9%-0.9%
1 Year46.9%41.8%-8.1%-20.2%0.8%-3.4%
3 Year76.3%60.9%108.5%80.1%19.8%3.2%
5 Year41.4%22.2%1.7%-13.7%7.6%-34.3%

Price Volatility Vs. Market

How volatile is Piaggio & C's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

22.9x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Piaggio & C's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Piaggio & C's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Piaggio & C is overvalued based on earnings compared to the Europe Auto industry average.

Piaggio & C is overvalued based on earnings compared to the Italy market.


Price Based on Expected Growth

Piaggio & C is poor value based on expected growth next year.


Price Based on Value of Assets

Piaggio & C is overvalued based on assets compared to the IT Auto industry average.


Next Steps

Future Growth

How is Piaggio & C expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

16.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Piaggio & C's revenue is expected to grow by 3.8% yearly, however this is not considered high growth (20% yearly).

Piaggio & C's earnings are expected to grow by 16.2% yearly, however this is not considered high growth (20% yearly).

Piaggio & C's revenue growth is expected to exceed the Italy market average.

Piaggio & C's earnings growth is expected to exceed the Italy market average.

Piaggio & C's earnings growth is expected to exceed the low risk savings rate of 2.9%.


Earnings per Share Growth Estimates


Future Return on Equity

Piaggio & C is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has Piaggio & C performed over the past 5 years?

38.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Piaggio & C has delivered over 20% year on year earnings growth in the past 5 years.

Piaggio & C's 1-year earnings growth exceeds its 5-year average (72.2% vs 38.8%)

Piaggio & C's earnings growth has exceeded the Europe Auto industry average in the past year (72.2% vs 13.9%).


Return on Equity

Piaggio & C has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Piaggio & C used its assets less efficiently than the Europe Auto industry average last year based on Return on Assets.


Return on Capital Employed

Piaggio & C has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Piaggio & C's financial position?


Financial Position Analysis

Piaggio & C's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Piaggio & C's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Piaggio & C's level of debt (201.4%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (175.1% vs 201.4% today).

Debt is well covered by operating cash flow (24%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 5.3x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0.8x debt.


Next Steps

Dividend

What is Piaggio & C's current dividend yield, its reliability and sustainability?

4.05%

Expected Dividend Yield


Upcoming Dividend Payment

Purchase Piaggio & C before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield and Payments Analysis

Piaggio & C's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (2.1%).

Piaggio & C's dividend is below the markets top 25% of dividend payers in Italy (4.6%).

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are not well covered by earnings (0.8x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (1.9x coverage).


Next Steps

Management

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

5.3yrs

Average management tenure


CEO

Roberto Colaninno (76yo)

12.8yrs

Tenure

€1,290,000

Compensation

Mr. Roberto Colaninno has been the Chief Executive Officer of Piaggio & C. SpA since November 26, 2006 and served as its President and Director in charge of Internal Audit. Mr. Colaninno serves as Managing ...


CEO Compensation Analysis

Roberto's remuneration is higher than average for companies of similar size in Italy.

Roberto's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

5.3yrs

Average Tenure

The average tenure for the Piaggio & C management team is over 5 years, this suggests they are a seasoned and experienced team.


Board Age and Tenure

4.3yrs

Average Tenure

69yo

Average Age

The tenure for the Piaggio & C board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Recent Insider Transactions

Sell€3,476,00119 Dec 18
Omniaholding S.p.A
EntityCompany
Shares2,000,000
Max Price€1.74
Buy€87,71012 Dec 18
Omniaholding S.p.A
EntityCompany
Shares50,000
Max Price€1.75
Buy€87,69011 Dec 18
Omniaholding S.p.A
EntityCompany
Shares50,000
Max Price€1.75
Buy€173,31026 Nov 18
Omniaholding S.p.A
EntityCompany
Shares100,000
Max Price€1.73
Buy€173,24523 Nov 18
Omniaholding S.p.A
EntityCompany
Shares100,000
Max Price€1.73
Buy€88,10522 Nov 18
Omniaholding S.p.A
EntityCompany
Shares50,000
Max Price€1.76
Buy€88,58021 Nov 18
Omniaholding S.p.A
EntityCompany
Shares50,000
Max Price€1.77
Buy€89,00020 Nov 18
Omniaholding S.p.A
EntityCompany
Shares50,000
Max Price€1.78
Buy€89,18519 Nov 18
Omniaholding S.p.A
EntityCompany
Shares50,000
Max Price€1.78
Buy€89,71516 Nov 18
Omniaholding S.p.A
EntityCompany
Shares50,000
Max Price€1.79
Buy€91,45514 Nov 18
Omniaholding S.p.A
EntityCompany
Shares50,000
Max Price€1.83
Buy€90,00513 Nov 18
Omniaholding S.p.A
EntityCompany
Shares50,000
Max Price€1.80
Buy€184,87012 Nov 18
Omniaholding S.p.A
EntityCompany
Shares100,000
Max Price€1.85
Buy€182,16026 Oct 18
Omniaholding S.p.A
EntityCompany
Shares100,000
Max Price€1.82
Buy€18225 Oct 18
Omniaholding S.p.A
EntityCompany
Shares100
Max Price€1.82
Buy€97,16510 Sep 18
Omniaholding S.p.A
EntityCompany
Shares50,000
Max Price€1.94
Buy€97,56007 Sep 18
Omniaholding S.p.A
EntityCompany
Shares50,000
Max Price€1.95
Buy€96,60506 Sep 18
Omniaholding S.p.A
EntityCompany
Shares50,000
Max Price€1.93
Buy€86,32405 Sep 18
Omniaholding S.p.A
EntityCompany
Shares46,000
Max Price€1.88
Buy€186,63004 Sep 18
Omniaholding S.p.A
EntityCompany
Shares100,000
Max Price€1.87
Buy€223,53603 Sep 18
Omniaholding S.p.A
EntityCompany
Shares120,000
Max Price€1.86

Ownership Breakdown


Management Team

  • Roberto Colaninno (76yo)

    Chairman & CEO

    • Tenure: 12.8yrs
    • Compensation: €1.29m
  • Giancarlo Milianti

    Executive Vice President of Human Resources

    • Tenure: 10.6yrs
  • Ulisse Spada

    General Counsel & Member of Supervisory Body

    • Tenure: 10.6yrs
  • Alessandra Simonotto

    Head of Administration & Credit Management

    • Tenure: 0.0yrs
  • Simone Montanari

    Chief Financial Officer

    • Tenure: 2.4yrs
  • Raffaele Lupotto

    Head of Investor Relations & Senior VP

    • Tenure: 0.0yrs
  • Davide Zanolini

    Executive Vice President of Marketing & Communication

    • Tenure: 5.8yrs
  • Maurizio Carletti

    Executive Vice President of 2 Wheeler Italy & EMEA Market

    • Tenure: 4.8yrs
  • Gianluca Fiume

    Executive Vice President of Asia Pacifc 2 Wheeler - China

    • Tenure: 4.8yrs
  • Vincenzo Scardigno

    Executive Vice President of 3-4 Wheeler EMEA & Emerging Markets

    • Tenure: 4.8yrs

Board Members

  • Roberto Colaninno (76yo)

    Chairman & CEO

    • Tenure: 12.8yrs
    • Compensation: €1.29m
  • Gianmichele Visentin Graziano (69yo)

    Independent Director

    • Tenure: 4.3yrs
    • Compensation: €52.46k
  • Matteo Colaninno (49yo)

    Deputy Chairman

    • Tenure: 15.6yrs
    • Compensation: €100.00k
  • Michele Colaninno (43yo)

    Director

    • Tenure: 13.0yrs
    • Compensation: €40.00k
  • Andrea Formica (58yo)

    Independent Director

    • Tenure: 4.3yrs
    • Compensation: €28.82k
  • Raviinder Chopra (76yo)

    Chairman of Piaggio Vehicles Private Ltd

    • Tenure: 0.0yrs
  • Mario Maria

    Chairman & CEO of Piaggio Group Americas

    • Tenure: 5.1yrs
  • Giuseppe Tesauro (77yo)

    Lead Independent Director

    • Tenure: 0.0yrs
    • Compensation: €43.23k
  • Maria Carrozza

    Independent Director

    • Tenure: 4.3yrs
    • Compensation: €28.82k
  • Piera Vitali

    Chairman of Board of Statutory Auditors

    • Tenure: 4.3yrs

Company Information

Piaggio & C. SpA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Piaggio & C. SpA
  • Ticker: PIA
  • Exchange: BIT
  • Founded: 1884
  • Industry: Motorcycle Manufacturers
  • Sector: Automobiles
  • Market Cap: €1.006b
  • Shares outstanding: 357.28m
  • Website: https://www.piaggiogroup.com

Number of Employees


Location

  • Piaggio & C. SpA
  • Viale Rinaldo Piaggio, 25
  • Pontedera
  • Pisa
  • 56025
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PIABIT (Borsa Italiana)YesCommon StockITEURJul 2006
P1IDB (Deutsche Boerse AG)YesCommon StockDEEURJul 2006
PIAG.FOTCPK (Pink Sheets LLC)YesCommon StockUSUSDJul 2006
0FM1LSE (London Stock Exchange)YesCommon StockGBEURJul 2006
PIAMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURJul 2006

Biography

Piaggio & C. SpA, together with its subsidiaries, develops, manufactures, and distributes two-wheeler and commercial motor vehicles. The company offers two-wheelers, including scooters, motorcycles, and mo ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/24 20:58
End of Day Share Price2019/08/23 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.