New Risk • Apr 17
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 Risks High level of non-cash earnings (88% accrual ratio). Market cap is less than US$10m (€7.57m market cap, or US$8.90m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (1.6% net profit margin). New Risk • Mar 05
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 5.4% 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. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (88% accrual ratio). Market cap is less than US$10m (€7.16m market cap, or US$8.29m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.4% average weekly change). Profit margins are more than 30% lower than last year (1.6% net profit margin). New Risk • Dec 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.26m (US$9.71m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (88% accrual ratio). Market cap is less than US$10m (€8.26m market cap, or US$9.71m). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.6% net profit margin). Price Target Changed • Nov 18
Price target decreased by 11% to €6.25 Down from €6.99, the current price target is provided by 1 analyst. New target price is 242% above last closing price of €1.83. Stock is down 25% over the past year. The company posted earnings per share of €0.091 last year. New Risk • Oct 05
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: 1.6% Last year net profit margin: 5.7% 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 High level of non-cash earnings (88% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (€9.82m market cap, or US$11.5m). Price Target Changed • Apr 25
Price target decreased by 8.2% to €6.99 Down from €7.61, the current price target is an average from 2 analysts. New target price is 249% above last closing price of €2.00. Stock is down 33% over the past year. The company is forecast to post earnings per share of €0.30 for next year compared to €0.091 last year. Tillkännagivande • Apr 17
Alfio Bardolla Training Group S.p.A., Annual General Meeting, Apr 30, 2025 Alfio Bardolla Training Group S.p.A., Annual General Meeting, Apr 30, 2025, at 17:00 W. Europe Standard Time. New Risk • Apr 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 184% Dividend yield: 3.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Minor Risks Dividend is not well covered by cash flows (184% cash payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (€11.1m market cap, or US$12.6m). Reported Earnings • Oct 02
First half 2024 earnings released: EPS: €0.13 (vs €0.027 loss in 1H 2023) First half 2024 results: EPS: €0.13 (up from €0.027 loss in 1H 2023). Revenue: €12.6m (up 38% from 1H 2023). Net income: €669.7k (up €816.2k from 1H 2023). Profit margin: 5.3% (up from net loss in 1H 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Consumer Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €3.45, the stock trades at a trailing P/E ratio of 37.1x. Average forward P/E is 11x in the Consumer Services industry in Europe. Total returns to shareholders of 24% over the past three years. Upcoming Dividend • Apr 29
Upcoming dividend of €0.076 per share Eligible shareholders must have bought the stock before 06 May 2024. Payment date: 08 May 2024. Trailing yield: 2.6%. Lower than top quartile of Italian dividend payers (5.7%). In line with average of industry peers (2.7%). New Risk • Apr 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 42% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (4.8% increase in shares outstanding). Market cap is less than US$100m (€14.2m market cap, or US$15.1m). Price Target Changed • Apr 19
Price target decreased by 7.3% to €7.61 Down from €8.21, the current price target is an average from 2 analysts. New target price is 186% above last closing price of €2.66. Stock is up 27% over the past year. New Risk • Apr 18
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 6.0% 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. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.0% average weekly change). Shareholders have been diluted in the past year (4.8% increase in shares outstanding). Market cap is less than US$100m (€13.3m market cap, or US$14.2m). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €2.58, the stock trades at a trailing P/E ratio of 27.7x. Average forward P/E is 12x in the Consumer Services industry in Europe. Total returns to shareholders of 2.4% over the past three years. Reported Earnings • Apr 04
Full year 2023 earnings released Full year 2023 results: Revenue: €19.5m (up 23% from FY 2022). Net income: €496.1k (up €1.15m from FY 2022). Profit margin: 2.5% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Consumer Services industry in Europe. New Risk • Nov 28
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 5.7% 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Market cap is less than US$100m (€13.5m market cap, or US$14.9m). New Risk • Sep 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.4% This is considered a minor 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: Minor Risks Shareholders have been diluted in the past year (5.4% increase in shares outstanding). Market cap is less than US$100m (€11.5m market cap, or US$12.2m). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Director Rocchetti Vittorio was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 03
First half 2022 earnings released: EPS: €0 (vs €0.12 in 1H 2021) First half 2022 results: EPS: €0 (down from €0.12 in 1H 2021). Revenue: €7.42m (up 2.4% from 1H 2021). Net loss: €598.5k (down 196% from profit in 1H 2021). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Consumer Services industry in Europe. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €1.95, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Consumer Services industry in Europe. Negligible returns to shareholders over past three years. Upcoming Dividend • May 09
Upcoming dividend of €0.032 per share Eligible shareholders must have bought the stock before 16 May 2022. Payment date: 18 May 2022. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Italian dividend payers (4.8%). Lower than average of industry peers (2.4%). Major Estimate Revision • Apr 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €0.33 to €0.27 per share. Revenue forecast steady at €15.7m. Net income forecast to grow 167% next year vs 23% growth forecast for Consumer Services industry in Italy. Consensus price target up from €7.81 to €8.33. Share price fell 2.4% to €3.27 over the past week. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Director Rocchetti Vittorio was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 20
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €0.12 (up from €0.095 in FY 2020). Revenue: €14.2m (up 46% from FY 2020). Net income: €584.1k (up 21% from FY 2020). Profit margin: 4.1% (down from 5.0% in FY 2020). Revenue exceeded analyst estimates by 9.6%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 9.4%, compared to a 30% growth forecast for the industry in Italy. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 27% share price gain to €3.17, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Consumer Services industry in Europe. Total returns to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €2.80, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Consumer Services industry in Europe. Total returns to shareholders of 10% over the past three years. Upcoming Dividend • Nov 22
Inaugural dividend of €0.09 per share Eligible shareholders must have bought the stock before 29 November 2021. Payment date: 01 December 2021. The company last paid an ordinary dividend in April 2018. The average dividend yield among industry peers is 2.2%. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improved over the past week After last week's 19% share price gain to €4.01, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Consumer Services industry in Europe. Total returns to shareholders of 79% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improved over the past week After last week's 18% share price gain to €3.25, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Consumer Services industry in Europe. Total loss to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improved over the past week After last week's 31% share price gain to €2.90, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Consumer Services industry in Europe. Total loss to shareholders of 50% over the past three years. Is New 90 Day High Low • Feb 03
New 90-day low: €1.30 The company is down 13% from its price of €1.50 on 04 November 2020. The Italian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 05
New 90-day high: €1.50 The company is up 18% from its price of €1.28 on 06 August 2020. The Italian market is down 6.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Consumer Services industry, which is also up 18% over the same period. Is New 90 Day High Low • Oct 05
New 90-day high: €1.46 The company is up 5.0% from its price of €1.39 on 07 July 2020. The Italian market is down 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Services industry, which is up 19% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total losses of €779.2k, with losses narrowing by 40% from the prior year. Total revenue was €11.1m over the last 12 months, up 5.0% from the prior year.