New Risk • Jun 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.72m (US$9.88m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). High level of non-cash earnings (28% accrual ratio). Market cap is less than US$10m (€8.72m market cap, or US$9.88m). Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). New Risk • May 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Share price has been highly volatile over the past 3 months (8.4% average weekly change). High level of non-cash earnings (28% accrual ratio). Minor Risk Market cap is less than US$100m (€12.2m market cap, or US$14.2m). New Risk • Apr 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Share price has been highly volatile over the past 3 months (8.3% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€11.5m market cap, or US$13.5m). Announcement • Apr 08
Nusco S.p.A., Annual General Meeting, Apr 22, 2026 Nusco S.p.A., Annual General Meeting, Apr 22, 2026, at 16:00 W. Europe Standard Time. Reported Earnings • Mar 27
Full year 2025 earnings released Full year 2025 results: Revenue: €48.7m (down 11% from FY 2024). Net income: €713.3k (down 35% from FY 2024). Profit margin: 1.5% (down from 2.0% in FY 2024). Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.19, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 22x in the Building industry in Europe. Total loss to shareholders of 25% over the past three years. New Risk • May 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (€18.3m market cap, or US$20.8m). New Risk • Apr 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (€16.8m market cap, or US$19.1m). Announcement • Apr 10
Nusco S.p.A., Annual General Meeting, Apr 24, 2025 Nusco S.p.A., Annual General Meeting, Apr 24, 2025, at 16:00 W. Europe Standard Time. Reported Earnings • Mar 26
Full year 2024 earnings released Full year 2024 results: Revenue: €51.3m (down 12% from FY 2023). Net income: €1.09m (down 51% from FY 2023). Profit margin: 2.1% (down from 3.8% in FY 2023). The decrease in margin was driven by lower revenue. Reported Earnings • Oct 06
First half 2024 earnings released: EPS: €0.081 (vs €0.053 in 1H 2023) First half 2024 results: EPS: €0.081 (up from €0.053 in 1H 2023). Revenue: €29.9m (up 18% from 1H 2023). Net income: €1.61m (up 52% from 1H 2023). Profit margin: 5.4% (up from 4.2% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Building industry in Italy. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. New Risk • May 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (6.7% increase in shares outstanding). Market cap is less than US$100m (€21.1m market cap, or US$23.0m). Reported Earnings • Apr 17
Full year 2023 earnings released Full year 2023 results: Revenue: €59.0m (up 44% from FY 2022). Net income: €2.20m (up 162% from FY 2022). Profit margin: 3.7% (up from 2.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Building industry in Italy. New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (111% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (€19.5m market cap, or US$20.7m). Buy Or Sell Opportunity • Apr 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €1.02. The fair value is estimated to be €1.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 70% over the last year. Meanwhile, the company has become profitable. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 176% in the next 2 years. Buy Or Sell Opportunity • Mar 14
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to €0.97. The fair value is estimated to be €1.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 70% over the last year. Meanwhile, the company has become profitable. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 176% in the next 2 years. Buy Or Sell Opportunity • Feb 27
Now 23% undervalued Over the last 90 days, the stock has risen 25% to €0.99. The fair value is estimated to be €1.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 70% over the last year. Meanwhile, the company has become profitable. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 176% in the next 2 years. Buy Or Sell Opportunity • Feb 17
Now 21% undervalued Over the last 90 days, the stock has risen 32% to €1.03. The fair value is estimated to be €1.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 70% over the last year. Meanwhile, the company has become profitable. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 176% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.23, the stock trades at a trailing P/E ratio of 16.8x. Average forward P/E is 16x in the Building industry in Italy. Total loss to shareholders of 21% over the past year. Buying Opportunity • Dec 06
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €1.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 67% over the last year. Meanwhile, the company has become profitable. Revenue is forecast to grow by 27% in 2 years. Earnings is forecast to grow by 176% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 48% After last week's 48% share price gain to €1.12, the stock trades at a trailing P/E ratio of 15.3x. Average forward P/E is 15x in the Building industry in Italy. Total loss to shareholders of 20% over the past year. New Risk • Jun 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 117% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (117% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (€24.2m market cap, or US$26.3m). Reported Earnings • Mar 31
Full year 2022 earnings released Full year 2022 results: Revenue: €50.9m (up 104% from FY 2021). Net income: €1.13m (up 177% from FY 2021). Profit margin: 2.2% (up from 1.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Building industry in Europe. Buying Opportunity • Mar 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 7.2%. The fair value is estimated to be €1.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last year. Meanwhile, the company has become profitable. 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. 6 experienced directors. No highly experienced directors. 1 independent director (2 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. Buying Opportunity • Sep 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be €1.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jun 09
Now 21% undervalued Over the last 90 days, the stock is up 7.5%. The fair value is estimated to be €2.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 23% share price gain to €2.14, the stock trades at a trailing P/E ratio of 76.7x. Average forward P/E is 15x in the Building industry in Italy. Buying Opportunity • May 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.5%. The fair value is estimated to be €2.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. 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. 6 experienced directors. No highly experienced directors. 1 independent director (2 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. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 23% share price gain to €2.20, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 31x in the Building industry in Italy. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €1.57, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 29x in the Building industry in Italy. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 16% share price gain to €2.75, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 33x in the Building industry in Italy.