Buy Or Sell Opportunity • May 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to €11.50. The fair value is estimated to be €14.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has declined by 2.7%. For the next 3 years, revenue is forecast to grow by 3.3% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Upcoming Dividend • Apr 27
Upcoming dividend of €0.70 per share Eligible shareholders must have bought the stock before 04 May 2026. Payment date: 06 May 2026. Payout ratio is on the higher end at 75%, however this is supported by cash flows. Trailing yield: 5.7%. Within top quartile of Italian dividend payers (4.6%). Higher than average of industry peers (3.8%). Buy Or Sell Opportunity • Mar 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to €11.75. The fair value is estimated to be €14.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 7.3% per annum over the same time period. Declared Dividend • Mar 22
Dividend reduced to €0.70 Dividend of €0.70 is 30% lower than last year. Ex-date: 4th May 2026 Payment date: 6th May 2026 Dividend yield will be 5.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) nor is it covered by cash flows (117% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.5% to bring the payout ratio under control. EPS is expected to grow by 24% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Price Target Changed • Mar 20
Price target decreased by 11% to €17.00 Down from €19.00, the current price target is provided by 1 analyst. New target price is 43% above last closing price of €11.85. Stock is down 21% over the past year. The company is forecast to post earnings per share of €1.11 for next year compared to €1.62 last year. Announcement • Mar 20
B&C Speakers S.p.A. announces Annual dividend, payable on May 06, 2026 B&C Speakers S.p.A. announced Annual dividend of EUR 0.7000 per share payable on May 06, 2026, ex-date on May 04, 2026 and record date on May 05, 2026. New Risk • Sep 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 117% Dividend yield: 6.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 117% Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • Sep 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €24.8m (down 9.3% from 2Q 2024). Net income: €1.97m (down 77% from 2Q 2024). Profit margin: 7.9% (down from 31% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 11
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to €19.00. The fair value is estimated to be €15.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to decline by 9.2% in the next 2 years. New Risk • Aug 28
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 5.8% 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 Dividend is not well covered by cash flows (105% cash payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). Buy Or Sell Opportunity • Aug 27
Now 33% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to €21.00. The fair value is estimated to be €15.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to decline by 9.2% in the next 2 years. New Risk • May 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • May 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.5% to €14.60. 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 26% over the last 3 years. Earnings per share has grown by 37%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 0.3% per annum over the same time period. Upcoming Dividend • Apr 28
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 05 May 2025. Payment date: 07 May 2025. Trailing yield: 4.7%. Lower than top quartile of Italian dividend payers (5.7%). In line with average of industry peers (4.7%). Buy Or Sell Opportunity • Apr 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €14.10. The fair value is estimated to be €18.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 37%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 0.3% per annum over the same time period. Declared Dividend • Mar 23
Dividend increased to €1.00 Dividend of €1.00 is 43% higher than last year. Ex-date: 5th May 2025 Payment date: 7th May 2025 Dividend yield will be 6.7%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 8.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 1.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 21
B&C Speakers S.p.A. announces Annual dividend, payable on May 07, 2025 B&C Speakers S.p.A. announced Annual dividend of EUR 1.0000 per share payable on May 07, 2025, ex-date on May 05, 2025 and record date on May 06, 2025. Major Estimate Revision • Dec 04
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €1.50 to €1.32 per share. Revenue forecast steady at €101.2m. Net income forecast to shrink 17% next year vs 15% growth forecast for Consumer Durables industry in Italy . Consensus price target of €19.16 unchanged from last update. Share price rose 9.2% to €16.70 over the past week. Buy Or Sell Opportunity • Nov 27
Now 21% undervalued Over the last 90 days, the stock has risen 4.1% to €15.30. The fair value is estimated to be €19.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 37%. For the next 3 years, revenue is forecast to grow by 6.2% per annum. Earnings are also forecast to grow by 1.0% per annum over the same time period. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: €0.37 (vs €0.32 in 3Q 2023) Third quarter 2024 results: EPS: €0.37 (up from €0.32 in 3Q 2023). Revenue: €25.4m (up 12% from 3Q 2023). Net income: €4.06m (up 14% from 3Q 2023). Profit margin: 16% (in line with 3Q 2023). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.6% to €15.15. The fair value is estimated to be €19.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 1.7% per annum over the same time period. Price Target Changed • Sep 19
Price target decreased by 8.2% to €19.46 Down from €21.20, the current price target is an average from 2 analysts. New target price is 29% above last closing price of €15.10. Stock is down 4.1% over the past year. The company is forecast to post earnings per share of €1.52 for next year compared to €1.27 last year. Reported Earnings • Sep 11
Second quarter 2024 earnings released: EPS: €0.77 (vs €0.38 in 2Q 2023) Second quarter 2024 results: EPS: €0.77 (up from €0.38 in 2Q 2023). Revenue: €27.4m (up 13% from 2Q 2023). Net income: €8.47m (up 109% from 2Q 2023). Profit margin: 31% (up from 17% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Board Change • Jul 12
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. 4 non-independent directors. Independent Director Valerie Sun was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: €0.30 (vs €0.37 in 1Q 2023) First quarter 2024 results: EPS: €0.30 (down from €0.37 in 1Q 2023). Revenue: €23.9m (down 1.5% from 1Q 2023). Net income: €3.26m (down 20% from 1Q 2023). Profit margin: 14% (down from 17% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 24
Dividend increased to €0.70 Dividend of €0.70 is 17% higher than last year. Ex-date: 6th May 2024 Payment date: 8th May 2024 Dividend yield will be 4.0%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (55% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: €1.28 (vs €1.13 in FY 2022) Full year 2023 results: EPS: €1.28 (up from €1.13 in FY 2022). Revenue: €94.0m (up 14% from FY 2022). Net income: €14.0m (up 14% from FY 2022). Profit margin: 15% (in line with FY 2022). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: €0.32 (vs €0.44 in 3Q 2022) Third quarter 2023 results: EPS: €0.32. Revenue: €22.7m (up 9.6% from 3Q 2022). Net income: €3.56m (flat on 3Q 2022). Profit margin: 16% (down from 17% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Durables industry in Italy. Price Target Changed • Sep 19
Price target increased by 16% to €21.18 Up from €18.33, the current price target is provided by 1 analyst. New target price is 32% above last closing price of €16.00. Stock is up 39% over the past year. The company is forecast to post earnings per share of €1.32 for next year compared to €1.13 last year. Reported Earnings • Sep 14
Second quarter 2023 earnings released: EPS: €0.38 (vs €0.20 in 2Q 2022) Second quarter 2023 results: EPS: €0.38 (up from €0.20 in 2Q 2022). Revenue: €24.3m (up 21% from 2Q 2022). Net income: €4.06m (up 83% from 2Q 2022). Profit margin: 17% (up from 11% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Sep 10
B&C Speakers S.p.A. acquired Eminence Speaker LLC from Eminence Holdings, LLC for $3.56 million. B&C Speakers S.p.A. acquired Eminence Speaker LLC from Eminence Holdings, LLC for $3.56 million on September 8, 2023. In the year 2022, Eminence Speaker LLC recorded revenue of $11.9 million and EBITDA of $0.48. KT&Partners served as Financial Advisor, Nelson Mullins Riley, Scarborough LLP and GWA served as legal advisor and Deloitte provided the due diligence provider to B&C SpeakersB&C Speakers S.p.A. completed the acquisition of Eminence Speaker LLC from Eminence Holdings, LLC on September 8, 2023 Reported Earnings • May 18
First quarter 2023 earnings released: EPS: €0.37 (vs €0.20 in 1Q 2022) First quarter 2023 results: EPS: €0.37 (up from €0.20 in 1Q 2022). Revenue: €24.2m (up 41% from 1Q 2022). Net income: €4.05m (up 88% from 1Q 2022). Profit margin: 17% (up from 13% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 01
Upcoming dividend of €0.60 per share at 4.1% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 10 May 2023. Trailing yield: 4.1%. Lower than top quartile of Italian dividend payers (5.1%). Higher than average of industry peers (2.0%). Reported Earnings • Mar 27
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: €1.13 (up from €0.46 in FY 2021). Revenue: €82.1m (up 82% from FY 2021). Net income: €12.2m (up 146% from FY 2021). Profit margin: 15% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €20.7m (up 70% from 3Q 2021). Net income: €3.53m (up 130% from 3Q 2021). Profit margin: 17% (up from 13% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Consumer Durables industry in Italy. Buying Opportunity • Oct 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €14.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Earnings per share has declined by 25%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Major Estimate Revision • Sep 20
Consensus revenue estimates increase by 24% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from €60.7m to €75.4m. EPS estimate increased from €0.67 to €0.97 per share. Net income forecast to grow 53% next year vs 8.1% growth forecast for Consumer Durables industry in Italy. Consensus price target up from €16.54 to €17.19. Share price rose 2.7% to €11.55 over the past week. Price Target Changed • Sep 19
Price target increased to €17.19 Up from €15.50, the current price target is provided by 1 analyst. New target price is 48% above last closing price of €11.60. Stock is up 4.5% over the past year. The company is forecast to post earnings per share of €0.67 for next year compared to €0.46 last year. Reported Earnings • Sep 11
Second quarter 2022 earnings released: EPS: €0.20 (vs €0.13 in 2Q 2021) Second quarter 2022 results: EPS: €0.20 (up from €0.13 in 2Q 2021). Revenue: €20.2m (up 77% from 2Q 2021). Net income: €2.22m (up 51% from 2Q 2021). Profit margin: 11% (down from 13% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: €0.20 (vs €0.05 in 1Q 2021) First quarter 2022 results: EPS: €0.20 (up from €0.05 in 1Q 2021). Revenue: €17.2m (up 110% from 1Q 2021). Net income: €2.16m (up 312% from 1Q 2021). Profit margin: 13% (up from 6.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 14%, compared to a 12% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • May 02
Upcoming dividend of €0.32 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. Trailing yield: 2.4%. Lower than top quartile of Italian dividend payers (4.7%). Lower than average of industry peers (2.7%). Reported Earnings • Sep 15
Second quarter 2021 earnings released: EPS €0.13 (vs €0.046 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €11.4m (up 121% from 2Q 2020). Net income: €1.47m (up 155% from 2Q 2020). Profit margin: 13% (up from 11% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 26
Upcoming dividend of €0.26 per share Eligible shareholders must have bought the stock before 03 May 2021. Payment date: 05 May 2021. Trailing yield: 2.3%. Lower than top quartile of Italian dividend payers (4.0%). Higher than average of industry peers (1.6%). Reported Earnings • Mar 24
Full year 2020 earnings released: EPS €0.18 (vs €0.78 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €32.0m (down 43% from FY 2019). Net income: €1.92m (down 78% from FY 2019). Profit margin: 6.0% (down from 15% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 17% share price gain to €12.10, the stock is trading at a trailing P/E ratio of 39.7x, up from the previous P/E ratio of 34x. This compares to an average P/E of 14x in the Consumer Durables industry in Italy. Total returns to shareholders over the past three years are 19%. Is New 90 Day High Low • Feb 23
New 90-day high: €10.70 The company is up 13% from its price of €9.48 on 25 November 2020. The Italian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Durables industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: €10.50 The company is up 10.0% from its price of €9.56 on 10 September 2020. The Italian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 2.0% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS €0.064 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €7.90m (down 46% from 3Q 2019). Net income: €749.0k (down 71% from 3Q 2019). Profit margin: 9.5% (down from 18% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 4% per year. Is New 90 Day High Low • Nov 11
New 90-day high: €9.68 The company is up 5.0% from its price of €9.18 on 12 August 2020. The Italian market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 2.0% over the same period. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 20% share price gain to €9.38, the stock is trading at a trailing P/E ratio of 19.6x, up from the previous P/E ratio of 16.4x. This compares to an average P/E of 16x in the Consumer Durables industry in Italy. Total return to shareholders over the past three years is a loss of 16%. Is New 90 Day High Low • Oct 13
New 90-day low: €8.82 The company is down 22% from its price of €11.25 on 15 July 2020. The Italian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 20% over the same period.