Buy Or Sell Opportunity • Mar 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.1% to €1.32. The fair value is estimated to be €1.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Mar 20
Aquafil S.p.A., Annual General Meeting, Apr 28, 2026 Aquafil S.p.A., Annual General Meeting, Apr 28, 2026, at 14:00 W. Europe Standard Time. Reported Earnings • Mar 15
Full year 2025 earnings released Full year 2025 results: Revenue: €534.3m (down 1.7% from FY 2024). Net loss: €4.69m (loss narrowed 71% from FY 2024). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 37% per year, which means it has not declined as severely as earnings. New Risk • Mar 13
New major risk - Revenue and earnings growth Earnings have declined by 48% 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 48% per year over the past 5 years. Buy Or Sell Opportunity • Mar 03
Now 21% undervalued Over the last 90 days, the stock has risen 2.6% to €1.40. The fair value is estimated to be €1.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Nov 27
Price target decreased by 12% to €1.85 Down from €2.10, the current price target is an average from 2 analysts. New target price is 31% above last closing price of €1.41. Stock is up 16% over the past year. The company is forecast to post earnings per share of €0.035 next year compared to a net loss per share of €0.30 last year. Reported Earnings • Nov 17
Third quarter 2025 earnings released Third quarter 2025 results: €0.021 loss per share. Revenue: €123.6m (down 5.8% from 3Q 2024). Net loss: €1.80m (loss narrowed 32% from 3Q 2024). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Luxury industry in Italy. Reported Earnings • Aug 31
First half 2025 earnings released: EPS: €0.025 (vs €0.12 loss in 1H 2024) First half 2025 results: EPS: €0.025 (up from €0.12 loss in 1H 2024). Revenue: €282.0m (down 3.2% from 1H 2024). Net income: €2.22m (up €8.36m from 1H 2024). Profit margin: 0.8% (up from net loss in 1H 2024). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 39 percentage points per year, which is a significant difference in performance. Announcement • Mar 25
Aquafil Breaks New Ground in Textile Recycling by Chemically Separating Elastic Fibers from Nylon After more than ten years of relentless research and innovation, Aquafil has unveiled a breakthrough in textile recycling: the world’s first demonstration plant capable of chemically separating elastic fibers from nylon. This pioneering technology tackles one of the textile industry’s most complex challenges, opening the door to new possibilities in recycling and circularity, confirming Aquafil’s role at the forefront of responsible innovation. Now, with the launch of this pilot plant, lab successes have translated into real-world application: for the first time ever, elastic fibers can be effectively separated from nylon in blended fabrics. This is a game-changer for recycling notoriously difficult textile waste—particularly from sportswear and swimwear—where different fibers are tightly bound and nearly impossible to recover. For years, these composite textiles have been destined for landfills, despite containing valuable material that could be recycled. Aquafil’s breakthrough process has solved this challenge. By overcoming the fiber separation barrier, the company can now unlock the potential of materials that were once discarded. The next step? Refining and scaling the process to an industrial level in order to process impactful volumes of material. To support this, Aquafil has built a network of strategic partners to secure a steady supply of post-use materials and ensure the development of a robust, efficient recycling supply chain. The nylon recovered through this process will be regenerated at the ECONYL® plant, transforming waste into high-quality regenerated nylon ready for new textile applications—significantly reducing reliance on virgin resources and lowering the environmental footprint of the textile sector. Reported Earnings • Mar 20
Full year 2024 earnings released Full year 2024 results: Revenue: €551.0m (down 3.6% from FY 2023). Net loss: €16.3m (loss narrowed 37% from FY 2023). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Price Target Changed • Jan 23
Price target decreased by 23% to €3.30 Down from €4.30, the current price target is an average from 2 analysts. New target price is 137% above last closing price of €1.39. Stock is down 57% over the past year. The company is forecast to post a net loss per share of €0.24 next year compared to a net loss per share of €0.51 last year. New Risk • Dec 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 73% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.1x net interest cover). Share price has been highly volatile over the past 3 months (8.1% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 167% Cash payout ratio: 93% Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Reported Earnings • Oct 29
Third quarter 2024 earnings released Third quarter 2024 results: €0.053 loss per share. Revenue: €131.3m (down 1.4% from 3Q 2023). Net loss: €2.65m (loss narrowed 80% from 3Q 2023). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Luxury industry in Italy. New Risk • Oct 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €87.9m (US$96.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (167% payout ratio). Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (€87.9m market cap, or US$96.1m). Announcement • Sep 19
Aquafil S.p.A. to Report Q3, 2024 Results on Oct 28, 2024 Aquafil S.p.A. announced that they will report Q3, 2024 results on Oct 28, 2024 New Risk • Aug 30
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 3.1% 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: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (167% payout ratio). Share price has been volatile over the past 3 months (3.1% average weekly change). Reported Earnings • Aug 30
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €142.3m (down 2.9% from 2Q 2023). Net loss: €3.03m (loss narrowed 59% from 2Q 2023). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: €0.51 loss per share (down from €0.57 profit in FY 2022). Revenue: €571.7m (down 18% from FY 2022). Net loss: €25.8m (down 189% from profit in FY 2022). Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 8.7%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 18
Full year 2023 earnings released Full year 2023 results: Revenue: €580.7m (down 15% from FY 2022). Net loss: €25.8m (down 189% from profit in FY 2022). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 16% per year. Major Estimate Revision • Mar 17
Consensus EPS estimates fall by 240% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€0.032 to -€0.11 per share. Revenue forecast unchanged at €606.5m. Luxury industry in Italy expected to see average net income growth of 23% next year. Consensus price target up from €4.30 to €4.45. Share price fell 3.6% to €3.08 over the past week. Major Estimate Revision • Dec 07
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €605.8m to €594.4m. Losses expected to increase from €0.37 per share to €0.47. Luxury industry in Italy expected to see average net income growth of 19% next year. Consensus price target of €4.30 unchanged from last update. Share price was steady at €2.93 over the past week. Major Estimate Revision • Nov 23
Consensus EPS estimates fall by 58% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -€0.233 to -€0.369 per share. Revenue forecast unchanged at €605.8m. Luxury industry in Italy expected to see average net income growth of 19% next year. Consensus price target down from €5.15 to €4.30. Share price was steady at €2.78 over the past week. Reported Earnings • Nov 13
Third quarter 2023 earnings released Third quarter 2023 results: €0.26 loss per share. Revenue: €133.1m (down 28% from 3Q 2022). Net loss: €12.9m (down 253% from profit in 3Q 2022). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 14% per year and the company’s share price has also fallen by 14% per year. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €2.60, the stock trades at a forward P/E ratio of 1269x. Average forward P/E is 19x in the Luxury industry in Italy. Total loss to shareholders of 23% over the past three years. New Risk • Oct 26
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 7.2% 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 Interest payments are not well covered by earnings (2.5x net interest cover). Share price has been highly volatile over the past 3 months (7.2% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 167% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Reported Earnings • Sep 01
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €146.5m (down 18% from 2Q 2022). Net loss: €7.43m (down 187% from profit in 2Q 2022). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Aug 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 17% 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 Risks Debt is not well covered by operating cash flow (1.5% operating cash flow to total debt). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.9% average weekly change). Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 50% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €701.1m to €647.1m. EPS estimate also fell from €0.331 per share to €0.165 per share. Net income forecast to shrink 56% next year vs 40% growth forecast for Luxury industry in Italy . Consensus price target down from €8.70 to €5.80. Share price fell 10.0% to €3.30 over the past week. Price Target Changed • Aug 07
Price target decreased by 32% to €5.80 Down from €8.50, the current price target is provided by 1 analyst. New target price is 70% above last closing price of €3.42. Stock is down 45% over the past year. The company is forecast to post earnings per share of €0.33 for next year compared to €0.57 last year. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: EPS: €0.066. Revenue: €169.5m (down 1.6% from 1Q 2022). Net income: €3.29m (down 64% from 1Q 2022). Profit margin: 1.9% (down from 5.3% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Luxury industry in Italy. Upcoming Dividend • May 01
Upcoming dividend of €0.24 per share at 4.8% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 10 May 2023. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 4.8%. Lower than top quartile of Italian dividend payers (5.1%). Higher than average of industry peers (1.6%). Reported Earnings • Mar 18
Full year 2022 earnings released Full year 2022 results: Revenue: €696.9m (up 22% from FY 2021). Net income: €29.2m (up 173% from FY 2021). Profit margin: 4.2% (up from 1.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Luxury industry in Italy. Buying Opportunity • Jan 02
Now 21% undervalued Over the last 90 days, the stock is up 9.0%. The fair value is estimated to be €7.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to grow by 4.8% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Buying Opportunity • Dec 16
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be €7.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to grow by 4.8% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Ilaria Maria Riva was the last independent 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 • Nov 13
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.17. Revenue: €185.0m (up 27% from 3Q 2021). Net income: €8.46m (up 58% from 3Q 2021). Profit margin: 4.6% (up from 3.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Luxury 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 remained flat, which means it is significantly lagging earnings. Reported Earnings • Sep 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €181.1m (up 26% from 2Q 2021). Net income: €8.55m (up 58% from 2Q 2021). Profit margin: 4.7% (up from 3.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 6.7%, compared to a 13% growth forecast for the Luxury industry in Italy. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 18% share price gain to €6.89, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 23x in the Luxury industry in Italy. Total loss to shareholders of 16% over the past three years. Board Change • May 17
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Ilaria Maria Riva was the last independent 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 • May 15
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: €0.18. Net income: €9.12m (up 161% from 1Q 2021). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) missed analyst estimates by 24%. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 02
Upcoming dividend of €0.12 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. Trailing yield: 2.0%. Lower than top quartile of Italian dividend payers (4.7%). Higher than average of industry peers (1.3%). Buying Opportunity • Apr 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €7.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 8.0% per annum. Earnings is also forecast to grow by 27% per annum over the same time period. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €573.6m (up 31% from FY 2020). Net income: €10.7m (up €10.1m from FY 2020). Profit margin: 1.9% (up from 0.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Over the next year, revenue is forecast to grow 2.9%, compared to a 15% growth forecast for the industry in Italy. Buying Opportunity • Mar 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €8.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.2% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €5.50, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Luxury industry in Italy. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.61 per share. Reported Earnings • Nov 14
Third quarter 2021 earnings released: EPS €0.10 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €146.5m (up 38% from 3Q 2020). Net income: €5.35m (up €6.31m from 3Q 2020). Profit margin: 3.7% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 02
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: €145.9m (up 79% from 2Q 2020). Net income: €5.42m (up €11.4m from 2Q 2020). Profit margin: 3.7% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jul 30
Consensus EPS estimates increase to €0.22 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €501.0m to €523.5m. EPS estimate increased from €0.18 to €0.22 per share. Net income forecast to grow 90,800% next year vs 24% growth forecast for Luxury industry in Italy. Consensus price target of €8.55 unchanged from last update. Share price was steady at €7.48 over the past week. Executive Departure • Jul 13
GM & Executive Director Fabrizio Calenti has left the company On the 30th of June, Fabrizio Calenti's tenure as GM & Executive Director ended. We don't have any record of a personal shareholding under Fabrizio's name. Fabrizio is the only executive to leave the company over the last 12 months. Price Target Changed • May 15
Price target increased to €7.20 Up from €6.50, the current price target is an average from 2 analysts. New target price is 14% above last closing price of €6.29. Stock is up 98% over the past year. Reported Earnings • May 04
Full year 2020 earnings released: EPS €0.012 (vs €0.18 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €438.5m (down 21% from FY 2019). Net income: €596.0k (down 93% from FY 2019). Profit margin: 0.1% (down from 1.6% in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 14
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €446.7m (down 19% from FY 2019). Net income: €595.0k (down 93% from FY 2019). Profit margin: 0.1% (down from 1.6% in FY 2019). Price Target Changed • Feb 20
Price target raised to €6.50 Up from €5.25, the current price target is an average from 2 analysts. The new target price is 17% above the current share price of €5.57. As of last close, the stock is down 0.2% over the past year. Is New 90 Day High Low • Feb 12
New 90-day high: €5.18 The company is up 43% from its price of €3.63 on 13 November 2020. The Italian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.69 per share.