Vantea SMART (BIT:VNT) - Share price, News & Analysis

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

VNT (€6.71) is trading below our estimate of [[fair value]] (€23.24)

VNT fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	6/6
Past Performance	0/6
Financial Health	4/6
Dividends	0/6

VNT Stock Overview

Vantea SMART S.p.A., an Information Technology company, engages in the provision of cybersecurity solutions and services.

Rewards

Trading at 71.1% below our estimate of its fair value

Earnings are forecast to grow 63.02% per year

Revenue grew by 95.2% over the past year

Risk Analysis

High level of non-cash earnings

Profit margins (4.6%) are lower than last year (7.4%)

Shareholders have been diluted in the past year

Does not have a meaningful market cap (€83M)

Vantea SMART Competitors

PITECO

BIT:PITE

€217.5m

Cy4gate

BIT:CY4

€225.1m

Sababa Security

BIT:SBB

€21.8m

Doxee

BIT:DOX

€81.6m

Price History & Performance

Summary of all time highs, changes and price drops for Vantea SMART
Historical stock prices
Current Share Price	€6.71
52 Week High	€9.34
52 Week Low	€5.13
Beta	0
1 Month Change	10.73%
3 Month Change	3.39%
1 Year Change	-18.77%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	116.45%

Recent News & Updates

Feb 02

Vantea SMART (BIT:VNT) Could Be Struggling To Allocate Capital

What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a...

Oct 04

Vantea SMART's (BIT:VNT) Problems Go Beyond Weak Profit

A lackluster earnings announcement from Vantea SMART S.p.A. ( BIT:VNT ) last week didn't sink the stock price. We think...

Shareholder Returns

	VNT	IT Software	IT Market
7D	3.4%	1.4%	1.7%
1Y	-18.8%	-12.6%	-16.0%

Return vs Industry: VNT underperformed the Italian Software industry which returned -12.6% over the past year.

Return vs Market: VNT underperformed the Italian Market which returned -16% over the past year.

Price Volatility

Is VNT's price volatile compared to industry and market?
VNT volatility
VNT Average Weekly Movement	6.0%
Software Industry Average Movement	5.2%
Market Average Movement	4.9%
10% most volatile stocks in IT Market	7.7%
10% least volatile stocks in IT Market	3.1%

Stable Share Price: VNT is not significantly more volatile than the rest of Italian stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: VNT's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1993	179	Simone Veglioni	https://www.vantea.com

Vantea SMART S.p.A., an Information Technology company, engages in the provision of cybersecurity solutions and services. It develops software products and digital e-commerce platforms. The company’s cybersecurity related solutions cover services for countermeasures and on assets, monitoring and automatic response services, and governance services; and security operations, on-site specialist support, security consulting, and support services on security solutions.

Vantea SMART Fundamentals Summary

How do Vantea SMART's earnings and revenue compare to its market cap?
VNT fundamental statistics
Market Cap	€83.12m
Earnings (TTM)	€1.64m
Revenue (TTM)	€35.87m

50.6x

P/E Ratio

2.3x

P/S Ratio

Is VNT overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
VNT income statement (TTM)
Revenue	€35.87m
Cost of Revenue	€32.32m
Gross Profit	€3.55m
Other Expenses	€1.91m
Earnings	€1.64m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	0.13
Gross Margin	9.90%
Net Profit Margin	4.57%
Debt/Equity Ratio	99.9%

How did VNT perform over the long term?

See historical performance and comparison

Dividends

0.4%

Current Dividend Yield

23%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for VNT. This is calculated by dividing VNT's market cap by their current preferred multiple.
What is VNT's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€83.12m

VNT 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	2.4x
Enterprise Value/EBITDA	28.1x
PEG Ratio	0.8x

Price to Earnings Ratio vs Peers

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

VNT PE Ratio vs Peers

The above table shows the PE ratio for VNT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	37.3x
PITE PITECO	18.3x	2.3%	€217.5m
CY4 Cy4gate	43.4x	32.1%	€225.1m
SBB Sababa Security	38.3x	37.8%	€21.8m
DOX Doxee	48.9x	36.2%	€81.6m
VNT Vantea SMART	50.6x	63.0%	€83.1m

Price-To-Earnings vs Peers: VNT is expensive based on its Price-To-Earnings Ratio (50.6x) compared to the peer average (37.3x).

Price to Earnings Ratio vs Industry

How does VNT's PE Ratio compare vs other companies in the European Software Industry?

Price-To-Earnings vs Industry: VNT is expensive based on its Price-To-Earnings Ratio (50.6x) compared to the Italian Software industry average (37.6x)

Price to Earnings Ratio vs Fair Ratio

What is VNT'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.

VNT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	50.6x
Fair PE Ratio	45.3x

Price-To-Earnings vs Fair Ratio: VNT is expensive based on its Price-To-Earnings Ratio (50.6x) compared to the estimated Fair Price-To-Earnings Ratio (45.3x).

Share Price vs Fair Value

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

Below Fair Value: VNT (€6.71) is trading below our estimate of fair value (€23.24)

Significantly Below Fair Value: VNT is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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Future Growth

How is Vantea SMART forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

6/6

Future Growth Score 6/6

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

63.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: VNT's forecast earnings growth (63% per year) is above the savings rate (1.7%).

Earnings vs Market: VNT's earnings (63% per year) are forecast to grow faster than the Italian market (9.3% per year).

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

Revenue vs Market: VNT's revenue (28.1% per year) is forecast to grow faster than the Italian market (0.01% per year).

High Growth Revenue: VNT's revenue (28.1% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: VNT's Return on Equity is forecast to be high in 3 years time (29.6%)

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Past Performance

How has Vantea SMART performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

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

20.1%

Last years earnings growth

Earnings and Revenue History

Quality Earnings: VNT has a high level of non-cash earnings.

Growing Profit Margin: VNT's current net profit margins (4.6%) are lower than last year (7.4%).

Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if VNT's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: Insufficient data to compare VNT's past year earnings growth to its 5-year average.

Earnings vs Industry: VNT earnings growth over the past year (20.1%) underperformed the Software industry 72.2%.

Return on Equity

High ROE: VNT's Return on Equity (13.2%) is considered low.

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Financial Health

How is Vantea SMART's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

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

Financial Position Analysis

Short Term Liabilities: VNT's short term assets (€27.5M) exceed its short term liabilities (€10.0M).

Long Term Liabilities: VNT's short term assets (€27.5M) exceed its long term liabilities (€13.8M).

Debt to Equity History and Analysis

Debt Level: VNT's net debt to equity ratio (33.5%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if VNT's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: VNT's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: VNT's interest payments on its debt are well covered by EBIT (23.2x coverage).

Balance Sheet

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Dividend

What is Vantea SMART 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
Cash Flow Coverage

0.45%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: VNT's dividend (0.45%) isn’t notable compared to the bottom 25% of dividend payers in the Italian market (1.65%).

High Dividend: VNT's dividend (0.45%) is low compared to the top 25% of dividend payers in the Italian market (5.18%).

Stability and Growth of Payments

Stable Dividend: VNT is not paying a notable dividend for the Italian market, therefore no need to check if payments are stable.

Growing Dividend: VNT is not paying a notable dividend for the Italian market, therefore no need to check if payments are increasing.

Earnings Payout to Shareholders

Earnings Coverage: VNT is not paying a notable dividend for the Italian market.

Cash Payout to Shareholders

Cash Flow Coverage: VNT is paying a dividend but the company has no free cash flows.

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Management

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

CEO

Simone Veglioni (54 yo)

no data

Tenure

Mr. Simone Veglioni serves as Chief Executive Officer and Chairman of the Board at Vantea Smart S.p.A.

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: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.6%.

Data	Last Updated (UTC time)
Company Analysis	2022/08/14 00:00
End of Day Share Price	2022/08/12 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31