Reported Earnings • May 07
First quarter 2026 earnings released: EPS: €0.071 (vs €0.013 in 1Q 2025) First quarter 2026 results: EPS: €0.071 (up from €0.013 in 1Q 2025). Revenue: €108.8m (down 5.8% from 1Q 2025). Net income: €6.25m (up 444% from 1Q 2025). Profit margin: 5.7% (up from 1.0% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 04
Upcoming dividend of €0.22 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 13 May 2026. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Italian dividend payers (4.5%). Lower than average of industry peers (3.6%). Announcement • Apr 29
Zignago Vetro S.p.A., Annual General Meeting, May 06, 2026 Zignago Vetro S.p.A., Annual General Meeting, May 06, 2026, at 11:00 W. Europe Standard Time. Location: fossalta di portogruaro via ita marzotto 8, ve Italy Declared Dividend • Mar 19
Dividend reduced to €0.22 Dividend of €0.22 is 51% lower than last year. Ex-date: 11th May 2026 Payment date: 13th May 2026 Dividend yield will be 3.4%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 74% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 18
Zignago Vetro S.p.A. announces Annual dividend, payable on May 13, 2026 Zignago Vetro S.p.A. announced Annual dividend of EUR 0.2200 per share payable on May 13, 2026, ex-date on May 11, 2026 and record date on May 12, 2026. Reported Earnings • Mar 15
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €0.31 (down from €0.59 in FY 2024). Revenue: €444.8m (down 2.1% from FY 2024). Net income: €27.3m (down 47% from FY 2024). Profit margin: 6.1% (down from 11% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 21%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Nov 13
Consensus EPS estimates fall by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €611.5m to €600.5m. EPS estimate also fell from €0.345 per share to €0.239 per share. Net income forecast to grow 17% next year vs 12% growth forecast for Packaging industry in Italy. Consensus price target down from €9.63 to €8.93. Share price fell 7.4% to €7.01 over the past week. Price Target Changed • Nov 12
Price target decreased by 7.3% to €8.93 Down from €9.63, the current price target is an average from 4 analysts. New target price is 25% above last closing price of €7.14. Stock is down 27% over the past year. The company is forecast to post earnings per share of €0.24 for next year compared to €0.59 last year. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: €0.05 (vs €0.067 in 3Q 2024) Third quarter 2025 results: EPS: €0.05 (down from €0.067 in 3Q 2024). Revenue: €109.1m (flat on 3Q 2024). Net income: €4.37m (down 27% from 3Q 2024). Profit margin: 4.0% (down from 5.5% in 3Q 2024). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 11
Second quarter 2025 earnings released: EPS: €0.087 (vs €0.16 in 2Q 2024) Second quarter 2025 results: EPS: €0.087 (down from €0.16 in 2Q 2024). Revenue: €112.1m (down 8.0% from 2Q 2024). Net income: €7.66m (down 47% from 2Q 2024). Profit margin: 6.8% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 13% per year. Price Target Changed • Jul 30
Price target decreased by 9.2% to €9.63 Down from €10.60, the current price target is an average from 4 analysts. New target price is 22% above last closing price of €7.90. Stock is down 30% over the past year. The company is forecast to post earnings per share of €0.35 for next year compared to €0.59 last year. Major Estimate Revision • Jul 28
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €632.2m to €625.3m. EPS estimate also fell from €0.477 per share to €0.388 per share. Net income forecast to grow 45% next year vs 14% growth forecast for Packaging industry in Italy. Consensus price target down from €10.60 to €10.33. Share price was steady at €8.41 over the past week. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: €0.013 (vs €0.13 in 1Q 2024) First quarter 2025 results: EPS: €0.013 (down from €0.13 in 1Q 2024). Revenue: €115.5m (down 4.4% from 1Q 2024). Net income: €1.15m (down 90% from 1Q 2024). Profit margin: 1.0% (down from 9.8% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Price Target Changed • May 12
Price target decreased by 8.1% to €12.08 Down from €13.14, the current price target is an average from 5 analysts. New target price is 46% above last closing price of €8.29. Stock is down 31% over the past year. The company is forecast to post earnings per share of €0.45 for next year compared to €0.59 last year. Major Estimate Revision • May 11
Consensus EPS estimates fall by 30% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €651.0m to €635.7m. EPS estimate also fell from €0.706 per share to €0.492 per share. Net income forecast to shrink 16% next year vs 9.3% growth forecast for Packaging industry in Italy . Consensus price target down from €13.14 to €12.44. Share price fell 6.5% to €8.40 over the past week. Price Target Changed • May 08
Price target decreased by 8.3% to €12.44 Down from €13.56, the current price target is an average from 5 analysts. New target price is 47% above last closing price of €8.49. Stock is down 32% over the past year. The company is forecast to post earnings per share of €0.73 for next year compared to €0.59 last year. Upcoming Dividend • May 05
Upcoming dividend of €0.45 per share Eligible shareholders must have bought the stock before 12 May 2025. Payment date: 14 May 2025. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Italian dividend payers (5.5%). Higher than average of industry peers (3.4%). Reported Earnings • Mar 31
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: €0.59 (down from €1.38 in FY 2023). Revenue: €454.5m (down 13% from FY 2023). Net income: €51.9m (down 58% from FY 2023). Profit margin: 11% (down from 24% in FY 2023). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) exceeded analyst estimates by 4.5%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Mar 24
Zignago Vetro S.p.A., Annual General Meeting, Apr 29, 2025 Zignago Vetro S.p.A., Annual General Meeting, Apr 29, 2025, at 11:00 W. Europe Standard Time. Declared Dividend • Mar 19
Dividend reduced to €0.45 Dividend of €0.45 is 40% lower than last year. Ex-date: 12th May 2025 Payment date: 14th May 2025 Dividend yield will be 4.9%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (112% earnings payout ratio) nor is it covered by cash flows (109% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 25% to bring the payout ratio under control. EPS is expected to grow by 33% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Mar 18
Zignago Vetro S.p.A. announces Annual dividend, payable on May 14, 2025 Zignago Vetro S.p.A. announced Annual dividend of EUR 0.4500 per share payable on May 14, 2025, ex-date on May 12, 2025 and record date on May 13, 2025. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: €0.067 (vs €0.24 in 3Q 2023) Third quarter 2024 results: EPS: €0.067 (down from €0.24 in 3Q 2023). Revenue: €109.3m (down 8.8% from 3Q 2023). Net income: €5.96m (down 72% from 3Q 2023). Profit margin: 5.5% (down from 18% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 07
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €658.6m to €639.9m. EPS estimate also fell from €0.764 per share to €0.618 per share. Net income forecast to shrink 16% next year vs 9.2% growth forecast for Packaging industry in Italy . Consensus price target down from €13.75 to €12.70. Share price fell 5.8% to €9.89 over the past week. Price Target Changed • Nov 06
Price target decreased by 12% to €12.70 Down from €14.38, the current price target is an average from 4 analysts. New target price is 34% above last closing price of €9.45. Stock is down 29% over the past year. The company is forecast to post earnings per share of €0.66 for next year compared to €1.38 last year. Price Target Changed • Aug 13
Price target decreased by 8.2% to €13.75 Down from €14.98, the current price target is an average from 4 analysts. New target price is 26% above last closing price of €10.92. Stock is down 31% over the past year. The company is forecast to post earnings per share of €0.76 for next year compared to €1.38 last year. Reported Earnings • Aug 12
Second quarter 2024 earnings released: EPS: €0.16 (vs €0.51 in 2Q 2023) Second quarter 2024 results: EPS: €0.16 (down from €0.51 in 2Q 2023). Revenue: €121.9m (down 13% from 2Q 2023). Net income: €14.5m (down 68% from 2Q 2023). Profit margin: 12% (down from 32% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Jul 29
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 5.6% 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: Major Risk Earnings are forecast to decline by an average of 0.03% per year for the foreseeable future. Minor Risks High level of debt (43% net debt to equity). Share price has been volatile over the past 3 months (5.6% average weekly change). Major Estimate Revision • May 06
Consensus EPS estimates fall by 18%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €624.0m to €647.1m. EPS estimate fell from €1.04 to €0.859 per share. Net income forecast to shrink 6.8% next year vs 7.6% growth forecast for Packaging industry in Italy . Consensus price target broadly unchanged at €17.58. Share price was steady at €12.62 over the past week. Reported Earnings • May 01
First quarter 2024 earnings released: EPS: €0.13 (vs €0.34 in 1Q 2023) First quarter 2024 results: EPS: €0.13 (down from €0.34 in 1Q 2023). Revenue: €120.8m (down 18% from 1Q 2023). Net income: €11.8m (down 60% from 1Q 2023). Profit margin: 9.8% (down from 20% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: €1.38 (up from €0.98 in FY 2022). Revenue: €520.0m (up 11% from FY 2022). Net income: €122.4m (up 41% from FY 2022). Profit margin: 24% (up from 19% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 7.6%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 25
Dividend increased to €0.75 Dividend of €0.75 is 25% higher than last year. Ex-date: 13th May 2024 Payment date: 15th May 2024 Dividend yield will be 5.8%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 43% over the next 3 years. However, it would need to fall by 57% to increase the payout ratio to a potentially unsustainable range. Price Target Changed • Mar 15
Price target decreased by 7.3% to €17.90 Down from €19.32, the current price target is an average from 5 analysts. New target price is 36% above last closing price of €13.16. Stock is down 22% over the past year. The company is forecast to post earnings per share of €1.28 for next year compared to €0.98 last year. Buy Or Sell Opportunity • Mar 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.1% to €13.16. The fair value is estimated to be €16.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to decline by 32% in the next 2 years. Price Target Changed • Feb 07
Price target decreased by 9.6% to €18.62 Down from €20.60, the current price target is an average from 5 analysts. New target price is 37% above last closing price of €13.60. Stock is down 15% over the past year. The company is forecast to post earnings per share of €1.28 for next year compared to €0.98 last year. New Risk • Nov 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 51% 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: Major Risk Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Minor Risk High level of debt (51% net debt to equity). Price Target Changed • Nov 13
Price target decreased by 13% to €17.90 Down from €20.60, the current price target is an average from 4 analysts. New target price is 42% above last closing price of €12.64. Stock is down 12% over the past year. The company is forecast to post earnings per share of €1.25 for next year compared to €0.98 last year. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: €0.24 (vs €0.15 in 3Q 2022) Third quarter 2023 results: EPS: €0.24 (up from €0.15 in 3Q 2022). Revenue: €119.8m (flat on 3Q 2022). Net income: €21.0m (up 61% from 3Q 2022). Profit margin: 18% (up from 11% in 3Q 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.5%. The fair value is estimated to be €18.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 38% in 2 years. Earnings is forecast to decline by 18% in the next 2 years. Major Estimate Revision • Aug 04
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €1.15 to €1.28. Revenue forecast steady at €756.7m. Net income forecast to shrink 17% next year vs 3.9% growth forecast for Packaging industry in Italy . Consensus price target up from €19.98 to €20.48. Share price was steady at €16.28 over the past week. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: €0.51 (vs €0.21 in 2Q 2022) Second quarter 2023 results: EPS: €0.51 (up from €0.21 in 2Q 2022). Revenue: €140.0m (up 25% from 2Q 2022). Net income: €45.0m (up 142% from 2Q 2022). Profit margin: 32% (up from 17% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Jun 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% 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 Risk Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Minor Risks High level of debt (67% net debt to equity). Dividend is not well covered by cash flows (331% cash payout ratio). Upcoming Dividend • May 08
Upcoming dividend of €0.60 per share at 3.4% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of Italian dividend payers (5.2%). In line with average of industry peers (3.2%). Reported Earnings • May 07
First quarter 2023 earnings released: EPS: €0.34 (vs €0.14 in 1Q 2022) First quarter 2023 results: EPS: €0.34 (up from €0.14 in 1Q 2022). Revenue: €146.5m (up 36% from 1Q 2022). Net income: €29.7m (up 137% from 1Q 2022). Profit margin: 20% (up from 12% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 17
Now 21% undervalued Over the last 90 days, the stock is up 18%. The fair value is estimated to be €21.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Price Target Changed • Feb 14
Price target increased by 10% to €17.64 Up from €16.00, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of €17.02. Stock is up 21% over the past year. The company is forecast to post earnings per share of €0.74 for next year compared to €0.68 last year. Price Target Changed • Feb 08
Price target increased by 7.4% to €16.64 Up from €15.50, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of €15.94. Stock is up 12% over the past year. The company is forecast to post earnings per share of €0.74 for next year compared to €0.68 last year. Price Target Changed • Jan 19
Price target increased to €16.00 Up from €14.90, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of €15.54. Stock is down 2.3% over the past year. The company is forecast to post earnings per share of €0.73 for next year compared to €0.68 last year. Board Change • Nov 16
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. CEO & Executive Director Roberto Cardini was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: €0.15 (vs €0.18 in 3Q 2021) Third quarter 2022 results: EPS: €0.15 (down from €0.18 in 3Q 2021). Revenue: €120.5m (up 32% from 3Q 2021). Net income: €13.0m (down 14% from 3Q 2021). Profit margin: 11% (down from 17% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 15% share price gain to €14.52, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Packaging industry in Europe. Total returns to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.55 per share. Major Estimate Revision • Aug 04
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €587.4m to €610.1m. EPS estimate increased from €0.60 to €0.68 per share. Net income forecast to grow 6.1% next year vs 10% growth forecast for Packaging industry in Italy. Consensus price target down from €16.08 to €14.90. Share price was steady at €12.48 over the past week. Price Target Changed • Aug 03
Price target decreased to €14.90 Down from €16.08, the current price target is an average from 4 analysts. New target price is 23% above last closing price of €12.16. Stock is down 30% over the past year. The company is forecast to post earnings per share of €0.62 for next year compared to €0.68 last year. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: €0.21 (vs €0.20 in 2Q 2021) Second quarter 2022 results: EPS: €0.21 (up from €0.20 in 2Q 2021). Revenue: €112.2m (up 28% from 2Q 2021). Net income: €18.6m (up 7.4% from 2Q 2021). Profit margin: 17% (down from 20% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 46%, compared to a 16% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Board Change • Jun 02
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. CEO & Executive Director Roberto Cardini was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: €0.14 (up from €0.13 in 1Q 2021). Revenue: €107.6m (up 32% from 1Q 2021). Net income: €12.5m (up 9.4% from 1Q 2021). Profit margin: 12% (down from 14% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 3.6%. Over the next year, revenue is forecast to grow 53%, compared to a 17% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year. Buying Opportunity • May 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be €15.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 9.4%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Major Estimate Revision • May 03
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €570.4m to €590.6m. EPS estimate increased from €0.52 to €0.60 per share. Net income forecast to shrink 22% next year vs 10% growth forecast for Packaging industry in Italy . Consensus price target up from €15.11 to €15.78. Share price rose 10% to €12.70 over the past week. Upcoming Dividend • May 02
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 3.3%. Lower than top quartile of Italian dividend payers (4.7%). Higher than average of industry peers (2.8%). Price Target Changed • Apr 27
Price target decreased to €15.40 Down from €16.83, the current price target is an average from 4 analysts. New target price is 36% above last closing price of €11.36. Stock is down 33% over the past year. The company is forecast to post earnings per share of €0.52 for next year compared to €0.68 last year.