Board Change • May 14
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Lead Independent Director Silvia Demartini is the most experienced director on the board, commencing their role in 2020. Independent Director Angela Gamba was the last independent director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Upcoming Dividend • May 11
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 6.8%. Within top quartile of Italian dividend payers (4.6%). Higher than average of industry peers (5.4%). Reported Earnings • Mar 18
Full year 2025 earnings released: EPS: €0.47 (vs €0.28 in FY 2024) Full year 2025 results: EPS: €0.47 (up from €0.28 in FY 2024). Revenue: €119.2m (up 39% from FY 2024). Net income: €24.3m (up 73% from FY 2024). Profit margin: 20% (up from 16% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.0% growth forecast for the Capital Markets industry in Italy. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Announcement • Mar 16
Equita Group S.p.A., Annual General Meeting, Apr 22, 2026 Equita Group S.p.A., Annual General Meeting, Apr 22, 2026, at 10:00 W. Europe Standard Time. Announcement • Mar 13
Equita Group S.p.A. announced that it expects to receive €19.80602 million in funding from Iccrea Banca S.p.A. Equita Group S.p.A announced a private placement to issue 3,400,000 shares at a price of €5.8253 per share for aggregate gross proceeds of €19,806,020 on March 12, 2026. The shares will be subject to lockup restrictions for a period of three years from the closing date. The transaction is subject to the approval of The Bank of Italy and is expected to close in the second half of 2026. The transaction will include participation from Iccrea Banca S.p.A. Recent Insider Transactions Derivative • Nov 25
GM, CEO & Director exercised options to buy €584k worth of stock. On the 21st of November, Andrea Vismara exercised options to buy 100k shares at a strike price of around €5.60, costing a total of €560k. This transaction amounted to 6.1% of their direct individual holding at the time of the trade. Since December 2024, Andrea has owned 1.64m shares directly. Company insiders have collectively bought €671k more than they sold, via options and on-market transactions, in the last 12 months. Major Estimate Revision • Nov 22
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from €100.3m to €107.0m. EPS estimate increased from €0.396 to €0.44 per share. Net income forecast to shrink 2.7% next year vs 1.5% growth forecast for Capital Markets industry in Italy . Consensus price target up from €5.20 to €5.80. Share price fell 5.5% to €5.64 over the past week. Price Target Changed • Nov 21
Price target increased by 16% to €5.80 Up from €5.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €5.64. Stock is up 43% over the past year. The company is forecast to post earnings per share of €0.44 for next year compared to €0.28 last year. New Risk • Nov 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Upcoming Dividend • Nov 10
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 17 November 2025. Payment date: 19 November 2025. Payout ratio is on the higher end at 98% but the company is not cash flow positive. Trailing yield: 6.1%. Within top quartile of Italian dividend payers (4.9%). Higher than average of industry peers (5.2%). Price Target Changed • Sep 15
Price target increased by 11% to €5.20 Up from €4.70, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €5.44. Stock is up 36% over the past year. The company is forecast to post earnings per share of €0.40 for next year compared to €0.28 last year. Reported Earnings • Sep 12
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €32.4m (up 28% from 2Q 2024). Net income: €7.54m (up 49% from 2Q 2024). Profit margin: 23% (up from 20% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.4% decline forecast for the Capital Markets industry in Italy. Recent Insider Transactions • Jul 24
Insider recently sold €205k worth of stock On the 21st of July, Marco Clerici sold around 46k shares on-market at roughly €4.45 per share. This transaction amounted to 8.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €861k more than they bought in the last 12 months. Price Target Changed • May 26
Price target increased by 11% to €5.00 Up from €4.50, the current price target is provided by 1 analyst. New target price is 13% above last closing price of €4.42. Stock is up 11% over the past year. The company is forecast to post earnings per share of €0.39 for next year compared to €0.28 last year. Reported Earnings • May 18
First quarter 2025 earnings released First quarter 2025 results: Revenue: €27.8m (up 47% from 1Q 2024). Net income: €4.68m (up 53% from 1Q 2024). Profit margin: 17% (in line with 1Q 2024). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 2.0% decline forecast for the Capital Markets industry in Italy. Upcoming Dividend • May 12
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.9%. Within top quartile of Italian dividend payers (5.5%). Higher than average of industry peers (5.5%). Announcement • May 09
Equita Group S.p.A. (BIT:EQUI) completed the acquisition of 70% stake in Cap Advisory S.R.L. from Fabrizio Viola, Fabio Cassi and Matteo Pattavina. Equita Group S.p.A. (BIT:EQUI) entered into binding agreement to acquire 70% stake in Cap Advisory S.R.L. from Fabrizio Viola, Fabio Cassi and Matteo Pattavina on December 18, 2024. Total consideration for the Transaction is based on a 9x price-to-earnings multiple – to be applied to the average 2022-2024 Adjusted Net Profits of CAP Advisory and will be paid at Closing, with a combination of cash (2/3) and EQUITA treasury shares (1/3). The remaining 30% minority stake in CAP Advisory will be subject to put & call options which can be exercised starting from June 2028. Fabrizio Viola and Fabio Cassi will retain their current offices at CAP Advisory.
For the period ending December 31, 2023, Cap Advisory S.R.L. reported total revenue of €3 million. Closing is expected by 30 June 2025 and is subject to specific condition precedents, in addition to the final approval of the Bank of Italy.
Dentons Europe Studio Legale Tributario acted as legal advisor for Equita Group S.p.A. ADVANT Nctm acted as legal advisor for Cap Advisory S.R.L. During the structuring of the Transaction, EQUITA and CAP Advisory were assisted by their internal M&A advisory teams.
Equita Group S.p.A. (BIT:EQUI) completed the acquisition of 70% stake in Cap Advisory S.R.L. from Fabrizio Viola, Fabio Cassi and Matteo Pattavina on May 7, 2025. The consideration for the transaction – determined on the basis of a price-to-earnings ratio of 9x and applicable to the average adjusted net profit of the three-year period 2022-2024, and was settled with a combination of cash for 2/3 and Equita's own shares for one third. Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: €0.28 (vs €0.34 in FY 2023) Full year 2024 results: EPS: €0.28 (down from €0.34 in FY 2023). Revenue: €98.0m (up 3.2% from FY 2023). Net income: €14.0m (down 13% from FY 2023). Profit margin: 14% (down from 17% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 3.4% decline forecast for the Capital Markets industry in Italy. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. New Risk • Feb 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 46% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 178% Shareholders have been substantially diluted in the past year (46% increase in shares outstanding). Major Estimate Revision • Nov 22
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €90.5m to €83.0m. EPS estimate also fell from €0.361 per share to €0.31 per share. Net income forecast to grow 16% next year vs 5.3% decline forecast for Capital Markets industry in Italy. Consensus price target down from €4.60 to €4.50. Share price fell 5.3% to €3.95 over the past week. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: €0.036 (vs €0.033 in 3Q 2023) Third quarter 2024 results: EPS: €0.036 (up from €0.033 in 3Q 2023). Revenue: €16.4m (down 12% from 3Q 2023). Net income: €1.77m (up 3.4% from 3Q 2023). Profit margin: 11% (up from 9.1% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Italy are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 11
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 18 November 2024. Payment date: 20 November 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.2%. Within top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (4.5%). Buy Or Sell Opportunity • Sep 24
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.4% to €4.10. The fair value is estimated to be €3.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.3%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 44% in the next 2 years. Reported Earnings • Sep 13
Second quarter 2024 earnings released: EPS: €0.10 (vs €0.089 in 2Q 2023) Second quarter 2024 results: EPS: €0.10 (up from €0.089 in 2Q 2023). Revenue: €25.4m (flat on 2Q 2023). Net income: €5.05m (up 19% from 2Q 2023). Profit margin: 20% (up from 17% in 2Q 2023). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Capital Markets industry in Italy. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 25
Now 20% overvalued Over the last 90 days, the stock has fallen 1.3% to €3.95. The fair value is estimated to be €3.29, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 51% in the next 2 years. Announcement • May 25
Equita Group S.p.A. (BIT:EQUI) acquired remaining 30% stake in Equita K Finance S.R.L from Giuseppe Renato Grasso and Filippo Guicciardi. Equita Group S.p.A. (BIT:EQUI) signed an agreement to acquire remaining 30% stake in Equita K Finance S.R.L from Giuseppe Renato Grasso and Filippo Guicciardi for €5.65 million on May 14, 2024.
Equita Group S.p.A. (BIT:EQUI) completed the acquisition of remaining 30% stake in Equita K Finance S.R.L from Giuseppe Renato Grasso and Filippo Guicciardi on May 23, 2024. EQUITA K Finance S.r.l. will be rebranded as EQUITA Mid Cap Advisory. EQUITA Group S.p.A. increased to 100% participation in EQUITA Mid Cap Advisory and partially exercised the authorization to increase its share capital against consideration and excluding preemptive rights. Following the capital increase, newly issued shares entitled to Giuseppe Renato Grasso and Filippo Guicciardi, co-founders and Co-CEOs of EQUITA Mid Cap Advisory. Will further strengthen the partnership among managers by entering together with the other shares already owned by the two managers since 2020 – into the Shareholders’ Agreement, the pact which has been signed by more than 30 managers of the Group, representing 35% of the share capital and 48% of voting rights. Reported Earnings • May 16
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.064. Revenue: €18.9m (down 9.4% from 1Q 2023). Net income: €3.06m (down 19% from 1Q 2023). Profit margin: 16% (down from 18% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Capital Markets industry in Italy. Upcoming Dividend • May 13
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.5%. Within top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (4.5%). Buy Or Sell Opportunity • Apr 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.9% to €3.86. The fair value is estimated to be €3.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years, while earnings per share has been flat. Recent Insider Transactions • Apr 04
CEO & Director recently bought €88k worth of stock On the 27th of March, Andrea Vismara bought around 24k shares on-market at roughly €3.67 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Andrea's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Mar 26
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 8.9% to €3.92. The fair value is estimated to be €3.20, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years, while earnings per share has been flat. Price Target Changed • Mar 24
Price target increased by 9.5% to €4.60 Up from €4.20, the current price target is provided by 1 analyst. New target price is 22% above last closing price of €3.78. Stock is down 1.6% over the past year. Buy Or Sell Opportunity • Jan 24
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.4% to €3.70. The fair value is estimated to be €3.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has grown by 4.5%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 85% in the next 2 years. Price Target Changed • Nov 14
Price target decreased by 8.7% to €4.20 Down from €4.60, the current price target is provided by 1 analyst. New target price is 16% above last closing price of €3.63. Stock is down 3.7% over the past year. The company is forecast to post earnings per share of €0.32 for next year compared to €0.32 last year. Upcoming Dividend • Nov 13
Upcoming dividend of €0.15 per share at 9.7% yield Eligible shareholders must have bought the stock before 20 November 2023. Payment date: 22 November 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 9.7%. Within top quartile of Italian dividend payers (5.7%). Higher than average of industry peers (5.2%). New Risk • Nov 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 13% Last year net profit margin: 21% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 130% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (13% net profit margin). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). New Risk • Sep 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 46% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 130% Paying a dividend despite having no free cash flows. High level of non-cash earnings (46% accrual ratio). Minor Risk Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Major Estimate Revision • Sep 14
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €93.3m to €85.0m. EPS estimate also fell from €0.40 per share to €0.32 per share. Net income forecast to grow 30% next year vs 10.0% growth forecast for Capital Markets industry in Italy. Consensus price target down from €4.60 to €4.30. Share price was steady at €3.63 over the past week. Reported Earnings • Sep 08
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €21.9m (down 30% from 2Q 2022). Net income: €4.24m (down 34% from 2Q 2022). Profit margin: 19% (down from 21% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Capital Markets industry in Italy. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Aug 05
Equita Group S.p.A. (BIT:EQUI) signs a preliminary agreement to acquire unknown minority stake in Sensible Capital S.p.A. Equita Group S.p.A. (BIT:EQUI) signs a preliminary agreement to acquire unknown minority stake in Sensible Capital S.p.A. on August 3, 2023. EQUITA enter the share capital of Sensible Capital with a 30% initial stake, to be potentially increased in the future to consolidate the financials of the company. EQUITA Group S.p.A. will enter the share capital of Sensible Capital by acquiring part of the existing shares and subscribing a dedicated capital increase. The total consideration for the transaction will be paid at Closing by EQUITA, with a combination of cash and treasury shares. Starting from the second year following the Closing of the transaction, EQUITA is entitled to exercise a call option on an additional 40% of Sensible Capital, reaching a 70% stake in the Company. The agreement also includes the appointment of Silvia Rovere as senior advisor at EQUITA, with the aim of assessing new initiatives in the real estate sector, in areas like the Alternative Asset Management for instance. Upcoming Dividend • May 15
Upcoming dividend of €0.20 per share at 8.8% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 8.8%. Within top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (5.3%). Reported Earnings • May 14
First quarter 2023 earnings released: EPS: €0.081 (vs €0.083 in 1Q 2022) First quarter 2023 results: EPS: €0.081 (down from €0.083 in 1Q 2022). Revenue: €19.3m (down 5.7% from 1Q 2022). Net income: €3.76m (down 2.0% from 1Q 2022). Profit margin: 20% (in line with 1Q 2022). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Capital Markets industry in Italy. Over the last 3 years on average, earnings per share has increased by 21% per year and the company’s share price has also increased by 21% per year. Board Change • May 06
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 Director Silvia Demartini 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 • Mar 19
Full year 2022 earnings released: EPS: €0.33 (vs €0.51 in FY 2021) Full year 2022 results: EPS: €0.33 (down from €0.51 in FY 2021). Revenue: €93.4m (down 3.7% from FY 2021). Net income: €15.2m (down 29% from FY 2021). Profit margin: 16% (down from 22% in FY 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 26
Executive Director recently sold €2.0m worth of stock On the 20th of December, Francesco Perilli sold around 550k shares on-market at roughly €3.60 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Price Target Changed • Nov 30
Price target increased to €4.40 Up from €4.10, the current price target is provided by 1 analyst. New target price is 19% above last closing price of €3.70. Stock is down 2.1% over the past year. The company is forecast to post earnings per share of €0.36 for next year compared to €0.51 last year. Price Target Changed • Nov 16
Price target decreased to €4.10 Down from €4.70, the current price target is provided by 1 analyst. New target price is 10% above last closing price of €3.72. Stock is down 4.6% over the past year. The company is forecast to post earnings per share of €0.35 for next year compared to €0.51 last year. Upcoming Dividend • Nov 16
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 21 November 2022. Payment date: 23 November 2022. Payout ratio is a comfortable 73% but the company is not cash flow positive. Trailing yield: 9.4%. Within top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (5.9%). Reported Earnings • Sep 14
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €31.5m (up 14% from 2Q 2021). Net income: €6.45m (down 7.4% from 2Q 2021). Profit margin: 21% (down from 25% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Italy are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 16
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Trailing yield: 5.0%. Within top quartile of Italian dividend payers (4.7%). Lower than average of industry peers (5.7%). Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 19% share price gain to €3.65, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Capital Markets industry in Italy. Total returns to shareholders of 41% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS €0.056 (vs €0.08 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €17.0m (down 16% from 3Q 2020). Net income: €2.59m (down 29% from 3Q 2020). Profit margin: 15% (down from 18% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 01
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 08 November 2021. Payment date: 10 November 2021. Trailing yield: 5.2%. Within top quartile of Italian dividend payers (3.6%). In line with average of industry peers (5.4%). Reported Earnings • Sep 15
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: €27.5m (up 55% from 2Q 2020). Net income: €6.96m (up 115% from 2Q 2020). Profit margin: 25% (up from 18% in 2Q 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • May 03
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 12 May 2021. Trailing yield: 6.6%. Within top quartile of Italian dividend payers (3.9%). Higher than average of industry peers (4.4%). Reported Earnings • Mar 20
Full year 2020 earnings released: EPS €0.27 (vs €0.21 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €74.4m (up 17% from FY 2019). Net income: €12.3m (up 29% from FY 2019). Profit margin: 17% (up from 15% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Is New 90 Day High Low • Mar 15
New 90-day high: €2.94 The company is up 21% from a price of €2.42 on 15 December 2020. Outperformed the Italian market which is up 10.0% over the last 90 days. Exceeded the Capital Markets industry, which is up 13% over the same period. Is New 90 Day High Low • Feb 03
New 90-day high: €2.69 The company is up 36% from its price of €1.98 on 04 November 2020. The Italian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: €2.50 The company is up 10.0% from its price of €2.27 on 09 October 2020. The Italian market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is up 9.0% over the same period. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 16% share price gain to €2.30, the stock is trading at a trailing P/E ratio of 9.9x, up from the previous P/E ratio of 8.5x. This compares to an average P/E of 18x in the Capital Markets industry in Italy. Total return to shareholders over the past year is a loss of 4.1%. Is New 90 Day High Low • Nov 05
New 90-day low: €1.98 The company is down 13% from its price of €2.28 on 06 August 2020. The Italian market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 5.0% over the same period. Is New 90 Day High Low • Oct 12
New 90-day low: €2.23 The company is down 8.0% from its price of €2.43 on 14 July 2020. The Italian market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is flat over the same period. Reported Earnings • Sep 21
First half earnings released Over the last 12 months the company has reported total profits of €10.6m, up 42% from the prior year. Total revenue was €68.4m over the last 12 months, up 28% from the prior year. Announcement • Jul 10
Equita Group S.p.A. (BIT:EQUI) entered into an agreement to acquire a 70% stake in K Finance Srl from Giuseppe Renato Grasso and Filippo for €7 million. Equita Group S.p.A. (BIT:EQUI) entered into a binding agreement to acquire a 70% stake in K Finance Srl from Giuseppe Renato Grasso and Filippo for €7 million on July 9, 2020. Under the terms, Equita will pay €6.5 million at closing with a mix of cash and treasury shares and €0.5 million as earnout subject to the achievement of specific Net Profit’s targets for 2020 or 2021 fiscal year. The remaining 30% stake will be subject to put & call options. Equita will finance the transaction with a mix of debt and equity. K Finance will be renamed to Equita K Finance. Giuseppe Renato Grasso and Filippo Guicciardi will continue to cover their managing roles as Co-Chief Executive Officers, reporting directly to the Chief Executive Officer of the Equita Group. K Finance will continue its operations at current premises in Milan. Transaction will be subject to condition precedents, including the acquisition from K Holding of the remaining minority in K Finance. Closing is expected by July 30, 2020. The transaction is accretive for Equita in terms of Earnings Per Share. Dentons Europe Studio Legale Tributario acted as legal advisor to Equita Group S.p.A. KPMG S.p.A. acted as accountant to Equita Group S.p.A. KPMG S.p.A. acted as due diligence provider to Equita Group S.p.A. Equita SIM S.p.A. acted as financial advisor to Equita Group S.p.A. Pedersoli e Associati acted as legal advisor to K Finance Srl. Russo De Rosa Associati acted as legal advisor to K Finance Srl. K Finance Srl acted as financial advisor to K Finance Srl.