Announcement • Sep 11
Saras S.p.A.(BIT:SRS) dropped from Euronext 150 Index Saras S.p.A. has been dropped from the Euronext 150 Index. Announcement • Sep 05
Saras to Delist on September 11 Varas said on September 3, 2024 it held 95.285% of Saras' share (Saras S.p.A.) Capital at end of reopening of terms of tender offer. Joint procedure on residual shares, delisting of Saras, to take place on September 11. Announcement • Aug 22
Saras S.p.A.(BIT:SRS) dropped from S&P Global BMI Index Saras S.p.A.(BIT:SRS) dropped from S&P Global BMI Index Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: €0.033 (vs €0.018 loss in 2Q 2023) Second quarter 2024 results: EPS: €0.033 (up from €0.018 loss in 2Q 2023). Revenue: €2.88b (up 48% from 2Q 2023). Net income: €31.3m (up €48.1m from 2Q 2023). Profit margin: 1.1% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.1% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 11
Now 20% overvalued Over the last 90 days, the stock has fallen 10.0% to €1.62. The fair value is estimated to be €1.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.1% per annum. Earnings are forecast to decline by 37% per annum over the same time period. Upcoming Dividend • May 13
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 8.5%. Within top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (5.9%). Declared Dividend • Mar 25
Dividend reduced to €0.15 Dividend of €0.15 is 21% lower than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 8.5%, which is higher than the industry average of 6.4%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not covered by cash flows (161% cash payout ratio). The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 89% over the next 3 years. Since a fall of 50% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Mar 17
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: €0.33 (down from €0.44 in FY 2022). Revenue: €11.4b (down 28% from FY 2022). Net income: €313.9m (down 25% from FY 2022). Profit margin: 2.7% (up from 2.6% in FY 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is expected to fall by 2.3% p.a. on average during the next 3 years compared to a 2.0% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 23
Price target increased by 7.8% to €1.73 Up from €1.60, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €1.72. Stock is up 20% over the past year. The company is forecast to post earnings per share of €0.27 for next year compared to €0.44 last year. Price Target Changed • Feb 13
Price target increased by 7.8% to €1.73 Up from €1.60, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €1.73. Stock is up 15% over the past year. The company is forecast to post earnings per share of €0.27 for next year compared to €0.44 last year. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.80, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 248% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.63 per share. Major Estimate Revision • Jan 29
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €0.315 to €0.27 per share. Revenue forecast steady at €11.3b. Net income forecast to shrink 53% next year vs 1.1% growth forecast for Oil and Gas industry in Italy . Consensus price target up from €1.54 to €1.60. Share price fell 5.5% to €1.65 over the past week. Buy Or Sell Opportunity • Jan 24
Now 22% undervalued Over the last 90 days, the stock has risen 31% to €1.70. The fair value is estimated to be €2.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 3.9% per annum. Earnings are also forecast to decline by 50% per annum over the same time period. Buying Opportunity • Nov 09
Now 20% undervalued Over the last 90 days, the stock is up 6.8%. The fair value is estimated to be €1.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 4.4% per annum. Earnings is also forecast to decline by 50% per annum over the same time period. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: €0.16 (vs €0.058 in 3Q 2022) Third quarter 2023 results: EPS: €0.16 (up from €0.058 in 3Q 2022). Revenue: €3.06b (down 28% from 3Q 2022). Net income: €151.2m (up 176% from 3Q 2022). Profit margin: 4.9% (up from 1.3% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to fall by 4.4% p.a. on average during the next 3 years compared to a 3.6% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 24
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 6.0%. The fair value is estimated to be €1.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 6.9% per annum. Earnings is also forecast to decline by 40% per annum over the same time period. Major Estimate Revision • Oct 16
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €0.29 to €0.322. Revenue forecast unchanged at €11.0b. Net income forecast to shrink 21% next year vs 3.7% growth forecast for Oil and Gas industry in Italy . Consensus price target broadly unchanged at €1.54. Share price rose 2.4% to €1.31 over the past week. Major Estimate Revision • Aug 07
Consensus revenue estimates decrease by 16%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €13.0b to €11.0b. EPS estimate increased from €0.263 to €0.27 per share. Net income forecast to shrink 28% next year vs 3.2% decline forecast for Oil and Gas industry in Italy. Consensus price target broadly unchanged at €1.47. Share price fell 6.4% to €1.22 over the past week. Reported Earnings • Aug 02
Second quarter 2023 earnings released: €0.018 loss per share (vs €0.23 profit in 2Q 2022) Second quarter 2023 results: €0.018 loss per share (down from €0.23 profit in 2Q 2022). Revenue: €1.95b (down 59% from 2Q 2022). Net loss: €16.8m (down 108% from profit in 2Q 2022). Revenue is expected to fall by 6.9% p.a. on average during the next 3 years compared to a 5.8% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 21
Price target decreased by 16% to €1.48 Down from €1.75, the current price target is an average from 5 analysts. New target price is 16% above last closing price of €1.28. Stock is up 12% over the past year. The company is forecast to post earnings per share of €0.29 for next year compared to €0.44 last year. Major Estimate Revision • Jul 19
Consensus revenue estimates decrease by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €14.7b to €12.9b. EPS estimate unchanged from €0.29 per share at last update. Oil and Gas industry in Italy expected to see average net income decline 5.0% next year. Consensus price target of €1.69 unchanged from last update. Share price was steady at €1.26 over the past week. Upcoming Dividend • May 15
Upcoming dividend of €0.19 per share at 15% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Trailing yield: 15%. Within top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (8.9%). Reported Earnings • May 12
First quarter 2023 earnings released: EPS: €0.15 (vs €0.081 in 1Q 2022) First quarter 2023 results: EPS: €0.15 (up from €0.081 in 1Q 2022). Revenue: €3.47b (up 18% from 1Q 2022). Net income: €139.1m (up 82% from 1Q 2022). Profit margin: 4.0% (up from 2.6% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.0% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 16
Consensus revenue estimates increase by 12% The consensus outlook for fiscal year 2022 has been updated. 2022 revenue forecast increased from €14.1b to €15.8b. EPS estimate unchanged from €0.66 at last update. Oil and Gas industry in Italy expected to see average net income decline 3.6% next year. Consensus price target of €1.88 unchanged from last update. Share price fell 5.3% to €1.35 over the past week. Price Target Changed • Feb 02
Price target increased by 13% to €1.85 Up from €1.63, the current price target is an average from 5 analysts. New target price is 24% above last closing price of €1.50. Stock is up 180% over the past year. The company is forecast to post earnings per share of €0.77 for next year compared to €0.0098 last year. Major Estimate Revision • Feb 01
Consensus EPS estimates fall by 20%, revenue upgraded The consensus outlook for fiscal year 2022 has been updated. 2022 revenue forecast increased from €13.4b to €13.6b. EPS estimate fell from €0.733 to €0.585 per share. Net income forecast to shrink 4.2% next year vs 2.5% growth forecast for Oil and Gas industry in Italy . Consensus price target up from €1.80 to €1.85. Share price rose 6.8% to €1.66 over the past week. Price Target Changed • Jan 30
Price target increased by 17% to €1.81 Up from €1.55, the current price target is an average from 5 analysts. New target price is 21% above last closing price of €1.50. Stock is up 171% over the past year. The company is forecast to post earnings per share of €0.73 for next year compared to €0.0098 last year. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 17% share price gain to €1.49, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.72 per share. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Francesca Luchi was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: €0.058 (vs €0.039 loss in 3Q 2021) Third quarter 2022 results: EPS: €0.058 (up from €0.039 loss in 3Q 2021). Revenue: €4.27b (up 104% from 3Q 2021). Net income: €54.8m (up €90.2m from 3Q 2021). Profit margin: 1.3% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is expected to fall by 14% p.a. on average during the next 3 years compared to a 5.9% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €0.56 to €0.65. Revenue forecast unchanged at €13.4b. Net income forecast to grow 3.3% next year vs 18% growth forecast for Oil and Gas industry in Italy. Consensus price target of €1.53 unchanged from last update. Share price rose 11% to €1.04 over the past week. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 17% share price gain to €1.27, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total loss to shareholders of 7.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €0.96 per share. Major Estimate Revision • Aug 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €0.65 to €0.44 per share. Revenue forecast steady at €10.6b. Net income forecast to shrink 15% next year vs 32% growth forecast for Oil and Gas industry in Italy . Consensus price target broadly unchanged at €1.58. Share price fell 9.4% to €1.12 over the past week. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: €0.23 (vs €0.025 in 2Q 2021) Second quarter 2022 results: EPS: €0.23 (up from €0.025 in 2Q 2021). Revenue: €4.75b (up 125% from 2Q 2021). Net income: €215.9m (up €191.5m from 2Q 2021). Profit margin: 4.5% (up from 1.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 19% compared to a 15% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improved over the past week After last week's 17% share price gain to €1.27, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.21 per share. Major Estimate Revision • Jul 23
Consensus EPS estimates increase by 163% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €10.5b to €10.7b. EPS estimate increased from €0.21 to €0.56 per share. Net income forecast to grow 285% next year vs 56% growth forecast for Oil and Gas industry in Italy. Consensus price target of €1.56 unchanged from last update. Share price rose 5.6% to €1.14 over the past week. Buying Opportunity • Jul 14
Now 23% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be €1.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.1% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 7.1% per annum. Earnings is also forecast to decline by 30% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improved over the past week After last week's 16% share price gain to €1.43, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 8.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.52 per share. Major Estimate Revision • May 23
Consensus revenue estimates increase by 13% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from €9.30b to €10.5b. EPS estimate increased from €0.08 to €0.16 per share. Net income forecast to grow 25% next year vs 25% growth forecast for Oil and Gas industry in Italy. Consensus price target up from €0.86 to €1.53. Share price rose 6.1% to €1.14 over the past week. Buying Opportunity • May 20
Now 20% undervalued Over the last 90 days, the stock is up 104%. The fair value is estimated to be €1.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.1% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 7.1% per annum. Earnings is also forecast to decline by 26% per annum over the same time period. Reported Earnings • May 18
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: €0.081 (up from €0.025 loss in 1Q 2021). Revenue: €2.95b (up 83% from 1Q 2021). Net income: €76.6m (up €100.4m from 1Q 2021). Profit margin: 2.6% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 8.1%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 2.9%, compared to a 21% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 27
Price target increased to €0.86 Up from €0.72, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €0.85. Stock is up 46% over the past year. The company is forecast to post earnings per share of €0.078 for next year compared to €0.0098 last year. Board Change • Apr 27
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. 6 experienced directors. 6 highly experienced directors. Independent Director Francesca Luchi was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Apr 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €9.79b to €9.30b. EPS estimate of -€0.02 up from expected loss of €0.03 per share previously. Oil and Gas industry in Italy expected to see average net income growth of 45% next year. Consensus price target up from €0.72 to €0.86. Share price rose 11% to €0.86 over the past week. Price Target Changed • Apr 12
Price target increased to €0.85 Up from €0.72, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of €0.82. Stock is up 39% over the past year. The company is forecast to post a net loss per share of €0.025 compared to earnings per share of €0.0099 last year. Major Estimate Revision • Mar 21
Consensus revenue estimates increase by 20% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from €8.14b to €9.79b. Forecast losses expected to reduce from -€0.03 to -€0.02 per share. Oil and Gas industry in Italy expected to see average net income growth of 32% next year. Consensus price target broadly unchanged at €0.72. Share price fell 4.0% to €0.58 over the past week. Reported Earnings • Mar 15
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €0.01 (up from €0.29 loss in FY 2020). Revenue: €8.64b (up 64% from FY 2020). Net income: €9.33m (up €284.9m from FY 2020). Profit margin: 0.1% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 8.1%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is expected to shrink by 5.7% compared to a 37% growth forecast for the oil industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Price Target Changed • Feb 04
Price target increased to €0.76 Up from €0.70, the current price target is an average from 6 analysts. New target price is 32% above last closing price of €0.57. Stock is up 0.6% over the past year. The company is forecast to post a net loss per share of €0.091 next year compared to a net loss per share of €0.29 last year. Reported Earnings • Nov 12
Third quarter 2021 earnings released: €0.039 loss per share (vs €0.007 profit in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: €2.12b (up 82% from 3Q 2020). Net loss: €35.4m (down €41.9m from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 09
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from €6.94b to €6.58b. 2021 losses expected to reduce from -€0.096 to -€0.086 per share. Oil and Gas industry in Italy expected to see average net income growth of 45% next year. Consensus price target down from €0.84 to €0.75. Share price was steady at €0.65 over the past week. Price Target Changed • Aug 04
Price target decreased to €0.75 Down from €0.84, the current price target is an average from 7 analysts. New target price is 15% above last closing price of €0.66. Stock is up 0.2% over the past year. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS €0.025 (vs €0.072 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €2.15b (up 145% from 2Q 2020). Net income: €24.4m (up €91.8m from 2Q 2020). Profit margin: 1.1% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Major Estimate Revision • May 27
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from €6.42b to €6.70b. Forecast EPS reduced from -€0.092 to -€0.12 per share. Oil and Gas industry in Italy expected to see average net income growth of 13% next year. Consensus price target down from €0.77 to €0.75. Share price rose 2.8% to €0.70 over the past week. Reported Earnings • May 13
First quarter 2021 earnings released: €0.025 loss per share (vs €0.12 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: €1.63b (down 11% from 1Q 2020). Net loss: €23.8m (loss narrowed 79% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Apr 07
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from €6.56b to €6.69b. Forecast EPS reduced from -€0.025 to -€0.043 per share. Oil and Gas industry in Italy expected to see average net income growth of 4.3% next year. Consensus price target down from €0.77 to €0.73. Share price fell 7.4% to €0.58 over the past week. Reported Earnings • Apr 02
Full year 2020 earnings released: €0.29 loss per share (vs €0.028 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €5.18b (down 45% from FY 2019). Net loss: €275.5m (down €301.7m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance.