Upcoming Dividend • May 11
Upcoming dividend of €3.00 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Italian dividend payers (4.6%). Lower than average of industry peers (4.2%). Board Change • Apr 15
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. No independent directors (9 non-independent directors). Director Francesca Mambelli 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: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 27
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). Director Francesca Mambelli 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: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €270, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 10x in the Energy Services industry in Europe. Total returns to shareholders of 773% over the past three years. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €370, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 1,096% over the past three years. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorates as stock falls 35% After last week's 35% share price decline to €178, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 462% over the past three years. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €300, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 10x in the Energy Services industry in Europe. Total returns to shareholders of 847% over the past three years. New Risk • Oct 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.3% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings are forecast to decline by an average of 8.3% per year for the foreseeable future. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to €183, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 477% over the past three years. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to €130, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 8x in the Energy Services industry in Europe. Total returns to shareholders of 310% over the past three years. Board Change • Jul 08
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). Director Francesca Mambelli 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: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to €124, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 8x in the Energy Services industry in Europe. Total returns to shareholders of 282% over the past three years. New Risk • Jun 04
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 7.5% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €62.00, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Energy Services industry in Europe. Total returns to shareholders of 91% over the past three years. Upcoming Dividend • May 12
Upcoming dividend of €2.00 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Italian dividend payers (5.4%). Lower than average of industry peers (6.6%). Reported Earnings • Apr 02
Full year 2024 earnings released Full year 2024 results: Revenue: €583.2m (up 73% from FY 2023). Net income: €29.8m (up 323% from FY 2023). Profit margin: 5.1% (up from 2.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 2.7% growth forecast for the Energy Services industry in Europe. Board Change • Mar 25
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). Director Giovanni Baracca was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jan 14
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). Director Giovanni Baracca was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). Director Giovanni Baracca was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • May 06
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 13 May 2024. Payment date: 15 May 2024. Trailing yield: 2.2%. Lower than top quartile of Italian dividend payers (5.7%). Lower than average of industry peers (3.8%). New Risk • Apr 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 395% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • Apr 03
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: 2.1% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 02
Full year 2023 earnings released Full year 2023 results: Revenue: €346.8m (up 16% from FY 2022). Net income: €7.04m (up 52% from FY 2022). Profit margin: 2.0% (up from 1.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Energy Services industry in Europe. Upcoming Dividend • Jul 10
Upcoming dividend of €0.28 per share at 0.8% yield Eligible shareholders must have bought the stock before 17 July 2023. Payment date: 19 July 2023. Trailing yield: 0.8%. Lower than top quartile of Italian dividend payers (5.2%). Lower than average of industry peers (4.1%). Reported Earnings • Apr 19
Full year 2022 earnings released Full year 2022 results: Net income: €4.64m (up €59.4m from FY 2021). Revenue is forecast to grow 74% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Energy Services industry in Europe. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Giovanni Baracca was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 02
First half 2022 earnings released: EPS: €0 (vs €7.55 loss in 1H 2021) First half 2022 results: EPS: €0 (improved from €7.55 loss in 1H 2021). Revenue: €137.5m (up 52% from 1H 2021). Net income: €1.08m (up €29.8m from 1H 2021). Profit margin: 0.8% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Energy Services industry in Europe. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Giovanni Baracca was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 18
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: €14.40 loss per share (down from €8.58 loss in FY 2020). Revenue: €172.8m (down 10% from FY 2020). Net loss: €54.7m (loss widened 68% from FY 2020). Revenue missed analyst estimates by 30%. Earnings per share (EPS) exceeded analyst estimates by 100%. Over the next year, revenue is forecast to grow 149%, compared to a 25% growth forecast for the industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 02
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €198.2m (down 38% from FY 2019). Net loss: €32.6m (down €37.1m from profit in FY 2019). Is New 90 Day High Low • Feb 08
New 90-day high: €35.60 The company is up 1.0% from its price of €35.20 on 10 November 2020. The Italian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 23% over the same period. Is New 90 Day High Low • Jan 07
New 90-day low: €34.80 The company is down 1.0% from its price of €35.20 on 09 October 2020. The Italian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 40% over the same period. Reported Earnings • Oct 10
First half earnings released Over the last 12 months the company has reported total losses of €14.7m, with earnings decreasing by €21.8m from the prior year. Total revenue was €248.7m over the last 12 months, down 26% from the prior year. Is New 90 Day High Low • Sep 26
New 90-day low: €35.20 The company is down 2.0% from its price of €36.00 on 26 June 2020. The Italian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Energy Services industry, which is down 18% over the same period.