New Risk • Mar 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 June 2024 fiscal period end). Paying a dividend despite having no free cash flows. New Risk • Jul 23
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 6.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 High level of non-cash earnings (22% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Chairman of the Board Francesco Moglia was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 21
The Equity Club S.r.l. alongside NB Aurora S.A. SICAF-RAIF (BIT:AUR) and unknown funds managed by Neuberger Berman AIFM Limited, Asset Management Arm and certain other co-investors completed the acquisition of unknown minority stake in Club del Sole S.r.l. from NB Aurora S.A. SICAF-RAIF (BIT:AUR). The Equity Club S.r.l. alongside NB Aurora S.A. SICAF-RAIF (BIT:AUR) and unknown funds managed by Neuberger Berman AIFM Limited, Asset Management Arm and certain other co-investors has entered into a binding agreement to acquire unknown minority stake in Club del Sole S.r.l. from NB Aurora S.A. SICAF-RAIF (BIT:AUR) for €110 million on March 29, 2024. The transaction involves NB Aurora reinvesting in Club del Sole alongside other funds managed by the controlling entity Neuberger Berman and certain other co-investors. NB Aurora and TEC Holiday will also subscribe to a share capital increase to support the company’s further growth for a maximum amount of €65 million. There Giondi family, founder in 1974, maintains the majority and will lead the industrial project. Closing of the transaction is expected for early May 2024, Alessandro Marena and Andrea Faoro, Massimo Trimboli Raguseo of PedersoliGattai advised the Giondi family and Club del Sole. Rothschild & Co and Credem Euromobiliare Private Banking acted as advisors in transaction for TEC.
The Equity Club S.r.l. alongside NB Aurora S.A. SICAF-RAIF (BIT:AUR) and unknown funds managed by Neuberger Berman AIFM Limited, Asset Management Arm and certain other co-investors completed the acquisition of unknown minority stake in Club del Sole S.r.l. from NB Aurora S.A. SICAF-RAIF (BIT:AUR) in May, 2024. In May 2024, TEC Holiday S.p.A. acquired a minority stake of c. 30% in the group. The deal also saw the -reinvestment of NB Aurora with a 19% stake, including through the subscription, together with TEC, of a capital increase designed to support future growth. The Giondi family retains the majority of voting rights and continues to lead the expansion project. Buy Or Sell Opportunity • May 13
Now 24% undervalued Over the last 90 days, the stock has risen 1.2% to €13.27. The fair value is estimated to be €17.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 33%. Upcoming Dividend • May 06
Upcoming dividend of €1.13 per share Eligible shareholders must have bought the stock before 13 May 2024. Payment date: 15 May 2024. The company last paid an ordinary dividend in September 2019. The average dividend yield among industry peers is 4.7%. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment deteriorates as stock falls 35% After last week's 35% share price decline to €8.48, the stock trades at a trailing P/E ratio of 8.1x. Average forward P/E is 11x in the Capital Markets industry in Italy. Total loss to shareholders of 17% over the past three years. Buying Opportunity • Jan 05
Now 44% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be €15.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 100% in 2 years. Earnings is forecast to decline by 114% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment deteriorates as stock falls 37% After last week's 37% share price decline to €8.30, the stock trades at a trailing P/E ratio of 7.9x. Average forward P/E is 11x in the Capital Markets industry in Italy. Total loss to shareholders of 18% over the past three years. Buying Opportunity • Dec 11
Now 46% undervalued after recent price drop Over the last 90 days, the stock is down 37%. The fair value is estimated to be €15.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 100% in 2 years. Earnings is forecast to decline by 114% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment deteriorates as stock falls 35% After last week's 35% share price decline to €8.48, the stock trades at a trailing P/E ratio of 8.1x. Average forward P/E is 10x in the Capital Markets industry in Italy. Total loss to shareholders of 17% over the past three years. Buying Opportunity • Nov 24
Now 45% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be €15.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 100% in 2 years. Earnings is forecast to decline by 114% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 33% After last week's 33% share price decline to €8.70, the stock trades at a trailing P/E ratio of 8.3x. Average forward P/E is 10x in the Capital Markets industry in Italy. Total loss to shareholders of 14% over the past three years. Buying Opportunity • Nov 09
Now 47% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be €15.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 100% in 2 years. Earnings is forecast to decline by 114% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to €8.82, the stock trades at a trailing P/E ratio of 8.4x. Average forward P/E is 10x in the Capital Markets industry in Italy. Total loss to shareholders of 13% over the past three years. Buying Opportunity • Oct 25
Now 44% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be €16.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 100% in 2 years. Earnings is forecast to decline by 114% in the next 2 years. Buying Opportunity • Oct 10
Now 47% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be €16.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 100% in 2 years. Earnings is forecast to decline by 114% in the next 2 years. Buying Opportunity • Sep 25
Now 47% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be €16.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 100% in 2 years. Earnings is forecast to decline by 114% in the next 2 years. Buying Opportunity • Aug 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 34%. The fair value is estimated to be €10.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 72% over the last 3 years. Earnings per share has grown by 80%. For the next 3 years, revenue is forecast to decline by 120% per annum. Earnings is also forecast to decline by 91% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment deteriorates as stock falls 34% After last week's 34% share price decline to €8.40, the stock trades at a trailing P/E ratio of 9.3x. Average forward P/E is 9x in the Capital Markets industry in Italy. Total loss to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 34% After last week's 34% share price decline to €8.35, the stock trades at a trailing P/E ratio of 9.2x. Average forward P/E is 9x in the Capital Markets industry in Italy. Total loss to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 34% After last week's 34% share price decline to €8.36, the stock trades at a trailing P/E ratio of 9.3x. Average forward P/E is 9x in the Capital Markets industry in Italy. Total loss to shareholders of 15% over the past three years. Announcement • Jun 11
Credem Private Equity SGR SpA and NB Aurora S.A. SICAF-RAIF (BIT:NBA) completed the offer of Finlogic S.p.A. (BIT:FNL) from Hydra S.p.A. and others. Credem Private Equity SGR SpA and NB Aurora S.A. SICAF-RAIF (BIT:NBA) bid to acquire Finlogic S.p.A. (BIT:FNL) from Hydra S.p.A. and others for approximately €90 million on December 7, 2022. The offer is aimed at the delisting of Finlogic shares from Euronext Growth Milan. Finlogic S.p.A. has decided not to exercise golden power rule on take over bid by Credem Private Equity. The tender offer is financed by recourse to the resources made available by Credem Private Equity, NB Aurora and PM&Partners and, in part, by recourse to the financial resources that will be made available by Crédit Agricole Italia and BPER Banca. As of March 3, 2023, the conditions relating to the tender offer for the acquisition of the entire capital of Finlogic have been met. ACCEPTANCE PERIOD STARTS MAY 11, ENDS JUNE 9.
Credem Private Equity SGR SpA and NB Aurora S.A. SICAF-RAIF (BIT:NBA) completed the offer of Finlogic S.p.A. (BIT:FNL) from Hydra S.p.A. and others for approximately €90 million on June 9, 2023. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment deteriorates as stock falls 34% After last week's 34% share price decline to €8.38, the stock trades at a trailing P/E ratio of 9.3x. Average forward P/E is 9x in the Capital Markets industry in Italy. Total loss to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • May 25
Investor sentiment deteriorates as stock falls 40% After last week's 40% share price decline to €7.66, the stock trades at a trailing P/E ratio of 8.5x. Average forward P/E is 9x in the Capital Markets industry in Italy. Total loss to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 39% After last week's 39% share price decline to €7.40, the stock trades at a trailing P/E ratio of 8.2x. Average forward P/E is 10x in the Capital Markets industry in Italy. Total loss to shareholders of 29% over the past three years. Buying Opportunity • Mar 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 39%. The fair value is estimated to be €9.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 72% over the last 3 years. Earnings per share has grown by 80%. Revenue is forecast to decline by 100% in 2 years. Earnings is forecast to decline by 100% in the next 2 years. Price Target Changed • Apr 27
Price target increased to €12.05 Up from €11.20, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €11.73. Stock is up 14% over the past year. The company is forecast to post a net loss per share of €0.17 compared to earnings per share of €1.41 last year. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment deteriorated over the past week After last week's 27% share price decline to €8.20, the stock trades at a trailing P/E ratio of 12.5x. Average forward P/E is 12x in the Capital Markets industry in Italy. Total returns to shareholders of 6.0% over the past three years. Price Target Changed • Nov 25
Price target increased to €11.20 Up from €10.30, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €11.28. Stock is up 11% over the past year. The company is forecast to post a net loss per share of €0.17 compared to earnings per share of €0.084 last year. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment deteriorated over the past week After last week's 23% share price decline to €8.20, the stock trades at a trailing P/E ratio of 12.5x. Average forward P/E is 14x in the Capital Markets industry in Italy. Total returns to shareholders of 10% over the past three years. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment deteriorated over the past week After last week's 23% share price decline to €8.20, the stock trades at a trailing P/E ratio of 12.5x. Average forward P/E is 13x in the Capital Markets industry in Italy. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorated over the past week After last week's 21% share price decline to €8.45, the stock trades at a trailing P/E ratio of 12.8x. Average forward P/E is 13x in the Capital Markets industry in Italy. Total returns to shareholders of 28% over the past three years. Announcement • Sep 24
NB Aurora S.A. SICAF-RAIF (BIT:NBA) completed the acquisition of 47% stake in FARMO S.p.A. NB Aurora S.A. SICAF-RAIF (BIT:NBA) signed a binding agreement to acquire a 47% stake in FARMO S.p.A. for €14.7 million on July 30, 2021.
NB Aurora S.A. SICAF-RAIF (BIT:NBA) completed the acquisition of 47% stake in FARMO S.p.A. on September 22, 2021. Starting from today and for a period of 18 months, NB Aurora Holdings will have the right to syndicate, in one or more tranches, a minority stake in the vehicle FF Club (and indirectly in Farmo Holding). Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorated over the past week After last week's 21% share price decline to €8.50, the stock trades at a trailing P/E ratio of 12.9x. Average forward P/E is 13x in the Capital Markets industry in Italy. Total returns to shareholders of 24% over the past three years. Is New 90 Day High Low • Feb 23
New 90-day low: €8.40 The company is down 17% from its price of €10.17 on 24 November 2020. The Italian market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 10.0% over the same period. Is New 90 Day High Low • Feb 04
New 90-day low: €8.31 The company is down 18% from its price of €10.13 on 05 November 2020. The Italian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: €8.60 The company is down 15% from its price of €10.13 on 29 September 2020. The Italian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 10
New 90-day low: €9.98 The company is down 3.0% from its price of €10.27 on 10 September 2020. The Italian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day low: €8.90 The company is down 11% from its price of €9.99 on 19 August 2020. The Italian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 02
New 90-day low: €9.30 The company is down 7.0% from its price of €9.99 on 04 August 2020. The Italian market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is down 9.0% over the same period. Is New 90 Day High Low • Oct 09
New 90-day low: €9.00 The company is down 10.0% from its price of €9.99 on 10 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 Capital Markets industry, which is down 1.0% over the same period.