BIT:BEC

Stock Analysis Report

Executive Summary

B&C Speakers S.p.A. manufactures and sells electro-acoustic transducer.

Snowflake

Fundamentals

Solid track record with adequate balance sheet and pays a dividend.

Share Price & News

How has B&C Speakers's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BEC has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.4%

BEC

4.5%

IT Consumer Durables

0.6%

IT Market


1 Year Return

7.7%

BEC

-16.2%

IT Consumer Durables

19.4%

IT Market

Return vs Industry: BEC exceeded the Italian Consumer Durables industry which returned -16.2% over the past year.

Return vs Market: BEC underperformed the Italian Market which returned 19.4% over the past year.


Shareholder returns

BECIndustryMarket
7 Day2.4%4.5%0.6%
30 Day2.9%5.0%5.0%
90 Day15.6%3.2%11.5%
1 Year12.4%7.7%-14.4%-16.2%24.9%19.4%
3 Year95.9%67.7%3.9%-4.8%43.6%23.2%
5 Year189.6%127.0%32.9%16.2%24.5%-23.7%

Price Volatility Vs. Market

How volatile is B&C Speakers's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is B&C Speakers undervalued compared to its fair value and its price relative to the market?

13.66x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BEC (€12.6) is trading above our estimate of fair value (€9.92)

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


Price To Earnings Ratio

PE vs Industry: BEC is good value based on its PE Ratio (13.7x) compared to the Consumer Durables industry average (14.6x).

PE vs Market: BEC is good value based on its PE Ratio (13.7x) compared to the Italian market (18.1x).


Price to Earnings Growth Ratio

PEG Ratio: BEC is poor value based on its PEG Ratio (4.3x)


Price to Book Ratio

PB vs Industry: BEC is overvalued based on its PB Ratio (6.5x) compared to the IT Consumer Durables industry average (2.1x).


Next Steps

Future Growth

How is B&C Speakers forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

3.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BEC's forecast earnings growth (3.2% per year) is above the savings rate (2.9%).

Earnings vs Market: BEC's earnings (3.2% per year) are forecast to grow slower than the Italian market (8.8% per year).

High Growth Earnings: BEC's earnings are forecast to grow, but not significantly.

Revenue vs Market: BEC's revenue (6.6% per year) is forecast to grow faster than the Italian market (3.2% per year).

High Growth Revenue: BEC's revenue (6.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BEC's Return on Equity is forecast to be high in 3 years time (34%)


Next Steps

Past Performance

How has B&C Speakers performed over the past 5 years?

16.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BEC has a high level of non-cash earnings.

Growing Profit Margin: BEC's current net profit margins (18.5%) are higher than last year (13.9%).


Past Earnings Growth Analysis

Earnings Trend: BEC's earnings have grown by 16.8% per year over the past 5 years.

Accelerating Growth: BEC's earnings growth over the past year (51.9%) exceeds its 5-year average (16.8% per year).

Earnings vs Industry: BEC earnings growth over the past year (51.9%) exceeded the Consumer Durables industry 2.1%.


Return on Equity

High ROE: BEC's Return on Equity (47.7%) is considered outstanding.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is B&C Speakers's financial position?


Financial Position Analysis

Short Term Liabilities: BEC's short term assets (€41.3M) exceeds its short term liabilities (€17.7M)

Long Term Liabilities: BEC's short term assets (€41.3M) exceeds its long term liabilities (14.0M)


Debt to Equity History and Analysis

Debt Level: BEC's debt to equity ratio (81.1%) is considered high.

Reducing Debt: BEC's debt to equity ratio has increased from 18.5% to 81.1% over the past 5 years.

Debt Coverage: BEC's debt is well covered by operating cash flow (42.2%).

Interest Coverage: BEC's interest payments on its debt are well covered by EBIT (118.1x coverage).


Balance Sheet

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

Debt Coverage by Assets: BEC's debt is covered by short term assets (assets are 2.4x debt).


Next Steps

Dividend

What is B&C Speakers's current dividend yield, its reliability and sustainability?

3.97%

Current Dividend Yield


Dividend Yield vs Market

company4.0%marketbottom25%2.0%markettop25%4.4%industryaverage2.4%forecastin3Years4.6%

Current dividend yield vs market & industry

Notable Dividend: BEC's dividend (3.97%) is higher than the bottom 25% of dividend payers in the Italian market (2.02%).

High Dividend: BEC's dividend (3.97%) is low compared to the top 25% of dividend payers in the Italian market (4.36%).


Stability and Growth of Payments

Stable Dividend: BEC's dividend payments have been volatile in the past 10 years.

Growing Dividend: BEC's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (54.2%), BEC's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BEC's dividends in 3 years are forecast to be covered by earnings (63% payout ratio).


Next Steps

Management

What is the CEO of B&C Speakers's salary, the management and board of directors tenure and is there insider trading?

5.4yrs

Average board tenure


CEO

Lorenzo Coppini 0

12.8yrs

Tenure

€230,000

Compensation

Mr. Lorenzo Coppini has been Chief Executive Officer since 2007 and serves as President of B&C Speakers S.p.A. and served as its Chairman of the Board since April 29, 2013 until June 30, 2014. Mr. Coppini  ...


CEO Compensation Analysis

Compensation vs Market: Lorenzo's total compensation ($USD0.00) is about average for companies of similar size in the Italian market ($USD0.00).

Compensation vs Earnings: Lorenzo's compensation has been consistent with company performance over the past year.


Board Age and Tenure

5.4yrs

Average Tenure

Experienced Board: BEC's board of directors are considered experienced (5.4 years average tenure).


Insider Trading

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


Recent Insider Transactions

Sell€11,20014 Dec 18
Banca Mediolanum S.p.A.
EntityCompany
Shares1,000
Max Price€11.20
Sell€12,22710 Dec 18
Banca Mediolanum S.p.A.
EntityCompany
Shares1,082
Max Price€11.30

Ownership Breakdown

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


Management Team

  • Alessandro Pancani

    CTO, R&D Executive Officer and Director

    • Tenure: 0yrs
    • Compensation: €239.00k
  • Claudia Stortini

    Head of Business Development & Communication

    • Tenure: 0yrs
  • Roberto Magalotti

    Head of Research & Development

    • Tenure: 0yrs
  • Vincenzo Iorio

    Accountant

    • Tenure: 0yrs
  • Lorenzo Coppini

    CEO, President & Director

    • Tenure: 12.8yrs
    • Compensation: €230.00k
  • Alfonso Carrino

    President of North America B&C Speakers

    • Tenure: 0yrs
  • Simone Pratesi

    CFO, Director of Investor Relations & Director

    • Tenure: 0yrs
    • Compensation: €212.00k
  • Ron Tizzard

    Director of Sales

    • Tenure: 12.1yrs
  • Francesco Spapperi

    Controller & Director

    • Tenure: 0yrs
    • Compensation: €10.00k

Board Members

  • Alessandro Pancani

    CTO, R&D Executive Officer and Director

    • Tenure: 0yrs
    • Compensation: €239.00k
  • Lorenzo Coppini

    CEO, President & Director

    • Tenure: 12.8yrs
    • Compensation: €230.00k
  • Simone Pratesi

    CFO, Director of Investor Relations & Director

    • Tenure: 0yrs
    • Compensation: €212.00k
  • Francesco Spapperi

    Controller & Director

    • Tenure: 0yrs
    • Compensation: €10.00k
  • Roberta Pecci

    Independent Director

    • Tenure: 9.6yrs
    • Compensation: €10.00k
  • Patrizia Mantoan

    Independent Director

    • Tenure: 0yrs
    • Compensation: €10.00k
  • Gianni Luzi

    Chairperson

    • Tenure: 5.4yrs
    • Compensation: €15.00k
  • Gabriella Egidi

    Independent Director

    • Tenure: 0yrs
    • Compensation: €10.00k
  • Sara Nuzzaci

    Chairperson of Board of Statutory Auditors

    • Tenure: 0yrs
    • Compensation: €12.00k
  • Raffaele Cappiello

    Independent Director

    • Tenure: 1.6yrs

Company Information

B&C Speakers S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: B&C Speakers S.p.A.
  • Ticker: BEC
  • Exchange: BIT
  • Founded: 1945
  • Industry: Consumer Electronics
  • Sector: Consumer Durables
  • Market Cap: €138.249m
  • Shares outstanding: 10.97m
  • Website: https://www.bcspeakers.com

Number of Employees


Location

  • B&C Speakers S.p.A.
  • Via Poggiomoro, 1
  • Loc. Vallina
  • Bagno a Ripoli
  • Florence
  • 50012
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BECBIT (Borsa Italiana)YesCommon StockITEURJul 2007
37BDB (Deutsche Boerse AG)YesCommon StockDEEURJul 2007
0OM7LSE (London Stock Exchange)YesCommon StockGBEURJul 2007
BECMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURJul 2007

Biography

B&C Speakers S.p.A. manufactures and sells electro-acoustic transducer. It offers high frequency drivers and horns, coaxial components, and cone drivers, as well as LF and HF drivers, tweeters, and line ar ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/17 21:02
End of Day Share Price2019/11/15 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.