BIT:FM

Stock Analysis Report

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Executive Summary

Fiera Milano SpA, together with its subsidiaries, operates in the exhibition and congress industry in Italy and internationally. More Details


Snowflake Analysis

High growth potential with mediocre balance sheet.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: FM is more volatile than 90% of Italian stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: FM's weekly volatility (9%) has been stable over the past year, but is still higher than 75% of Italian stocks.


Market Performance


7 Day Return

9.3%

FM

0.9%

IT Commercial Services

2.6%

IT Market


1 Year Return

-41.7%

FM

-37.1%

IT Commercial Services

-8.5%

IT Market

Return vs Industry: FM underperformed the Italian Commercial Services industry which returned -37.1% over the past year.

Return vs Market: FM underperformed the Italian Market which returned -8.5% over the past year.


Shareholder returns

FMIndustryMarket
7 Day9.3%0.9%2.6%
30 Day54.7%32.7%23.1%
90 Day12.8%10.6%10.3%
1 Year-39.4%-41.7%-36.4%-37.1%-6.0%-8.5%
3 Year74.5%63.2%-31.2%-34.6%2.4%-7.6%
5 Year15.0%7.6%-13.8%-17.6%8.0%-25.5%

Long-Term Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

2.53x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: FM (€3) is trading above our estimate of fair value (€1.07)

Significantly Below Fair Value: FM is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: FM is unprofitable, so we can't compare its PE Ratio to the IT Commercial Services industry average.

PE vs Market: FM is unprofitable, so we can't compare its PE Ratio to the Italian market.


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: FM's PB Ratio (2.5x) is in line with the IT Commercial Services industry average.


Next Steps

Future Growth

How is Fiera Milano forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

108.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FM is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2%).

Earnings vs Market: FM is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: FM's is expected to become profitable in the next 3 years.

Revenue vs Market: FM's revenue (36.4% per year) is forecast to grow faster than the Italian market (3.2% per year).

High Growth Revenue: FM's revenue (36.4% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FM's Return on Equity is forecast to be low in 3 years time (14.9%).


Next Steps

Past Performance

How has Fiera Milano performed over the past 5 years?

12.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FM is currently unprofitable.

Growing Profit Margin: FM is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: FM is unprofitable, but has reduced losses over the past 5 years at a rate of 12.6% per year.

Accelerating Growth: Unable to compare FM's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: FM is unprofitable, making it difficult to compare its past year earnings growth to the Commercial Services industry (-42%).


Return on Equity

High ROE: FM has a negative Return on Equity (-42.13%), as it is currently unprofitable.


Next Steps

Financial Health

How is Fiera Milano's financial position?


Financial Position Analysis

Short Term Liabilities: FM's short term assets (€71.8M) do not cover its short term liabilities (€172.5M).

Long Term Liabilities: FM's short term assets (€71.8M) do not cover its long term liabilities (€430.8M).


Debt to Equity History and Analysis

Debt Level: FM's debt to equity ratio (46.8%) is considered high.

Reducing Debt: FM's debt to equity ratio has reduced from 665.1% to 46.8% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable FM has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: FM is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 29.1% per year.


Next Steps

Dividend

What is Fiera Milano current dividend yield, its reliability and sustainability?

4.34%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FM's dividend (4.34%) is higher than the bottom 25% of dividend payers in the Italian market (1.5%).

High Dividend: FM's dividend (4.34%) is low compared to the top 25% of dividend payers in the Italian market (4.76%).


Stability and Growth of Payments

Stable Dividend: FM has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: FM has only been paying a dividend for 9 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: FM is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: FM's dividends in 3 years are forecast to be covered by earnings (60% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.1yrs

Average board tenure


CEO

Fiera Milano has no CEO, or we have no data on them.


Board Members

NamePositionTenureCompensationOwnership
Anna Gatti
Independent Director0.58yrno datano data
Marina Natale
Independent Non-Executive Director3.58yrsno datano data
Daniele Monarca
Statutory Auditor2.58yrsno datano data
Elena Vasco
Independent Non-Executive Director3.58yrsno datano data
Francesca Golfetto
Independent Non-Executive Director3.58yrsno datano data
Alberto Baldan
Independent Non-Executive Director3.58yrsno datano data
Carlo Bonomi
Independent Chairperson0.58yrno datano data
Angelo Meregalli
Independent Non-Executive Director3.58yrsno datano data
Mariella Tagliabue
Statutory Auditor2.58yrsno datano data
Stefania Chiaruttini
Independent Non-Executive Director3.58yrsno datano data
Riccardo Bauer
Chairperson of Statutory Auditors2.58yrsno datano data
Luca Palermo
Independent Director0.083yrno datano data

3.1yrs

Average Tenure

58yo

Average Age

Experienced Board: FM's board of directors are considered experienced (3.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Fiera Milano SpA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Fiera Milano SpA
  • Ticker: FM
  • Exchange: BIT
  • Founded: 1920
  • Industry: Diversified Support Services
  • Sector: Commercial Services
  • Market Cap: €214.574m
  • Shares outstanding: 71.64m
  • Website: https://www.fieramilano.it

Number of Employees


Location

  • Fiera Milano SpA
  • Strada Statale del Sempione, 28
  • Rho
  • Milan
  • 20017
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FMBIT (Borsa Italiana)YesOrdinary SharesITEURDec 2002
0EGHLSE (London Stock Exchange)YesOrdinary SharesGBEURDec 2002
FM3DB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 2002
FMMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURDec 2002

Biography

Fiera Milano SpA, together with its subsidiaries, operates in the exhibition and congress industry in Italy and internationally. It operates through Italian Exhibitions Business, Foreign Exhibitions Busine...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/29 19:47
End of Day Share Price2020/11/27 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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.