BIT:TOD

Stock Analysis Report

Executive Summary

TOD'S S.p.A., together with its subsidiaries, creates, produces, and distributes shoes, leather goods and accessories, and apparel in Italy, Europe, the Americas, Greater China, and internationally.

Snowflake

Fundamentals

Excellent balance sheet and overvalued.


Similar Companies

Share Price & News

How has TOD'S's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

8.7%

BIT:TOD

-1.7%

IT Luxury

1.7%

IT Market


1 Year Return

-21.2%

BIT:TOD

-10.8%

IT Luxury

-1.5%

IT Market

TOD underperformed the Luxury industry which returned -11.4% over the past year.

TOD underperformed the Market in Italy which returned -3% over the past year.


Share holder returns

TODIndustryMarket
7 Day8.7%-1.7%1.7%
30 Day15.6%-6.7%-3.9%
90 Day10.9%-5.6%-1.3%
1 Year-19.4%-21.2%-8.6%-10.8%2.7%-1.5%
3 Year-6.9%-13.6%10.2%2.7%23.8%7.2%
5 Year-33.5%-41.9%28.7%13.3%9.2%-33.3%

Price Volatility Vs. Market

How volatile is TOD'S's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is TOD'S undervalued based on future cash flows and its price relative to the stock market?

202.47x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

TOD'S's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

TOD'S's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

TOD'S is overvalued based on earnings compared to the IT Luxury industry average.

TOD'S is overvalued based on earnings compared to the Italy market.


Price Based on Expected Growth

TOD'S earnings are not expected to grow next year, we can't assess if its growth is good value.


Price Based on Value of Assets

TOD'S is good value based on assets compared to the IT Luxury industry average.


Next Steps

Future Growth

How is TOD'S expected to perform in the next 1 to 3 years based on estimates from 17 analysts?

-19.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

TOD'S's revenue is expected to grow by 3.7% yearly, however this is not considered high growth (20% yearly).

TOD'S's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.

TOD'S's revenue growth is expected to exceed the Italy market average.

TOD'S's earnings are expected to decrease over the next 1-3 years, this is below the Italy market average.

TOD'S's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.9%.


Earnings per Share Growth Estimates


Future Return on Equity

TOD'S is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has TOD'S performed over the past 5 years?

-18.6%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

TOD'S's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.

TOD'S's 1-year earnings growth is negative, it can't be compared to the 5-year average.

TOD'S's 1-year earnings growth is negative, it can't be compared to the IT Luxury industry average.


Return on Equity

TOD'S has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

TOD'S used its assets less efficiently than the IT Luxury industry average last year based on Return on Assets.


Return on Capital Employed

TOD'S's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is TOD'S's financial position?


Financial Position Analysis

TOD'S is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

TOD'S's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

TOD'S's level of debt (27.5%) compared to net worth is satisfactory (less than 40%).

The level of debt compared to net worth has increased over the past 5 years (5.4% vs 27.5% today).

Debt is well covered by operating cash flow (36.2%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 4.1x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is covered by short term assets, assets are 2.8x debt.


Next Steps

Dividend

What is TOD'S's current dividend yield, its reliability and sustainability?

1.71%

Expected Dividend Yield


Dividend Yield and Payments Analysis

TOD'S's pays a lower dividend yield than the bottom 25% of dividend payers in Italy (2.15%).

TOD'S's dividend is below the markets top 25% of dividend payers in Italy (4.57%).

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).

Dividends per share have fallen over the past 10 years.


Current Payout to Shareholders

Dividends paid are not well covered by earnings (0.2x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (1.4x coverage).


Next Steps

Management

What is the CEO of TOD'S's salary, the management and board of directors tenure and is there insider trading?

€959k

CEO Compensation


CEO

Umberto di Cellere (55yo)

0.0yrs

Tenure

€958,600

Compensation

Umberto Macchi di Cellere has been Director of Tod's SpA since April 2018. 


CEO Compensation Analysis

Umberto's remuneration is higher than average for companies of similar size in Italy.

Insufficient data for Umberto to compare compensation growth.


Insider Trading

No 3 month open market individual insider trading information.


Recent Insider Transactions

Buy€2,204,21616 May 19
Diego Della Valle
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares52,203
Max Price€42.38
Buy€5,152,15015 Mar 19
Diego Della Valle
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares125,000
Max Price€41.22
Buy€13,193,66030 Jan 19
Diego Della Valle & C. S.A.P.A
EntityCompany
Shares331,000
Max Price€39.86
Buy€13,277,42728 Jan 19
Diego Della Valle
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares327,346
Max Price€40.84

Ownership Breakdown


Management Team

  • Emilio MacEllari (61yo)

    Executive Director

    • Tenure: 0.0yrs
    • Compensation: €761.20k
  • Claudio Castiglioni

    Global General Manager

    • Tenure: 0.0yrs
  • Rodolfo Ubaldi

    Manager for Financial Reporting

    • Tenure: 0.0yrs
  • Cinzia Oglio (49yo)

    Executive Director

    • Tenure: 0.0yrs
    • Compensation: €225.80k
  • Umberto di Cellere (55yo)

    CEO & Executive Director

    • Tenure: 0.0yrs
    • Compensation: €958.60k

Board Members

  • Diego Della Valle (66yo)

    Chairman of the Board

    • Tenure: 18.8yrs
    • Compensation: €1.87m
  • Emanuele Valle (44yo)

    Non-Executive Director

    • Tenure: 0.0yrs
    • Compensation: €35.20k
  • Andrea Valle (54yo)

    Vice Chairman of the Board

    • Tenure: 0.0yrs
    • Compensation: €1.27m
  • Emilio MacEllari (61yo)

    Executive Director

    • Tenure: 0.0yrs
    • Compensation: €761.20k
  • Maurizio Boscarato (78yo)

    Non-Executive Director

    • Tenure: 0.0yrs
    • Compensation: €268.70k
  • Giulia Pusterla (59yo)

    Chairman of Board of Statutory Auditors

    • Tenure: 0.0yrs
    • Compensation: €90.00k
  • Vincenzo Manes (59yo)

    Independent Non-Executive Director

    • Tenure: 0.0yrs
    • Compensation: €63.70k
  • Cinzia Oglio (49yo)

    Executive Director

    • Tenure: 0.0yrs
    • Compensation: €225.80k
  • Romina Guglielmetti (46yo)

    Independent Non-Executive Director

    • Tenure: 0.0yrs
    • Compensation: €65.60k
  • Umberto di Cellere (55yo)

    CEO & Executive Director

    • Tenure: 0.0yrs
    • Compensation: €958.60k

Company Information

TOD'S S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: TOD'S S.p.A.
  • Ticker: TOD
  • Exchange: BIT
  • Founded:
  • Industry: Footwear
  • Sector: Consumer Durables
  • Market Cap: €1.572b
  • Shares outstanding: 33.09m
  • Website: https://www.todsgroup.com

Number of Employees


Location

  • TOD'S S.p.A.
  • Via Filippo Della Valle, 1
  • Sant'Elpidio a Mare
  • 63811
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TODG.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDNov 2000
TOBDB (Deutsche Boerse AG)YesOrdinary SharesDEEURNov 2000
TODBIT (Borsa Italiana)YesOrdinary SharesITEURNov 2000
0NV4LSE (London Stock Exchange)YesOrdinary SharesGBEURNov 2000
TODMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURNov 2000
TDPA.YOTCPK (Pink Sheets LLC)ADS REP 1/10SHUSUSDMay 2012

Biography

TOD'S S.p.A., together with its subsidiaries, creates, produces, and distributes shoes, leather goods and accessories, and apparel in Italy, Europe, the Americas, Greater China, and internationally. The co ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/19 20:44
End of Day Share Price2019/08/19 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.