New Risk • May 07
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: 2.8% Last year net profit margin: 15% 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: Minor Risks Profit margins are more than 30% lower than last year (2.8% net profit margin). Market cap is less than US$100m (€51.8m market cap, or US$60.8m). New Risk • Feb 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 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 Share price has been highly volatile over the past 3 months (9.9% average weekly change). High level of non-cash earnings (26% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (€51.0m market cap, or US$60.3m). Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to €18.60, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Chemicals industry in Italy. Negligible returns to shareholders over past three years. Announcement • Dec 20
Emosia group entered into a sale agreement to acquire 87.64% stake in CULTI Milano S.p.A. (BIT:CULT) from KME Group S.p.A. (BIT:KME) for €45.8 million. Emosia group entered into a sale agreement to acquire 87.64% stake in CULTI Milano S.p.A. (BIT:CULT) from KME Group S.p.A. (BIT:KME) for €45.8 million on December 19, 2025. Under the terms of the acquisition, Emosia group through its holding company Berger International S.A.S will acquire 2.4 million ordinary shares in CULTI Milano S.p.A. at €19.16 in cash per share. As part of the transaction, the current management team of CULTI Milano S.p.A. will remain in place, ensuring continuity of operations and supporting the ongoing development of the business. Upon completion, Emosia group will hold 87.64% stake in CULTI Milano S.p.A. and intends to launch a mandatory takeover bid for all the remaining outstanding shares of CULTI Milano S.p.A at the same price per share with a view to delisting the Company.
The transaction is subject to the fulfilment of certain conditions including the consent of certain parties in commercial and financial relations with the Company, the collection of the necessary financial resources by Emosia group and the amendment of CULTI’s articles of association to expressly provide for the applicability of Article 111. Announcement • Dec 04
M.G.B. Srl acquired the remaining 22.13% stake in Bakel srl from CULTI Milano S.p.A. (BIT:CULT) for €1.2 million. M.G.B. Srl acquired the remaining 22.13% stake in Bakel srl from CULTI Milano S.p.A. (BIT:CULT) for €1.2 million on December 2, 2025. The Residual Sale involved the 498,000 ordinary shares still held by CULTI in Bakel, for a total consideration of €1.218 million, of which €0.837 million has already been received. The balance, equal to €0.381 million, will be paid by February 28, 2029.
M.G.B. Srl completed the acquisition of the remaining 22.13% stake in Bakel srl from CULTI Milano S.p.A. (BIT:CULT) On December 2, 2025. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €14.90, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Chemicals industry in Italy. Total returns to shareholders of 12% over the past three years. New Risk • Aug 04
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 (26% accrual ratio). Minor Risk Market cap is less than US$100m (€31.6m market cap, or US$36.6m). New Risk • Aug 03
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% 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 Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (€34.6m market cap, or US$40.1m). Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €13.60, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Chemicals industry in Italy. Total loss to shareholders of 9.0% over the past three years. New Risk • Jun 10
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 6.6% 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 Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (€46.1m market cap, or US$52.6m). Buy Or Sell Opportunity • Jun 10
Now 24% undervalued Over the last 90 days, the stock has risen 34% to €16.90. The fair value is estimated to be €22.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 7.4% per annum. Earnings are also forecast to grow by 4.2% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €18.20, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Chemicals industry in Italy. Total returns to shareholders of 33% over the past three years. Upcoming Dividend • Apr 28
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 05 May 2025. Payment date: 07 May 2025. Payout ratio is a comfortable 6.8% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Italian dividend payers (5.7%). Lower than average of industry peers (2.7%). Announcement • Apr 08
CULTI Milano S.p.A., Annual General Meeting, Apr 29, 2025 CULTI Milano S.p.A., Annual General Meeting, Apr 29, 2025, at 11:00 W. Europe Standard Time. Declared Dividend • Mar 24
Dividend of €0.10 announced Dividend of €0.10 is the same as last year. Ex-date: 5th May 2025 Payment date: 7th May 2025 Dividend yield will be 0.8%, which is lower than the industry average of 2.8%. Payout Ratios Payout ratio: 12%. Cash payout ratio: 16%. Announcement • Mar 23
CULTI Milano S.p.A. announces Annual dividend, payable on May 07, 2025 CULTI Milano S.p.A. announced Annual dividend of EUR 0.1000 per share payable on May 07, 2025, ex-date on May 05, 2025 and record date on May 06, 2025. Reported Earnings • Mar 21
Full year 2024 earnings released Full year 2024 results: Revenue: €25.9m (up 12% from FY 2023). Net income: €4.00m (up 187% from FY 2023). Profit margin: 15% (up from 6.0% in FY 2023). Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Chemicals industry in Italy. New Risk • Jun 11
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: Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Profit margins are more than 30% lower than last year (6.0% net profit margin). Market cap is less than US$100m (€33.0m market cap, or US$35.4m). Upcoming Dividend • Apr 15
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 22 April 2024. Payment date: 24 April 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Italian dividend payers (5.7%). Lower than average of industry peers (2.7%). Reported Earnings • Mar 18
Full year 2023 earnings released Full year 2023 results: Revenue: €23.1m (down 1.6% from FY 2022). Net income: €1.39m (down 33% from FY 2022). Profit margin: 6.0% (down from 8.8% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Chemicals industry in Italy. Buy Or Sell Opportunity • Mar 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.6% to €17.05. The fair value is estimated to be €21.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 46% in 2 years. Earnings are forecast to grow by 203% in the next 2 years. New Risk • Feb 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 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: Minor Risks High level of debt (60% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (6.1% net profit margin). Market cap is less than US$100m (€46.7m market cap, or US$50.4m). Reported Earnings • Aug 07
First half 2023 earnings released: EPS: €0.049 (vs €0.25 in 1H 2022) First half 2023 results: EPS: €0.049 (down from €0.25 in 1H 2022). Revenue: €11.3m (up 3.8% from 1H 2022). Net income: €133.8k (down 82% from 1H 2022). Profit margin: 1.2% (down from 7.0% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Chemicals industry in Europe. New Risk • Aug 04
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 60% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (60% net debt to equity). Share price has been volatile over the past 3 months (5.0% average weekly change). Profit margins are more than 30% lower than last year (6.1% net profit margin). Market cap is less than US$100m (€52.3m market cap, or US$57.8m). Upcoming Dividend • Apr 17
Upcoming dividend of €0.10 per share at 0.5% yield Eligible shareholders must have bought the stock before 24 April 2023. Payment date: 26 April 2023. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Italian dividend payers (5.0%). Lower than average of industry peers (3.9%). Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €20.50, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 12x in the Chemicals industry in Europe. Total returns to shareholders of 471% over the past three years. Reported Earnings • Mar 19
Full year 2022 earnings released Full year 2022 results: Revenue: €23.5m (up 11% from FY 2021). Net income: €2.08m (down 11% from FY 2021). Profit margin: 8.8% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improved over the past week After last week's 23% share price gain to €25.80, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 16x in the Chemicals industry in Europe. Total returns to shareholders of 619% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €20.25 per share. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 25% share price gain to €25.30, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 16x in the Chemicals industry in Europe. Total returns to shareholders of 621% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €20.36 per share. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 15% share price gain to €19.10, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Chemicals industry in Europe. Total returns to shareholders of 397% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €21.85 per share. 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. 8 experienced directors. No highly experienced directors. 1 independent director (4 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. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 15% share price gain to €16.15, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Chemicals industry in Europe. Total returns to shareholders of 542% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €23.13 per share. Reported Earnings • Aug 01
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €622.9k from profit in 1H 2021). Profit margin: (down from 6.8% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 15%, compared to a 15% growth forecast for the industry in Italy. Board Change • Apr 27
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. 8 experienced directors. No highly experienced directors. 1 independent director (4 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. Upcoming Dividend • Apr 12
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 19 April 2022. Payment date: 21 April 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Italian dividend payers (4.6%). Lower than average of industry peers (3.2%). Reported Earnings • Mar 05
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €21.2m (up 55% from FY 2020). Net income: €2.33m (up 73% from FY 2020). Profit margin: 11% (up from 9.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Over the next year, revenue is forecast to grow 4.8%, compared to a 12% growth forecast for the industry in Italy. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 27% share price gain to €12.70, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Chemicals industry in Europe. Total returns to shareholders of 481% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €20.52 per share. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 23% share price decline to €10.20, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Chemicals industry in Europe. Total returns to shareholders of 246% over the past three years. Upcoming Dividend • Jul 05
Upcoming dividend of €0.08 per share Eligible shareholders must have bought the stock before 12 July 2021. Payment date: 14 July 2021. Trailing yield: 0.6%. Lower than top quartile of Italian dividend payers (3.7%). Lower than average of industry peers (2.3%). Reported Earnings • May 31
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €13.7m (up 51% from FY 2019). Net income: €1.35m (up 314% from FY 2019). Profit margin: 9.9% (up from 3.6% in FY 2019). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Feb 16
New 90-day low: €4.70 The company is down 10.0% from its price of €5.25 on 18 November 2020. The Italian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 03
New 90-day low: €4.74 The company is down 4.0% from its price of €4.96 on 04 August 2020. The Italian market is down 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 2.0% over the same period. Price Target Changed • Oct 13
Price target raised to €6.88 Up from €3.94, the current price target is provided by 1 analyst. The new target price is 21% above the current share price of €5.70. As of last close, the stock is up 128% over the past year. Upcoming Dividend • Oct 12
Upcoming Dividend of €0.08 Per Share Will be paid on the 21st of October to those who are registered shareholders by the 19th of October. The trailing yield of 1.4% is below the top quartile of Italian dividend payers (5.4%), and is lower than industry peers (2.7%). Is New 90 Day High Low • Oct 06
New 90-day high: €5.45 The company is up 27% from its price of €4.30 on 08 July 2020. The Italian market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 8.0% over the same period. Is New 90 Day High Low • Sep 19
New 90-day high: €5.10 The company is up 28% from its price of €4.00 on 19 June 2020. The Italian market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 10.0% over the same period.