OTCPK:PIAG.F

Stock Analysis Report

Executive Summary

Piaggio & C. SpA, together with its subsidiaries, develops, manufactures, and distributes two-wheeler and commercial motor vehicles.


Snowflake Analysis

Solid track record, good value and pays a dividend.


Similar Companies

Share Price & News

How has Piaggio & C's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PIAG.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.5%

PIAG.F

5.4%

US Auto

0.06%

US Market


1 Year Return

20.5%

PIAG.F

52.6%

US Auto

19.4%

US Market

Return vs Industry: PIAG.F underperformed the US Auto industry which returned 52.6% over the past year.

Return vs Market: PIAG.F exceeded the US Market which returned 19.4% over the past year.


Shareholder returns

PIAG.FIndustryMarket
7 Day-1.5%5.4%0.06%
30 Day-14.3%24.7%1.1%
90 Day-18.4%46.4%8.9%
1 Year20.5%20.5%57.0%52.6%21.9%19.4%
3 Year69.8%69.8%66.9%51.7%48.9%39.3%
5 Year-16.4%-16.4%72.2%42.4%71.9%53.1%

Price Volatility Vs. Market

How volatile is Piaggio & C's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Piaggio & C undervalued compared to its fair value and its price relative to the market?

34.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: PIAG.F ($2.7) is trading below our estimate of fair value ($4.13)

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


Price To Earnings Ratio

PE vs Industry: PIAG.F is good value based on its PE Ratio (19.7x) compared to the Auto industry average (27.3x).

PE vs Market: PIAG.F is poor value based on its PE Ratio (19.7x) compared to the US market (18.3x).


Price to Earnings Growth Ratio

PEG Ratio: PIAG.F is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: PIAG.F is good value based on its PB Ratio (2.3x) compared to the US Auto industry average (3.6x).


Next Steps

Future Growth

How is Piaggio & C forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

17.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PIAG.F's forecast earnings growth (17.9% per year) is above the savings rate (1.7%).

Earnings vs Market: PIAG.F's earnings (17.9% per year) are forecast to grow faster than the US market (14.2% per year).

High Growth Earnings: PIAG.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: PIAG.F's revenue (4.3% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: PIAG.F's revenue (4.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PIAG.F's Return on Equity is forecast to be low in 3 years time (17.7%).


Next Steps

Past Performance

How has Piaggio & C performed over the past 5 years?

34.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PIAG.F has high quality earnings.

Growing Profit Margin: PIAG.F's current net profit margins (3.1%) are higher than last year (2.3%).


Past Earnings Growth Analysis

Earnings Trend: PIAG.F has become profitable over the past 5 years, growing earnings by 34.4% per year.

Accelerating Growth: PIAG.F's earnings growth over the past year (46.7%) exceeds its 5-year average (34.4% per year).

Earnings vs Industry: PIAG.F earnings growth over the past year (46.7%) exceeded the Auto industry -18.9%.


Return on Equity

High ROE: PIAG.F's Return on Equity (11.8%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Piaggio & C's financial position?


Financial Position Analysis

Short Term Liabilities: PIAG.F's short term assets (€618.0M) do not cover its short term liabilities (€741.4M).

Long Term Liabilities: PIAG.F's short term assets (€618.0M) exceed its long term liabilities (€565.3M).


Debt to Equity History and Analysis

Debt Level: PIAG.F's debt to equity ratio (154.2%) is considered high.

Reducing Debt: PIAG.F's debt to equity ratio has increased from 137.6% to 154.2% over the past 5 years.

Debt Coverage: PIAG.F's debt is well covered by operating cash flow (33%).

Interest Coverage: PIAG.F's interest payments on its debt are well covered by EBIT (5.4x coverage).


Balance Sheet

Inventory Level: PIAG.F has a high level of physical assets or inventory.

Debt Coverage by Assets: PIAG.F's debt is covered by short term assets (assets are 1x debt).


Next Steps

Dividend

What is Piaggio & C's current dividend yield, its reliability and sustainability?

4.36%

Current Dividend Yield


Dividend Yield vs Market

company4.4%marketbottom25%1.4%markettop25%3.7%industryaverage4.0%forecastin3Years5.1%

Current dividend yield vs market & industry

Notable Dividend: PIAG.F's dividend (4.36%) is higher than the bottom 25% of dividend payers in the US market (1.43%).

High Dividend: PIAG.F's dividend (4.36%) is in the top 25% of dividend payers in the US market (3.7%)


Stability and Growth of Payments

Stable Dividend: PIAG.F's dividend payments have been volatile in the past 10 years.

Growing Dividend: PIAG.F's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (113.2%), PIAG.F's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PIAG.F's dividends in 3 years are forecast to be covered by earnings (65.9% payout ratio).


Next Steps

Management

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

6.1yrs

Average management tenure


CEO

Roberto Colaninno (76yo)

13.3yrs

Tenure

€1,290,000

Compensation

Mr. Roberto Colaninno has been the Chief Executive Officer of Piaggio & C. SpA since November 26, 2006 and served as its President and Director in charge of Internal Audit. Mr. Colaninno serves as Managing ...


CEO Compensation Analysis

Compensation vs Market: Roberto's total compensation ($USD0.00) is below average for companies of similar size in the US market ($USD2.50M).

Compensation vs Earnings: Roberto's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Roberto Colaninno
Chairman & CEO13.3yrs€1.29mno data
Alessandra Simonotto
Chief Financial Officer0.3yrsno datano data
Raffaele Lupotto
Executive Vice President of Investor Relations9.1yrsno datano data
Ulisse Spada
General Counsel & Member of Supervisory Body11.1yrsno datano data
Davide Zanolini
Executive Vice President of Marketing & Communication6.3yrsno datano data
Giancarlo Milianti
Executive Vice President of Human Resources11.1yrsno datano data
Maurizio Carletti
Executive Vice President of 2 Wheeler Italy & EMEA Market5.3yrsno datano data
Gianluca Fiume
Executive Vice President of Asia Pacifc 2 Wheeler - China5.3yrsno datano data
Vincenzo Scardigno
Executive Vice President of 3-4 Wheeler EMEA & Emerging Markets5.3yrsno datano data
Massimo Repetto
Executive Vice President of 3-4 Wheeler Product Development5.9yrsno datano data

6.1yrs

Average Tenure

Experienced Management: PIAG.F's management team is seasoned and experienced (6.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Roberto Colaninno
Chairman & CEO13.3yrs€1.29mno data
Mario Maria
Chairman & CEO of Piaggio Group Americas5.6yrsno datano data
Graziano Visentin
Independent Director4.8yrs€52.46kno data
Matteo Colaninno
Deputy Chairman16.1yrs€100.00kno data
Michele Colaninno
Director13.5yrs€40.00kno data
Andrea Formica
Independent Director4.8yrs€28.82kno data
Raviinder Chopra
Chairman of Piaggio Vehicles Private Ltd0yrsno datano data
Giuseppe Tesauro
Lead Independent Director0yrs€43.23kno data
Maria Carrozza
Independent Director4.8yrs€28.82kno data
Piera Vitali
Chairman of Board of Statutory Auditors4.8yrsno datano data

4.8yrs

Average Tenure

69yo

Average Age

Experienced Board: PIAG.F's board of directors are considered experienced (4.8 years average tenure).


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 not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Piaggio & C. SpA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Piaggio & C. SpA
  • Ticker: PIAG.F
  • Exchange: OTCPK
  • Founded: 1884
  • Industry: Motorcycle Manufacturers
  • Sector: Automobiles
  • Market Cap: €901.711m
  • Listing Market Cap: €975.456m
  • Shares outstanding: 357.25m
  • Website: https://www.piaggiogroup.com

Number of Employees


Location

  • Piaggio & C. SpA
  • Viale Rinaldo Piaggio, 25
  • Pontedera
  • Pisa
  • 56025
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PIABIT (Borsa Italiana)YesCommon StockITEURJul 2006
P1IDB (Deutsche Boerse AG)YesCommon StockDEEURJul 2006
PIAG.FOTCPK (Pink Sheets LLC)YesCommon StockUSUSDJul 2006
0FM1LSE (London Stock Exchange)YesCommon StockGBEURJul 2006
PIAMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURJul 2006
PGGC.YOTCPK (Pink Sheets LLC)UNSPONSORED ADRUSUSDNov 2015

Biography

Piaggio & C. SpA, together with its subsidiaries, develops, manufactures, and distributes two-wheeler and commercial motor vehicles. The company offers two-wheelers, including scooters, motorcycles, and mopeds, as well as related spare parts and accessories under the Aprilia, Derbi, Gilera, Moto Guzzi, Piaggio, Scarabeo, and Vespa brand names. It also provides three-and four-wheeler light transport sector vehicles, as well as related spare parts and accessories for commercial and private use under the Ape and Veicoli Commerciali brands. In addition, the company sells engines to third parties; conducts two-wheeler sports championships; and provides technical services. It distributes its vehicles primarily through dealers and importers in Europe, the Middle East, Africa, the Americas, the Asia Pacific, and India. The company was founded in 1884 and is headquartered in Pontedera, Italy. Piaggio & C. SpA is a subsidiary of IMMSI S.p.A. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/19 00:49
End of Day Share Price2020/02/14 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.