New Risk • Apr 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.6% 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 2.6% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Apr 07
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: 7.0% 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 2025 earnings released: EPS: €0.32 (vs €0.34 in FY 2024) Full year 2025 results: EPS: €0.32 (down from €0.34 in FY 2024). Revenue: €1.06b (down 3.0% from FY 2024). Net income: €39.7m (down 12% from FY 2024). Profit margin: 3.7% (down from 4.1% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 2 years compared to a 15% growth forecast for the Media 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 12% per year. Announcement • Mar 30
Cairo Communication S.p.A., Annual General Meeting, May 07, 2026 Cairo Communication S.p.A., Annual General Meeting, May 07, 2026, at 11:00 W. Europe Standard Time. Location: via angelo rizzoli n 8, milano Italy Announcement • Mar 26
Cairo Communication S.p.A. announces Annual dividend, payable on May 27, 2026 Cairo Communication S.p.A. announced Annual dividend of EUR 0.1800 per share payable on May 27, 2026, ex-date on May 25, 2026 and record date on May 26, 2026. Reported Earnings • Nov 18
Third quarter 2025 earnings released Third quarter 2025 results: €0.034 loss per share. Revenue: €206.8m (down 5.4% from 3Q 2024). Net loss: €4.10m (loss widened 14% from 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 18% growth forecast for the Media industry in Italy. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 06
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €327.5m (down 1.8% from 2Q 2024). Net income: €22.5m (flat on 2Q 2024). Profit margin: 6.9% (up from 6.7% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Media industry in Italy are expected to grow by 1.9%. Reported Earnings • May 16
First quarter 2025 earnings released First quarter 2025 results: €0.016 loss per share. Revenue: €233.6m (flat on 1Q 2024). Net loss: €2.10m (loss widened 5.0% from 1Q 2024). Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Media industry in Italy are expected to grow by 1.7%. 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 14% per year. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €3.37, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Media industry in Italy. Total returns to shareholders of 91% over the past three years. Major Estimate Revision • May 11
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from €0.329 to €0.367. Revenue forecast steady at €1.08b. Net income forecast to grow 1.8% next year vs 85% growth forecast for Media industry in Italy. Consensus price target up from €2.70 to €3.30. Share price rose 12% to €3.20 over the past week. Reported Earnings • Mar 29
Full year 2024 earnings released Full year 2024 results: Revenue: €1.10b (flat on FY 2023). Net income: €45.2m (up 18% from FY 2023). Profit margin: 4.1% (up from 3.5% in FY 2023). Revenue is expected to decline by 1.6% p.a. on average during the next 2 years, while revenues in the Media industry in Italy are expected to grow by 1.4%. New Risk • Mar 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% 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 Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: €0.027 loss per share. Revenue: €218.5m (flat on 3Q 2023). Net loss: €3.60m (loss narrowed 29% from 3Q 2023). Revenue is expected to decline by 1.7% p.a. on average during the next 2 years, while revenues in the Media industry in Italy are expected to grow by 1.7%. Reported Earnings • Aug 09
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €333.6m (up 2.3% from 2Q 2023). Net income: €22.3m (up 18% from 2Q 2023). Profit margin: 6.7% (up from 5.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Media industry in Italy. Upcoming Dividend • May 20
Upcoming dividend of €0.16 per share Eligible shareholders must have bought the stock before 27 May 2024. Payment date: 29 May 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 6.7%. Within top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (5.8%). Reported Earnings • May 17
First quarter 2024 earnings released First quarter 2024 results: €0.015 loss per share. Revenue: €232.1m (down 4.7% from 1Q 2023). Net loss: €2.00m (loss narrowed 33% from 1Q 2023). Revenue is forecast to stay flat during the next 2 years compared to a 2.0% growth forecast for the Media industry in Italy. New Risk • May 08
New major risk - Revenue and earnings growth Earnings have declined by 5.8% 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 Risk Earnings have declined by 5.8% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • May 07
Price target increased by 8.0% to €2.70 Up from €2.50, the current price target is provided by 1 analyst. New target price is 16% above last closing price of €2.32. Stock is up 23% over the past year. The company is forecast to post earnings per share of €0.34 for next year compared to €0.29 last year. Declared Dividend • Apr 04
Dividend of €0.16 announced Shareholders will receive a dividend of €0.16. Ex-date: 27th May 2024 Payment date: 29th May 2024 Dividend yield will be 7.6%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (32% 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 decline by 4.5% over the next 2 years. However, it would need to fall by 38% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 31
Full year 2023 earnings released Full year 2023 results: Revenue: €1.10b (down 1.4% from FY 2022). Net income: €38.4m (up 20% from FY 2022). Profit margin: 3.5% (up from 2.9% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 2 years compared to a 2.3% growth forecast for the Media industry in Italy. New Risk • Mar 18
New major risk - Revenue and earnings growth Earnings have declined by 9.2% 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 Risk Earnings have declined by 9.2% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €218.0m (down 6.1% from 3Q 2022). Net loss: €5.10m (loss widened 70% from 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 2.7% growth forecast for the Media industry in Italy. New Risk • Nov 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.03% 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 0.03% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 08
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €326.1m (flat on 2Q 2022). Net income: €18.9m (up 33% from 2Q 2022). Profit margin: 5.8% (up from 4.3% in 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 2.5% growth forecast for the Media industry in Italy. Buying Opportunity • Aug 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be €2.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 0.8% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. Buying Opportunity • May 29
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be €2.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 0.8% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. Upcoming Dividend • May 22
Upcoming dividend of €0.14 per share at 7.7% yield Eligible shareholders must have bought the stock before 29 May 2023. Payment date: 31 May 2023. Payout ratio is a comfortable 59% but the company is paying out more than the cash it is generating. Trailing yield: 7.7%. Within top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (6.5%). Buying Opportunity • Apr 14
Now 20% undervalued Over the last 90 days, the stock is up 22%. The fair value is estimated to be €2.37, 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 1.1% in 2 years. Earnings is forecast to grow by 31% in the next 2 years. Reported Earnings • Mar 29
Full year 2022 earnings released Full year 2022 results: Revenue: €1.11b (flat on FY 2021). Net income: €32.1m (down 37% from FY 2021). Profit margin: 2.9% (down from 4.6% in FY 2021). Revenue is forecast to stay flat during the next 2 years compared to a 2.8% growth forecast for the Media industry in Italy. Major Estimate Revision • Mar 24
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate increased from €0.205 to €0.236. Revenue forecast steady at €1.09b. Net income forecast to grow 23% next year vs 56% growth forecast for Media industry in Italy. Consensus price target of €2.63 unchanged from last update. Share price rose 11% to €1.80 over the past week. Major Estimate Revision • Mar 07
Consensus EPS estimates increase by 28% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate increased from €0.161 to €0.205. Revenue forecast steady at €1.10b. Net income forecast to grow 13% next year vs 38% growth forecast for Media industry in Italy. Consensus price target down from €2.73 to €2.63. Share price was steady at €1.72 over the past week. Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 43% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €1.13b to €1.09b. EPS estimate also fell from €0.28 per share to €0.16 per share. Net income forecast to grow 11% next year vs 85% growth forecast for Media industry in Italy. Consensus price target down from €2.80 to €2.73. Share price fell 8.7% to €1.51 over the past week. 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. 6 experienced directors. 6 highly experienced directors. 4 independent directors (6 non-independent directors). Non-Executive Director Laura Cairo was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 08
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €328.6m (up 3.3% from 2Q 2021). Net income: €14.2m (down 50% from 2Q 2021). Profit margin: 4.3% (down from 8.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to stay flat compared to a 8.4% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 16% share price gain to €1.85, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Media industry in Italy. Total loss to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.71, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Media industry in Italy. Total loss to shareholders of 29% over the past three years. Major Estimate Revision • May 18
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €1.09b to €1.13b. EPS estimate increased from €0.30 to €0.34 per share. Net income forecast to shrink 9.8% next year vs 78% growth forecast for Media industry in Italy . Consensus price target up from €2.70 to €2.85. Share price rose 5.1% to €2.27 over the past week. Price Target Changed • May 17
Price target increased to €2.85 Up from €2.60, the current price target is an average from 2 analysts. New target price is 27% above last closing price of €2.24. Stock is up 15% over the past year. The company is forecast to post earnings per share of €0.33 for next year compared to €0.38 last year. Upcoming Dividend • May 16
Upcoming dividend of €0.18 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 8.1%. Within top quartile of Italian dividend payers (4.7%). Higher than average of industry peers (6.1%). 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. 6 experienced directors. 6 highly experienced directors. 4 independent directors (6 non-independent directors). Non-Executive Director Laura Cairo was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 28
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €1.11b (up 12% from FY 2020). Net income: €51.0m (up 209% from FY 2020). Profit margin: 4.6% (up from 1.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 18%. Over the next year, revenue is expected to shrink by 1.6% compared to a 6.4% growth forecast for the industry in Italy. Major Estimate Revision • Mar 23
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from €1.07b to €938.4m. EPS estimate unchanged from €0.33 per share at last update. Media industry in Italy expected to see average net income growth of 12% next year. Consensus price target of €2.70 unchanged from last update. Share price rose 3.2% to €1.80 over the past week. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS €0.032 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €239.7m (up 6.0% from 3Q 2020). Net income: €4.30m (up 231% from 3Q 2020). Profit margin: 1.8% (up from 0.6% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 10% per year. Major Estimate Revision • Aug 20
Consensus EPS estimates increase to €0.31 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €1.06b to €1.08b. EPS estimate increased from €0.21 to €0.31 per share. Net income forecast to shrink 25% next year vs 32% growth forecast for Media industry in Italy . Consensus price target of €2.60 unchanged from last update. Share price was steady at €1.72 over the past week. Reported Earnings • Aug 09
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €318.0m (up 55% from 2Q 2020). Net income: €28.4m (up €34.1m from 2Q 2020). Profit margin: 8.9% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Price Target Changed • Jun 05
Price target increased to €2.60 Up from €2.14, the current price target is an average from 3 analysts. New target price is 36% above last closing price of €1.91. Stock is up 18% over the past year. Reported Earnings • May 20
First quarter 2021 earnings released: €0.029 loss per share The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: €234.5m (up 2.9% from 1Q 2020). Net loss: €3.90m (loss narrowed 44% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 17
Upcoming dividend of €0.04 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 2.0%. Lower than top quartile of Italian dividend payers (3.8%). Lower than average of industry peers (4.0%). Major Estimate Revision • May 17
Consensus EPS estimates fall to €0.19 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from €1.04b to €1.03b. EPS estimate also fell from €0.23 to €0.19. Net income forecast to grow 76% next year vs 50% growth forecast for Media industry in Italy. Consensus price target up from €1.91 to €2.14. Share price was steady at €1.98 over the past week. Price Target Changed • May 12
Price target increased to €2.14 Up from €1.97, the current price target is an average from 3 analysts. New target price is 5.8% above last closing price of €2.02. Stock is up 39% over the past year. Reported Earnings • Mar 30
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €988.1m (down 16% from FY 2019). Net income: €16.5m (down 61% from FY 2019). Profit margin: 1.7% (down from 3.6% in FY 2019). Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 17% share price gain to €1.69, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 19x in the Media industry in Italy. Total loss to shareholders of 46% over the past three years. Major Estimate Revision • Mar 03
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from €0.062 to €0.046. Revenue estimate was approximately flat at €981.4m. Net income is expected to grow by 199% next year compared to 72% growth forecast for the Media industry in Italy. The consensus price target of €1.97 was unchanged from the last update. Share price is down by 5.2% to €1.41 over the past week. Is New 90 Day High Low • Feb 24
New 90-day high: €1.49 The company is up 18% from its price of €1.26 on 26 November 2020. The Italian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.66 per share. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 15% share price gain to €1.35, the stock is trading at a trailing P/E ratio of 34.8x, up from the previous P/E ratio of 30.2x. This compares to an average P/E of 34x in the Media industry in Italy. Total return to shareholders over the past three years is a loss of 60%. Is New 90 Day High Low • Feb 08
New 90-day high: €1.31 The company is up 14% from its price of €1.15 on 10 November 2020. The Italian market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Media industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.47 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS €0.01 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: €226.1m (down 10% from 3Q 2019). Net income: €1.30m (up €2.00m from 3Q 2019). Profit margin: 0.6% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.5%. Earnings per share (EPS) missed analyst estimates by 7.9%. Over the next year, revenue is forecast to grow 5.6%, compared to a 1.8% growth forecast for the Media industry in Italy. Is New 90 Day High Low • Oct 15
New 90-day low: €1.21 The company is down 19% from its price of €1.50 on 17 July 2020. The Italian market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.99 per share. Major Estimate Revision • Oct 06
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from €0.052 to €0.09. Revenue estimate for the same period was approximately flat at €1.00b. Net income is expected to grow by 292% next year compared to 74% growth forecast for the Media industry in Italy. The consensus price target was lowered from €2.04 to €1.97. Share price is up 8.0% to €1.33 over the past week.