Upcoming Dividend • May 25
Upcoming dividend of €0.023 per share Eligible shareholders must have bought the stock before 01 June 2026. Payment date: 03 June 2026. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of Italian dividend payers (4.5%). Higher than average of industry peers (3.8%). New Risk • Apr 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Mar 25
Dividend increased to €0.023 Dividend of €0.023 is 25% higher than last year. Ex-date: 1st June 2026 Payment date: 3rd June 2026 Dividend yield will be 4.9%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 2.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 35% over the next 3 years. However, it would need to fall by 87% to increase the payout ratio to a potentially unsustainable range. Announcement • Mar 24
FNM S.p.A. announces Annual dividend, payable on June 03, 2026 FNM S.p.A. announced Annual dividend of EUR 0.0230 per share payable on June 03, 2026, ex-date on June 01, 2026 and record date on June 02, 2026. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: €0.044 (vs €0.05 in 3Q 2024) Third quarter 2025 results: EPS: €0.044 (down from €0.05 in 3Q 2024). Revenue: €253.6m (up 8.9% from 3Q 2024). Net income: €19.7m (down 15% from 3Q 2024). Profit margin: 7.8% (down from 10.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 9.6% p.a. on average during the next 3 years, while revenues in the Transportation industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Aug 05
Second quarter 2025 earnings released: EPS: €0.069 (vs €0.04 in 2Q 2024) Second quarter 2025 results: EPS: €0.069 (up from €0.04 in 2Q 2024). Revenue: €235.6m (up 6.5% from 2Q 2024). Net income: €29.8m (up 78% from 2Q 2024). Profit margin: 13% (up from 7.6% in 2Q 2024). Revenue is expected to decline by 9.5% p.a. on average during the next 3 years, while revenues in the Transportation industry in Europe are expected to grow by 2.4%. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • May 26
Upcoming dividend of €0.018 per share Eligible shareholders must have bought the stock before 02 June 2025. Payment date: 04 June 2025. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (3.3%). New Risk • May 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (6.2% net profit margin). Reported Earnings • May 16
First quarter 2025 earnings released: EPS: €0.03 (vs €0.03 in 1Q 2024) First quarter 2025 results: EPS: €0.03 (in line with 1Q 2024). Revenue: €208.5m (up 23% from 1Q 2024). Net income: €12.1m (down 11% from 1Q 2024). Profit margin: 5.8% (down from 7.9% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 7.9% p.a. on average during the next 3 years, while revenues in the Transportation industry in Europe are expected to grow by 2.7%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. New Risk • May 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 29% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Earnings are forecast to decline by an average of 29% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (6.5% net profit margin). Declared Dividend • Mar 27
Dividend reduced to €0.018 Dividend of €0.018 is 20% lower than last year. Ex-date: 2nd June 2025 Payment date: 4th June 2025 Dividend yield will be 4.4%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 49% over the next 2 years. However, it would need to fall by 86% to increase the payout ratio to a potentially unsustainable range. Announcement • Mar 26
FNM S.p.A. announces Annual dividend, payable on June 04, 2025 FNM S.p.A. announced Annual dividend of EUR 0.0184 per share payable on June 04, 2025, ex-date on June 02, 2025 and record date on June 03, 2025. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: €0.055 (vs €0.043 in 3Q 2023) Third quarter 2024 results: EPS: €0.055 (up from €0.043 in 3Q 2023). Revenue: €65.0m (down 64% from 3Q 2023). Net income: €24.0m (up 15% from 3Q 2023). Profit margin: 37% (up from 12% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.8% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 04
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €135.5m (down 30% from 2Q 2023). Net income: €16.8m (down 28% from 2Q 2023). Profit margin: 12% (in line with 2Q 2023). Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Transportation industry in Europe are expected to grow by 2.6%. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Jun 26
FNM S.p.A. agreed to acquire remaining 42% stake in Nordcom S.P.A from Tim Group. FNM S.p.A. agreed to acquire remaining 42% stake in Nordcom S.P.A from Tim Group on June 25, 2024. As of year ended 2023, Nordcom reported revenue of €23.5 million, EBITDA of €3.7 million and net income of €1.1 million. Major Estimate Revision • Jun 18
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €640.7m to €621.7m. EPS estimate rose from €0.14 to €0.163. Net income forecast to shrink 19% next year vs 7.4% growth forecast for Transportation industry in Italy . Consensus price target broadly unchanged at €0.68. Share price fell 9.0% to €0.45 over the past week. Upcoming Dividend • May 27
Upcoming dividend of €0.023 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 05 June 2024. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Italian dividend payers (5.3%). In line with average of industry peers (4.5%). New Risk • Apr 05
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings are forecast to decline by an average of 6.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Mar 27
Now 20% overvalued Over the last 90 days, the stock has fallen 4.8% to €0.43. The fair value is estimated to be €0.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 7.0% in 2 years. Earnings are forecast to decline by 30% in the next 2 years. Declared Dividend • Mar 17
Dividend of €0.023 announced Shareholders will receive a dividend of €0.023. Ex-date: 3rd June 2024 Payment date: 5th June 2024 Dividend yield will be 5.3%, which is higher than the industry average of 1.9%. Sustainability & Growth The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 26% over the next 3 years. However, it would need to fall by 86% to increase the payout ratio to a potentially unsustainable range. New Risk • Mar 07
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 Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings are forecast to decline by an average of 9.2% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Major Estimate Revision • Feb 06
Consensus EPS estimates increase by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from €644.4m to €701.0m. EPS estimate increased from €0.12 to €0.145 per share. Net income forecast to shrink 18% next year vs 3.1% decline forecast for Transportation industry in Italy. Consensus price target of €0.64 unchanged from last update. Share price was steady at €0.44 over the past week. Announcement • Feb 02
FNM S.p.A., Annual General Meeting, Apr 23, 2024 FNM S.p.A., Annual General Meeting, Apr 23, 2024. Reported Earnings • Aug 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €146.8m (down 18% from 2Q 2022). Net income: €23.2m (up 26% from 2Q 2022). Profit margin: 16% (up from 10% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Transportation industry in Europe. Major Estimate Revision • Jun 08
Consensus EPS estimates fall by 30% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €0.143 to €0.101 per share. Revenue forecast steady at €645.8m. Net income forecast to shrink 37% next year vs 0.1% growth forecast for Transportation industry in Italy . Consensus price target broadly unchanged at €0.67. Share price was steady at €0.44 over the past week. Upcoming Dividend • May 29
Upcoming dividend of €0.023 per share at 5.2% yield Eligible shareholders must have bought the stock before 05 June 2023. Payment date: 07 June 2023. Trailing yield: 5.2%. Lower than top quartile of Italian dividend payers (5.3%). In line with average of industry peers (5.1%). Reported Earnings • Mar 17
Full year 2022 earnings released Full year 2022 results: Revenue: €605.4m (up 3.9% from FY 2021). Net income: €68.5m (up 68% from FY 2021). Profit margin: 11% (up from 7.0% in FY 2021). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Transportation industry in Europe. Buying Opportunity • Dec 07
Now 20% undervalued Over the last 90 days, the stock is up 2.6%. The fair value is estimated to be €0.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has grown by 45%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings is also forecast to grow by 1.5% per annum over the same time period. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Member of Statutory Auditor Massimo Codari is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Oct 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €0.12 to €0.14. Revenue forecast steady at €616.9m. Net income forecast to shrink 22% next year vs 1.4% decline forecast for Transportation industry in Italy. Consensus price target down from €0.92 to €0.81. Share price was steady at €0.45 over the past week. Reported Earnings • Sep 30
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €145.6m (down 16% from 2Q 2021). Net income: €18.4m (up €24.0m from 2Q 2021). Profit margin: 13% (up from net loss in 2Q 2021). The move to profitability was driven by lower expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 3 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Member of Statutory Auditor Massimo Codari is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Apr 09
Consensus EPS estimates increase by 30% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €576.9m to €584.2m. EPS estimate increased from €0.10 to €0.13 per share. Net income forecast to grow 39% next year vs 5.6% growth forecast for Transportation industry in Italy. Consensus price target broadly unchanged at €0.92. Share price fell 5.9% to €0.51 over the past week. Reported Earnings • Nov 14
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €114.7m (up 70% from 3Q 2020). Net income: €34.8m (up 399% from 3Q 2020). Profit margin: 30% (up from 10% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Aug 02
Second quarter 2021 earnings released The company reported a decent second quarter result with improved revenues, although losses increased and control over costs was weaker. Second quarter 2021 results: Revenue: €146.4m (up 157% from 2Q 2020). Net loss: €5.69m (loss widened 298% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Price Target Changed • Jun 18
Price target increased to €0.93 Up from €0.80, the current price target is an average from 2 analysts. New target price is 38% above last closing price of €0.67. Stock is up 54% over the past year. Major Estimate Revision • May 26
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €0.068 to €0.086. Revenue forecast steady at €475.8m. Net income forecast to grow 21% next year vs 27% growth forecast for Transportation industry in Italy. Consensus price target broadly unchanged at €0.80. Share price was steady at €0.69 over the past week. Price Target Changed • May 23
Price target increased to €0.80 Up from €0.60, the current price target is an average from 2 analysts. New target price is 18% above last closing price of €0.68. Stock is up 65% over the past year. Major Estimate Revision • Apr 16
Consensus revenue estimates increase to €466.0m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from €277.0m to €466.0m. EPS estimate increased from €0.03 to €0.086 per share. Net income forecast to shrink 50% next year vs 1.3% growth forecast for Transportation industry in Italy . Consensus price target up from €0.39 to €0.60. Share price was steady at €0.71 over the past week. Is New 90 Day High Low • Mar 09
New 90-day high: €0.61 The company is up 6.0% from its price of €0.57 on 09 December 2020. The Italian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Transportation industry, which is down 1.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS €0.016 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: €82.7m (up 11% from 3Q 2019). Net income: €6.98m (down 23% from 3Q 2019). Profit margin: 8.4% (down from 12% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 29
New 90-day low: €0.42 The company is down 4.0% from its price of €0.45 on 30 July 2020. The Italian market is down 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Transportation industry, which is down 1.0% over the same period.