BIT:PVN

Stock Analysis Report

Executive Summary

Piovan S.p.A., through its subsidiaries, engages in the development and production of auxiliary automation systems for storage, conveying, and processing of polymers, and plastic and food powders in Italy and internationally.

Snowflake

Fundamentals

Adequate balance sheet with acceptable track record.

Share Price & News

How has Piovan's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-0.4%

PVN

-1.0%

IT Machinery

3.1%

IT Market


1 Year Return

n/a

PVN

-17.5%

IT Machinery

8.8%

IT Market

Return vs Industry: Insufficient data to determine how PVN performed against the Italian Machinery industry.

Return vs Market: Insufficient data to determine how PVN performed against the Italian Market.


Shareholder returns

PVNIndustryMarket
7 Day-0.4%-1.0%3.1%
30 Day-0.2%-6.8%0.06%
90 Day-19.8%-8.0%-0.2%
1 Yearn/a-16.1%-17.5%13.6%8.8%
3 Yearn/a34.3%28.8%29.2%11.3%
5 Yearn/a81.3%70.2%23.6%-25.3%

Price Volatility Vs. Market

How volatile is Piovan's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Piovan undervalued compared to its fair value and its price relative to the market?

13.71x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Undervalued: PVN (€5.39) is trading above our estimate of fair value (€2.11)

Significantly Undervalued: PVN is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: PVN is good value based on its PE Ratio (13.7x) compared to the Machinery industry average (16.4x).

PE vs Market: PVN is good value based on its PE Ratio (13.7x) compared to the Italian market (17x).


Price to Earnings Growth Ratio

Low PEG Ratio: Insufficient data to calculate PVN's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: PVN is overvalued based on its PB Ratio (5.1x) compared to the IT Machinery industry average (1.5x).


Next Steps

Future Growth

How is Piovan forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-2.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PVN's earnings are forecast to decline over the next 3 years (-2.4% per year).

Earnings vs Market: PVN's earnings are forecast to decline over the next 3 years (-2.4% per year).

High Growth Earnings: PVN's earnings are forecast to decline over the next 3 years.

Revenue vs Market: PVN's revenue (6.5% per year) is forecast to grow faster than the Italian market (3.1% per year).

High Growth Revenue: PVN's revenue (6.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: Insufficient data to determine if PVN's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Piovan performed over the past 5 years?

16.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: PVN's earnings have grown by 16.7% per year over the past 5 years.

Accelerating Growth: PVN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PVN had negative earnings growth (-18%) over the past year, making it difficult to compare to the Machinery industry average (-13.2%).


Return on Equity

High ROE: PVN's Return on Equity (36.5%) is considered high.


Return on Assets

ROA vs Industry: PVN has a higher Return on Assets than the Machinery industry average last year.


Return on Capital Employed

ROCE Improving: PVN's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Piovan's financial position?


Financial Position Analysis

Short Term Liabilities: PVN's short term assets (€128.6M) exceeds its short term liabilities (€91.0M)

Long Term Liabilities: PVN's short term assets (128.6M) exceeds its long term liabilities (35.1M)


Debt to Equity History and Analysis

Debt Level: PVN's debt to equity ratio (75.2%) is considered high

Reducing Debt: Insufficient data to determine if PVN's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: PVN's debt is well covered by operating cash flow (40.9%).

Interest Coverage: PVN's interest payments on its debt are well covered by EBIT (293.4x coverage).


Balance Sheet

Inventory Level: PVN has a high level of physical assets or inventory.

Debt Coverage by Assets: PVN's debt is covered by short term assets (assets are 2.953220x debt).


Next Steps

  • Explore more healthy companies in the Capital Goods industry.

Dividend

What is Piovan's current dividend yield, its reliability and sustainability?

2.78%

Current Dividend Yield


Dividend Yield vs Market

company2.8%marketbottom25%2.1%markettop25%4.4%industryaverage2.3%forecastin3Years4.8%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: PVN's dividend (2.78%) is higher than the bottom 25% of dividend payers in the Italian market (2.06%).

High Dividend: PVN's dividend (2.78%) is low compared to the top 25% of dividend payers in the Italian market (4.41%).

Stable Dividend: Too early to tell whether PVN's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if PVN's dividend payments are increasing as they only just started paying a dividend.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (38.2%), PVN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PVN's dividends in 3 years are forecast to be covered by earnings (51.9% payout ratio).


Next Steps

Management

What is the CEO of Piovan's salary, the management and board of directors tenure and is there insider trading?

€375k

CEO Compensation


CEO

Filippo Zuppichin 0

0yrs

Tenure

€375,183

Compensation

Mr. Filippo Zuppichin serves as Chief Executive Officer of Piovan S.p.A and serves as its Managing Director. Mr. Zuppichin graduated with honors in Electronic Engineering from the University of Padua in 19 ...


CEO Compensation Analysis

Compensation vs. Market: Insufficient data to establish whether Filippo's total compensation is reasonable compared to companies of similar size in the Italian market.

Compensation vs Earnings: Insufficient data to compare Filippo's compensation with company performance.


Insider Trading

Insider Buying: PVN insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Buy€214,55519 Sep 19
Nicola Piovan
EntityIndividual
Role
Chairman of the Board
President & Executive Chairman
Shares40,000
Max Price€5.37
Buy€106,60816 Sep 19
Nicola Piovan
EntityIndividual
Role
Chairman of the Board
President & Executive Chairman
Shares20,000
Max Price€5.35

Ownership Breakdown


Management Team

  • Nicola Piovan

    President & Executive Chairman

    • Tenure: 0yrs
    • Compensation: €1.50m
  • Filippo Zuppichin

    CEO, MD & Director

    • Tenure: 0yrs
    • Compensation: €375.18k

Board Members

  • Marco Milani (64yo)

    Independent Director

    • Tenure: 0yrs
  • Chiara Mio (55yo)

    Independent Director

    • Tenure: 0yrs
  • Lucia Giancaspro

    Independent Director

    • Tenure: 0yrs
  • Nicola Piovan

    President & Executive Chairman

    • Tenure: 0yrs
    • Compensation: €1.50m
  • Marco Fumagalli

    Lead Independent Director

    • Tenure: 0yrs
  • Filippo Zuppichin

    CEO, MD & Director

    • Tenure: 0yrs
    • Compensation: €375.18k
  • Marco Stevanato

    Director

    • Tenure: 0yrs
  • Carmen Pezzuto

    Chairman of the Board of Statutory Auditors

    • Tenure: 0yrs
  • Luca Bassan

    Statutory auditor

    • Tenure: 0yrs
  • Patrizia Santonocito

    Statutory Auditor

    • Tenure: 0yrs

Company Information

Piovan S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Piovan S.p.A.
  • Ticker: PVN
  • Exchange: BIT
  • Founded: 1934
  • Industry: Industrial Machinery
  • Sector: Capital Goods
  • Market Cap: €274.509m
  • Shares outstanding: 50.93m
  • Website: https://www.piovan.com

Number of Employees


Location

  • Piovan S.p.A.
  • Via dell’Industria 16
  • Santa Maria di Sala
  • Venice
  • 30036
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PVNBIT (Borsa Italiana)YesShare CapitalITEUROct 2018
PV0DB (Deutsche Boerse AG)YesShare CapitalDEEUROct 2018
PVNMBATS-CHIXE (BATS 'Chi-X Europe')YesShare CapitalGBEUROct 2018

Biography

Piovan S.p.A., through its subsidiaries, engages in the development and production of auxiliary automation systems for storage, conveying, and processing of polymers, and plastic and food powders in Italy  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/16 22:02
End of Day Share Price2019/10/16 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.