Declared Dividend • Apr 23
Dividend of US$0.45 announced Shareholders will receive a dividend of US$0.45. Ex-date: 6th May 2026 Payment date: 14th May 2026 Dividend yield will be 0.8%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 57% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 21
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 4.7% to €141. The fair value is estimated to be €114, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.5%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Buy Or Sell Opportunity • Feb 26
Now 23% overvalued Over the last 90 days, the stock has fallen 4.3% to €133. The fair value is estimated to be €109, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.9%. For the next 3 years, revenue is forecast to grow by 6.2% per annum. Earnings are also forecast to grow by 9.7% per annum over the same time period. Buy Or Sell Opportunity • Feb 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.6% to €132. The fair value is estimated to be €109, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.9%. For the next 3 years, revenue is forecast to grow by 6.2% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. New Risk • Jan 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Declared Dividend • Jan 23
Dividend of US$0.45 announced Shareholders will receive a dividend of US$0.45. Ex-date: 4th February 2026 Payment date: 12th February 2026 Dividend yield will be 0.9%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 51% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 21
First quarter 2026 earnings released: EPS: US$2.04 (vs US$2.63 in 1Q 2025) First quarter 2026 results: EPS: US$2.04 (down from US$2.63 in 1Q 2025). Revenue: US$6.89b (down 9.5% from 1Q 2025). Net income: US$594.8m (down 30% from 1Q 2025). Profit margin: 8.6% (down from 11% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Consumer Durables industry in Italy. Buy Or Sell Opportunity • Jan 09
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 1.1% to €131. The fair value is estimated to be €104, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.2%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings are also forecast to grow by 7.7% per annum over the same time period. Tillkännagivande • Dec 11
D.R. Horton, Inc., Annual General Meeting, Jan 15, 2026 D.R. Horton, Inc., Annual General Meeting, Jan 15, 2026. Location: 1341 horton circle, texas 76011, arlington United States Buy Or Sell Opportunity • Nov 22
Now 26% overvalued Over the last 90 days, the stock has fallen 13% to €127. The fair value is estimated to be €101, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.2%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are also forecast to grow by 7.9% per annum over the same time period. Reported Earnings • Oct 29
Full year 2025 earnings released: EPS: US$11.62 (vs US$14.44 in FY 2024) Full year 2025 results: EPS: US$11.62 (down from US$14.44 in FY 2024). Revenue: US$34.3b (down 6.9% from FY 2024). Net income: US$3.59b (down 25% from FY 2024). Profit margin: 11% (down from 13% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Consumer Durables industry in Italy. Buy Or Sell Opportunity • Oct 07
Now 23% undervalued Over the last 90 days, the stock has risen 21% to €139. The fair value is estimated to be €182, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has declined by 6.4%. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 6.0% per annum over the same time period. Tillkännagivande • Sep 26
Bayshore Investment Partners LLC acquired Laurel Lakes community consisting of 68 townhomes in Hillsborough County suburb of Seffner, Florida from D.R. Horton, Inc. (NYSE:DHI) for $18 million. Bayshore Investment Partners LLC acquired Laurel Lakes community consisting of 68 townhomes in Hillsborough County suburb of Seffner, Florida from D.R. Horton, Inc. (NYSE:DHI) for $18 million on September 19, 2025. The community was acquired from D.R. Horton for $265,000 per unit. Berkadia Miami secured $11.83 million in financing on behalf of Bayshore Investment Partners.
Bayshore Investment Partners LLC completed the acquisition of Laurel Lakes community consisting of 68 townhomes in Hillsborough County suburb of Seffner, Florida from D.R. Horton, Inc. (NYSE:DHI) on September 19, 2025. Buy Or Sell Opportunity • Sep 22
Now 20% undervalued Over the last 90 days, the stock has risen 26% to €140. The fair value is estimated to be €175, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has declined by 6.4%. For the next 3 years, revenue is forecast to grow by 5.1% per annum. Earnings are also forecast to grow by 4.6% per annum over the same time period. Recent Insider Transactions • Sep 10
Executive Chairman recently sold €4.7m worth of stock On the 5th of September, David Auld sold around 30k shares on-market at roughly €155 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Aug 28
Now 21% undervalued Over the last 90 days, the stock has risen 38% to €143. The fair value is estimated to be €180, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has declined by 6.4%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 4.2% per annum over the same time period. Board Change • Aug 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Elaine Crowley was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 30
Upcoming dividend of US$0.40 per share Eligible shareholders must have bought the stock before 06 August 2025. Payment date: 14 August 2025. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Italian dividend payers (5.2%). Lower than average of industry peers (4.3%). Reported Earnings • Jul 23
Third quarter 2025 earnings released: EPS: US$3.37 (vs US$4.12 in 3Q 2024) Third quarter 2025 results: EPS: US$3.37 (down from US$4.12 in 3Q 2024). Revenue: US$9.23b (down 7.4% from 3Q 2024). Net income: US$1.02b (down 24% from 3Q 2024). Profit margin: 11% (down from 14% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Consumer Durables industry in Italy. Board Change • Jul 03
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Elaine Crowley was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. 
