Buy Or Sell Opportunity • May 29
Now 21% overvalued Over the last 90 days, the stock has fallen 1.2% to €2.53. The fair value is estimated to be €2.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 43% per annum over the same time period. Buy Or Sell Opportunity • Apr 16
Now 20% overvalued Over the last 90 days, the stock has fallen 18% to €2.50. The fair value is estimated to be €2.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 8.8% per annum. Earnings are also forecast to grow by 43% per annum over the same time period. Announcement • Apr 14
Maps S.p.A., Annual General Meeting, Apr 29, 2026 Maps S.p.A., Annual General Meeting, Apr 29, 2026, at 15:00 W. Europe Standard Time. Location: via paradigna n 38a, parma Italy New Risk • Apr 06
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.7x 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 (2.7x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (€31.3m market cap, or US$36.1m). New Risk • Apr 04
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: 1.6% Last year net profit margin: 6.5% 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 (1.6% net profit margin). Market cap is less than US$100m (€31.3m market cap, or US$36.1m). Reported Earnings • Apr 04
Full year 2025 earnings released Full year 2025 results: Revenue: €35.1m (up 21% from FY 2024). Net income: €571.0k (down 70% from FY 2024). Profit margin: 1.6% (down from 6.5% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Italy. Price Target Changed • Mar 31
Price target decreased by 8.7% to €4.67 Down from €5.11, the current price target is an average from 3 analysts. New target price is 90% above last closing price of €2.46. Stock is down 27% over the past year. Major Estimate Revision • Oct 10
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €33.6m to €33.1m. EPS estimate also fell from €0.191 per share to €0.159 per share. Net income forecast to grow 59% next year vs 45% growth forecast for Software industry in Italy. Consensus price target of €5.11 unchanged from last update. Share price was steady at €3.35 over the past week. Major Estimate Revision • Oct 01
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €0.234 to €0.191 per share. Revenue forecast steady at €33.6m. Net income forecast to grow 75% next year vs 56% growth forecast for Software industry in Italy. Consensus price target broadly unchanged at €5.11. Share price fell 3.6% to €3.24 over the past week. Reported Earnings • Sep 29
First half 2025 earnings released First half 2025 results: Revenue: €14.5m (up 17% from 1H 2024). Net income: €561.7k (down 2.6% from 1H 2024). Profit margin: 3.9% (down from 4.7% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in Italy. Recent Insider Transactions • Jun 25
President & Chairman recently sold €258k worth of stock On the 17th of June, Marco Ciscato sold around 75k shares on-market at roughly €3.44 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Marco's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Jun 11
Now 21% undervalued Over the last 90 days, the stock has risen 15% to €3.58. The fair value is estimated to be €4.51, 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 10% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Buy Or Sell Opportunity • May 19
Now 21% undervalued Over the last 90 days, the stock has risen 13% to €3.58. The fair value is estimated to be €4.55, 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 10% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Announcement • Apr 08
Maps S.p.A., Annual General Meeting, Apr 24, 2025 Maps S.p.A., Annual General Meeting, Apr 24, 2025, at 16:30 W. Europe Standard Time. Announcement • Apr 03
Maps S.p.A. (BIT:MAPS) signed a binding agreement to acquire 51% stake in Ellysse Srl for €1.7 million. Maps S.p.A. (BIT:MAPS) agreed to acquire 51% stake in Ellysse Srl for €1.7 million on April 1, 2025. The Purchase Price will be paid in cash by Maps to the Sellers at Closing, using immediately available funds, subject to the fulfillment of certain pre-closing conditions, including obtaining the Golden Power authorization For the period ending December 31, 2024, Ellysse Srl reported total revenue of €2.03 million and EBITDA of €0.59 million.
Carlo Riganti of Starclex - Studio Legale Associato Guglielmetti acted as legal advisor for Maps S.p.A. The shareholders of Ellysse S.r.l. were assisted by KPMG Corporate Finance as M&A Financial Advisor, and by Baldi & Partners for legal counsel, with a team led by Senior Partner Francesca Baldi. Reported Earnings • Mar 31
First half 2024 earnings released First half 2024 results: Revenue: €12.6m (down 6.1% from 1H 2023). Net income: €576.9k (up 61% from 1H 2023). Profit margin: 4.6% (up from 2.7% in 1H 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 4 years, compared to a 13% growth forecast for the Software industry in Italy. Price Target Changed • Mar 31
Price target increased by 8.4% to €4.93 Up from €4.55, the current price target is an average from 3 analysts. New target price is 48% above last closing price of €3.33. Stock is up 16% over the past year. Buy Or Sell Opportunity • Mar 25
Now 20% undervalued Over the last 90 days, the stock has risen 7.3% to €3.40. The fair value is estimated to be €4.27, 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 9.4% per annum. Earnings are also forecast to grow by 36% per annum over the same time period. Major Estimate Revision • Oct 02
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €0.17 to €0.149 per share. Revenue forecast steady at €30.3m. Net income forecast to grow 129% next year vs 51% growth forecast for Software industry in Italy. Consensus price target up from €4.55 to €4.86. Share price rose 2.4% to €2.51 over the past week. Reported Earnings • Sep 28
First half 2024 earnings released First half 2024 results: Revenue: €12.6m (down 6.1% from 1H 2023). Net income: €576.9k (up 61% from 1H 2023). Profit margin: 4.6% (up from 2.7% in 1H 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Italy. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €2.99, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 13x in the Software industry in Italy. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.54 per share. New Risk • Apr 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 48% 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 (48% net debt to equity). Profit margins are more than 30% lower than last year (3.0% net profit margin). Shareholders have been diluted in the past year (6.4% increase in shares outstanding). Market cap is less than US$100m (€31.8m market cap, or US$34.6m). Reported Earnings • Apr 02
Full year 2023 earnings released Full year 2023 results: Revenue: €31.3m (up 18% from FY 2022). Net income: €924.6k (down 66% from FY 2022). Profit margin: 3.0% (down from 10% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Italy. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €2.90, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Software industry in Italy. Total returns to shareholders of 14% over the past three years. New Risk • Oct 02
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 54% 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 (54% net debt to equity). Profit margins are more than 30% lower than last year (5.2% net profit margin). Shareholders have been diluted in the past year (5.9% increase in shares outstanding). Market cap is less than US$100m (€32.6m market cap, or US$34.2m). Major Estimate Revision • Sep 29
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €31.0m to €27.0m. EPS estimate fell from €0.22 to €0.08 per share. Net income forecast to grow 18% next year vs 81% growth forecast for Software industry in Italy. Consensus price target down from €5.40 to €4.83. Share price fell 9.9% to €2.64 over the past week. Price Target Changed • Sep 26
Price target decreased by 7.4% to €5.00 Down from €5.40, the current price target is provided by 1 analyst. New target price is 82% above last closing price of €2.75. Stock is down 8.3% over the past year. New Risk • Jul 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.4% 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 (7.6% operating cash flow to total debt). High level of non-cash earnings (34% accrual ratio). Minor Risks Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Market cap is less than US$100m (€40.8m market cap, or US$45.5m). Reported Earnings • Mar 29
Full year 2022 earnings released Full year 2022 results: Revenue: €26.5m (up 9.7% from FY 2021). Net income: €2.69m (up 7.1% from FY 2021). Profit margin: 10% (in line with FY 2021). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in Italy. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Rosa Grimaldi was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 13
Maps S.p.A. (BIT:MAPS) Completed the acquisition of 51% stake in Energenius Srl from majority shareholders. Maps S.p.A. (BIT:MAPS) entered into binding agreement to acquire 51% stake in Energenius Srl from majority shareholders for €0.8 million on September 15, 2022. In related transaction Maps also signed binding agreement to acquire remaining 49% stake in Energenius Srl to be concluded in April 2023. Maps S.p.A. reported Adjusted EBITDA of €0.3 million and Net debt of €0.012 million in 2021.The closing date of the Agreement with the Significant Shareholders is by October 14, 2022. Carlo Riganti of Starclex - Studio Legale Associato Guglielmetti acted as legal advisor and Thymos Business & Consulting acted as Financial Advisor to Maps S.p.A. Studio Avvocati Paolo Gattini & Silvio De Stefano Monza acted as legal advisor to the Significant Shareholders of Energenius Srl.
Maps S.p.A. (BIT:MAPS) Completed the acquisition of 51% stake in Energenius Srl from majority shareholders on October 11, 2022. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improved over the past week After last week's 21% share price gain to €3.60, the stock trades at a trailing P/E ratio of 17.6x. Average forward P/E is 19x in the Software industry in Italy. Total returns to shareholders of 15% over the past three years. Reported Earnings • Sep 27
First half 2022 earnings released: EPS: €0 (vs €0 in 1H 2021) First half 2022 results: EPS: €0 (in line with 1H 2021). Revenue: €11.3m (up 2.2% from 1H 2021). Net income: €1.55m (down 7.4% from 1H 2021). Profit margin: 14% (down from 15% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Software industry in Italy. Announcement • Jun 03
Maps S.p.A. (BIT:MAPS) announces an Equity Buyback for €2 million worth of its shares. Maps S.p.A. (BIT:MAPS) announces a share repurchase program. Under the program, the company will repurchase up to €2 million worth of its shares. The program will be valid for 18 months commencing from April 28, 2022. Price Target Changed • Apr 27
Price target increased to €5.80 Up from €4.70, the current price target is provided by 1 analyst. New target price is 67% above last closing price of €3.47. Stock is up 36% over the past year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Rosa Grimaldi was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 13
Full year 2021 earnings released Full year 2021 results: Revenue: €24.1m (up 19% from FY 2020). Net income: €2.51m (up 146% from FY 2020). Profit margin: 10% (up from 5.0% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 27%, compared to a 38% growth forecast for the industry in Italy. Announcement • Apr 01
Maps S.p.A. (BIT:MAPS) agreed to acquire 49.90% stake in Informatica E Telecomunicazioni S.R.L. for €2.9 million. Maps S.p.A. (BIT:MAPS) agreed to acquire 49.90% stake in Informatica E Telecomunicazioni S.R.L. for €2.9 million on March 30, 2022. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 16% share price gain to €4.43, the stock trades at a trailing P/E ratio of 19.3x. Average forward P/E is 26x in the Software industry in Italy. Total returns to shareholders of 123% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €6.25 per share. Reported Earnings • Sep 24
First half 2021 earnings released The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €11.1m (up 28% from 1H 2020). Net income: €1.68m (up 245% from 1H 2020). Profit margin: 15% (up from 5.6% in 1H 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 17% share price gain to €3.36, the stock trades at a trailing P/E ratio of 31.6x. Average forward P/E is 28x in the Software industry in Italy. Total returns to shareholders of 44% over the past year. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improved over the past week After last week's 22% share price gain to €2.73, the stock trades at a trailing P/E ratio of 12.7x. Average forward P/E is 34x in the Software industry in Italy. Total returns to shareholders of 28% over the past year. Is New 90 Day High Low • Feb 24
New 90-day low: €2.15 The company is down 19% from its price of €2.65 on 26 November 2020. The Italian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 26% over the same period. Valuation Update With 7 Day Price Move • Nov 26
Market bids up stock over the past week After last week's 35% share price gain to €2.65, the stock is trading at a trailing P/E ratio of 12.3x, up from the previous P/E ratio of 9.1x. This compares to an average P/E of 18x in the Software industry in Italy. Total return to shareholders over the past year is a loss of 18%. Is New 90 Day High Low • Nov 26
New 90-day high: €2.65 The company is up 14% from its price of €2.33 on 28 August 2020. The Italian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 4.0% over the same period. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 16% share price gain to €2.30, the stock is trading at a trailing P/E ratio of 10.7x, up from the previous P/E ratio of 9.2x. This compares to an average P/E of 18x in the Software industry in Italy. Total return to shareholders over the past year is a loss of 26%. Is New 90 Day High Low • Nov 02
New 90-day low: €1.86 The company is down 19% from its price of €2.30 on 04 August 2020. The Italian market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 4.0% over the same period. Price Target Changed • Oct 14
Price target raised to €3.99 Up from €3.46, the current price target is provided by 1 analyst. The new target price is 81% above the current share price of €2.21. As of last close, the stock is down 31% over the past year. Valuation Update With 7 Day Price Move • Oct 13
Market bids up stock over the past week After last week's 17% share price gain to €2.25, the stock is trading at a trailing P/E ratio of 10.4x, up from the previous P/E ratio of 8.9x. This compares to an average P/E of 21x in the Software industry in Italy. Total return to shareholders over the past year is a loss of 30%. Reported Earnings • Oct 06
First half earnings released Over the last 12 months the company has reported total profits of €1.84m, up 65% from the prior year. Total revenue was €17.4m over the last 12 months, up 11% from the prior year. Reported Earnings • Oct 04
First half earnings released Over the last 12 months the company has reported total profits of €1.84m, up 65% from the prior year. Total revenue was €17.4m over the last 12 months, up 11% from the prior year. Is New 90 Day High Low • Sep 26
New 90-day low: €2.15 The company is down 14% from its price of €2.50 on 26 June 2020. The Italian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is flat over the same period. Announcement • Jul 30
Maps S.p.A. (BIT:MAPS) acquired an additional 20% stake in Maps Healthcare Limited for €1.7 million. Maps S.p.A. (BIT:MAPS) acquired an additional 20% stake in Maps Healthcare Limited for €1.7 million on June 5, 2020. Post completion, Maps stake will increase to 90% from 70%. New board of Maps healthcare is chaired by Marco ciscato.
Maps S.p.A. (BIT:MAPS) completed the acquisition of an additional 20% stake in Maps Healthcare Limited on June 5, 2020. 
