Buy Or Sell Opportunity • Mar 19
Now 20% undervalued Over the last 90 days, the stock has risen 2.9% to €2.52. The fair value is estimated to be €3.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 22%. Buy Or Sell Opportunity • Mar 03
Now 21% undervalued Over the last 90 days, the stock has risen 7.8% to €2.48. The fair value is estimated to be €3.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 22%. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €2.29, the stock trades at a trailing P/E ratio of 9.5x. Average forward P/E is 11x in the Luxury industry in Italy. Total returns to shareholders of 37% over the past three years. Declared Dividend • Jul 30
Dividend of €0.15 announced Shareholders will receive a dividend of €0.15. Ex-date: 4th August 2025 Payment date: 6th August 2025 Dividend yield will be 5.4%, which is higher than the industry average of 1.8%. Sustainability & Growth The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 67% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 29
Piquadro S.p.A. announces Annual dividend, payable on August 06, 2025 Piquadro S.p.A. announced Annual dividend of EUR 0.1482 per share payable on August 06, 2025, ex-date on August 04, 2025 and record date on August 05, 2025. Buy Or Sell Opportunity • Jul 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to €2.62. The fair value is estimated to be €2.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Jun 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. 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: Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Dec 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €94.9m (US$99.7m) 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€94.9m market cap, or US$99.7m). Reported Earnings • Dec 05
First half 2025 earnings released: EPS: €0.10 (vs €0.086 in 1H 2024) First half 2025 results: EPS: €0.10 (up from €0.086 in 1H 2024). Revenue: €89.1m (flat on 1H 2024). Net income: €4.95m (up 20% from 1H 2024). Profit margin: 5.6% (up from 4.7% in 1H 2024). 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 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 29
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 05 August 2024. Payment date: 07 August 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 6.6%. Within top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (1.9%). Board Change • Jul 29
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 Non-Executive Director Valentina Manfredi 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. Declared Dividend • Jul 12
Dividend increased to €0.15 Dividend of €0.15 is 42% higher than last year. Ex-date: 5th August 2024 Payment date: 7th August 2024 Dividend yield will be 6.9%, which is higher than the industry average of 1.8%. Sustainability & Growth The dividend has increased by an average of 18% 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 decline by 48% to shift the payout ratio to a potentially unsustainable range, which is more than the 20% EPS decline seen over the last 5 years. New Risk • Mar 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €88.8m (US$96.2m) 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 Earnings have declined by 28% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€88.8m market cap, or US$96.2m). New Risk • Oct 12
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 5.3% 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: Major Risk Earnings have declined by 38% per year over the past 5 years. 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 (5.3% average weekly change). Upcoming Dividend • Jul 24
Upcoming dividend of €0.10 per share at 4.2% yield Eligible shareholders must have bought the stock before 31 July 2023. Payment date: 02 August 2023. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (1.7%). Reported Earnings • Jun 14
Full year 2023 earnings released: EPS: €0.13 (vs €0.092 in FY 2022) Full year 2023 results: EPS: €0.13 (up from €0.092 in FY 2022). Revenue: €177.6m (up 16% from FY 2022). Net income: €6.50m (up 46% from FY 2022). Profit margin: 3.7% (up from 2.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 30
First half 2023 earnings released: €0.001 loss per share (vs €0.029 loss in 1H 2022) First half 2023 results: €0.001 loss per share (improved from €0.029 loss in 1H 2022). Revenue: €80.9m (up 26% from 1H 2022). Net loss: €70.0k (loss narrowed 95% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. 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 Non-Executive Director Valentina Manfredi 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. Upcoming Dividend • Jul 25
Upcoming dividend of €0.083 per share Eligible shareholders must have bought the stock before 01 August 2022. Payment date: 03 August 2022. Trailing yield: 3.9%. Lower than top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (1.5%). Reported Earnings • Jun 16
Full year 2022 earnings released: EPS: €0.089 (vs €0.12 loss in FY 2021) Full year 2022 results: EPS: €0.089 (up from €0.12 loss in FY 2021). Revenue: €154.9m (up 34% from FY 2021). Net income: €4.44m (up €10.6m from FY 2021). Profit margin: 2.9% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. 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 6% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
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 Non-Executive Director Catia Cesari was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 08
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: €0.029 loss per share (up from €0.082 loss in 1H 2021). Revenue: €64.2m (up 32% from 1H 2021). Net loss: €1.47m (loss narrowed 64% from 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 09
Full year 2021 earnings released: €0.12 loss per share (vs €0.15 loss in FY 2020) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2021 results: Revenue: €115.8m (down 25% from FY 2020). Net loss: €6.12m (loss narrowed 21% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 18
Full year 2021 earnings released: €0.12 loss per share (vs €0.15 loss in FY 2020) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2021 results: Revenue: €116.1m (down 25% from FY 2020). Net loss: €6.12m (loss narrowed 21% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 08
New 90-day high: €1.60 The company is up 3.0% from its price of €1.55 on 08 December 2020. The Italian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is flat over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: €1.54 The company is up 12% from its price of €1.38 on 08 September 2020. The Italian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 26% over the same period. Reported Earnings • Nov 28
First half 2021 earnings released: €0.083 loss per share The company reported a poor first half result with increased losses and weaker revenues and control over expenses. First half 2021 results: Revenue: €48.8m (down 38% from 1H 2020). Net loss: €4.10m (loss widened 38% from 1H 2020). 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 9% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 17
New 90-day high: €1.48 The company is up 6.0% from its price of €1.39 on 19 August 2020. The Italian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 19% over the same period. Is New 90 Day High Low • Oct 19
New 90-day low: €1.27 The company is down 18% from its price of €1.55 on 21 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 Luxury industry, which is up 6.0% over the same period. Is New 90 Day High Low • Sep 30
New 90-day low: €1.33 The company is down 9.0% from its price of €1.47 on 02 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 Luxury industry, which is up 1.0% over the same period.