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Fincantieri

BIT:FCT
Snowflake Description

Proven track record with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FCT
BIT
€2B
Market Cap
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Last updated 2019/07/22 22:06
Company description

Fincantieri S.p.A. operates in the shipbuilding industry. The last earnings update was 128 days ago. More info.

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FCT Share Price and Events
7 Day Returns
-1.1%
BIT:FCT
-1%
IT Machinery
-2.4%
IT Market
1 Year Returns
-16.3%
BIT:FCT
-20.2%
IT Machinery
-2.4%
IT Market
FCT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Fincantieri (FCT) -1.1% -0.2% -6.6% -16.3% 161.3% 41.9%
IT Machinery -1% -3% -9.3% -20.2% 50.6% 59.8%
IT Market -2.4% 0.4% -2.2% -2.4% 6.8% -33.9%
1 Year Return vs Industry and Market
  • FCT outperformed the Machinery industry which returned -20.2% over the past year.
  • FCT underperformed the Market in Italy which returned -2.4% over the past year.
Price Volatility
FCT
Industry
5yr Volatility vs Market

FCT Value

 Is Fincantieri 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 Fincantieri 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 Fincantieri.

BIT:FCT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 19.2%
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:FCT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IT Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 9%
Machinery Unlevered Beta Simply Wall St/ S&P Global 1.08
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.083 (1 + (1- 24%) (134.89%)) 		1.8
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 1.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (1.8 * 9.02%) 		19.17%

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

The calculations below outline how an intrinsic value for Fincantieri 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:FCT DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 19.17%)
2020 212.60 Analyst x4 178.40
2021 189.83 Analyst x3 133.67
2022 277.15 Analyst x2 163.77
2023 352.19 Est @ 27.07% 174.63
2024 422.04 Est @ 19.83% 175.60
2025 484.34 Est @ 14.76% 169.11
2026 538.66 Est @ 11.21% 157.82
2027 585.68 Est @ 8.73% 144.00
2028 626.63 Est @ 6.99% 129.28
2029 662.81 Est @ 5.77% 114.75
Present value of next 10 years cash flows €1,541.06
BIT:FCT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €662.81 × (1 + 2.93%) ÷ (19.17% – 2.93%) 		€4,202.45
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €4,202.45 ÷ (1 + 19.17%)10 		€727.57
BIT:FCT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,541.06 + €727.57 		€2,268.63
Equity Value per Share
(EUR)		 = Total value / Shares Outstanding
= €2,268.63 / 1,687.41 		€1.34
BIT:FCT Discount to Share Price
Calculation Result
Value per share (EUR) From above. €1.34
Current discount Discount to share price of €1.00
= -1 x (€1.00 - €1.34) / €1.34 		25.8%

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

Current Discount
Amount off the current price Fincantieri is available for.
Intrinsic value
26%
Share price is €1 vs Future cash flow value of €1.34
Current Discount Checks
For Fincantieri to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Fincantieri's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Fincantieri's share price is below the future cash flow value, but not 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 Fincantieri's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Fincantieri's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:FCT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.04
BIT:FCT Share Price ** BIT (2019-07-22) in EUR €1
Italy Machinery Industry PE Ratio Median Figure of 16 Publicly-Listed Machinery Companies 15.89x
Italy Market PE Ratio Median Figure of 240 Publicly-Listed Companies 15.69x

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

** Primary Listing of Fincantieri.

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

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

= 1 ÷ 0.04

 23.25x

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

  • Fincantieri is overvalued based on earnings compared to the IT Machinery industry average.
  • Fincantieri is overvalued based on earnings compared to the Italy market.
Price based on expected Growth
Does Fincantieri's expected growth come at a high price?
Raw Data
BIT:FCT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 23.25x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts		 30.1%per year
Italy Machinery Industry PEG Ratio Median Figure of 13 Publicly-Listed Machinery Companies 0.79x
Italy Market PEG Ratio Median Figure of 160 Publicly-Listed Companies 1.31x

*Line of best fit is calculated by linear regression .

BIT:FCT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 23.25x ÷ 30.1%

 0.77x

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

  • Fincantieri is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Fincantieri's assets?
Raw Data
BIT:FCT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €0.73
BIT:FCT Share Price * BIT (2019-07-22) in EUR €1
Italy Machinery Industry PB Ratio Median Figure of 22 Publicly-Listed Machinery Companies 1.53x
Italy Market PB Ratio Median Figure of 324 Publicly-Listed Companies 1.49x
BIT:FCT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1 ÷ 0.73

 1.37x

* Primary Listing of Fincantieri.

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

  • Fincantieri is good value based on assets compared to the IT Machinery industry average.
Show me more potentially undervalued companies in the Machinery industry
X
Value checks
We assess Fincantieri'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 Machinery 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 Machinery industry average (and greater than 0)? (1 check)
    5. Fincantieri has a total score of 3/6, 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.

FCT Future Performance

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

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
30.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Fincantieri expected to grow at an attractive rate?
  • Fincantieri's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Fincantieri's earnings growth is expected to exceed the Italy market average.
  • Fincantieri's revenue growth is expected to exceed the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:FCT Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:FCT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 30.1%
BIT:FCT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 7.9%
Italy Machinery Industry Earnings Growth Rate Market Cap Weighted Average 12.7%
Italy Machinery Industry Revenue Growth Rate Market Cap Weighted Average 5.9%
Italy Market Earnings Growth Rate Market Cap Weighted Average 8.8%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.4%

*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:FCT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:FCT Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 7,870 1
2022-12-31 7,515 433 263 3
2021-12-31 7,001 365 221 3
2020-12-31 6,352 393 161 5
2019-12-31 5,843 54 99 4
BIT:FCT Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 5,391 59 72
2018-09-30 5,280 541 69
2018-06-30 5,169 1,024 66
2018-03-31 5,051 786 61
2017-12-31 4,934 547 57
2017-09-30 4,740 770 44
2017-06-30 4,382 20 31
2017-03-31 4,455 371 32
2016-12-31 4,363 575 25
2016-09-30 4,333 -182 -63
2016-06-30 4,180 -48 -180
2016-03-31 4,073 -517 -148

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Fincantieri's earnings are expected to grow significantly at over 20% yearly.
  • Fincantieri's revenue is expected to grow by 7.9% yearly, however this is not considered high growth (20% yearly).
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:FCT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Fincantieri Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:FCT Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 0.16 0.17 0.15 2.00
2021-12-31 0.13 0.15 0.12 3.00
2020-12-31 0.09 0.11 0.08 5.00
2019-12-31 0.06 0.07 0.05 3.00
BIT:FCT Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.04
2018-09-30 0.04
2018-06-30 0.04
2018-03-31 0.04
2017-12-31 0.03
2017-09-30 0.03
2017-06-30 0.02
2017-03-31 0.02
2016-12-31 0.02
2016-09-30
2016-06-30 -0.11
2016-03-31

*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.
  • Fincantieri is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Show me more growth companies in the Machinery industry
X
Future performance checks
We assess Fincantieri'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 Italy market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Italy 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.
Fincantieri has a total score of 4/6, 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.

FCT Past Performance

  How has Fincantieri 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 Fincantieri's growth in the last year to its industry (Machinery).
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.
  • Fincantieri's year on year earnings growth rate has been positive over the past 5 years.
  • Fincantieri's 1-year earnings growth exceeds its 5-year average (26.8% vs 7%)
  • Fincantieri's earnings growth has exceeded the IT Machinery industry average in the past year (26.8% vs 8.3%).
Earnings and Revenue History
Fincantieri'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 Fincantieri Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:FCT Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 5,391.20 72.44 989.57
2018-09-30 5,279.87 68.99 977.70
2018-06-30 5,168.53 65.55 965.84
2018-03-31 5,051.17 61.34 956.32
2017-12-31 4,933.80 57.14 946.80
2017-09-30 4,740.35 44.35 967.23
2017-06-30 4,382.17 31.12 899.80
2017-03-31 4,455.45 31.78 896.83
2016-12-31 4,362.94 25.49 888.30
2016-09-30 4,332.65 -62.61 876.40
2016-06-30 4,180.44 -180.15 876.89
2016-03-31 4,072.65 -147.61 894.40
2015-12-31 4,134.65 -174.61 908.40
2015-09-30 4,438.87 -70.62 946.31
2015-06-30 4,571.92 56.17 958.78
2015-03-31 4,536.21 55.51 921.28
2014-12-31 4,333.31 66.94 882.25
2014-09-30 4,002.14 62.68 854.45
2014-06-30 3,881.49 60.20 831.80
2014-03-31 3,843.20 47.40 816.40
2013-12-31 3,797.67 56.72 794.93
2012-12-31 2,338.49 15.34 532.70

*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.
  • Fincantieri has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Fincantieri used its assets less efficiently than the IT Machinery industry average last year based on Return on Assets.
  • Fincantieri has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
Show me more strong past performing companies in the Machinery industry
X
Past performance checks
We assess Fincantieri'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 Machinery 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.
Fincantieri 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.

FCT Health

 How is Fincantieri'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 Fincantieri's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Fincantieri is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Fincantieri's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Fincantieri'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 covered by short term assets, assets are 2.3x 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 Fincantieri Company Filings, last reported 6 months ago.

BIT:FCT Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,252.97 2,271.38 676.49
2018-09-30 1,252.97 2,271.38 676.49
2018-06-30 1,259.27 1,779.74 617.58
2018-03-31 1,259.27 1,779.74 617.58
2017-12-31 1,309.16 1,656.61 274.41
2017-09-30 1,309.16 1,656.61 274.41
2017-06-30 1,246.28 2,111.22 143.75
2017-03-31 1,246.28 2,111.22 143.75
2016-12-31 1,241.36 1,784.52 219.51
2016-09-30 1,274.00 1,717.00 75.00
2016-06-30 1,254.58 1,763.41 185.45
2016-03-31 1,271.00 1,965.00 337.00
2015-12-31 1,266.10 1,997.26 259.51
2015-09-30 1,374.96 1,849.18 169.89
2015-06-30 1,563.79 1,680.87 405.96
2015-03-31 1,553.64 1,606.15 643.36
2014-12-31 1,529.89 1,565.55 552.29
2014-09-30 1,601.11 1,320.00 364.03
2014-06-30 1,236.95 1,386.90 471.85
2014-03-31 1,224.53 1,524.68 282.01
2013-12-31 1,210.57 1,239.94 384.51
2012-12-31 956.54 345.46 691.83
  • Fincantieri's level of debt (181.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (102.7% vs 181.3% today).
  • Debt is not well covered by operating cash flow (2.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.3x coverage).
X
Financial health checks
We assess Fincantieri'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. Fincantieri has a total score of 3/6, 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.

FCT Dividends

 What is Fincantieri'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
1%
Current annual income from Fincantieri dividends. Estimated to be 1.8% next year.
If you bought €2,000 of Fincantieri shares you are expected to receive €20 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?
  • Fincantieri's pays a lower dividend yield than the bottom 25% of dividend payers in Italy (2.12%).
  • Fincantieri's dividend is below the markets top 25% of dividend payers in Italy (4.5%).
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:FCT 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 5 Analyst Estimates (S&P Global) See Below
Italy Machinery Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 2.1%
Italy Market Average Dividend Yield Market Cap Weighted Average of 185 Stocks 4.1%
Italy Minimum Threshold Dividend Yield 10th Percentile 1%
Italy Bottom 25% Dividend Yield 25th Percentile 2.1%
Italy Top 25% Dividend Yield 75th Percentile 4.5%

Industry and Market average data is calculated daily.

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

BIT:FCT Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 0.01 1.00
2021-12-31 0.02 4.00
2020-12-31 0.02 5.00
2019-12-31 0.02 3.00
BIT:FCT Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-18 0.010 0.977
2019-03-04 0.010 0.843
2018-04-06 0.010 0.844
2018-03-28 0.010 0.859
2015-11-11 0.000 0.000
2015-11-10 0.000 0.000
2015-07-24 0.000 0.000
2015-07-21 0.000 0.000
2015-05-13 0.000 0.000
2015-05-12 0.000 0.000
2015-04-07 0.000 0.000
2015-03-13 0.000 0.000

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

  • Fincantieri is not paying a notable dividend for Italy, therefore no need to check if the payments are stable.
  • Fincantieri is not paying a notable dividend for Italy, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Fincantieri's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Fincantieri's dividends as it is not paying a notable one for Italy.
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (7.1x coverage).
X
Income/ dividend checks
We assess Fincantieri'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 Fincantieri afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Fincantieri has a total score of 1/6, see the detailed checks below.


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

FCT Management

 What is the CEO of Fincantieri'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
Giuseppe Bono
COMPENSATION €1,187,104
AGE 75
TENURE AS CEO 7.3 years
CEO Bio

Dr. Giuseppe Bono serves as Interim Executive Vice President of Naval Vessels Division at Fincantieri S.p.A. since 2019 and served as its Interim Executive Vice President of Naval Vessels Business Unit since May 2019 until 2019. He serves as the Chief Executive Officer of Fincantieri Marine Systems North America, Inc. Since February 2012, Dr. Bono has been the President of Confindustria Gorizia. Since October 2013, Mr. Bono has been the President of Confindustria Friuli Venezia Giulia. Dr. Bono has been the Chief Executive Officer of Fincantieri S.p.A. since March 29, 2012. In 1993, he joined Finmeccanica Spa as a Chief Financial Officer and served as General Manager since 1997. He again served as Chief Executive Officer and General Manager of Finmeccanica Spa since 2000. He served as the Chief Executive Officer of Aviofer and General Manager of Efim. He has expertise in strategic planning, corporate finance and management control and served a number of key-roles with increased responsibility. He has been Non Executive Chairman and Non Executive Director of Vard Group AS since March 15, 2013. He served as Non Executive Chairman and Non Executive Director of Vard Holdings Limited (alternate name STX OSV Holdings Limited) from March 15, 2013 to September 30, 2016. He serves as a Director of Fincantieri S.p.A. and CDP Equity SpA. He serves as a Director of Fondo Strategico Italiano S.p.A. He holds a M.A. Degree in Business and Economics and a Degree honoris causa in Naval Engineering.

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

Average tenure and age of the Fincantieri management team in years:

4.1
Average Tenure
65
Average Age
  • The tenure for the Fincantieri management team is about average.
Management Team

Giuseppe Bono

TITLE
Interim EVP of Naval Vessels Division
COMPENSATION
€1M
AGE
75
TENURE
7.3 yrs

Giampiero Massolo

TITLE
Chairman
AGE
65

Giuseppe Dado

TITLE
Chief Financial Officer

Felice Bonavolontà

TITLE
Group Accounting & Administration Head

Stefano Dentilli

TITLE
Head of Internal Auditing & Risk Officer

Giuseppe Coronella

TITLE
Executive Vice President of Offshore Business Unit

Pier Ragni

TITLE
Executive Vice President of Offshore & Specialized Vessels Division
AGE
48
TENURE
0.5 yrs

Luigi Matarazzo

TITLE
Executive Vice President of Merchant Ships Division
AGE
54
TENURE
0.8 yrs

Giorgio Rizzo

TITLE
Executive Vice President of Services Division
AGE
69
TENURE
10.5 yrs

Umberto Baldi

TITLE
Secretary
Board of Directors Tenure

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

1.7
Average Tenure
55.5
Average Age
  • The average tenure for the Fincantieri board of directors is less than 3 years, this suggests a new board.
Board of Directors

Giampiero Massolo

TITLE
Chairman
AGE
65

Massimiliano Cesare

TITLE
Independent Director
COMPENSATION
€77K
AGE
52
TENURE
5 yrs

Giuseppe Bono

TITLE
Interim EVP of Naval Vessels Division
COMPENSATION
€1M
AGE
75

Gianluca Ferrero

TITLE
Chairman of Board of Statutory Auditors
COMPENSATION
€22K
AGE
56
TENURE
5.2 yrs

Paola Muratorio

TITLE
Independent Director
AGE
70
TENURE
3.2 yrs

Federica Seganti

TITLE
Independent Director
AGE
53
TENURE
0.3 yrs

Fabrizio Palermo

TITLE
Director
AGE
48
TENURE
3.2 yrs

Barbara Alemanni

TITLE
Independent Director
AGE
55
TENURE
0.3 yrs

Luca Errico

TITLE
Independent Director
AGE
53
TENURE
0.3 yrs

Elisabetta Oliveri

TITLE
Independent Director
AGE
56
TENURE
0.3 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 Fincantieri'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. Fincantieri 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.

FCT News

Simply Wall St News

Is Fincantieri's (BIT:FCT) Share Price Gain Of 189% Well Earned?

One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During three years of share price growth, Fincantieri moved from a loss to profitability. … We note that for Fincantieri the TSR over the last 3 years was 194%, which is better than the share price return mentioned above.

Simply Wall St - –

An Intrinsic Calculation For Fincantieri S.p.A. (BIT:FCT) Suggests It's 25% Undervalued

Today, we will estimate the stock's intrinsic value by taking the foreast future cash flows of the company and discounting them back to today's value. … We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) estimate 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (€, Millions) €212.6m €189.8m €277.2m €352.2m €422.0m €484.3m €538.7m €585.7m €626.6m €662.8m Growth Rate Estimate Source Analyst x4 Analyst x3 Analyst x2 Est @ 27.07% Est @ 19.83% Est @ 14.76% Est @ 11.21% Est @ 8.73% Est @ 6.99% Est @ 5.77% Present Value (€, Millions) Discounted @ 19.03% €178.6 €134.0 €164.3 €175.4 €176.6 €170.3 €159.1 €145.3 €130.6 €116.1 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= €1.6b After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage.

Simply Wall St - –

What Are Analysts Saying About The Future Of Fincantieri S.p.A.'s (BIT:FCT)?

Investors may find it useful to understand how market analysts view Fincantieri's earnings growth outlook over the next few years and whether the future looks even brighter than the past. … See our latest analysis for Fincantieri Analysts' outlook for this coming year seems optimistic, with earnings growing by a significant 52%. … BIT:FCT Past and Future Earnings, June 10th 2019 While it is informative understanding the rate of growth year by year relative to today’s figure, it may be more beneficial determining the rate at which the company is rising or falling on average every year.

Simply Wall St - –

How Fincantieri S.p.A. (BIT:FCT) Can Impact Your Portfolio Volatility

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. … What this means for you: Since Fincantieri tends to moves up when the market is going up, and down when it's going down, potential investors may wish to reflect on the overall market, when considering the stock.

Simply Wall St - –

Is It Too Late To Consider Buying Fincantieri S.p.A. (BIT:FCT)?

As a mid-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … However, could the stock still be trading at a relatively cheap price … Let’s examine Fincantieri’s valuation and outlook in more detail to determine if there’s still a bargain opportunity.

Simply Wall St - –

Here's Why I Think Fincantieri (BIT:FCT) Might Deserve Your Attention Today

I like to take a look at earnings before interest and (EBIT) tax margins, as well as revenue growth, to get another take on the quality of the company's growth. … Fincantieri maintained stable EBIT margins over the last year, all while growing revenue 9.3% to €5.4b. … You can take a look at the company's revenue and earnings growth trend, in the chart below.

Simply Wall St - –

Are Fincantieri S.p.A.’s (BIT:FCT) Returns On Investment Worth Your While?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … First up, we'll look at what ROCE is and how we calculate it. … Understanding Return On Capital Employed (ROCE).

Simply Wall St - –

Should You Be Concerned About Fincantieri S.p.A.'s (BIT:FCT) ROE?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.055 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St - –

Did Business Growth Power Fincantieri's Share Price Gain of 287%?

(BIT:FCT) share price has flown 287% in the last three years. … And in the last month, the share price has gained -0.5%. … Fincantieri was able to grow its EPS at 5.3% per year over three years, sending the share price higher.

Simply Wall St - –

How Does Investing In Fincantieri S.p.A. (BIT:FCT) Impact The Volatility Of Your Portfolio?

(BIT:FCT), 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. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St - –

FCT Company Info

Description

Fincantieri S.p.A. operates in the shipbuilding industry. The company operates in three segments: Shipbuilding; Offshore; and Equipment, Systems and Services. The Shipbuilding segment designs and constructs cruise ships; ferries, including cruise, Ro-Pax, and due fuel ferries; naval vessels, such as aircraft carriers, submarines, destroyers, frigates, corvettes, patrol vessels, amphibious and logistic support ships, multirole and research vessels, special vessels, and submarines; and mega yachts. The Offshore segment designs and constructs offshore support vessels, expedition cruise vessels, specialized ships, and vessels for offshore wind farms and open ocean aquaculture, as well as other products in the field of drill ships and semi-submersible drilling rigs. This segment also provides electrical systems, including engineering, manufacturing, installation, integration testing, and commissioning services. The Equipment, Systems and Services segment provides stabilization, propulsion, and positioning and power generation systems; ship automation systems, steam turbines, and ship accommodation systems; diesel engines, entertainment systems, and steel structures; cabins and public areas; and electric, electronic, and electromechanical integrated systems. This segment also offers ship repairs, refitting, refurbishment, conversions, and product lifecycle management services, as well as after-sales support services. In addition, the company is involved in the dry-dock management; project management; accommodation installation; and pipe installation. Further, the company provides electrical parts, technical and logistics engineering services, and ship interiors; offers charters boats and barges; and builds aluminum ships. Fincantieri S.p.A. primarily serves ship owners and the defense sector worldwide. The company was founded in 1959 and is headquartered in Trieste, Italy. Fincantieri S.p.A. is a subsidiary of Fintecna S.p.A.

Details
Name: Fincantieri S.p.A.
FCT
Exchange: BIT
Founded: 1959
€1,684,037,355
1,687,412,180
Website: http://www.fincantieri.com
Address: Fincantieri S.p.A.
Via Genova No. 1,
Trieste,
Trieste, 34121,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT FCT Ordinary Shares Borsa Italiana IT EUR 03. Jul 2014
DB 1F8 Ordinary Shares Deutsche Boerse AG DE EUR 03. Jul 2014
LSE 0QWN Ordinary Shares London Stock Exchange GB EUR 03. Jul 2014
BATS-CHIXE FCTM Ordinary Shares BATS 'Chi-X Europe' GB EUR 03. Jul 2014
Number of employees
Current staff
Staff numbers
19,274
Fincantieri employees.
Industry
Construction Machinery and Heavy Trucks
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/22 22:06
End of day share price update: 2019/07/22 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/03/16
Last earnings reported: 2018/12/31
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.

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