Major Estimate Revision • Oct 03
Consensus EPS estimates fall by 44% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €113.2m to €105.5m. EPS estimate also fell from €0.671 per share to €0.376 per share. Net income forecast to grow 175% next year vs 76% growth forecast for IT industry in Italy. Consensus price target broadly unchanged at €13.93. Share price was steady at €12.75 over the past week. Price Target Changed • Oct 02
Price target decreased by 7.0% to €13.93 Down from €14.98, the current price target is an average from 3 analysts. New target price is 8.9% above last closing price of €12.80. The company is forecast to post earnings per share of €0.67 for next year compared to €0.081 last year. Major Estimate Revision • Aug 27
Consensus EPS estimates increase by 31%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €116.9m to €113.2m. EPS estimate rose from €0.737 to €0.966. Net income forecast to grow 446% next year vs 52% growth forecast for IT industry in Italy. Consensus price target down from €14.98 to €14.02. Share price was steady at €12.60 over the past week. Price Target Changed • Aug 26
Price target decreased by 11% to €14.02 Down from €15.82, the current price target is an average from 3 analysts. New target price is 11% above last closing price of €12.60. The company is forecast to post earnings per share of €0.97 for next year compared to €0.081 last year. Announcement • Aug 01
Progressio SGR SpA entered into agreement to acquire 74.12% stake in Spindox S.p.A. (BIT:SPN). Progressio SGR SpA entered into agreement to acquire 74.12% stake in Spindox S.p.A. (BIT:SPN) on August 1, 2025. A cash consideration will be paid by Progressio SGR SpA. As part of consideration, an undisclosed value is paid towards common equity of Spindox S.p.A. Announcement • Apr 15
Spindox S.p.A., Annual General Meeting, Apr 29, 2025 Spindox S.p.A., Annual General Meeting, Apr 29, 2025, at 17:00 W. Europe Standard Time. Reported Earnings • Apr 14
Full year 2024 earnings released Full year 2024 results: Revenue: €111.8m (up 15% from FY 2023). Net income: €463.2k (up €517.3k from FY 2023). Profit margin: 0.4% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the IT industry in Italy. New Risk • Apr 13
New major risk - Revenue and earnings growth Earnings have declined by 46% 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 46% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€52.3m market cap, or US$59.3m). New Risk • Oct 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.8% 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: Minor Risks Shareholders have been diluted in the past year (3.8% increase in shares outstanding). Market cap is less than US$100m (€55.6m market cap, or US$61.3m). Buy Or Sell Opportunity • Jul 11
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to €10.25. The fair value is estimated to be €8.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. New Risk • Jul 05
New major risk - Revenue and earnings growth Earnings have declined by 11% 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 11% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€55.3m market cap, or US$59.8m). New Risk • Apr 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 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: Major Risk High level of non-cash earnings (64% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (€45.9m market cap, or US$48.8m). Buy Or Sell Opportunity • Apr 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.2% to €8.44. The fair value is estimated to be €10.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last year. Earnings per share has declined by 75%. Revenue is forecast to grow by 37% in 2 years. Earnings are forecast to grow by 646% in the next 2 years. New Risk • Mar 01
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 7.7% 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 (7.7% average weekly change). High level of non-cash earnings (64% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (€52.6m market cap, or US$56.8m). New Risk • Dec 07
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 6.8% 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 High level of non-cash earnings (64% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (€54.7m market cap, or US$59.1m). Buying Opportunity • Nov 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be €9.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last year. Earnings per share has declined by 75%. Revenue is forecast to grow by 37% in 2 years. Earnings is forecast to grow by 646% in the next 2 years. Buying Opportunity • Oct 25
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €10.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last year. Earnings per share has declined by 75%. Revenue is forecast to grow by 37% in 2 years. Earnings is forecast to grow by 646% in the next 2 years. Reported Earnings • Oct 05
First half 2023 earnings released First half 2023 results: Revenue: €48.5m (up 28% from 1H 2022). Net income: €384.0k (down 32% from 1H 2022). Profit margin: 0.8% (down from 1.5% in 1H 2022). 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 5.1% growth forecast for the IT industry in Italy. New Risk • Jul 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 119% 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 (119% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (€49.3m market cap, or US$55.4m). Buying Opportunity • May 11
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €11.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last year. Earnings per share has grown by 49%. Buying Opportunity • Apr 14
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 6.6%. The fair value is estimated to be €11.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last year. Earnings per share has grown by 49%. Buying Opportunity • Feb 24
Now 21% undervalued Over the last 90 days, the stock is up 9.2%. The fair value is estimated to be €12.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last year. Earnings per share has grown by 49%. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €11.45, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 21x in the IT industry in Italy. Total loss to shareholders of 27% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €12.30 per share. Price Target Changed • Nov 16
Price target decreased to €15.29 Down from €17.40, the current price target is an average from 2 analysts. New target price is 80% above last closing price of €8.48. Stock is down 48% over the past year. The company is forecast to post earnings per share of €0.52 for next year compared to €0.48 last year. 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. 11 experienced directors. No highly experienced directors. 1 independent director (7 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. Reported Earnings • Oct 05
First half 2022 earnings released: EPS: €0 (vs €0.11 in 1H 2021) First half 2022 results: EPS: €0 (down from €0.11 in 1H 2021). Revenue: €38.8m (up 131% from 1H 2021). Net income: €563.2k (down 12% from 1H 2021). Profit margin: 1.4% (down from 3.8% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the IT industry in Italy. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €9.34, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 22x in the IT industry in Italy. Total loss to shareholders of 19% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €16.38 per share. Price Target Changed • Aug 18
Price target decreased to €17.40 Down from €19.36, the current price target is an average from 2 analysts. New target price is 53% above last closing price of €11.40. Stock is down 2.6% over the past year. The company is forecast to post earnings per share of €0.56 for next year compared to €0.48 last year. Price Target Changed • Jul 08
Price target decreased to €17.40 Down from €19.36, the current price target is provided by 1 analyst. New target price is 36% above last closing price of €12.80. Stock is up 40% over the past year. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €15.75, the stock trades at a trailing P/E ratio of 62.7x. Average forward P/E is 30x in the IT industry in Italy. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improved over the past week After last week's 19% share price gain to €13.40, the stock trades at a trailing P/E ratio of 53.4x. Average forward P/E is 31x in the IT industry in Italy.