Reported Earnings • May 19
First quarter 2026 earnings released: €0.11 loss per share (vs €0.07 loss in 1Q 2025) First quarter 2026 results: €0.11 loss per share (further deteriorated from €0.07 loss in 1Q 2025). Revenue: €106.8m (down 7.6% from 1Q 2025). Net loss: €5.11m (loss widened 62% from 1Q 2025). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Professional Services industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. New Risk • Apr 19
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risk Dividend is not well covered by earnings (116% payout ratio). Buy Or Sell Opportunity • Apr 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.1% to €14.85. The fair value is estimated to be €18.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Announcement • Mar 24
Tinexta S.p.A., Annual General Meeting, Apr 22, 2026 Tinexta S.p.A., Annual General Meeting, Apr 22, 2026, at 14:30 W. Europe Standard Time. Buy Or Sell Opportunity • Mar 17
Now 20% undervalued Over the last 90 days, the stock has risen 1.4% to €14.98. The fair value is estimated to be €18.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. New Risk • Mar 13
New major risk - Revenue and earnings growth Earnings have declined by 19% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks High level of debt (60% net debt to equity). Dividend is not well covered by earnings (116% payout ratio). Large one-off items impacting financial results. Major Estimate Revision • Mar 08
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €0.528 to €0.445 per share. Revenue forecast steady at €495.4m. Net income forecast to grow 100% next year vs 31% growth forecast for Professional Services industry in Italy. Consensus price target of €15.60 unchanged from last update. Share price was steady at €15.29 over the past week. Major Estimate Revision • Jan 24
Consensus EPS estimates increase by 17%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €508.3m to €494.2m. EPS estimate rose from €0.453 to €0.528. Net income forecast to grow 122% next year vs 31% growth forecast for Professional Services industry in Italy. Consensus price target of €15.60 unchanged from last update. Share price was steady at €15.13 over the past week. Announcement • Jan 01
Advent International, L.P. and Nextalia SGR S.p.A. completed the acquisition of 38.74% stake in Tinexta S.p.A. (BIT:TNXT) from Tecno Holding SpA. Advent International, L.P. and Nextalia SGR S.p.A. entered into binding agreement to acquire 38.74% stake in Tinexta S.p.A. (BIT:TNXT) from Tecno Holding SpA for approximately €270 million on August 4, 2025. A cash consideration of €266.40 million valued at €15 per share will be paid by Advent International, L.P. and Nextalia SGR S.p.A. As part of consideration, €266.40 million is paid towards common equity of Tinexta S.p.A. Following the sale, a mandatory tender offer will be launched for the remaining 42.7% of Tinexta's share capital, also at €15 per share. Upon completion of the Transaction and assuming full success of the Offer, the Sponsors will hold the majority of Tinexta’s shares, while Tecno Holding will retain a significant minority stake. The Sale and Purchase and the Offer will be fully financed with funds made available by the Sponsors through contributions.The transaction is subject to approval by the Tecno Holding shareholders' meeting, scheduled for August 7, and regulatory approvals, including antitrust and Golden Power requirements. The closing deadline is January 31, 2026, extendable by two months.
Barclays acted as financial advisor to Advent International, L.P. Lazard S.r.l. as financial advisor, Gatti Pavesi Bianchi Studio Legale Associato act as legal advisor for Tecno Holding SpA. PedersoliGattai and Chiomenti Studio Legale as legal, KPMG S.p.A. and Legance - Avvocati Associati act as accountant for Nextalia SGR S.p. and Advent International, L.P. Bank Of America Merrill Lynch International DAC, Milan Branch acted as financial advisor to Nextalia SGR S.p.A. Barclays Bank Ireland PLC (Milan Branch) acted as financial advisor to Nextalia SGR S.p.A. Banca Akros SpA acted as financial advisor to Advent International, L.P. and Nextalia SGR S.p.A. Alvarez & Marsal Italia Srl acted as due diligence provider to Nextalia SGR S.p.A. Alvarez & Marsal Holdings, LLC acted as due diligence provider to Advent International, L.P. Rothschild & Co US Inc. acted as financial advisor to Advent International, L.P. Rothschild S.p.A. acted as financial advisor to Nextalia SGR S.p.A. Mediobanca Banca di Credito Finanziario S.p.A. acted as financial advisor to Advent International, L.P. and Nextalia SGR S.p.A.
Advent International, L.P. and Nextalia SGR S.p.A. completed the acquisition of 38.74% stake in Tinexta S.p.A. (BIT:TNXT) from Tecno Holding SpA on December 30, 2025. Reported Earnings • Nov 13
Third quarter 2025 earnings released: €0.19 loss per share (vs €0.005 loss in 3Q 2024) Third quarter 2025 results: €0.19 loss per share (further deteriorated from €0.005 loss in 3Q 2024). Revenue: €111.6m (up 8.6% from 3Q 2024). Net loss: €8.81m (loss widened €8.59m from 3Q 2024). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Board Change • Aug 06
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Eugenio Rossetti was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Aug 05
Price target increased by 9.5% to €15.58 Up from €14.23, the current price target is an average from 4 analysts. New target price is 6.1% above last closing price of €14.68. Stock is up 28% over the past year. The company is forecast to post earnings per share of €0.52 for next year compared to €0.40 last year. Reported Earnings • Aug 01
Second quarter 2025 earnings released: €0.12 loss per share (vs €0.062 profit in 2Q 2024) Second quarter 2025 results: €0.12 loss per share (down from €0.062 profit in 2Q 2024). Revenue: €120.1m (up 15% from 2Q 2024). Net loss: €5.60m (down 291% from profit in 2Q 2024). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 15% per year. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €13.90, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 18x in the Professional Services industry in Europe. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €14.24 per share. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €12.38, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 17x in the Professional Services industry in Europe. Total loss to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €13.22 per share. Upcoming Dividend • May 26
Upcoming dividend of €0.30 per share Eligible shareholders must have bought the stock before 02 June 2025. Payment date: 04 June 2025. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (2.3%). New Risk • May 23
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 53% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.5% average weekly change). Minor Risks High level of debt (53% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • May 16
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: €0.07 loss per share (further deteriorated from €0.06 loss in 1Q 2024). Revenue: €115.5m (up 17% from 1Q 2024). Net loss: €3.15m (loss widened 20% from 1Q 2024). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 40%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • May 05
Now 22% undervalued Over the last 90 days, the stock has risen 22% to €9.65. The fair value is estimated to be €12.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 10%. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Price Target Changed • Apr 16
Price target decreased by 15% to €13.98 Down from €16.38, the current price target is an average from 5 analysts. New target price is 65% above last closing price of €8.47. Stock is down 51% over the past year. The company is forecast to post earnings per share of €0.51 for next year compared to €0.40 last year. New Risk • Apr 14
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 8.2% 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 Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.2% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.0% net profit margin). Major Estimate Revision • Apr 08
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €0.576 to €0.507 per share. Revenue forecast steady at €506.1m. Net income forecast to grow 54% next year vs 25% growth forecast for Professional Services industry in Italy. Consensus price target of €16.15 unchanged from last update. Share price fell 13% to €7.97 over the past week. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €7.64, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Professional Services industry in Europe. Total loss to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.81 per share. Buy Or Sell Opportunity • Mar 26
Now 20% undervalued Over the last 90 days, the stock has risen 17% to €9.18. The fair value is estimated to be €11.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 10%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Declared Dividend • Mar 16
Dividend reduced to €0.30 Dividend of €0.30 is 35% lower than last year. Ex-date: 2nd June 2025 Payment date: 4th June 2025 Dividend yield will be 3.5%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 101% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 14
Tinexta S.p.A. announces Annual dividend, payable on June 04, 2025 Tinexta S.p.A. announced Annual dividend of EUR 0.3000 per share payable on June 04, 2025, ex-date on June 02, 2025 and record date on June 03, 2025. New Risk • Mar 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.0% net profit margin). Reported Earnings • Mar 09
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: €0.40 (down from €0.60 in FY 2023). Revenue: €455.0m (up 15% from FY 2023). Net income: €18.2m (down 33% from FY 2023). Profit margin: 4.0% (down from 6.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Professional Services industry in Italy. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €9.40, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Professional Services industry in Europe. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.80 per share. New Risk • Jan 25
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 7.5% 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 Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.5% average weekly change). Minor Risks Dividend is not well covered by earnings (113% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.3% net profit margin). Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €471.0m to €465.8m. EPS estimate also fell from €0.702 per share to €0.502 per share. Net income forecast to grow 81% next year vs 71% growth forecast for Professional Services industry in Italy. Consensus price target down from €23.92 to €16.88. Share price fell 17% to €7.62 over the past week. New Risk • Nov 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (113% payout ratio). Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.3% net profit margin). Reported Earnings • Nov 10
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €102.7m (up 18% from 3Q 2023). Net loss: €223.0k (down 111% from profit in 3Q 2023). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Professional Services industry in Italy. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €9.15, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Professional Services industry in Italy. Total loss to shareholders of 75% over the past three years. Major Estimate Revision • Aug 12
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €481.5m to €471.0m. EPS estimate also fell from €0.853 per share to €0.667 per share. Net income forecast to grow 78% next year vs 50% growth forecast for Professional Services industry in Italy. Consensus price target down from €26.60 to €23.92. Share price fell 5.6% to €11.28 over the past week. New Risk • Aug 06
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 6.3% 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 High level of debt (54% net debt to equity). Dividend is not well covered by earnings (103% payout ratio). Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.9% net profit margin). New Risk • Aug 05
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.9% Last year net profit margin: 7.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (54% net debt to equity). Dividend is not well covered by earnings (103% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.9% net profit margin). Reported Earnings • Aug 04
Second quarter 2024 earnings released: EPS: €0.058 (vs €0.12 in 2Q 2023) Second quarter 2024 results: EPS: €0.058 (down from €0.12 in 2Q 2023). Net income: €2.64m (down 53% from 2Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Professional Services 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 fallen by 26% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 27
Upcoming dividend of €0.46 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 05 June 2024. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Italian dividend payers (5.3%). In line with average of industry peers (2.2%). Major Estimate Revision • May 21
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €0.866 to €0.745 per share. Revenue forecast steady at €482.2m. Net income forecast to grow 68% next year vs 53% growth forecast for Professional Services industry in Italy. Consensus price target of €26.60 unchanged from last update. Share price fell 2.8% to €18.42 over the past week. Reported Earnings • May 16
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: €0.06 loss per share (down from €0.029 profit in 1Q 2023). Revenue: €98.4m (up 14% from 1Q 2023). Net loss: €2.63m (down 298% from profit in 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Professional Services industry in Italy. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 9% per year. Board Change • Apr 30
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Gabriella Porcelli was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 12
Tinexta S.p.A. (BIT:TNXT) completed the acquisition of Yoroi S.r.l, Swascan S.r.l. and Projects & Solutions Division from Corvallis S.p.A. and others. Tinexta S.p.A. (BIT:TNXT) signed binding agreement to acquire majority stake in Yoroi S.r.l, Swascan S.r.l. and Projects & Solutions Division from Corvallis S.p.A. and others for €47.8 million on October 12, 2020. As per the transaction, Tinexta S.p.A. will acquire majority stake of Projects & Solutions Division from Corvallis S.p.A. The closing of the transaction is expected in early 2021, with the exception of the acquisition of the majority of Swascan, which should be finalized in 2020. As of October 20, 2020, Tinexta completed the acquisition of 51% stake in Swascan for €4.2 million. Out of €4.2 million Tinexta paid €2.1 million and remaining will be after the approval of Swascan's 2020 financial results. As of January 22, 2021, Tinexta completed the acquisition of 70% stake in Projects & Solutions Division from Corvallis S.p.A for €25 million. The price for the 70% stake which is equal to €25 million disbursed plus an earnout that will eventually be paid after the approval of 2020 financial statements if the conditions will be met.
Tinexta S.p.A. (BIT:TNXT) completed the acquisition of Yoroi S.r.l, Swascan S.r.l. and Projects & Solutions Division from Corvallis S.p.A. and others on April 11, 2024. Reported Earnings • Mar 10
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: €0.60 (down from €0.66 in FY 2022). Revenue: €395.8m (up 11% from FY 2022). Net income: €27.4m (down 9.3% from FY 2022). Profit margin: 6.9% (down from 8.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Professional Services industry in Italy. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 7% per year. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €20.20, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 10x in the Professional Services industry in Italy. Total loss to shareholders of 2.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €34.27 per share. Buying Opportunity • Sep 05
Now 20% undervalued Over the last 90 days, the stock is up 3.4%. The fair value is estimated to be €22.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 4.2%. Revenue is forecast to grow by 30% in 2 years. Earnings is forecast to grow by 83% in the next 2 years. Major Estimate Revision • Jul 23
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €1.41 to €1.57. Revenue forecast unchanged at €403.2m. Net income forecast to grow 103% next year vs 51% growth forecast for Professional Services industry in Italy. Consensus price target of €25.66 unchanged from last update. Share price fell 3.1% to €16.38 over the past week. Upcoming Dividend • May 29
Upcoming dividend of €0.51 per share at 2.9% yield Eligible shareholders must have bought the stock before 05 June 2023. Payment date: 07 June 2023. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Italian dividend payers (5.3%). In line with average of industry peers (2.8%). Price Target Changed • May 23
Price target decreased by 9.1% to €25.66 Down from €28.22, the current price target is an average from 6 analysts. New target price is 40% above last closing price of €18.28. Stock is down 18% over the past year. The company is forecast to post earnings per share of €1.44 for next year compared to €0.66 last year. Price Target Changed • May 12
Price target decreased by 9.1% to €25.66 Down from €28.22, the current price target is an average from 5 analysts. New target price is 41% above last closing price of €18.18. Stock is down 18% over the past year. The company is forecast to post earnings per share of €1.39 for next year compared to €0.66 last year. Price Target Changed • Apr 26
Price target decreased by 8.5% to €28.22 Down from €30.85, the current price target is an average from 4 analysts. New target price is 54% above last closing price of €18.34. Stock is down 21% over the past year. The company is forecast to post earnings per share of €1.22 for next year compared to €0.66 last year. Major Estimate Revision • Mar 17
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €1.08 to €1.20. Revenue forecast steady at €409.1m. Net income forecast to grow 81% next year vs 54% growth forecast for Professional Services industry in Italy. Consensus price target down from €30.85 to €29.53. Share price fell 9.1% to €20.10 over the past week. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: €0.71 (vs €0.83 in FY 2021) Full year 2022 results: EPS: €0.71 (down from €0.83 in FY 2021). Revenue: €357.2m (down 4.8% from FY 2021). Net income: €32.6m (down 15% from FY 2021). Profit margin: 9.1% (down from 10% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Professional Services industry in Italy. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Nov 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.4%. The fair value is estimated to be €28.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 7.7% in 2 years. Earnings is forecast to grow by 37% in the next 2 years. Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: Net income: (down €4.09m from profit in 3Q 2021). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Professional Services 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 27% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 12
Third quarter 2022 earnings released Third quarter 2022 results: Net income: (down €7.12m from profit in 3Q 2021). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Professional Services industry in Italy. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Oct 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €26.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 9.4%. Revenue is forecast to grow by 7.6% in 2 years. Earnings is forecast to grow by 35% in the next 2 years.