Analysts Are Updating Their FNM S.p.A. (BIT:FNM) Estimates After Its Half-Year Results

As you might know, FNM S.p.A. (BIT:FNM) recently reported its interim numbers. It was an okay report, and revenues came in at €302m, approximately in line with analyst estimates leading up to the results announcement. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.

Check out our latest analysis for FNM

Taking into account the latest results, the most recent consensus for FNM from three analysts is for revenues of €644.4m in 2023. If met, it would imply a modest 5.1% increase on its revenue over the past 12 months. Yet prior to the latest earnings, the analysts had been anticipated revenues of €645.8m and earnings per share (EPS) of €0.14 in 2023. So we can see that while the consensus made no real change to its revenue estimates, it also no longer provides an earnings per share estimate. This suggests that revenues are what the market is focusing on after the latest results.

We'd also point out that thatthe analysts have made no major changes to their price target of €0.67. The consensus price target is just an average of individual analyst targets, so - it could be handy to see how wide the range of underlying estimates is. Currently, the most bullish analyst values FNM at €0.67 per share, while the most bearish prices it at €0.66. Still, with such a tight range of estimates, it suggeststhe analysts have a pretty good idea of what they think the company is worth.

One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. It's pretty clear that there is an expectation that FNM's revenue growth will slow down substantially, with revenues to the end of 2023 expected to display 11% growth on an annualised basis. This is compared to a historical growth rate of 24% over the past five years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 11% annually. So it's pretty clear that, while FNM's revenue growth is expected to slow, it's expected to grow roughly in line with the industry.

The Bottom Line

The clear take away from these updates is that the analysts made no change to their revenue estimates for next year, with the business apparently performing in line with their models. They also reconfirmed their revenue estimates, with the company predicted to grow at about the same rate as the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.

At least one of FNM's three analysts has provided estimates out to 2025, which can be seen for free on our platform here.

It is also worth noting that we have found 3 warning signs for FNM (2 don't sit too well with us!) that you need to take into consideration.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.