Buy Or Sell Opportunity • Jun 25
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to €9.60. The fair value is estimated to be €12.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are also forecast to grow by 40% per annum over the same time period. Buy Or Sell Opportunity • Jun 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to €10.80. The fair value is estimated to be €13.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are also forecast to grow by 40% per annum over the same time period. Upcoming Dividend • May 04
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 13 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.7%. Lower than top quartile of Italian dividend payers (4.5%). Lower than average of industry peers (2.5%). Reported Earnings • Apr 16
Full year 2025 earnings: Revenues miss analyst expectations Full year 2025 results: Revenue: €27.2m (down 6.2% from FY 2024). Net income: €979.9k (down 77% from FY 2024). Profit margin: 3.6% (down from 14% in FY 2024). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 16%. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Renewable Energy industry in Europe. New Risk • Apr 15
New major risk - Revenue and earnings growth Earnings have declined by 8.5% 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 Risks Interest payments are not well covered by earnings (1.9x net interest cover). Earnings have declined by 8.5% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€63.1m market cap, or US$74.5m). Declared Dividend • Apr 01
Dividend reduced to €0.20 Dividend of €0.20 is 67% lower than last year. Ex-date: 11th May 2026 Payment date: 13th May 2026 Dividend yield will be 1.7%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 51% to bring the payout ratio under control. EPS is expected to grow by 124% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Mar 31
Iniziative Bresciane S.p.A. announces Annual dividend, payable on May 13, 2026 Iniziative Bresciane S.p.A. announced Annual dividend of EUR 0.2000 per share payable on May 13, 2026, ex-date on May 11, 2026 and record date on May 12, 2026. New Risk • Feb 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Dividend is not well covered by earnings (136% payout ratio). Market cap is less than US$100m (€63.1m market cap, or US$74.4m). Major Estimate Revision • Aug 21
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €30.0m to €28.9m. EPS estimate also fell from €1.12 per share to €0.799 per share. Net income forecast to grow 126% next year vs 22% growth forecast for Renewable Energy industry in Italy. Consensus price target broadly unchanged at €17.65. Share price was steady at €12.60 over the past week. New Risk • Aug 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.0% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). 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 (9.0% net profit margin). Market cap is less than US$100m (€68.0m market cap, or US$78.9m). Declared Dividend • May 02
Dividend of €0.60 announced Dividend of €0.60 is the same as last year. Ex-date: 12th May 2025 Payment date: 14th May 2025 Dividend yield will be 4.3%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (74% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 30
Iniziative Bresciane S.p.A. announces Annual dividend, payable on May 14, 2025 Iniziative Bresciane S.p.A. announced Annual dividend of EUR 0.6000 per share payable on May 14, 2025, ex-date on May 12, 2025 and record date on May 13, 2025. Announcement • Apr 14
Iniziative Bresciane S.p.A., Annual General Meeting, Apr 29, 2025 Iniziative Bresciane S.p.A., Annual General Meeting, Apr 29, 2025, at 15:00 W. Europe Standard Time. Reported Earnings • Apr 14
Full year 2024 earnings: Revenues miss analyst expectations Full year 2024 results: Revenue: €29.0m (up 14% from FY 2023). Net income: €4.20m (up 12% from FY 2023). Profit margin: 14% (in line with FY 2023). Revenue missed analyst estimates by 9.4%. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 1.3% growth forecast for the Renewable Energy industry in Europe. Declared Dividend • Apr 04
Dividend of €0.60 announced Dividend of €0.60 is the same as last year. Ex-date: 12th May 2025 Payment date: 14th May 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 47% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 03
Iniziative Bresciane S.p.A. announces Annual dividend, payable on May 14, 2025 Iniziative Bresciane S.p.A. announced Annual dividend of EUR 0.6000 per share payable on May 14, 2025, ex-date on May 12, 2025 and record date on May 13, 2025. Upcoming Dividend • Apr 29
Upcoming dividend of €0.60 per share Eligible shareholders must have bought the stock before 06 May 2024. Payment date: 08 May 2024. Payout ratio is on the higher end at 83% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Italian dividend payers (5.7%). Higher than average of industry peers (3.5%). New Risk • Apr 18
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). High level of non-cash earnings (3,721% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (€71.3m market cap, or US$76.1m). Major Estimate Revision • Apr 12
Consensus EPS estimates fall by 34% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €31.8m to €30.4m. EPS estimate also fell from €1.42 per share to €0.94 per share. Net income forecast to grow 47% next year vs 8.9% growth forecast for Renewable Energy industry in Italy. Consensus price target of €17.30 unchanged from last update. Share price fell 2.8% to €13.90 over the past week. New Risk • Apr 10
New major risk - Revenue and earnings growth Earnings have declined by 0.4% 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 Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings have declined by 0.4% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€73.4m market cap, or US$79.7m). New Risk • Apr 07
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€74.4m market cap, or US$80.6m). Announcement • Jun 29
Consorzio Di Bonifica Della Media Pianura Bergamasca completed the acquisition of 50% stake in Iniziative Bergamasche Srl from Iniziative Bresciane S.p.A. (BIT:IB). Consorzio Di Bonifica Della Media Pianura Bergamasca agreed to acquire 50% stake in Iniziative Bergamasche Srl from Iniziative Bresciane S.p.A. (BIT:IB) for €14.5 million on May 5, 2023. The completion of the sale is subject to the fulfillment of certain conditions precedent, including the obtaining of the Golden Power authorization. The transaction is expected to by June 15, 2023. As of May 24, 2023, the boards of Iniziative Bresciane and Consorzio approved the merger.
Consorzio Di Bonifica Della Media Pianura Bergamasca completed the acquisition of 50% stake in Iniziative Bergamasche Srl from Iniziative Bresciane S.p.A. (BIT:IB) on June 28, 2023. Upcoming Dividend • May 01
Upcoming dividend of €0.16 per share at 1.0% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 10 May 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Italian dividend payers (5.1%). Lower than average of industry peers (2.4%). Price Target Changed • Nov 16
Price target decreased to €17.50 Down from €21.50, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €17.70. Stock is down 7.8% over the past year. The company is forecast to post earnings per share of €0.21 for next year compared to €0.68 last year. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Cinzia Farise was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 03
First half 2022 earnings released: EPS: €0 (vs €0.45 in 1H 2021) First half 2022 results: EPS: €0 (down from €0.45 in 1H 2021). Revenue: €8.68m (down 25% from 1H 2021). Net income: €172.5k (down 93% from 1H 2021). Profit margin: 2.0% (down from 20% in 1H 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Renewable Energy industry in Europe. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Cinzia Farise was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Major Estimate Revision • Apr 12
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €30.7m to €28.5m. EPS estimate also fell from €1.60 per share to €1.15 per share. Net income forecast to grow 70% next year vs 37% growth forecast for Renewable Energy industry in Italy. Consensus price target down from €24.20 to €21.50. Share price fell 2.9% to €20.40 over the past week. Buying Opportunity • Apr 06
Now 21% undervalued Over the last 90 days, the stock is up 6.2%. The fair value is estimated to be €26.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 23% per annum over the same time period. Reported Earnings • Mar 30
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €22.5m (up 10% from FY 2020). Net income: €3.53m (down 27% from FY 2020). Profit margin: 16% (down from 24% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.9%. Over the next year, revenue is forecast to grow 36% compared to a 17% decline forecast for the industry in Italy. Price Target Changed • Oct 28
Price target increased to €24.20 Up from €20.75, the current price target is an average from 2 analysts. New target price is 26% above last closing price of €19.20. Stock is up 16% over the past year. The company is forecast to post earnings per share of €1.07 for next year compared to €0.93 last year. Reported Earnings • Sep 15
First half 2021 earnings released The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €10.9m (up 16% from 1H 2020). Net income: €2.31m (up 57% from 1H 2020). Profit margin: 21% (up from 16% in 1H 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • Jun 01
Upcoming dividend of €0.72 per share Eligible shareholders must have bought the stock before 07 June 2021. Payment date: 09 June 2021. Trailing yield: 3.8%. Within top quartile of Italian dividend payers (3.7%). Higher than average of industry peers (2.4%). Is New 90 Day High Low • Feb 16
New 90-day high: €16.90 The company is up 2.0% from its price of €16.50 on 18 November 2020. The Italian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 20% over the same period. Is New 90 Day High Low • Jan 28
New 90-day low: €16.10 The company is down 2.0% from its price of €16.40 on 30 October 2020. The Italian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 26% over the same period. Reported Earnings • Sep 19
First half earnings released Over the last 12 months the company has reported total profits of €3.85m, up 152% from the prior year. Total revenue was €20.7m over the last 12 months, up 14% from the prior year. Announcement • Aug 12
Iniziative Bresciane S.p.A. announced that it expects to receive €15.8 million in funding from Dolomiti Energia Holding SpA Iniziative Bresciane S.p.A. (BIT:IB) announced a private placement of common shares at a price of €21.15 per share for gross proceeds of €15,800,000 on August 11, 2020. The transaction will include participation from new investor Dolomiti Energia Holding SpA to acquire 16% stake in the company. The transaction is raised at a pre-money equity valuation of €82,000,000. The transaction is subject to approval of the majority shareholder of the company, Finanziaria Di Valle Camonica Spa.