Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €248.6m (up 22% from 3Q 2023). Net income: €18.5m (down 7.8% from 3Q 2023). Profit margin: 7.4% (down from 9.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in Italy. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €275.5m (up 38% from 2Q 2023). Net income: €18.8m (up 12% from 2Q 2023). Profit margin: 6.8% (down from 8.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Italy. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: €213.2m (up 36% from 1Q 2023). Net income: €16.2m (up 13% from 1Q 2023). Profit margin: 7.6% (down from 9.1% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Italy. Price Target Changed • May 17
Price target decreased by 10% to €27.38 Down from €30.53, the current price target is an average from 4 analysts. New target price is 7.8% above last closing price of €25.40. Stock is up 15% over the past year. The company is forecast to post earnings per share of €1.41 for next year compared to €1.01 last year. Upcoming Dividend • May 06
Upcoming dividend of €0.55 per share Eligible shareholders must have bought the stock before 13 May 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of Italian dividend payers (5.7%). Lower than average of industry peers (3.9%). Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €25.90, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Construction industry in Italy. Total returns to shareholders of 102% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €28.47 per share. Buy Or Sell Opportunity • Apr 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.4% to €22.40. The fair value is estimated to be €28.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Buy Or Sell Opportunity • Mar 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.4% to €22.45. The fair value is estimated to be €28.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Reported Earnings • Mar 18
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: €1.01 (up from €0.73 in FY 2022). Revenue: €785.3m (up 42% from FY 2022). Net income: €61.9m (up 37% from FY 2022). Profit margin: 7.9% (down from 8.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) missed analyst estimates by 6.6%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Italy. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Price Target Changed • Nov 29
Price target increased by 7.0% to €29.43 Up from €27.49, the current price target is an average from 4 analysts. New target price is 21% above last closing price of €24.30. Stock is up 40% over the past year. The company is forecast to post earnings per share of €1.08 for next year compared to €0.73 last year. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: €0.33 (vs €0.24 in 3Q 2022) Third quarter 2023 results: EPS: €0.33 (up from €0.24 in 3Q 2022). Revenue: €211.4m (up 40% from 3Q 2022). Net income: €20.0m (up 35% from 3Q 2022). Profit margin: 9.5% (in line with 3Q 2022). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in Italy. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: €0.27 (vs €0.14 in 2Q 2022) Second quarter 2023 results: EPS: €0.27 (up from €0.14 in 2Q 2022). Revenue: €199.6m (up 66% from 2Q 2022). Net income: €16.8m (up 100% from 2Q 2022). Profit margin: 8.4% (up from 6.9% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Construction industry in Italy. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 03
Salcef Group S.p.A. (BIT:SCF) completed the acquisition of Colmar Technik Srl. Salcef Group S.p.A. (BIT:SCF) signed a preliminary agreement to acquire Colmar Technik Srl for an enterprise value of approximately €25 million on June 26, 2023. Upon signing of the agreement, €2 million were already paid. The remaining part of the payment will take place at the closing, expected by next August. The acquisition was financed entirely through the Salcef Group's own resources. Colmar can count on around 110 employees and a backlog of more than €40 millions. Salcef Group S.p.A. (BIT:SCF) completed the acquisition of Colmar Technik Srl on August 1, 2023. Announcement • Jun 27
Salcef Group S.p.A. (BIT:SCF) signed a preliminary agreement to acquire Colmar Technik Srl for an enterprise value of approximately €25 million. Salcef Group S.p.A. (BIT:SCF) signed a preliminary agreement to acquire Colmar Technik Srl for an enterprise value of approximately €25 million on June 26, 2023. Upon signing of the agreement, €2 million were already paid. The remaining part of the payment will take place at the closing, expected by next August. The acquisition was financed entirely through the Salcef Group's own resources. Colmar can count on around 110 employees and a backlog of more than €40 millions. Reported Earnings • Jun 01
First quarter 2023 earnings released: EPS: €0.23 (vs €0.088 in 1Q 2022) First quarter 2023 results: EPS: €0.23 (up from €0.088 in 1Q 2022). Revenue: €156.9m (up 48% from 1Q 2022). Net income: €14.3m (up 163% from 1Q 2022). Profit margin: 9.1% (up from 5.1% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Construction industry in Italy. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 30
Salcef Group S.p.A. (BIT:SCF) announces an Equity Buyback for 5,441,748 shares, representing 8.72% of its issued share capital. Salcef Group S.p.A. (BIT:SCF) commences share repurchases on May 22, 2023, under the program mandated by the shareholders in the Ordinary General Meeting held on April 27, 2023. As per the mandate, the company is authorized to repurchase up to 5,441,748 shares, representing 8.7% of the company's share capital. The company is authorized to repurchase its own shares, such that the company’s holding in treasury does not exceed 10% of its issued share capital. The program will be valid for 18 months. As of March 28, 2023, the company had 62,399,906 issued shares and had 798,243 treasury shares.
On May 16, 2023, the company announces a share repurchase program. Under the program, the company will repurchase up to 300,000 shares, for €8 million. The repurchases will expire on October 27, 2024. Major Estimate Revision • May 18
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from €691.0m to €704.9m. EPS estimate increased from €1.01 to €1.16 per share. Net income forecast to grow 58% next year vs 58% growth forecast for Construction industry in Italy. Consensus price target up from €25.01 to €26.26. Share price was steady at €22.10 over the past week. Upcoming Dividend • May 08
Upcoming dividend of €0.50 per share at 2.3% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Italian dividend payers (5.2%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €20.90, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 11x in the Construction industry in Italy. Total returns to shareholders of 138% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €12.25 per share. Reported Earnings • Mar 18
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: €0.73. Revenue: €554.7m (up 28% from FY 2021). Net income: €45.3m (up 16% from FY 2021). Profit margin: 8.2% (down from 9.0% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.2%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Construction industry in Italy. Announcement • Dec 20
Salcef Group S.p.A. (BIT:SCF) agreed to acquire Francesco Ventura Costruzioni Ferroviarie Srl from Ventura family. Salcef Group S.p.A. (BIT:SCF) agreed to acquire Francesco Ventura Costruzioni Ferroviarie Srl from Ventura family on December 18, 2022. The transaction has an Enterprise Value of about €70 million including the assumption of some Francesco Ventura’s financial liabilities and the payment of the consideration for the share purchase, which will take place partially at the closing and, for the residual portion, on a deferred basis. The deal will be entirely funded with Salcef Group’s own resources. Francesco Ventura Costruzioni Ferroviarie Srl reported revenues of approximately €50 million in the years 2020 and 2021. The closing of the transaction is subject to fulfilment of some conditions precedent and is expected to close in the coming weeks. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: €0.24 (vs €0.20 in 3Q 2021) Third quarter 2022 results: EPS: €0.24 (up from €0.20 in 3Q 2021). Revenue: €159.1m (up 53% from 3Q 2021). Net income: €14.8m (up 28% from 3Q 2021). Profit margin: 9.3% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Construction industry in Italy. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 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. 6 non-independent directors. Chairman of the Board of Statutory Auditor Daniela Lambardi was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €14.84, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Construction industry in Europe. Total loss to shareholders of 16% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €16.11 per share. Price Target Changed • Aug 17
Price target decreased to €21.37 Down from €25.00, the current price target is an average from 4 analysts. New target price is 21% above last closing price of €17.68. Stock is up 3.7% over the past year. The company is forecast to post earnings per share of €0.83 for next year compared to €0.76 last year. Reported Earnings • Aug 07
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €124.4m (up 4.8% from 2Q 2021). Net income: €8.36m (down 27% from 2Q 2021). Profit margin: 6.7% (down from 9.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 19%, compared to a 21% growth forecast for the industry in Italy. Upcoming Dividend • May 09
Upcoming dividend of €0.46 per share Eligible shareholders must have bought the stock before 16 May 2022. Payment date: 18 May 2022. Payout ratio is a comfortable 60% but the company is paying out more than the cash it is generating. Trailing yield: 2.8%. Lower than top quartile of Italian dividend payers (4.8%). Lower than average of industry peers (3.6%). Board Change • Apr 27
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. 6 non-independent directors. Chairman of the Board of Statutory Auditor Daniela Lambardi was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 08
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €120.0m (up 46% from 2Q 2020). Net income: €11.4m (up €20.9m from 2Q 2020). Profit margin: 9.5% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Price Target Changed • May 25
Price target increased to €15.87 Up from €14.47, the current price target is an average from 4 analysts. New target price is 17% above last closing price of €13.55. Stock is up 20% over the past year. Price Target Changed • May 17
Price target increased to €14.80 Up from €13.80, the current price target is an average from 4 analysts. New target price is 8.0% above last closing price of €13.70. Stock is up 36% over the past year. Major Estimate Revision • May 17
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from €1.04 to €0.90. Revenue forecast unchanged from €393.9m at last update. Net income forecast to grow 17% next year vs 13% growth forecast for Construction industry in Italy. Consensus price target of €14.47 unchanged from last update. Share price fell 2.1% to €13.70 over the past week. Upcoming Dividend • May 17
Upcoming dividend of €0.42 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 3.0%. Lower than top quartile of Italian dividend payers (3.8%). In line with average of industry peers (2.8%). Reported Earnings • Mar 27
Full year 2020 earnings released: EPS €1.01 (vs €0.97 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: €338.2m (up 10.0% from FY 2019). Net income: €41.1m (up 7.1% from FY 2019). Profit margin: 12% (in line with FY 2019). Is New 90 Day High Low • Feb 12
New 90-day high: €12.25 The company is up 6.0% from its price of €11.60 on 13 November 2020. The Italian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 34% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.60 per share. Is New 90 Day High Low • Jan 23
New 90-day high: €12.05 The company is up 3.0% from its price of €11.75 on 23 October 2020. The Italian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.28 per share. Reported Earnings • Nov 28
Third quarter 2020 earnings released: EPS €0.26 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €84.5m (up 9.3% from 3Q 2019). Net income: €11.1m (up 20% from 3Q 2019). Profit margin: 13% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue. Reported Earnings • Nov 21
Third quarter 2020 earnings released: EPS €0.26 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €84.5m (up 9.3% from 3Q 2019). Net income: €11.1m (up 20% from 3Q 2019). Profit margin: 13% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Oct 30
New 90-day low: €11.25 The company is down 5.0% from its price of €11.80 on 31 July 2020. The Italian market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.02 per share.