New Risk • Aug 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$10m (€3.14m market cap, or US$3.63m). Minor Risk Revenue is less than US$5m (€4.1m revenue, or US$4.7m). Price Target Changed • May 04
Price target decreased by 11% to €5.40 Down from €6.08, the current price target is provided by 1 analyst. New target price is 216% above last closing price of €1.71. Stock is down 19% over the past year. The company posted a net loss per share of €0.22 last year. Reported Earnings • Apr 17
Full year 2025 earnings released Full year 2025 results: Revenue: €4.09m (down 5.2% from FY 2024). Net loss: €458.6k (down 230% from profit in FY 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.1% decline forecast for the Capital Markets industry in Italy. New Risk • Feb 20
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 5.4% 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 Market cap is less than US$10m (€3.87m market cap, or US$4.56m). Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Revenue is less than US$5m (€4.0m revenue, or US$4.7m). Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €1.48, the stock trades at a trailing P/E ratio of 8.7x. Average forward P/E is 12x in the Capital Markets industry in Italy. Total loss to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €1.68, the stock trades at a trailing P/E ratio of 9.9x. Average forward P/E is 12x in the Capital Markets industry in Italy. Total loss to shareholders of 64% over the past three years. New Risk • Aug 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). High level of non-cash earnings (48% accrual ratio). Market cap is less than US$10m (€4.45m market cap, or US$5.20m). Board Change • Aug 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 7 non-independent directors. Vice Chairman Marco Aluigi was the last director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Aug 01
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 7 non-independent directors. Vice Chairman Marco Aluigi was the last director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €2.50, the stock trades at a trailing P/E ratio of 14.8x. Average forward P/E is 10x in the Capital Markets industry in Italy. Total loss to shareholders of 46% over the past three years. New Risk • Jun 13
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 7.9% 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 Risks High level of non-cash earnings (48% accrual ratio). Market cap is less than US$10m (€5.20m market cap, or US$6.02m). Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Revenue is less than US$5m (€4.3m revenue, or US$5.0m). Board Change • Jun 12
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 7 non-independent directors. Vice Chairman Marco Aluigi was the last director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • May 05
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Director Marco Aluigi was the last director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Apr 17
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: Major Risk Market cap is less than US$10m (€4.16m market cap, or US$4.73m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Revenue is less than US$5m (€3.7m revenue, or US$4.3m). New Risk • Apr 16
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 Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 6.2% per year over the past 5 years. Market cap is less than US$10m (€7.82m market cap, or US$8.31m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Revenue is less than US$5m (€2.7m revenue, or US$2.8m). New Risk • Feb 16
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: Major Risks Earnings have declined by 6.2% per year over the past 5 years. Market cap is less than US$10m (€6.82m market cap, or US$7.35m). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Revenue is less than US$5m (€2.7m revenue, or US$2.9m). 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. 11 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . 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 04
First half 2022 earnings released: EPS: €0 (vs €0.012 in 1H 2021) First half 2022 results: EPS: €0 (down from €0.012 in 1H 2021). Revenue: €1.55m (up 185% from 1H 2021). Net loss: €275.9k (down €298.7k from profit in 1H 2021). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Capital Markets industry in Italy. Price Target Changed • May 20
Price target decreased to €7.79 Down from €8.91, the current price target is provided by 1 analyst. New target price is 77% above last closing price of €4.40. Stock is down 43% over the past year.