New Risk • Jul 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (129% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Significant insider selling over the past 3 months (€869k sold). Recent Insider Transactions • Jul 03
Deputy Chairman of the Board recently sold €227k worth of stock On the 30th of June, Aldo Bottini Bongrani sold around 3k shares on-market at roughly €90.52 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Aldo has been a net seller over the last 12 months, reducing personal holdings by €793k. Reported Earnings • May 17
First quarter 2026 earnings released First quarter 2026 results: Revenue: €68.6m (up 14% from 1Q 2025). Net income: €14.0m (up 18% from 1Q 2025). Profit margin: 20% (in line with 1Q 2025). Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Electrical industry in Italy. Price Target Changed • May 15
Price target increased by 37% to €89.33 Up from €65.33, the current price target is an average from 3 analysts. New target price is 8.8% below last closing price of €98.00. Stock is up 77% over the past year. The company is forecast to post earnings per share of €3.05 for next year compared to €2.77 last year. Live News • May 14
Cembre Reports Strong Q1 2026 Results With Double-Digit Growth and New Share Buy-Back Cembre reported Q1 2026 revenue up 13.9%, supported by growth in both domestic and international markets.
Net profit for Q1 2026 rose 17.8%, outpacing the revenue change.
The Board approved a new share buy-back program, signaling ongoing capital management focus.
The combination of double-digit revenue and profit growth with a share buy-back program points to a company that currently appears confident in its operations and balance sheet.
You may want to watch how aggressively the buy-back is executed and whether profit growth remains aligned with revenue, as any slowdown in either could change how attractive that capital return looks. Upcoming Dividend • May 11
Upcoming dividend of €2.06 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of Italian dividend payers (4.6%). Higher than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €83.70, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 7x in the Electrical industry in Italy. Total returns to shareholders of 187% over the past three years. Declared Dividend • Mar 19
Dividend increased to €2.06 Dividend of €2.06 is 9.6% higher than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 3.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 18
Cembre S.p.A. announces Annual dividend, payable on May 20, 2026 Cembre S.p.A. announced Annual dividend of EUR 2.0600 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. Reported Earnings • Mar 16
Full year 2025 earnings released Full year 2025 results: Revenue: €247.2m (up 7.6% from FY 2024). Net income: €46.6m (up 9.5% from FY 2024). Profit margin: 19% (in line with FY 2024). Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Electrical industry in Italy. Reported Earnings • Nov 17
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €57.5m (up 11% from 3Q 2024). Net income: €9.54m (up 15% from 3Q 2024). Profit margin: 17% (in line with 3Q 2024). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Electrical industry in Italy. Price Target Changed • Oct 23
Price target increased by 15% to €57.67 Up from €50.00, the current price target is an average from 3 analysts. New target price is 8.9% below last closing price of €63.30. Stock is up 70% over the past year. The company is forecast to post earnings per share of €2.58 for next year compared to €2.53 last year. Reported Earnings • Sep 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €64.6m (up 5.8% from 2Q 2024). Net income: €10.7m (down 3.5% from 2Q 2024). Profit margin: 17% (down from 18% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 26
Price target increased by 10% to €50.00 Up from €45.33, the current price target is an average from 2 analysts. New target price is 21% below last closing price of €63.50. Stock is up 69% over the past year. The company is forecast to post earnings per share of €2.66 for next year compared to €2.53 last year. Reported Earnings • May 15
First quarter 2025 earnings released First quarter 2025 results: EPS: €0.71. Revenue: €60.4m (up 2.9% from 1Q 2024). Net income: €11.9m (up 22% from 1Q 2024). Profit margin: 20% (up from 17% in 1Q 2024). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 05
Upcoming dividend of €1.88 per share Eligible shareholders must have bought the stock before 12 May 2025. Payment date: 14 May 2025. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 3.8%. Lower than top quartile of Italian dividend payers (5.5%). Higher than average of industry peers (2.2%). Price Target Changed • Mar 26
Price target increased by 8.1% to €44.33 Up from €41.00, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of €44.95. Stock is up 1.7% over the past year. The company is forecast to post earnings per share of €2.52 for next year compared to €2.53 last year. Declared Dividend • Mar 19
Dividend increased to €1.88 Dividend of €1.88 is 4.4% higher than last year. Ex-date: 12th May 2025 Payment date: 14th May 2025 Dividend yield will be 4.1%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (74% earnings payout ratio) but not covered by cash flows (190% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.5% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 18
Cembre S.p.A. announces Annual dividend, payable on May 14, 2025 Cembre S.p.A. announced Annual dividend of EUR 1.8800 per share payable on May 14, 2025, ex-date on May 12, 2025 and record date on May 13, 2025. Reported Earnings • Mar 16
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: €2.53 (up from €2.43 in FY 2023). Revenue: €229.7m (up 3.2% from FY 2023). Net income: €42.6m (up 4.3% from FY 2023). Profit margin: 19% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10.0%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 18% per year. Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €53.0m (up 3.2% from 3Q 2023). Net income: €8.31m (up 1.0% from 3Q 2023). Profit margin: 16% (in line with 3Q 2023). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Electrical industry in Italy. Reported Earnings • Sep 13
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €61.5m (up 2.7% from 2Q 2023). Net income: €11.1m (down 15% from 2Q 2023). Profit margin: 18% (down from 22% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 06
Now 23% overvalued Over the last 90 days, the stock has fallen 20% to €35.40. The fair value is estimated to be €28.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Reported Earnings • May 16
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.58. Revenue: €58.8m (up 1.8% from 1Q 2023). Net income: €9.72m (down 11% from 1Q 2023). Profit margin: 17% (down from 19% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Electrical industry in Italy. Declared Dividend • Mar 18
Dividend increased to €1.80 Dividend of €1.80 is 29% higher than last year. Ex-date: 13th May 2024 Payment date: 15th May 2024 Dividend yield will be 4.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (74% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 17
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: €2.43 (up from €1.91 in FY 2022). Revenue: €223.8m (up 13% from FY 2022). Net income: €40.8m (up 28% from FY 2022). Profit margin: 18% (up from 16% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.5%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 22% per year. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €52.0m (up 17% from 3Q 2022). Net income: €8.22m (up 34% from 3Q 2022). Profit margin: 16% (up from 14% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Electrical industry in Italy. Buying Opportunity • Oct 20
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €39.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings is also forecast to grow by 8.3% per annum over the same time period. Major Estimate Revision • Sep 20
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from €218.4m to €220.7m. EPS estimate increased from €2.11 to €2.36 per share. Net income forecast to grow 6.1% next year vs 5.7% decline forecast for Electrical industry in Italy. Consensus price target up from €37.17 to €41.40. Share price rose 6.3% to €35.60 over the past week. Price Target Changed • Sep 15
Price target increased by 7.2% to €39.83 Up from €37.17, the current price target is an average from 3 analysts. New target price is 13% above last closing price of €35.30. Stock is up 40% over the past year. The company is forecast to post earnings per share of €2.29 for next year compared to €1.91 last year. Reported Earnings • Sep 14
Second quarter 2023 earnings released: EPS: €0.77 (vs €0.59 in 2Q 2022) Second quarter 2023 results: EPS: €0.77 (up from €0.59 in 2Q 2022). Revenue: €59.9m (up 7.4% from 2Q 2022). Net income: €13.0m (up 31% from 2Q 2022). Profit margin: 22% (up from 18% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 26% per year. Reported Earnings • May 16
First quarter 2023 earnings released First quarter 2023 results: Revenue: €58.0m (up 19% from 1Q 2022). Net income: €10.9m (up 32% from 1Q 2022). Profit margin: 19% (up from 17% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 01
Upcoming dividend of €1.40 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 73% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of Italian dividend payers (5.1%). Higher than average of industry peers (2.1%). Reported Earnings • Mar 17
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: €1.90 (up from €1.51 in FY 2021). Revenue: €198.8m (up 19% from FY 2021). Net income: €31.9m (up 26% from FY 2021). Profit margin: 16% (in line with FY 2021). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 3.1%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 19% per year. Price Target Changed • Dec 15
Price target increased to €32.50 Up from €30.00, the current price target is an average from 2 analysts. New target price is 12% above last closing price of €28.90. Stock is down 3.7% over the past year. The company is forecast to post earnings per share of €1.78 for next year compared to €1.51 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.37. Revenue: €45.4m (up 14% from 3Q 2021). Net income: €6.13m (up 10% from 3Q 2021). Profit margin: 14% (in line with 3Q 2021). Revenue is forecast to stay flat during the next 2 years compared to a 3.0% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Elisabetta Ceretti 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 • Sep 17
Second quarter 2022 earnings released: EPS: €0.59 (vs €0.54 in 2Q 2021) Second quarter 2022 results: EPS: €0.59 (up from €0.54 in 2Q 2021). Revenue: €55.7m (up 20% from 2Q 2021). Net income: €9.95m (up 10% from 2Q 2021). Profit margin: 18% (down from 20% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Electrical industry in Italy. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 6% per year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 19% share price gain to €28.40, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the Electrical industry in Europe. Total returns to shareholders of 60% over the past three years. Reported Earnings • May 15
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: €48.8m (up 28% from 1Q 2021). Net income: €8.24m (up 46% from 1Q 2021). Profit margin: 17% (up from 15% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Over the next year, revenue is forecast to grow 2.6%, compared to a 8.8% growth forecast for the industry in Italy. Upcoming Dividend • May 02
Upcoming dividend of €1.20 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Italian dividend payers (4.7%). Higher than average of industry peers (2.0%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Elisabetta Ceretti 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 • Mar 15
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.51 (up from €1.13 in FY 2020). Revenue: €167.7m (up 22% from FY 2020). Net income: €25.3m (up 33% from FY 2020). Profit margin: 15% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 2.9%, compared to a 7.2% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Nov 12
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €40.3m (up 18% from 3Q 2020). Net income: €5.56m (up 29% from 3Q 2020). Profit margin: 14% (up from 13% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Sep 11
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €46.6m (up 65% from 2Q 2020). Net income: €9.01m (up 284% from 2Q 2020). Profit margin: 19% (up from 8.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • May 16
First quarter 2021 earnings released The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: €38.5m (up 5.5% from 1Q 2020). Net income: €5.64m (up 7.4% from 1Q 2020). Profit margin: 15% (in line with 1Q 2020). Upcoming Dividend • May 10
Upcoming dividend of €0.90 per share Eligible shareholders must have bought the stock before 17 May 2021. Payment date: 19 May 2021. Trailing yield: 3.8%. Lower than top quartile of Italian dividend payers (3.9%). Higher than average of industry peers (1.8%). Reported Earnings • Apr 04
Full year 2020 earnings released: EPS €1.13 (vs €1.30 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: €137.3m (down 6.2% from FY 2019). Net income: €19.0m (down 13% from FY 2019). Profit margin: 14% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS €1.13 (vs €1.30 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: €137.9m (down 5.8% from FY 2019). Net income: €19.0m (down 13% from FY 2019). Profit margin: 14% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 13
New 90-day high: €22.00 The company is up 18% from its price of €18.70 on 13 November 2020. The Italian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 12% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: €20.00 The company is up 16% from its price of €17.30 on 08 October 2020. The Italian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 15% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: €15.30 The company is down 6.0% from its price of €16.20 on 30 July 2020. The Italian market is down 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 4.0% over the same period. Is New 90 Day High Low • Sep 26
New 90-day low: €16.00 The company is down 9.0% from its price of €17.65 on 26 June 2020. The Italian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 18% over the same period.