Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €10.00, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Consumer Durables industry in Italy. Total loss to shareholders of 25% over the past three years. New Risk • Jan 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 6.0% 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). 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 (6.0% average weekly change). Profit margins are more than 30% lower than last year (4.1% net profit margin). Market cap is less than US$100m (€43.0m market cap, or US$44.9m). Major Estimate Revision • Sep 26
Consensus EPS estimates fall by 31% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €0.72 to €0.50 per share. Revenue forecast steady at €83.1m. Net income forecast to shrink 33% next year vs 37% growth forecast for Consumer Durables industry in Italy . Consensus price target down from €16.23 to €15.73. Share price was steady at €8.26 over the past week. Upcoming Dividend • Apr 29
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 06 May 2024. Payment date: 08 May 2024. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Italian dividend payers (5.7%). Higher than average of industry peers (2.8%). Reported Earnings • Apr 12
Full year 2023 earnings released Full year 2023 results: Revenue: €92.1m (up 9.7% from FY 2022). Net income: €3.71m (down 64% from FY 2022). Profit margin: 4.0% (down from 12% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Consumer Durables industry in Italy. New Risk • Apr 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 5.7% per year for the foreseeable future. High level of non-cash earnings (32% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (7.0% net profit margin). Market cap is less than US$100m (€50.2m market cap, or US$54.4m). Price Target Changed • Mar 27
Price target decreased by 13% to €16.23 Down from €18.61, the current price target is an average from 2 analysts. New target price is 61% above last closing price of €10.05. Stock is down 23% over the past year. The company is forecast to post earnings per share of €1.05 for next year compared to €2.06 last year. New Risk • Mar 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.7% 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 Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 5.7% per year for the foreseeable future. High level of non-cash earnings (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (7.0% net profit margin). Market cap is less than US$100m (€50.2m market cap, or US$54.2m). Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €13.40, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Consumer Durables industry in Italy. Total returns to shareholders of 167% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.01 per share. Announcement • Sep 27
Gibus S.p.A. (BIT:GBUS) commences an Equity Buyback for 988,301 shares, representing 19.73% of its issued share capital, under the authorization approved on April 27, 2023. Gibus S.p.A. (BIT:GBUS) commences share repurchases on September 18, 2023, under the program mandated by the shareholders in ordinary shareholders' meeting held on April 27, 2023. As per the mandate, the company is authorized to repurchase up to 988,301 shares, representing 19.73% of its share capital for €1.3 million worth of its shares. The repurchases will be made such that the holding of company's shares do not exceed 20% of the share capital. The purchases may be made at a minimum price of not less than 20% and at a price maximum not exceeding 20% of the reference price that the security will have recorded by Borsa Italiana SpA in the session preceding the completion of each individual transaction, no shares may be purchased at a price higher than the higher of the price of the last independent transaction and the price of the current independent purchase offer plus elevated in the trading venue where the purchase is made. The program will be valid for 18 months. As of April 27, 2023, the company had 5,008,204 outstanding shares and 16,675 treasury shares. Reported Earnings • Sep 23
First half 2023 earnings released: EPS: €0.65 (vs €1.47 in 1H 2022) First half 2023 results: EPS: €0.65 (down from €1.47 in 1H 2022). Revenue: €50.7m (up 11% from 1H 2022). Net income: €3.26m (down 56% from 1H 2022). Profit margin: 6.4% (down from 16% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.9% 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 22% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €10.45, the stock trades at a trailing P/E ratio of 5.1x. Average forward P/E is 11x in the Consumer Durables industry in Italy. Total returns to shareholders of 143% over the past three years. New Risk • Jul 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). High level of non-cash earnings (21% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (12% net profit margin). Market cap is less than US$100m (€66.6m market cap, or US$74.9m). Reported Earnings • Jul 14
Full year 2022 earnings released Full year 2022 results: Revenue: €84.4m (up 16% from FY 2021). Net income: €10.3m (down 26% from FY 2021). Profit margin: 12% (down from 19% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Consumer Durables industry in Italy. Upcoming Dividend • Apr 25
Upcoming dividend of €0.50 per share at 3.7% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 04 May 2023. Trailing yield: 3.7%. Lower than top quartile of Italian dividend payers (5.1%). Higher than average of industry peers (2.0%). Price Target Changed • Apr 21
Price target decreased by 13% to €22.74 Down from €26.13, the current price target is provided by 1 analyst. New target price is 70% above last closing price of €13.40. Stock is down 14% over the past year. The company posted earnings per share of €2.80 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. 1 independent director (4 non-independent directors). MD & Executive Director Lucia Danieli was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 03
First half 2022 earnings released: EPS: €0 (vs €1.23 in 1H 2021) First half 2022 results: EPS: €0. Revenue: €45.7m (up 28% from 1H 2021). Net income: €7.35m (up 19% from 1H 2021). Profit margin: 16% (down from 17% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Consumer Durables industry in Italy. Price Target Changed • Sep 22
Price target decreased to €21.37 Down from €26.13, the current price target is provided by 1 analyst. New target price is 60% above last closing price of €13.35. Stock is down 25% over the past year. The company posted earnings per share of €2.80 last year. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 15% share price gain to €15.30, the stock trades at a trailing P/E ratio of 5.5x. Average forward P/E is 10x in the Consumer Durables industry in Italy. Total returns to shareholders of 199% over the past three years. Price Target Changed • Apr 27
Price target increased to €26.13 Up from €21.17, the current price target is provided by 1 analyst. New target price is 62% above last closing price of €16.15. Stock is up 20% over the past year. The company posted earnings per share of €2.80 last year. Upcoming Dividend • Apr 27
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 02 May 2022. Payment date: 04 May 2022. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Italian dividend payers (4.6%). Higher than average of industry peers (2.7%). Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. 1 independent director (4 non-independent directors). MD & Executive Director Lucia Danieli was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 17
Full year 2021 earnings released: EPS: €2.80 (vs €1.08 in FY 2020) Full year 2021 results: EPS: €2.80 (up from €1.08 in FY 2020). Revenue: €72.7m (up 61% from FY 2020). Net income: €14.0m (up 158% from FY 2020). Profit margin: 19% (up from 12% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.0%, compared to a 11% growth forecast for the industry in Italy. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 15% share price gain to €13.70, the stock trades at a trailing P/E ratio of 6.8x. Average forward P/E is 8x in the Consumer Durables industry in Italy. Total returns to shareholders of 104% over the past year. Reported Earnings • Sep 22
First half 2021 earnings released: EPS €1.23 (vs €0.31 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €35.8m (up 100% from 1H 2020). Net income: €6.18m (up 304% from 1H 2020). Profit margin: 17% (up from 8.5% in 1H 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 19% share price gain to €16.20, the stock trades at a trailing P/E ratio of 15x. Average forward P/E is 14x in the Consumer Durables industry in Italy. Total returns to shareholders of 262% over the past year. Upcoming Dividend • Apr 27
Upcoming dividend of €0.54 per share Eligible shareholders must have bought the stock before 03 May 2021. Payment date: 05 May 2021. Trailing yield: 4.0%. Within top quartile of Italian dividend payers (3.9%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improved over the past week After last week's 20% share price gain to €14.00, the stock trades at a trailing P/E ratio of 30.9x. Average forward P/E is 15x in the Consumer Durables industry in Italy. Total returns to shareholders of 309% over the past year. Reported Earnings • Mar 28
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €45.1m (up 10% from FY 2019). Net income: €4.91m (up 79% from FY 2019). Profit margin: 11% (up from 6.7% in FY 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 18% share price gain to €8.25, the stock trades at a trailing P/E ratio of 18.2x. Average forward P/E is 13x in the Consumer Durables industry in Italy. Total returns to shareholders of 140% over the past year. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 16% share price gain to €7.15, the stock is trading at a trailing P/E ratio of 15.8x, up from the previous P/E ratio of 13.6x. This compares to an average P/E of 15x in the Consumer Durables industry in Italy. Total returns to shareholders over the past year are 29%. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment deteriorated over the past week After last week's 21% share price decline to €5.70, the stock is trading at a trailing P/E ratio of 12.6x, down from the previous P/E ratio of 15.9x. This compares to an average P/E of 13x in the Consumer Durables industry in Italy. Total return to shareholders over the past year is a loss of 2.3%. Valuation Update With 7 Day Price Move • Dec 10
Market bids up stock over the past week After last week's 33% share price gain to €7.20, the stock is trading at a trailing P/E ratio of 15.9x, up from the previous P/E ratio of 11.9x. This compares to an average P/E of 14x in the Consumer Durables industry in Italy. Total returns to shareholders over the past year are 22%. Is New 90 Day High Low • Dec 08
New 90-day high: €5.50 The company is up 21% from its price of €4.54 on 09 September 2020. The Italian market is up 11% 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. Is New 90 Day High Low • Nov 20
New 90-day high: €5.35 The company is up 11% from its price of €4.80 on 21 August 2020. The Italian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 1.0% over the same period. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 19% share price gain to €5.35, the stock is trading at a trailing P/E ratio of 11.8x, up from the previous P/E ratio of 9.9x. This compares to an average P/E of 17x in the Consumer Durables industry in Italy. Total return to shareholders over the past year is a loss of 6.1%. Is New 90 Day High Low • Oct 21
New 90-day low: €4.40 The company is down 11% from its price of €4.96 on 23 July 2020. The Italian market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 19% over the same period. Reported Earnings • Sep 19
First half earnings released Over the last 12 months the company has reported total profits of €2.27m, down 16% from the prior year. Total revenue was €37.2m over the last 12 months, largely unchanged from the prior year.