Board Change • May 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Statutory Auditor Paolo Magini 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. Duyuru • Mar 30
Elica S.p.A., Annual General Meeting, Apr 29, 2026 Elica S.p.A., Annual General Meeting, Apr 29, 2026, at 09:00 W. Europe Standard Time. Location: via ermanno casoli n 2, fabriano Italy Duyuru • Jul 31
Elica S.p.A. (BIT:ELC) agreed to acquire 28% stake in Steel S.R.L. Elica S.p.A. (BIT:ELC) agreed to acquire 28% stake in Steel S.R.L. on July 30, 2025. Elica can increase its stake to 100% if the existing shareholders refuse to exercise the option of retaining a 10% stake. The acquisition will be financed entirely through Elica's equity and existing credit lines.
For the period ending December 31, 2024, Steel S.R.L. reported total revenue of €7 million and EBITDA of €0.8 million and with debt of approximately €3 million. Duyuru • Jul 02
Elica S.p.A. (BIT:ELC) agreed to acquire remaining 0.56% stake in Elica Home Appliances Co Ltd from Fuji Industrial Co. Ltd for €2 million. Elica S.p.A. (BIT:ELC) agreed to acquire remaining 0.56% stake in Elica Home Appliances Co Ltd from Fuji Industrial Co. Ltd for €2 million on July 1, 2025. A cash consideration of €2 million will be paid by Elica S.p.A. As part of consideration, €2 million is paid towards common equity of Elica Home Appliances Co Ltd. Upon completion, Elica S.p.A. will own 100% stake in Elica Home Appliances Co Ltd. Duyuru • Mar 27
Elica S.p.A. announces Annual dividend, payable on July 09, 2025 Elica S.p.A. announced Annual dividend of EUR 0.0400 per share payable on July 09, 2025, ex-date on July 07, 2025 and record date on July 08, 2025. Reported Earnings • Nov 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €104.2m (down 1.2% from 3Q 2023). Net income: €5.90m (up 228% from 3Q 2023). Profit margin: 5.7% (up from 1.7% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Germany. Reported Earnings • Jul 31
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €120.1m (down 5.3% from 2Q 2023). Net income: €700.0k (down 84% from 2Q 2023). Profit margin: 0.6% (down from 3.4% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 15
First quarter 2024 earnings released First quarter 2024 results: Revenue: €117.2m (down 9.1% from 1Q 2023). Net income: €0 (down €3.40m from profit in 1Q 2023). Profit margin: 0% (down from 2.6% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Board Change • Apr 01
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. 7 experienced directors. 3 highly experienced directors. CEO & Executive Director Giulio Cocci was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: €0.16 (vs €0.26 in FY 2022) Full year 2023 results: EPS: €0.16 (down from €0.26 in FY 2022). Revenue: €476.1m (down 14% from FY 2022). Net income: €9.78m (down 41% from FY 2022). Profit margin: 2.1% (down from 3.0% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 25
Dividend of €0.05 announced Shareholders will receive a dividend of €0.05. Ex-date: 1st July 2024 Payment date: 3rd July 2024 Dividend yield will be 2.7%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 78% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 16
Full year 2023 earnings released Full year 2023 results: Revenue: €473.2m (down 14% from FY 2022). Net income: €9.80m (down 41% from FY 2022). Profit margin: 2.1% (down from 3.0% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €1.84, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Consumer Durables industry in Germany. Total loss to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.53 per share. Buying Opportunity • Dec 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €2.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 0.5% in 2 years. Earnings is forecast to grow by 39% in the next 2 years. Duyuru • Oct 28
Elica S.p.A. to Report Nine Months, 2023 Results on Oct 26, 2023 Elica S.p.A. announced that they will report nine months, 2023 results on Oct 26, 2023 Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: €0.029 (vs €0.016 in 3Q 2022) Third quarter 2023 results: EPS: €0.029 (up from €0.016 in 3Q 2022). Revenue: €105.5m (down 18% from 3Q 2022). Net income: €1.80m (up 80% from 3Q 2022). Profit margin: 1.7% (up from 0.8% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. New Risk • Oct 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €1.80m (US$1.88m) 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 Risk Market cap is less than US$10m (€1.80m market cap, or US$1.88m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Jul 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% 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. Large one-off items impacting financial results. Reported Earnings • Jul 30
Second quarter 2023 earnings released: EPS: €0.07 (vs €0.12 in 2Q 2022) Second quarter 2023 results: EPS: €0.07 (down from €0.12 in 2Q 2022). Revenue: €125.5m (down 15% from 2Q 2022). Net income: €4.40m (down 42% from 2Q 2022). Profit margin: 3.5% (down from 5.2% in 2Q 2022). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jun 26
Upcoming dividend of €0.07 per share at 2.6% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 05 July 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.0%). Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: €0.054 (vs €0.075 in 1Q 2022) First quarter 2023 results: EPS: €0.054 (down from €0.075 in 1Q 2022). Revenue: €129.0m (down 10% from 1Q 2022). Net income: €3.40m (down 28% from 1Q 2022). Profit margin: 2.6% (down from 3.3% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 18
Full year 2022 earnings released: EPS: €0.26 (vs €0.19 in FY 2021) Full year 2022 results: EPS: €0.26 (up from €0.19 in FY 2021). Revenue: €548.6m (flat on FY 2021). Net income: €16.2m (up 34% from FY 2021). Profit margin: 3.0% (up from 2.2% in FY 2021). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buying Opportunity • Dec 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.5%. The fair value is estimated to be €3.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 0.03% in 2 years. Earnings is forecast to grow by 61% in the next 2 years. Reported Earnings • Nov 01
Third quarter 2022 earnings released: EPS: €0.016 (vs €0.074 in 3Q 2021) Third quarter 2022 results: EPS: €0.016 (down from €0.074 in 3Q 2021). Revenue: €128.8m (down 6.3% from 3Q 2021). Net income: €1.00m (down 79% from 3Q 2021). Profit margin: 0.8% (down from 3.4% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.5% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: €0.12 (vs €0.053 in 2Q 2021) Second quarter 2022 results: EPS: €0.12 (up from €0.053 in 2Q 2021). Revenue: €146.2m (up 8.8% from 2Q 2021). Net income: €7.60m (up 127% from 2Q 2021). Profit margin: 5.2% (up from 2.5% in 2Q 2021). Over the next year, revenue is forecast to stay flat compared to a 3.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 29
Elica S.p.A. (BIT:ELC) entered into an agreemnt to acquire remaining 40% stake in Air Force S.p.A. from Urbano Urbani for €3 million. Elica S.p.A. (BIT:ELC) entered into an agreement to acquire remaining 40% stake in Air Force S.p.A. from Urbano Urbani for €3 million on June 27, 2022. The first payment (€1.5 million) will be made on the Closing date, and the following three (€0.5 million each) will be made once a year beginning from the Closing date. In 2021, the company reported revenues of approximately €31.0 million, an EBITDA of approximately €1.6 million. The conclusion of the transaction (Closing), which is expected to take place in the first few days of July. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: €0.075 (vs €0.038 in 1Q 2021) First quarter 2022 results: EPS: €0.075 (up from €0.038 in 1Q 2021). Revenue: €144.0m (up 5.1% from 1Q 2021). Net income: €4.70m (up 96% from 1Q 2021). Profit margin: 3.3% (up from 1.8% in 1Q 2021). Over the next year, revenue is forecast to grow 1.8%, compared to a 8.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: €0.19 (vs €0.028 loss in FY 2020) Full year 2021 results: EPS: €0.19 (up from €0.028 loss in FY 2020). Revenue: €541.3m (up 19% from FY 2020). Net income: €12.1m (up €13.9m from FY 2020). Profit margin: 2.2% (up from net loss in FY 2020). Over the next year, revenue is forecast to grow 2.9%, compared to a 8.2% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 12
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.19 (up from €0.028 loss in FY 2020). Revenue: €541.3m (up 19% from FY 2020). Net income: €12.1m (up €13.9m from FY 2020). Profit margin: 2.2% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 1.7%. Over the next year, revenue is forecast to stay flat compared to a 7.3% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS €0.074 (vs €0.032 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €137.4m (up 12% from 3Q 2020). Net income: €4.70m (up 129% from 3Q 2020). Profit margin: 3.4% (up from 1.7% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Duyuru • Sep 29
Whirlpool of India Limited (BSE:500238) agreed to acquire additional 38.25% stake in Elica PB India Private Ltd. from Elica S.p.A. (BIT:ELC) for INR 4.2 billion. Whirlpool of India Limited (BSE:500238) agreed to acquire additional 38.25% stake in Elica PB India Private Ltd. from Elica S.p.A. (BIT:ELC) for INR 4.2 billion on September 27, 2021. The total consideration will be payable in cash. Post completion of the acquisition, Elica India will become a subsidiary of Whirlpool with total ownership of 87.25% stake. Both organizations will continue to run their operations similar to their
current state. The Elica India generated a revenue of INR 3.1 billion as of March 31, 2021. Pralhad Bhutada, Chief Executive Officer & Director of Elica India will continue to lead it. The transaction was approved by board of directors of Whirlpool. The transaction is expected to be completed by September 30, 2021. Reported Earnings • Aug 01
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €132.4m (up 76% from 2Q 2020). Net income: €3.30m (up €8.97m from 2Q 2020). Profit margin: 2.5% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Duyuru • Jul 03
Elica S.p.A. (BIT:ELC) completed the acquisition of Electric Motors Company S.r.l. and CPS S.r.l. Elica S.p.A. (BIT:ELC) entered into a preliminary agreement to acquire Electric Motors Company S.r.l. and CPS S.r.l. for €31 million on June 28, 2021. Under the terms, Elica will pay the consideration amount of €31 million in several tranches using own resources of which €4 million is paid as of the date of this agreement. In 2020, Electric Motors Company S.r.l. and CPS S.r.l. reported revenues of €21.4 million. The transaction is expected to take place in the first half of July. FIVELEX Studio Legale acted as legal advisor to Elica S.p.A. and Ernst & Young Global Limited acted as Financial and Tax due diligence provider to Elica S.p.A. NCTM Studio Legale Associato acted as legal advisor to Electric Motors Company S.r.l. and CPS S.r.l. and Studio Associato Picchio & Marcolini di Loreto acted as financial and tax advisor to Electric Motors Company S.r.l. and CPS S.r.l.
Elica S.p.A. (BIT:ELC) completed the acquisition of Electric Motors Company S.r.l. and CPS S.r.l. on July 2, 2021. Reported Earnings • Apr 02
Full year 2020 earnings released: €0.028 loss per share (vs €0.049 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €456.5m (down 5.8% from FY 2019). Net loss: €1.79m (down 158% from profit in FY 2019). Reported Earnings • Feb 16
Full year 2020 earnings released: €0.028 loss per share (vs €0.049 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €452.6m (down 6.6% from FY 2019). Net loss: €1.80m (down 159% from profit in FY 2019). Analyst Estimate Surprise Post Earnings • Feb 16
Revenue beats expectations Revenue exceeded analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 7.3%, compared to a 7.2% growth forecast for the Consumer Durables industry in Germany. Is New 90 Day High Low • Feb 13
New 90-day high: €3.39 The company is up 30% from its price of €2.60 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 Consumer Durables industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.42 per share. Duyuru • Jan 13
Elica S.p.A., Annual General Meeting, Apr 29, 2021 Elica S.p.A., Annual General Meeting, Apr 29, 2021. Agenda: To consider the approval of 2020 Annual Accounts. Is New 90 Day High Low • Dec 19
New 90-day high: €3.12 The company is up 19% from its price of €2.62 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.82 per share. Is New 90 Day High Low • Dec 03
New 90-day high: €2.91 The company is up 11% from its price of €2.63 on 04 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Durables industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.20 per share. Is New 90 Day High Low • Oct 21
New 90-day high: €2.85 The company is up 6.0% from its price of €2.68 on 23 July 2020. The German market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Durables industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.70 per share. Is New 90 Day High Low • Sep 23
New 90-day low: €2.48 The company is down 6.0% from its price of €2.65 on 25 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.26 per share.