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

6.2%

PIA

4.6%

IT Auto

2.1%

IT Market


1 Year Return

54.2%

PIA

-9.8%

IT Auto

11.7%

IT Market

Return vs Industry: PIA exceeded the Italian Auto industry which returned -9.8% over the past year.

Return vs Market: PIA exceeded the Italian Market which returned 11.7% over the past year.


Shareholder returns

PIAIndustryMarket
7 Day6.2%4.6%2.1%
30 Day2.8%-1.8%1.5%
90 Day4.8%1.2%1.9%
1 Year63.0%54.2%4.1%-9.8%16.6%11.7%
3 Year88.3%68.4%138.0%105.3%26.6%9.2%
5 Year51.5%28.4%23.4%4.6%21.6%-26.3%

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 compared to its fair value and its price relative to the market?

25.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: PIA (€2.76) is trading below our estimate of fair value (€3.69)

Significantly Undervalued: PIA is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: PIA is poor value based on its PE Ratio (22.4x) compared to the Auto industry average (8.7x).

PE vs Market: PIA is poor value based on its PE Ratio (22.4x) compared to the Italian market (17.1x).


Price to Earnings Growth Ratio

Low PEG Ratio: PIA is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: PIA is overvalued based on its PB Ratio (2.5x) compared to the IT Auto industry average (1.3x).


Next Steps

Future Growth

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

18.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PIA's forecast earnings growth (18.9% per year) is above the savings rate (2.9%).

Earnings vs Market: PIA's earnings (18.9% per year) are forecast to grow faster than the Italian market (8.6% per year).

High Growth Earnings: PIA's earnings are forecast to grow, but not significantly.

Revenue vs Market: PIA's revenue (4.2% per year) is forecast to grow faster than the Italian market (3.1% per year).

High Growth Revenue: PIA's revenue (4.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: PIA's Return on Equity is forecast to be low in 3 years time (15.4%).


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

Earnings Trend: PIA has become profitable over the past 5 years, growing earnings by 38.8% per year.

Accelerating Growth: PIA's earnings growth over the past year (72.2%) exceeds its 5-year average (38.8% per year).

Earnings vs Industry: PIA earnings growth over the past year (72.2%) exceeded the Auto industry 17.2%.


Return on Equity

High ROE: PIA's Return on Equity (11.2%) is considered low.


Return on Assets

ROA vs Industry: PIA's Return on Assets is below or equal to the Auto industry average last year.


Return on Capital Employed

ROCE Improving: PIA has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Piaggio & C's financial position?


Financial Position Analysis

Short Term Liabilities: PIA's short term assets (€618.1M) do not cover its short term liabilities (€761.8M)

Long Term Liabilities: PIA's short term assets (618.1M) exceeds its long term liabilities (528.1M)


Debt to Equity History and Analysis

Debt Level: PIA's debt to equity ratio (201.4%) is considered high

Reducing Debt: PIA's debt to equity ratio has increased from 175.1% to 201.4% over the past 5 years.

Debt Coverage: PIA's debt is well covered by operating cash flow (24%).

Interest Coverage: PIA's interest payments on its debt are well covered by EBIT (5.3x coverage).


Balance Sheet

Inventory Level: PIA has a high level of physical assets or inventory.

Debt Coverage by Assets: PIA's 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?

3.98%

Current Dividend Yield


Dividend Yield vs Market

company4.0%marketbottom25%2.1%markettop25%4.4%industryaverage4.5%forecastin3Years4.5%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: PIA's dividend (3.99%) is higher than the bottom 25% of dividend payers in the Italian market (2.07%).

High Dividend: PIA's dividend (3.99%) is low compared to the top 25% of dividend payers in the Italian market (4.44%).

Stable Dividend: PIA's dividend payments have been volatile in the past 10 years.

Growing Dividend: PIA's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (117.9%), PIA's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PIA's dividends in 3 years are forecast to be covered by earnings (57.6% payout ratio).


Next Steps

Management

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

5.8yrs

Average management tenure


CEO

Roberto Colaninno (76yo)

13yrs

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

Compensation vs. Market: Roberto's total compensation ($USD0.00) is too low to compare against companies of similar size in the Italian market ($USD0.00).

Compensation vs Earnings: Roberto's compensation has been consistent with company performance over the past year.


Management Age and Tenure

5.8yrs

Average Tenure

Experienced Management: PIA's management team is seasoned and experienced (5.8 years average tenure).


Board Age and Tenure

4.5yrs

Average Tenure

69yo

Average Age

Experienced Board: PIA's board of directors are considered experienced (4.5 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


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

Ownership Breakdown


Management Team

  • Roberto Colaninno (76yo)

    Chairman & CEO

    • Tenure: 13yrs
    • Compensation: €1.29m
  • Giancarlo Milianti

    Executive Vice President of Human Resources

    • Tenure: 10.8yrs
  • Ulisse Spada

    General Counsel & Member of Supervisory Body

    • Tenure: 10.8yrs
  • Alessandra Simonotto

    Head of Administration & Credit Management

    • Tenure: 0yrs
  • Raffaele Lupotto

    Head of Investor Relations & Senior VP

    • Tenure: 0yrs
  • Davide Zanolini

    Executive Vice President of Marketing & Communication

    • Tenure: 5.9yrs
  • Maurizio Carletti

    Executive Vice President of 2 Wheeler Italy & EMEA Market

    • Tenure: 5yrs
  • Gianluca Fiume

    Executive Vice President of Asia Pacifc 2 Wheeler - China

    • Tenure: 5yrs
  • Vincenzo Scardigno

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

    • Tenure: 5yrs
  • Massimo Repetto

    Executive Vice President of 3-4 Wheeler Product Development

    • Tenure: 5.6yrs

Board Members

  • Roberto Colaninno (76yo)

    Chairman & CEO

    • Tenure: 13yrs
    • Compensation: €1.29m
  • Graziano Visentin (69yo)

    Independent Director

    • Tenure: 4.5yrs
    • Compensation: €52.46k
  • Matteo Colaninno (49yo)

    Deputy Chairman

    • Tenure: 15.8yrs
    • Compensation: €100.00k
  • Michele Colaninno (43yo)

    Director

    • Tenure: 13.2yrs
    • Compensation: €40.00k
  • Andrea Formica (58yo)

    Independent Director

    • Tenure: 4.5yrs
    • Compensation: €28.82k
  • Raviinder Chopra (76yo)

    Chairman of Piaggio Vehicles Private Ltd

    • Tenure: 0yrs
  • Mario Maria

    Chairman & CEO of Piaggio Group Americas

    • Tenure: 5.3yrs
  • Giuseppe Tesauro (77yo)

    Lead Independent Director

    • Tenure: 0yrs
    • Compensation: €43.23k
  • Maria Carrozza

    Independent Director

    • Tenure: 4.5yrs
    • Compensation: €28.82k
  • Piera Vitali

    Chairman of Board of Statutory Auditors

    • Tenure: 4.5yrs

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: €986.092m
  • 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 Analysis2019/10/17 21:03
End of Day Share Price2019/10/17 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.