New Risk • May 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.47m (US$9.87m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. New Risk • Apr 21
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (€8.84m market cap, or US$10.4m). Reported Earnings • Apr 16
Full year 2025 earnings released Full year 2025 results: Revenue: €18.1m (down 19% from FY 2024). Net income: €929.2k (down 9.1% from FY 2024). Profit margin: 5.1% (up from 4.6% in FY 2024). The increase in margin was driven by lower expenses. Announcement • Apr 15
ELSA Solutions S.p.A., Annual General Meeting, Apr 29, 2026 ELSA Solutions S.p.A., Annual General Meeting, Apr 29, 2026, at 09:00 W. Europe Standard Time. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €2.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Electrical industry in Italy. Total returns to shareholders of 31% over the past year. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €2.34, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 12x in the Electrical industry in Italy. Total loss to shareholders of 7.1% over the past year. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €2.12, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 12x in the Electrical industry in Italy. Total returns to shareholders of 8.7% over the past year. New Risk • Nov 30
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 5.6% 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: Major Risks Interest payments are not well covered by earnings (3.0x net interest cover). Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. Market cap is less than US$10m (€6.59m market cap, or US$7.65m). Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Profit margins are more than 30% lower than last year (3.2% net profit margin). New Risk • Oct 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (3.0x net interest cover). Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. Market cap is less than US$10m (€6.26m market cap, or US$7.28m). Minor Risk Profit margins are more than 30% lower than last year (3.2% net profit margin). New Risk • Oct 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 3.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (3.0x net interest cover). Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. Market cap is less than US$10m (€6.41m market cap, or US$7.45m). Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Profit margins are more than 30% lower than last year (3.2% net profit margin). New Risk • Sep 18
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 5.3% 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: Major Risks Earnings are forecast to decline by an average of 48% per year for the foreseeable future. Market cap is less than US$10m (€5.67m market cap, or US$6.71m). Minor Risks High level of debt (42% net debt to equity). Share price has been volatile over the past 3 months (5.3% average weekly change). Profit margins are more than 30% lower than last year (4.6% net profit margin). Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.60, the stock trades at a forward P/E ratio of 80x. Average forward P/E is 15x in the Electrical industry in Italy. Total loss to shareholders of 59% over the past year. New Risk • May 29
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 6.9% 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: Major Risks Earnings are forecast to decline by an average of 48% per year for the foreseeable future. Market cap is less than US$10m (€6.48m market cap, or US$7.32m). Minor Risks High level of debt (42% net debt to equity). Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (4.6% net profit margin). New Risk • Apr 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 48% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 48% per year for the foreseeable future. Market cap is less than US$10m (€6.45m market cap, or US$7.32m). Minor Risks High level of debt (42% net debt to equity). Profit margins are more than 30% lower than last year (4.6% net profit margin). Reported Earnings • Apr 20
Full year 2024 earnings released Full year 2024 results: Revenue: €22.3m (up 16% from FY 2023). Net income: €1.02m (down 21% from FY 2023). Profit margin: 4.6% (down from 6.7% in FY 2023). The decrease in margin was driven by higher expenses. Announcement • Apr 16
ELSA Solutions S.p.A., Annual General Meeting, Apr 29, 2025 ELSA Solutions S.p.A., Annual General Meeting, Apr 29, 2025, at 09:00 W. Europe Standard Time. New Risk • Apr 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€6.22m market cap, or US$7.06m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Price Target Changed • Feb 19
Price target decreased by 12% to €4.55 Down from €5.15, the current price target is provided by 1 analyst. New target price is 123% above last closing price of €2.04. Stock is down 55% over the past year. The company is forecast to post earnings per share of €0.33 for next year compared to €0.35 last year. New Risk • Dec 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$10m (€8.84m market cap, or US$9.25m). Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €2.34, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Electrical industry in Italy. Total loss to shareholders of 55% over the past year. New Risk • Nov 11
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: Major Risk Market cap is less than US$10m (€7.73m market cap, or US$8.24m). Minor Risk Share price has been volatile over the past 3 months (6.1% average weekly change). Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €2.42, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Electrical industry in Italy. Total loss to shareholders of 57% over the past year. New Risk • Nov 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.21m (US$9.94m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €2.98, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Electrical industry in Italy. Total loss to shareholders of 47% over the past year. Reported Earnings • Sep 29
First half 2024 earnings released First half 2024 results: Net income: €747.0k (up €747.0k from 1H 2023). Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €4.92, the stock trades at a trailing P/E ratio of 25.8x. Average forward P/E is 16x in the Electrical industry in Italy. New Risk • May 02
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (€16.5m market cap, or US$17.7m). Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €4.78, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 15x in the Electrical industry in Italy. New Risk • Feb 09
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 5.5% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (27% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (5.5% average weekly change). Market cap is less than US$100m (€16.9m market cap, or US$18.3m).