Announcement • Oct 16
1979 Investimenti S.R.L. proposed to acquire remaining 11.27% stake in Fervi S.p.A. (BIT:FVI) for €4.7 million. 1979 Investimenti S.R.L. proposed to acquire remaining 11.27% stake in Fervi S.p.A. (BIT:FVI) for €4.7 million on October 15, 2025. A cash consideration of €4.65 million valued at €16.25 per share will be paid by 1979 Investimenti S.R.L. As part of consideration, €4.65 million is paid towards common equity of Fervi S.p.A. Upon completion, 1979 Investimenti S.R.L. will own 100% stake in Fervi S.p.A. New Risk • Sep 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.0% Last year net profit margin: 6.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (€38.3m market cap, or US$44.9m). Board Change • Jun 23
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Alberto Casati was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 05
Upcoming dividend of €0.35 per share Eligible shareholders must have bought the stock before 12 May 2025. Payment date: 14 May 2025. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Italian dividend payers (5.5%). Higher than average of industry peers (1.8%). Announcement • Apr 15
Fervi S.p.A., Annual General Meeting, Apr 29, 2025 Fervi S.p.A., Annual General Meeting, Apr 29, 2025, at 09:30 W. Europe Standard Time. Location: via del commercio 81, vignola mo Italy Declared Dividend • Mar 31
Dividend reduced to €0.35 Dividend of €0.35 is 26% lower than last year. Ex-date: 12th May 2025 Payment date: 14th May 2025 Dividend yield will be 2.3%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 18% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 53% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 30
Fervi S.p.A. announces Annual dividend, payable on May 14, 2025 Fervi S.p.A. announced Annual dividend of EUR 0.3500 per share payable on May 14, 2025, ex-date on May 12, 2025 and record date on May 13, 2025. Reported Earnings • Mar 28
Full year 2024 earnings: Revenues miss analyst expectations Full year 2024 results: Revenue: €54.3m (down 4.1% from FY 2023). Net income: €2.72m (down 31% from FY 2023). Profit margin: 5.0% (down from 6.9% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.7%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Machinery industry in Italy. Price Target Changed • Oct 28
Price target decreased by 9.0% to €22.30 Down from €24.50, the current price target is provided by 1 analyst. New target price is 44% above last closing price of €15.50. Stock is down 3.1% over the past year. The company is forecast to post earnings per share of €1.40 for next year compared to €1.54 last year. Reported Earnings • Oct 03
First half 2024 earnings released: EPS: €0.76 (vs €0.90 in 1H 2023) First half 2024 results: EPS: €0.76 (down from €0.90 in 1H 2023). Revenue: €29.2m (down 1.6% from 1H 2023). Net income: €1.93m (down 15% from 1H 2023). Profit margin: 6.6% (down from 7.7% in 1H 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • May 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Alberto Casati was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 29
Upcoming dividend of €0.47 per share Eligible shareholders must have bought the stock before 06 May 2024. Payment date: 08 May 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Italian dividend payers (5.7%). Higher than average of industry peers (1.4%). Major Estimate Revision • Apr 21
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €63.3m to €59.2m. EPS estimate also fell from €2.03 per share to €1.80 per share. Net income forecast to grow 17% next year vs 9.1% growth forecast for Machinery industry in Italy. Consensus price target broadly unchanged at €24.80. Share price rose 3.0% to €17.40 over the past week. Reported Earnings • Mar 25
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: €56.7m (down 1.4% from FY 2022). Net income: €3.92m (up 8.6% from FY 2022). Profit margin: 6.9% (up from 6.3% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.7%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Machinery industry in Italy. Upcoming Dividend • May 01
Upcoming dividend of €0.40 per share at 2.6% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 10 May 2023. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Italian dividend payers (5.1%). Higher than average of industry peers (1.0%). Reported Earnings • Apr 02
Full year 2022 earnings released Full year 2022 results: Revenue: €57.3m (up 50% from FY 2021). Net income: €3.61m (up 14% from FY 2021). Profit margin: 6.3% (down from 8.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Machinery industry in Italy. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 30
First half 2022 earnings released: EPS: €0 (vs €0.66 in 1H 2021) First half 2022 results: EPS: €0. Revenue: €29.5m (up 74% from 1H 2021). Net income: €2.35m (up 41% from 1H 2021). Profit margin: 8.0% (down from 9.8% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Machinery industry in Italy. Upcoming Dividend • May 02
Upcoming dividend of €0.35 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Italian dividend payers (4.7%). Higher than average of industry peers (1.2%). Price Target Changed • Apr 27
Price target increased to €22.72 Up from €15.80, the current price target is provided by 1 analyst. New target price is 40% above last closing price of €16.25. Stock is up 32% over the past year. The company posted earnings per share of €1.25 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 03
Full year 2021 earnings released Full year 2021 results: Revenue: €38.0m (up 45% from FY 2020). Net income: €3.18m (up 39% from FY 2020). Profit margin: 8.4% (down from 8.7% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 34%, compared to a 18% growth forecast for the industry in Italy. Price Target Changed • Oct 29
Price target increased to €22.72 Up from €15.53, the current price target is provided by 1 analyst. New target price is 39% above last closing price of €16.30. Stock is up 66% over the past year. The company posted earnings per share of €0.90 last year. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 20% share price gain to €17.10, the stock trades at a trailing P/E ratio of 15.7x. Average forward P/E is 18x in the Machinery industry in Italy. Total returns to shareholders of 43% over the past three years. Reported Earnings • Oct 03
First half 2021 earnings released: EPS €0.66 (vs €0.46 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: €17.0m (up 37% from 1H 2020). Net income: €1.66m (up 41% from 1H 2020). Profit margin: 9.8% (in line with 1H 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 26
Upcoming dividend of €0.26 per share Eligible shareholders must have bought the stock before 03 May 2021. Payment date: 05 May 2021. Trailing yield: 2.1%. Lower than top quartile of Italian dividend payers (4.0%). Higher than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 18% share price gain to €13.00, the stock is trading at a trailing P/E ratio of 13.6x, up from the previous P/E ratio of 11.5x. This compares to an average P/E of 22x in the Machinery industry in Italy. Total returns to shareholders over the past year are 56%. Is New 90 Day High Low • Mar 08
New 90-day high: €12.70 The company is up 22% from its price of €10.40 on 08 December 2020. The Italian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: €11.30 The company is up 18% from its price of €9.60 on 30 September 2020. The Italian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 13% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: €10.70 The company is up 9.0% from its price of €9.80 on 20 August 2020. The Italian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Machinery industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 16
New 90-day high: €10.50 The company is up 5.0% from its price of €10.00 on 17 July 2020. The Italian market is down 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Machinery industry, which is up 16% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of €2.43m, up 9.2% from the prior year. Total revenue was €26.1m over the last 12 months, down 3.6% from the prior year.