Spindox (BIT:SPN) - Share price, News & Analysis

SPN fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	5/6
Past Performance	5/6
Financial Health	6/6
Dividends	0/6

SPN Stock Overview

Spindox S.P.A. provides information and communication technology services in Italy and internationally.

Rewards

Trading at 4.8% below our estimate of its fair value

Earnings are forecast to grow 31.91% per year

Earnings grew by 76.8% over the past year

Risk Analysis

Does not have a meaningful market cap (€85M)

Spindox Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Spindox
Historical stock prices
Current Share Price	€12.00
52 Week High	€22.00
52 Week Low	€8.44
Beta	0
1 Month Change	-1.23%
3 Month Change	-23.32%
1 Year Change	n/a
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	36.36%

Recent News & Updates

Apr 13

Spindox's (BIT:SPN) Strong Earnings Are Of Good Quality

The subdued stock price reaction suggests that Spindox S.p.A.'s ( BIT:SPN ) strong earnings didn't offer any surprises...

Shareholder Returns

	SPN	IT IT	IT Market
7D	-2.0%	3.8%	1.1%
1Y	n/a	-46.8%	-15.6%

Return vs Industry: Insufficient data to determine how SPN performed against the Italian IT industry.

Return vs Market: Insufficient data to determine how SPN performed against the Italian Market.

Price Volatility

Is SPN's price volatile compared to industry and market?
SPN volatility
SPN Average Weekly Movement	3.7%
IT Industry Average Movement	5.5%
Market Average Movement	5.1%
10% most volatile stocks in IT Market	7.1%
10% least volatile stocks in IT Market	3.3%

Stable Share Price: SPN is less volatile than 75% of Italian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: SPN's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2007	749	n/a	https://www.spindox.it

Spindox S.P.A. provides information and communication technology services in Italy and internationally. It offers consulting, information technology, network engineering, and AI technological solutions; and research support services. The company was incorporated in 2007 and is based in Milan, Italy.

Spindox Fundamentals Summary

How do Spindox's earnings and revenue compare to its market cap?
SPN fundamental statistics
Market Cap	€84.72m
Earnings (TTM)	€2.66m
Revenue (TTM)	€67.11m

31.8x

P/E Ratio

1.3x

P/S Ratio

Is SPN overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
SPN income statement (TTM)
Revenue	€67.11m
Cost of Revenue	€60.00m
Gross Profit	€7.11m
Other Expenses	€4.45m
Earnings	€2.66m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	0.38
Gross Margin	10.59%
Net Profit Margin	3.97%
Debt/Equity Ratio	81.6%

How did SPN perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is SPN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SPN?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for SPN. This is calculated by dividing SPN's market cap by their current preferred multiple.
What is SPN's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€84.72m

SPN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.2x
Enterprise Value/EBITDA	14.9x
PEG Ratio	1x

Price to Earnings Ratio vs Peers

How does SPN's PE Ratio compare to its peers?

SPN PE Ratio vs Peers

The above table shows the PE ratio for SPN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	20.2x

Forward PE

Price-To-Earnings vs Peers: SPN is expensive based on its Price-To-Earnings Ratio (31.8x) compared to the peer average (20.2x).

Price to Earnings Ratio vs Industry

How does SPN's PE Ratio compare vs other companies in the IT Industry?

Price-To-Earnings vs Industry: SPN is expensive based on its Price-To-Earnings Ratio (31.8x) compared to the Italian IT industry average (25x)

Price to Earnings Ratio vs Fair Ratio

What is SPN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SPN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	31.8x
Fair PE Ratio	33.2x

Price-To-Earnings vs Fair Ratio: SPN is good value based on its Price-To-Earnings Ratio (31.8x) compared to the estimated Fair Price-To-Earnings Ratio (33.2x).

Share Price vs Fair Value

What is the Fair Price of SPN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SPN (€12) is trading below our estimate of fair value (€12.6)

Significantly Below Fair Value: SPN is trading below fair value, but not by a significant amount.

Price to Earnings Growth Ratio

PEG Ratio: SPN is good value based on its PEG Ratio (1x)

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Future Growth

How is Spindox forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

31.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SPN's forecast earnings growth (31.9% per year) is above the savings rate (1.7%).

Earnings vs Market: SPN's earnings (31.9% per year) are forecast to grow faster than the Italian market (10.2% per year).

High Growth Earnings: SPN's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: SPN's revenue (19.8% per year) is forecast to grow faster than the Italian market (0.3% per year).

High Growth Revenue: SPN's revenue (19.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SPN's Return on Equity is forecast to be high in 3 years time (24%)

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Past Performance

How has Spindox performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

36.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SPN has high quality earnings.

Growing Profit Margin: SPN's current net profit margins (4%) are higher than last year (2.6%).

Past Earnings Growth Analysis

Earnings Trend: SPN's earnings have grown significantly by 36.4% per year over the past 5 years.

Accelerating Growth: SPN's earnings growth over the past year (76.8%) exceeds its 5-year average (36.4% per year).

Earnings vs Industry: SPN earnings growth over the past year (76.8%) exceeded the IT industry 39.2%.

Return on Equity

High ROE: SPN's Return on Equity (19.3%) is considered low.

Discover strong past performing companies

Financial Health

How is Spindox's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: SPN's short term assets (€40.1M) exceed its short term liabilities (€34.2M).

Long Term Liabilities: SPN's short term assets (€40.1M) exceed its long term liabilities (€10.7M).

Debt to Equity History and Analysis

Debt Level: SPN has more cash than its total debt.

Reducing Debt: SPN's debt to equity ratio has reduced from 163.3% to 81.6% over the past 5 years.

Debt Coverage: SPN's debt is well covered by operating cash flow (84.7%).

Interest Coverage: SPN's interest payments on its debt are well covered by EBIT (10.5x coverage).

Balance Sheet

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Dividend

What is Spindox current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate SPN's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate SPN's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if SPN's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if SPN's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as SPN has not reported any payouts.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

CEO

Spindox has no CEO, or we have no data on them.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: SPN only recently listed within the past 12 months.

Data	Last Updated (UTC time)
Company Analysis	2022/06/24 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31