Buy Or Sell Opportunity • May 29
Now 28% overvalued Over the last 90 days, the stock has fallen 7.9% to €1.87. The fair value is estimated to be €1.47, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has declined by 137%. For the next 3 years, revenue is forecast to grow by 0.1% per annum. Earnings are also forecast to grow by 74% per annum over the same time period. Buy Or Sell Opportunity • May 05
Now 29% overvalued The stock has been flat over the last 90 days, currently trading at €1.90. The fair value is estimated to be €1.47, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has declined by 137%. For the next 3 years, revenue is forecast to grow by 0.1% per annum. Earnings are also forecast to grow by 74% per annum over the same time period. New Risk • Apr 21
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: 0.04% Last year net profit margin: 0.4% 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 Risks Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (0.04% net profit margin). Market cap is less than US$100m (€13.8m market cap, or US$16.2m). New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 Interest payments are not well covered by earnings (1.4x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (€13.7m market cap, or US$16.1m). New Risk • Apr 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Market cap is less than US$100m (€13.5m market cap, or US$16.0m). Announcement • Apr 16
iVision Tech S.p.A., Annual General Meeting, Apr 30, 2026 iVision Tech S.p.A., Annual General Meeting, Apr 30, 2026, at 15:00 W. Europe Standard Time. New Risk • Apr 07
New major risk - Revenue and earnings growth Earnings have declined by 45% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Interest payments are not well covered by earnings (1.4x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 45% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€14.0m market cap, or US$16.2m). New Risk • Jan 21
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 5.2% 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 Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (€12.6m market cap, or US$14.8m). New Risk • Oct 08
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€18.0m market cap, or US$20.9m). Price Target Changed • Oct 05
Price target increased by 8.3% to €3.25 Up from €3.00, the current price target is provided by 1 analyst. New target price is 46% above last closing price of €2.23. Stock is up 45% over the past year. The company posted earnings per share of €0.009 last year. Buy Or Sell Opportunity • Aug 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.4% to €2.18. The fair value is estimated to be €2.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 6.2% per annum. Earnings are also forecast to grow by 68% per annum over the same time period. New Risk • May 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 115% 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 Interest payments are not well covered by earnings (1.1x net interest cover). Earnings are forecast to decline by an average of 115% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (€17.9m market cap, or US$19.9m). New Risk • May 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (€18.1m market cap, or US$20.1m). Price Target Changed • Apr 22
Price target decreased by 9.1% to €3.00 Down from €3.30, the current price target is provided by 1 analyst. New target price is 23% above last closing price of €2.44. Stock is up 230% over the past year. Buy Or Sell Opportunity • Apr 17
Now 21% undervalued Over the last 90 days, the stock has risen 41% to €2.39. The fair value is estimated to be €3.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last year. Meanwhile, the company became loss making. Announcement • Apr 15
iVision Tech S.p.A., Annual General Meeting, Apr 29, 2025 iVision Tech S.p.A., Annual General Meeting, Apr 29, 2025, at 12:00 W. Europe Standard Time. New Risk • Apr 14
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 Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks High level of debt (100% net debt to equity). Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€17.3m market cap, or US$19.6m). Buy Or Sell Opportunity • Mar 31
Now 20% undervalued Over the last 90 days, the stock has risen 33% to €2.42. The fair value is estimated to be €3.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last year. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Feb 21
Now 20% undervalued Over the last 90 days, the stock has risen 32% to €2.42. The fair value is estimated to be €3.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last year. Meanwhile, the company became loss making. New Risk • Nov 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 112% 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 Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.2% average weekly change). Earnings are forecast to decline by an average of 112% per year for the foreseeable future. High level of non-cash earnings (36% accrual ratio). Minor Risks Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (€14.0m market cap, or US$14.6m). New Risk • Sep 27
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.8% average weekly change). High level of non-cash earnings (36% accrual ratio). Minor Risks Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (€12.9m market cap, or US$14.5m). New Risk • Aug 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% This is considered a minor 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 Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (36% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (€12.6m market cap, or US$13.7m). Announcement • May 29
iVision Tech S.p.A. acquired a 51% stake in Teknoema Srl for €1.02 million. iVision Tech S.p.A. acquired a 51% stake in Teknoema Srl for €1.02 million on May 27, 2024. The remaining 49% of Teknoema's share capital will remain in the hands of the two historic partners who will continue to manage, as has been done successfully and profitably so far.
Pietro Nesci, with 39.2% will continue to carry out the role of Chief Executive Officer, while Barbara Montanari with 9.8% will hold the role of Chief Executive Officer for Operations. Stefano Fulchir will be President of the Board of Directors. As of year ended December 31, 2023, Teknoema reported revenue of €5.5 million, net income of €0.3 million and EBITDA of €0.8 million
iVision Tech S.p.A. completed th acquisition of a 51% stake in Teknoema Srl on May 27, 2024. New Risk • Apr 14
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 Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.8% average weekly change). High level of non-cash earnings (36% accrual ratio). Market cap is less than US$10m (€5.69m market cap, or US$6.05m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). New Risk • Oct 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.09m (US$9.59m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (6.9% average weekly change). High level of non-cash earnings (36% accrual ratio). Market cap is less than US$10m (€9.09m market cap, or US$9.59m). Minor Risk Less than 3 years of financial data is available. Announcement • Sep 24
iVision Tech S.p.A. (BIT:IVN) acquired Maison Henry Jullien SAS. iVision Tech S.p.A. (BIT:IVN) acquired Maison Henry Jullien SAS on September 22, 2023.iVision Tech S.p.A. (BIT:IVN) completed the acquisition of Maison Henry Jullien SAS on September 22, 2023.