Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to €12.19, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 13x in the Machinery industry in Germany. Total returns to shareholders of 217% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.90 per share. Tillkännagivande • Jul 07
Fincantieri S.p.A. (BIT:FCT) agreed to acquire 52.60% stake in Next Geosolutions Europe SpA (BIT:NXT) from Marnavi Spa for €410.3 million. Fincantieri S.p.A. (BIT:FCT) agreed to acquire 52.60% stake in Next Geosolutions Europe SpA (BIT:NXT) from Marnavi Spa for €410.3 million on July 6, 2026. As part of consideration Fincantieri S.p.A. will pay €16.25 per share for 23.75 million ordinary shares and 1.5 million of Class A shares of Next Geosolutions Europe SpA. Should a dividend be declared prior to completion of the Sale and Purchase Agreement, the price per share will be adjusted accordingly by an equivalent amount. The acquisition will be financed through the euro 500 million accelerated bookbuilding (ABB) capital increase successfully completed in February 2026.
Concurrently, on the basis of the agreements currently being finalized with the Reinvesting Shareholders, Fincantieri will acquire from the vehicles of certain Reinvesting Shareholders up to 30% of the NextGeo shares held by them representing 4.48 % of NextGeo’s share capital. Following completion of the Sale and Purchase Agreement, Fincantieri, acting in concert with the Reinvesting Shareholders, will launch, either directly or through a specially established vehicle, a mandatory tender offer on all the remaining outstanding ordinary shares of NextGe
The transaction is subject to the fulfilment of certain condition precedents, including the receipt of the required approvals from the competent antitrust authorities as well as foreign investment control clearances. The acquisitions are highly accretive to Fincantieri’s financial profile , delivering EPSgrowth of 30% by 2028 and 20% by 2030.
Intesa Sanpaolo S.p.A. acted as financial advisor for Fincantieri S.p.A. Studio Legale Cappelli RCCD acted as legal advisor for Fincantieri S.p.A. The Boston Consulting Group Srl acted as due diligence provider for Fincantieri S.p.A. Deloitte Italy S.p.A acted as due diligence provider for Fincantieri S.p.A. Board Change • May 21
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 3 experienced directors. No highly experienced directors. Standing Auditor Elena Cussigh is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Tillkännagivande • Apr 02
Fincantieri S.p.A., Annual General Meeting, May 14, 2026 Fincantieri S.p.A., Annual General Meeting, May 14, 2026, at 11:00 W. Europe Standard Time. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €19.56, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 14x in the Machinery industry in Germany. Total returns to shareholders of 338% over the past three years. Board Change • Dec 30
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. Chairman Biagio Mazzotta is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Tillkännagivande • Dec 30
Fincantieri S.p.A. (BIT:FCT) and Prysmian S.p.A. (BIT:PRY) signed an agreement to acquire Xtera Topco Limited for an enterprise value of $65 million. Fincantieri S.p.A. (BIT:FCT) and Prysmian S.p.A. (BIT:PRY) signed an agreement to acquire Xtera Topco Limited for an enterprise value of $65 million on December 29, 2025.
The transaction is subject to approval by regulatory board / committee. The expected completion of the transaction is January 1, 2026 to March 31, 2026. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €20.64, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 14x in the Machinery industry in Germany. Total returns to shareholders of 433% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.81 per share. Board Change • Aug 18
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. Chairman Biagio Mazzotta is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Tillkännagivande • Jan 15
Fincantieri S.p.A. (BIT:FCT) completed the acquisition of Underwater Armaments Systems business line from Leonardo S.p.a. (BIT:LDO) for €400 million. Fincantieri S.p.A. (BIT:FCT) agreed to acquire Underwater Armaments Systems business line from Leonardo S.p.a. (BIT:LDO) in a transaction valued at €420 million on May 9, 2024. The value of the acquisition is equal to €300 million as fixed Enterprise Value, subject to usual price adjustment mechanisms, in addition to a maximum of €115 million as a variable component based on certain growth assumptions linked to the performance of the UAS business line in 2024, for a total maximum Enterprise Value of €415 million. To finance the acquisition, the Company has proposed the power to resolve upon a capital increase, in one or more events, divisible and with payment, for a maximum amount of €400 million. Rothschild S.p.A., acted as a financial advisor, Studio Legale Cappelli RCCD acted as a legal advisor to Leonardo S.p.a. Deutsche Bank AG, Milan acted as a financial advisor, and Deloitte Italy S.p.A provided due diligence services to Fincantieri. UBS supported Leonardo's Control and Risks Committee in evaluating the transaction, providing a fairness opinion on the economic terms of the transaction. BofA Securities is currently acting as sole Financial Advisor to CDP Equity S.p.A. in relation to their underwriting commitment in the context of Ficantieri SpA €400m capital increase targeted at its acquisition of Leonardo SpA's Underwater Armaments Systems. Lazard S.r.l. acted as financial advisor to Fincantieri S.p.A.
Fincantieri S.p.A. (BIT:FCT) completed the acquisition of Underwater Armaments Systems business line from Leonardo S.p.a. (BIT:LDO) on January 14, 2025. Leonardo received €287 million and variable component, up to a maximum of €115 million, along with standard price adjustments, will be determined following the approval of UAS's final 2024 financial results. New Risk • Jul 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 90% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (90% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (9.5% average weekly change). Reported Earnings • Jun 14
First quarter 2024 earnings released: €0.011 loss per share (vs €0.004 loss in 1Q 2023) First quarter 2024 results: €0.011 loss per share (further deteriorated from €0.004 loss in 1Q 2023). Revenue: €1.77b (flat on 1Q 2023). Net loss: €17.8m (loss widened 162% from 1Q 2023). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 31
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to €0.60. The fair value is estimated to be €0.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 4.2%. Revenue is forecast to grow by 7.7% in a year. Earnings are forecast to grow by 77% in the next year. Reported Earnings • Mar 10
Full year 2023 earnings released Full year 2023 results: Revenue: €7.65b (up 3.4% from FY 2022). Net loss: €53.0m (loss narrowed 83% from FY 2022). Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Machinery industry in Germany. New Risk • Mar 08
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. This is currently the only risk that has been identified for the company. Tillkännagivande • Mar 07
Italy's Fincantieri in Talks to Buy Leonardo's was Unit Italian shipbuilder Fincantieri S.p.A. (BIT:FCT) is in talks with Leonardo (LDOF.MI), to buy the defence group's submarine unit Whitehead Alenia Sistemi Subacquei (Wass), several newspapers reported, sending its shares up more than 5%. The acquisition would have a value of between EUR 200 million and EUR 300 million ($217 million-$326 million), Corriere della Sera and financial daily Il Sole 24 Ore reported. The move by Fincantieri would be part of the group's broader strategy to grow through acquisitions and focus more on the defence sector, which in its last results accounted for less that 25% of its revenues. It would also strengthen its position in the underwater sector, which the group recently identified as a key area for growth. The state-controlled shipbuilder is considering a capital increase of some EUR 400 million to finance the operation, Il Messaggero said, adding that the group is being advised by JPMorgan, Intesa Sanpaolo and Bnp Paribas on the deal. Spokespersons for Fincantieri and Leonardo both declined to comment on the reports. Milano Finanza first reported on Saturday that Fincantieri was considering a large acquisition and that it was examining either a recapitalisation or a convertible bond to do so. Leonardo, also controlled by the Italian state, has been trying to find a buyer for Wass, which designs and builds underwater defence systems such as torpedoes and sonars, for years, but put the decision on hold after the war in Ukraine. At the time the group said Wass, along with its cannon maker OTO Melara, could grow more effectively outside the group. Fincantieri had made a non-binding offer for the two units in the past. Tillkännagivande • Feb 16
Fincantieri S.p.A. (BIT:FCT) completed the acquisition of Remazel Engineering SpA from Alpha Private Equity Fund 6, a fund managed by Alpha Group for €65 million. Fincantieri S.p.A. (BIT:FCT) signed a letter of intent to acquire Remazel Engineering SpA from Alpha Private Equity Fund 6, a fund managed by Alpha Group on December 1, 2023. As on December 27, 2023, Fincantieri S.p.A. (BIT:FCT) signed an agreement to acquire Remazel Engineering SpA from Alpha Private Equity Fund 6, a fund managed by Alpha Group. The acquisition, fully financed through Fincantieri's own resources. Finalization of the acquisition will be subject to some conditions set out by the parties being met. The purchase price for the transaction, which is expected to be finalized by year end, will be calculated on the basis of a €78 million enterprise value, subject to adjustments typical for this type of transaction. For FY 2022, Remazel had revenues in excess of €100 million. The transaction is expected to close by the first quarter of 2024. Carlo Re and Stefano Milanesi of Studio Pedersoli advised Alpha, Fincantieri acted with the internal legal team composed of the General Counsel, Alessandra Battaglia and the Head of Business and Strategic Legal Affairs, Manlio Niccolai and Roberto Cappelli, Guido Masini, Stefania Rossini of Studio Legale Cappelli RCCD advised Fincantieri.
Fincantieri S.p.A. (BIT:FCT) completed the acquisition of Remazel Engineering SpA from Alpha Private Equity Fund 6, a fund managed by Alpha Group for €65 million on February 15, 2024. Reported Earnings • Aug 01
First half 2023 earnings released First half 2023 results: Revenue: €3.60b (up 2.5% from 1H 2022). Net loss: €22.0m (loss narrowed 90% from 1H 2022). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Machinery industry in Germany. 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 4% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 09
Full year 2022 earnings released Full year 2022 results: Revenue: €7.48b (up 9.6% from FY 2021). Net loss: €324.0m (down €345.8m from profit in FY 2021). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Machinery industry in Germany. Reported Earnings • Jul 28
First half 2022 earnings released First half 2022 results: Revenue: €3.47b (up 6.8% from 1H 2021). Net loss: €234.0m (down €239.7m from profit in 1H 2021). Over the next year, revenue is forecast to grow 8.0%, compared to a 10% growth forecast for the industry in Germany. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. Independent Director Elisabetta Oliveri was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Tillkännagivande • Apr 09
Fincantieri S.p.A., Annual General Meeting, May 16, 2022 Fincantieri S.p.A., Annual General Meeting, May 16, 2022. Agenda: To consider approval of the financial statements of FINCANTIERI S.p.A. at December 31, 2021. Tillkännagivande • Aug 23
Fincantieri Reportedly in Talks to Buy OTO Melara Unit Fincantieri S.p.A. (BIT:FCT) was in early talks to buy Oto Melara North America Inc., famous for its naval gun production, and could launch an offer before the end of the year. The newspaper said any deal would be vetted by the Italian Treasury which is top shareholder in Leonardo and, through state lender CDP, Fincantieri. Reported Earnings • Aug 02
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: €3.25b (up 37% from 1H 2020). Net income: €6.00m (up €140.5m from 1H 2020). Profit margin: 0.2% (up from net loss in 1H 2020). Reported Earnings • Mar 19
Full year 2020 earnings released: €0.14 loss per share (vs €0.069 loss in FY 2019) The company reported a poor full year result with increased losses and weaker control over costs, although revenues were flat. Full year 2020 results: Revenue: €5.81b (flat on FY 2019). Net loss: €240.1m (loss widened 105% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 27
Full year 2020 earnings released The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: €5.88b (up 1.4% from FY 2019). Net loss: €240.0m (loss widened 105% from FY 2019). Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations Revenue exceeded analyst estimates by 10%. Over the next year, revenue is forecast to grow 1.2%, compared to a 5.1% growth forecast for the Machinery industry in Germany. Is New 90 Day High Low • Feb 14
New 90-day high: €0.68 The company is up 20% from its price of €0.57 on 13 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.98 per share. Is New 90 Day High Low • Nov 20
New 90-day high: €0.61 The company is up 5.0% from its price of €0.58 on 21 August 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Machinery industry, which is also up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.23 per share. Is New 90 Day High Low • Oct 24
New 90-day low: €0.51 The company is down 15% from its price of €0.60 on 24 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.61 per share. Is New 90 Day High Low • Sep 23
New 90-day low: €0.55 The company is down 10.0% from its price of €0.60 on 25 June 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.61 per share. Tillkännagivande • Jul 31
Fincantieri S.p.A. (BIT:FCT) completed the acquisition of 60% stake in INSIS S.p.A. from Esset i- Sistemi E Tecnologie Holding Srl, Avio Engineering Solutions & Services S.r.l. and others for €23.4 million. Fincantieri S.p.A. (BIT:FCT) agreed to acquire 60% stake in INSIS S.p.A. from Esseti Sistemi E Tecnologie Holding Srl and Avio Engineering Solutions & Services S.r.l. on April 23, 2019. In 2018, INSIS S.p.A. recorded revenues of €51.7 million. The closing of the deal will be subject to customary conditions for these kind of operations, to the non-exercise of the Italian government’s golden power, as well as to the authorization from the competent authorities. Selling shareholders and managers of INSIS S.p.A. will remain invested in the Company with a minority stake.As on June 12, 2019, the deal was approved by italian antitrust authority. As of November 7, 2019, Board of Directors approved the deal to acquire 60% stake in INSIS. Alvise Becker, Riccardo Lonardi, Natali Prodan Milic, Alessio Buonaiuto, Arianna Lucariello, Federica De Luca and Giulia Guidetti of PWC TLS Associazione Professionale di Avvocati e Commercialisti acted as legal advisors for Fincantieri. Dario Ardizzone of Ardizzone-Corielli assisted the sellers. Cassiopea Partners acted as financial advisor to Cassiopea Partners and its shareholders.
Fincantieri S.p.A. (BIT:FCT) completed the acquisition of 60% stake in INSIS S.p.A. from Esset i- Sistemi E Tecnologie Holding Srl, Avio Engineering Solutions & Services S.r.l. and others for €23.4 million on July 4, 2019. Fincantieri S.p.A. has a call option to acquire remaining 40% stake in INSIS S.p.A. 
