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I.M.A. Industria Macchine Automatiche

BIT:IMA
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IMA
BIT
€3B
Market Cap
  1. Home
  2. IT
  3. Capital Goods
Company description

I.M.A. Industria Macchine Automatiche S.p.A. The last earnings update was 76 days ago. More info.


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IMA Share Price and Events
7 Day Returns
-4.3%
BIT:IMA
-3.3%
IT Machinery
0.8%
IT Market
1 Year Returns
-7.7%
BIT:IMA
-19.3%
IT Machinery
-0.4%
IT Market
IMA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
I.M.A. Industria Macchine Automatiche (IMA) -4.3% -2.1% 3.1% -7.7% 34.4% 123.4%
IT Machinery -3.3% -1.2% -9% -19.3% 54% 61.6%
IT Market 0.8% 5.6% -0.1% -0.4% 9.2% -30.4%
1 Year Return vs Industry and Market
  • IMA outperformed the Machinery industry which returned -19.3% over the past year.
  • IMA underperformed the Market in Italy which returned -0.4% over the past year.
Price Volatility
IMA
Industry
5yr Volatility vs Market

Value

 Is I.M.A. Industria Macchine Automatiche 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 I.M.A. Industria Macchine Automatiche 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 I.M.A. Industria Macchine Automatiche.

BIT:IMA 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 13.5%
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:IMA
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 1.09
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.086 (1 + (1- 24%) (20.45%))
1.171
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.17
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (1.171 * 9.02%)
13.49%

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

The calculations below outline how an intrinsic value for I.M.A. Industria Macchine Automatiche 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:IMA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 13.49%)
2020 150.55 Analyst x4 132.65
2021 169.63 Analyst x4 131.69
2022 185.28 Est @ 9.23% 126.73
2023 198.87 Est @ 7.34% 119.86
2024 210.84 Est @ 6.02% 111.96
2025 221.58 Est @ 5.09% 103.67
2026 231.42 Est @ 4.44% 95.41
2027 240.66 Est @ 3.99% 87.42
2028 249.50 Est @ 3.67% 79.85
2029 258.12 Est @ 3.45% 72.79
Present value of next 10 years cash flows €1,062.02
BIT:IMA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €258.12 × (1 + 2.93%) ÷ (13.49% – 2.93%)
€2,515.80
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €2,515.80 ÷ (1 + 13.49%)10
€709.44
BIT:IMA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,062.02 + €709.44
€1,771.46
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,771.46 / 39.15
€45.24
BIT:IMA Discount to Share Price
Calculation Result
Value per share (EUR) From above. €45.24
Current discount Discount to share price of €70.15
= -1 x (€70.15 - €45.24) / €45.24
-55%

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

  • The current share price of I.M.A. Industria Macchine Automatiche is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 I.M.A. Industria Macchine Automatiche's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are I.M.A. Industria Macchine Automatiche's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:IMA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €3.25
BIT:IMA Share Price ** BIT (2019-07-15) in EUR €70.15
Italy Machinery Industry PE Ratio Median Figure of 16 Publicly-Listed Machinery Companies 16.06x
Italy Market PE Ratio Median Figure of 240 Publicly-Listed Companies 16.17x

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

** Primary Listing of I.M.A. Industria Macchine Automatiche.

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

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

= 70.15 ÷ 3.25

21.59x

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

  • I.M.A. Industria Macchine Automatiche is overvalued based on earnings compared to the IT Machinery industry average.
  • I.M.A. Industria Macchine Automatiche is overvalued based on earnings compared to the Italy market.
Price based on expected Growth
Does I.M.A. Industria Macchine Automatiche's expected growth come at a high price?
Raw Data
BIT:IMA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.59x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
4.2%per year
Italy Machinery Industry PEG Ratio Median Figure of 13 Publicly-Listed Machinery Companies 0.82x
Italy Market PEG Ratio Median Figure of 161 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.59x ÷ 4.2%

5.11x

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

  • I.M.A. Industria Macchine Automatiche is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on I.M.A. Industria Macchine Automatiche's assets?
Raw Data
BIT:IMA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €10.48
BIT:IMA Share Price * BIT (2019-07-15) in EUR €70.15
Italy Machinery Industry PB Ratio Median Figure of 22 Publicly-Listed Machinery Companies 1.63x
Italy Market PB Ratio Median Figure of 324 Publicly-Listed Companies 1.5x
BIT:IMA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 70.15 ÷ 10.48

6.7x

* Primary Listing of I.M.A. Industria Macchine Automatiche.

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

  • I.M.A. Industria Macchine Automatiche is overvalued based on assets compared to the IT Machinery industry average.
X
Value checks
We assess I.M.A. Industria Macchine Automatiche'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. I.M.A. Industria Macchine Automatiche has a total score of 0/6, 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.

Future Performance

 How is I.M.A. Industria Macchine Automatiche 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
4.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is I.M.A. Industria Macchine Automatiche expected to grow at an attractive rate?
  • I.M.A. Industria Macchine Automatiche's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • I.M.A. Industria Macchine Automatiche's earnings growth is positive but not above the Italy market average.
  • I.M.A. Industria Macchine Automatiche's revenue growth is expected to exceed the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:IMA Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:IMA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 4.2%
BIT:IMA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 6.1%
Italy Machinery Industry Earnings Growth Rate Market Cap Weighted Average 12.5%
Italy Machinery Industry Revenue Growth Rate Market Cap Weighted Average 5.9%
Italy Market Earnings Growth Rate Market Cap Weighted Average 8.9%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*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:IMA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 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:IMA Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 1,911 142 1
2021-12-31 1,836 239 160 4
2020-12-31 1,755 217 149 5
2019-12-31 1,611 224 143 5
BIT:IMA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 1,550 157 127
2018-12-31 1,531 121 130
2018-09-30 1,444 76 124
2018-06-30 1,395 113 123
2018-03-31 1,353 81 111
2017-12-31 1,343 115 106
2017-09-30 1,411 109 81
2017-06-30 1,415 106 86
2017-03-31 1,380 91 98
2016-12-31 1,331 128 94
2016-09-30 1,275 113 105
2016-06-30 1,221 115 98

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • I.M.A. Industria Macchine Automatiche's earnings are expected to grow by 4.2% yearly, however this is not considered high growth (20% yearly).
  • I.M.A. Industria Macchine Automatiche's revenue is expected to grow by 6.1% 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:IMA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from I.M.A. Industria Macchine Automatiche Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:IMA Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 3.80 4.25 3.40 3.00
2020-12-31 3.62 4.00 3.12 4.00
2019-12-31 3.54 4.29 2.60 4.00
BIT:IMA Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 3.25
2018-12-31 3.32
2018-09-30 3.16
2018-06-30 3.13
2018-03-31 2.83
2017-12-31 2.69
2017-09-30 2.07
2017-06-30 2.19
2017-03-31 2.50
2016-12-31 2.43
2016-09-30 2.78
2016-06-30 2.61

*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.
  • I.M.A. Industria Macchine Automatiche is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess I.M.A. Industria Macchine Automatiche'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.
I.M.A. Industria Macchine Automatiche has a total score of 3/6, 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.

Past Performance

  How has I.M.A. Industria Macchine Automatiche 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 I.M.A. Industria Macchine Automatiche'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.
  • I.M.A. Industria Macchine Automatiche has delivered over 20% year on year earnings growth in the past 5 years.
  • I.M.A. Industria Macchine Automatiche's 1-year earnings growth is less than its 5-year average (14.9% vs 22.5%)
  • I.M.A. Industria Macchine Automatiche's earnings growth has exceeded the IT Machinery industry average in the past year (14.9% vs 4.3%).
Earnings and Revenue History
I.M.A. Industria Macchine Automatiche'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 I.M.A. Industria Macchine Automatiche Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:IMA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,550.21 127.50 434.62
2018-12-31 1,530.91 130.20 423.82
2018-09-30 1,443.65 124.20 402.40
2018-06-30 1,394.75 122.90 390.10
2018-03-31 1,353.15 111.00 384.50
2017-12-31 1,342.95 105.60 391.10
2017-09-30 1,410.61 81.44 427.07
2017-06-30 1,415.01 86.04 421.27
2017-03-31 1,379.51 97.74 413.67
2016-12-31 1,330.51 93.54 398.67
2016-09-30 1,275.02 105.32 399.04
2016-06-30 1,220.52 97.92 375.34
2016-03-31 1,182.32 74.22 367.54
2015-12-31 1,127.52 69.92 350.64
2015-09-30 1,027.75 42.36 328.43
2015-06-30 975.15 46.96 317.83
2015-03-31 881.55 47.06 281.93
2014-12-31 866.85 51.56 274.93
2014-09-30 848.14 46.53 270.10
2014-06-30 819.54 41.73 259.10
2014-03-31 813.54 50.13 248.80
2013-12-31 770.04 45.63 238.70
2013-09-30 720.68 50.29 220.15
2013-06-30 692.08 49.89 217.25
2013-03-31 651.28 40.99 208.05
2012-12-31 661.58 42.79 211.15
2012-09-30 677.69 39.71 214.66

*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.
  • Whilst I.M.A. Industria Macchine Automatiche has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • I.M.A. Industria Macchine Automatiche used its assets more efficiently than the IT Machinery industry average last year based on Return on Assets.
  • I.M.A. Industria Macchine Automatiche's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess I.M.A. Industria Macchine Automatiche'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.
I.M.A. Industria Macchine Automatiche has a total score of 3/6, 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.

Health

 How is I.M.A. Industria Macchine Automatiche'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 I.M.A. Industria Macchine Automatiche's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • I.M.A. Industria Macchine Automatiche is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • I.M.A. Industria Macchine Automatiche's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of I.M.A. Industria Macchine Automatiche'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 1.7x 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 I.M.A. Industria Macchine Automatiche Company Filings, last reported 3 months ago.

BIT:IMA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 436.00 561.70 111.50
2018-12-31 420.93 385.70 154.72
2018-09-30 370.90 476.50 103.40
2018-06-30 356.90 383.80 138.00
2018-03-31 402.10 332.70 157.10
2017-12-31 390.52 277.03 221.30
2017-09-30 241.00 422.70 121.30
2017-06-30 232.20 327.80 97.30
2017-03-31 283.20 306.30 107.10
2016-12-31 270.18 315.97 208.50
2016-09-30 221.30 371.20 124.70
2016-06-30 206.60 342.30 144.90
2016-03-31 161.90 350.90 118.80
2015-12-31 175.78 333.42 160.58
2015-09-30 119.40 398.20 91.80
2015-06-30 113.10 361.50 98.90
2015-03-31 148.30 344.10 110.00
2014-12-31 116.62 261.95 135.84
2014-09-30 87.40 322.70 76.30
2014-06-30 76.10 294.20 79.50
2014-03-31 114.40 270.60 71.30
2013-12-31 132.69 222.96 82.18
2013-09-30 154.20 224.60 71.40
2013-06-30 150.90 227.20 85.10
2013-03-31 161.70 237.70 52.90
2012-12-31 158.46 207.76 71.90
2012-09-30 134.00 276.50 46.40
  • I.M.A. Industria Macchine Automatiche's level of debt (128.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (237.6% vs 128.8% today).
  • Debt is well covered by operating cash flow (28%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 24.3x coverage).
X
Financial health checks
We assess I.M.A. Industria Macchine Automatiche'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. I.M.A. Industria Macchine Automatiche has a total score of 5/6, 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.

Dividends

 What is I.M.A. Industria Macchine Automatiche'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
2.85%
Current annual income from I.M.A. Industria Macchine Automatiche dividends. Estimated to be 3.46% next year.
If you bought €2,000 of I.M.A. Industria Macchine Automatiche shares you are expected to receive €57 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?
  • I.M.A. Industria Macchine Automatiche's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (2.06%).
  • I.M.A. Industria Macchine Automatiche's dividend is below the markets top 25% of dividend payers in Italy (4.4%).
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:IMA 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%
Italy Minimum Threshold Dividend Yield 10th Percentile 1%
Italy Bottom 25% Dividend Yield 25th Percentile 2.1%
Italy Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

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

BIT:IMA Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 2.70 4.00
2020-12-31 2.42 5.00
2019-12-31 2.22 5.00
BIT:IMA Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-15 2.000 2.854
2019-03-01 2.000 3.500
2018-03-28 1.700 2.569
2017-03-30 1.600 2.086
2016-04-07 1.400 2.450
2016-03-14 1.400 2.768
2015-04-02 1.350 2.998
2014-04-02 1.250 3.735
2014-03-14 1.250 3.443
2013-03-14 1.000 4.581
2012-08-10 1.000 6.938
2012-03-15 1.000 7.398
2011-03-29 0.900 6.510
2011-03-14 0.900 6.231
2010-03-18 0.900 6.326
2010-02-12 0.900 6.754
2009-05-14 0.900 7.062
2009-04-28 0.900 6.699

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of I.M.A. Industria Macchine Automatiche's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.5x coverage).
X
Income/ dividend checks
We assess I.M.A. Industria Macchine Automatiche'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 I.M.A. Industria Macchine Automatiche afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. I.M.A. Industria Macchine Automatiche has a total score of 5/6, see the detailed checks below.


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

Management

 What is the CEO of I.M.A. Industria Macchine Automatiche'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
Alberto Vacchi
COMPENSATION €2,076,830
AGE 55
CEO Bio

Mr. Alberto Vacchi serves as Chief Executive Officer at I.M.A. Industria Macchine Automatiche S.p.A. and has been its Managing Director since 1996. Mr. Vacchi Delegated powers at Ima - Industria Macchine Automatiche Spa are ordinary administration including banking operations up to and including a maximum of Euro 5,164,569 (five million one hundred and sixty-four thousand five hundred and sixty-nine) except for the renewal of credit lines already granted to Ima - Industria Macchine Automatiche Spa that are freely renewable without any limit. Delegation and appointment of special representatives or particular purposes. He has been the Chairman of I.M.A. Industria Macchine Automatiche S.p.A. since June 26, 2007 and serves as its Director. Mr. Vacchi served as Chairman of the Board of GIMA TT S.p.A. He serves as a Director of Fin Vacchi Finanziaria Vacchi S.p.A.

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

Alberto Vacchi

TITLE
Chairman
COMPENSATION
€2M
AGE
55

Andrea Malagoli

TITLE
Non-executive Director
COMPENSATION
€2M
AGE
54

Giovanni Pecchioli

TITLE
COO & Director
AGE
63
TENURE
0.2 yrs

Claudio Rizzi

TITLE
Head of the Group Internal Audit & Member of Supervisory Board

Visentini Stefano

TITLE
General Manager
AGE
73
Board of Directors Tenure

Average tenure and age of the I.M.A. Industria Macchine Automatiche board of directors in years:

9.5
Average Tenure
58
Average Age
  • The tenure for the I.M.A. Industria Macchine Automatiche board of directors is about average.
Board of Directors

Alberto Vacchi

TITLE
Chairman
COMPENSATION
€2M
AGE
55
TENURE
12.1 yrs

Marco Vacchi

TITLE
Honorary Chairman
COMPENSATION
€20K
AGE
82
TENURE
12.1 yrs

Andrea Malagoli

TITLE
Non-executive Director
COMPENSATION
€2M
AGE
54

Giovanni Pecchioli

TITLE
COO & Director
AGE
63
TENURE
4.5 yrs

Paolo Frugoni

TITLE
Lead Independent Director
COMPENSATION
€20K
AGE
72

Rita Rolli

TITLE
Independent Director
AGE
50

Francesco Panni

TITLE
Chairman of Board of Auditors
AGE
65
TENURE
3.2 yrs

Maria Schiavina

TITLE
Non-Executive Director
COMPENSATION
€35K
AGE
54
TENURE
9.5 yrs

Cesare Conti

TITLE
Independent Director
TENURE
1.5 yrs

Luca Poggi

TITLE
Non-Executive Director
COMPENSATION
€1M
AGE
58
TENURE
9.5 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 I.M.A. Industria Macchine Automatiche'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. I.M.A. Industria Macchine Automatiche 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.

News

Simply Wall St News

A Closer Look At I.M.A. Industria Macchine Automatiche S.p.A.'s (BIT:IMA) Impressive ROE

Industria Macchine Automatiche has a ROE of 31%, based on the last twelve months. … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.31 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

I.M.A. Industria Macchine Automatiche S.p.A. (BIT:IMA) Earns A Nice Return On Capital Employed

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Want To Invest In IMA Industria Macchine Automatiche SpA (BIT:IMA)? Here's How It Performed Lately

After looking at IMA Industria Macchine Automatiche SpA's (BIT:IMA) latest earnings update (30 September 2018), I found it helpful to revisit the company's performance in the past couple of years and compare this against the latest numbers. … Industria Macchine Automatiche? … IMA's trailing twelve-month earnings (from 30 September 2018) of €99m has.

Simply Wall St -

What Should You Know About IMA Industria Macchine Automatiche SpA's (BIT:IMA) Capital Returns?

and want a simplistic look at the return on IMA Industria Macchine Automatiche SpA (BIT:IMA) stock. … Your equity share is granted in return for the capital provided to the business to operate, and in order for an investment to be successful the business has to create earnings from the funds that make up this capital. … Industria Macchine Automatiche is able to use capital to create earnings will help us understand your potential return.

Simply Wall St -

Did IMA Industria Macchine Automatiche SpA (BIT:IMA) Create Value For Shareholders?

and want to begin learning the link between company’s fundamentals and stock market performance. … With an ROE of 32.06%, IMA Industria Macchine Automatiche SpA (BIT:IMA) outpaced its own industry which delivered a less exciting 14.07% over the past year. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden.

Simply Wall St -

IMA Industria Macchine Automatiche SpA (BIT:IMA): What The Forecasts Are Telling Us

IMA Industria Macchine Automatiche SpA (BIT:IMA) to … earnings growth of 14.14% annualised … over the couple of years ahead,

Simply Wall St -

A Look At The Fair Value Of IMA Industria Macchine Automatiche SpA (BIT:IMA)

In this article I am going to calculate the intrinsic value of IMA Industria Macchine Automatiche SpA (BIT:IMA). … by taking the expected future cash flows and discounting them to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

IMA Industria Macchine Automatiche SpA (BIT:IMA): Time For A Financial Health Check

Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as IMA Industria Macchine Automatiche SpA (BIT:IMA) with a market-capitalization of €2.83b, rarely draw their attention. … Industria Macchine Automatiche’s financial health, so you should conduct further analysis. … Industria Macchine Automatiche

Simply Wall St -

Where IMA Industria Macchine Automatiche SpA's (BIT:IMA) Earnings Growth Stands Against Its Industry

Examining IMA Industria Macchine Automatiche SpA's (BIT:IMA) past track record of performance is a useful exercise for investors. … Below, I will assess IMA's latest performance announced on 31 March 2018 and weight these figures against its longer term trend and industry movements. … Commentary On IMA's Past Performance

Simply Wall St -

Is IMA Industria Macchine Automatiche SpA's (BIT:IMA) Growth Strong Enough To Justify Its June Share Price?

IMA Industria Macchine Automatiche SpA (BIT:IMA) is considered a high growth stock. … Industria Macchine Automatiche? … Industria Macchine Automatiche have been patiently waiting for the uptick in earnings.

Simply Wall St -

Company Info

Description

I.M.A. Industria Macchine Automatiche S.p.A. designs, manufactures, and sells automatic machines for the processing and packaging of pharmaceuticals, cosmetics, tea, coffee, tobacco, and other food products worldwide. The company's Tea, Food & Other segment offers machines for the packaging of tea and herbal teas in filter bags, and the packaging of coffee in pods; end-of-line machines; machines and plants for the dosing and packaging of cheese portions and stock cubes; machines and systems for horizontal flowpack and fold packaging for the food and cosmetics industries; and machines for containers and sticks, and ultraclean closures and wrappers, as well as forming, filling, and sealing. This segment also provides machines for the food and beverage, and personal care sectors; machines and lines for flexible food and non-food packaging; machines for the filling and packaging of single-serve coffee capsules; refurbished second-hand machines for packaging processed cheese, and tea and herbs in filter bags; machines for the production of wet wipes; and machines for the assembly of plastic material in the caps and closures sector, as well as medical products for self-medication, such as inhalers, insulin syringes, and injection systems. Its Pharmaceutical segment offers machines for the packaging of pharmaceutical capsules and tablets in blisters and bottles; machines for filling bottles and vials with liquid and powdered products in sterile and non-sterile environments; machines for freeze-drying, tube-filling, and cartoning; and systems for the production of tablets and capsules, and for coating and granulation, as well as related services. The company's Tobacco Packaging segment provides machines and plants for tobacco packaging, and related services. The company was founded in 1961 and is headquartered in Ozzano dell'Emilia, Italy. I.M.A. Industria Macchine Automatiche S.p.A. is a subsidiary of SO.FI.M.A. Societa Finanziaria Macchine Automatiche S.p.a.

Details
Name: I.M.A. Industria Macchine Automatiche S.p.A.
IMA
Exchange: BIT
Founded: 1961
€2,746,582,950
39,153,000
Website: http://www.ima.it
Address: I.M.A. Industria Macchine Automatiche S.p.A.
Via Emilia, 428/442,
Ozzano dell'Emilia,
Bologna, 40064,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT IMA Common Stock Borsa Italiana IT EUR 12. Jun 1995
DB 12M Common Stock Deutsche Boerse AG DE EUR 12. Jun 1995
LSE 0LD1 Common Stock London Stock Exchange GB EUR 12. Jun 1995
BATS-CHIXE IMAM Common Stock BATS 'Chi-X Europe' GB EUR 12. Jun 1995
Number of employees
Current staff
Staff numbers
5,712
I.M.A. Industria Macchine Automatiche employees.
Industry
Industrial Machinery
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/15 20:44
End of day share price update: 2019/07/15 00:00
Last estimates confirmation: 2019/06/18
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
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.