Reported Earnings • 9h
First half 2026 earnings released First half 2026 results: Revenue: €467.8m (down 1.3% from 1H 2025). Net income: €1.42m (up €59.1m from 1H 2025). Profit margin: 0.3% (up from net loss in 1H 2025). The move to profitability was driven by lower expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Luxury industry in Europe. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Non-Executive Non-Independent Director Ernesto Greco was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Mar 17
Salvatore Ferragamo S.p.A., Annual General Meeting, Apr 16, 2025 Salvatore Ferragamo S.p.A., Annual General Meeting, Apr 16, 2025, at 09:30 W. Europe Standard Time. Buy Or Sell Opportunity • Sep 20
Now 23% overvalued Over the last 90 days, the stock has fallen 27% to €6.48. The fair value is estimated to be €5.25, 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 43%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings are also forecast to grow by 37% per annum over the same time period. Board Change • May 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non Executive Director Laura Donnini was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 13
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 64% but the company is paying out more than the cash it is generating. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (0.7%). New Risk • Apr 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Declared Dividend • Mar 11
Dividend reduced to €0.10 Dividend of €0.10 is 64% lower than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 0.9%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (152% earnings payout ratio). However, it is well covered by cash flows (36% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 69% to bring the payout ratio under control. EPS is expected to grow by 3.6% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Mar 10
Full year 2023 earnings released Full year 2023 results: Revenue: €1.16b (down 7.6% from FY 2022). Net income: €26.1m (down 63% from FY 2022). Profit margin: 2.3% (down from 5.6% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Luxury industry in Europe. Duyuru • Dec 27
Salvatore Ferragamo S.p.A. to Report Fiscal Year 2023 Results on Mar 06, 2024 Salvatore Ferragamo S.p.A. announced that they will report fiscal year 2023 results on Mar 06, 2024 New Risk • Aug 07
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: 2.5% Last year net profit margin: 8.9% 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: Minor Risks Dividend is not well covered by earnings (152% payout ratio). Profit margins are more than 30% lower than last year (2.5% net profit margin). Reported Earnings • Aug 06
First half 2023 earnings released First half 2023 results: Revenue: €600.1m (down 4.8% from 1H 2022). Net income: €22.5m (down 64% from 1H 2022). Profit margin: 3.7% (down from 9.8% in 1H 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Luxury industry in Germany. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 15
Upcoming dividend of €0.28 per share at 1.8% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (0.8%). Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: €0.42 (vs €0.50 in FY 2021) Full year 2022 results: EPS: €0.42 (down from €0.50 in FY 2021). Revenue: €1.25b (up 10% from FY 2021). Net income: €69.6m (down 17% from FY 2021). Profit margin: 5.6% (down from 7.4% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Luxury industry in Germany. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. CEO & Director Marco Gobbetti was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: €0.045 (vs €0.041 in 3Q 2021) Third quarter 2022 results: EPS: €0.045 (up from €0.041 in 3Q 2021). Revenue: €290.4m (up 11% from 3Q 2021). Net income: €7.41m (up 8.6% from 3Q 2021). Profit margin: 2.6% (in line with 3Q 2021). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Luxury industry in Germany. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 08
Second quarter 2022 earnings released: EPS: €0.29 (vs €0.20 in 2Q 2021) Second quarter 2022 results: EPS: €0.29 (up from €0.20 in 2Q 2021). Revenue: €340.8m (up 22% from 2Q 2021). Net income: €47.9m (up 50% from 2Q 2021). Profit margin: 14% (up from 11% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Luxury industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 16
Upcoming dividend of €0.34 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.3%). Higher than average of industry peers (1.6%). Board Change • Apr 27
High number of new directors There are 7 new directors who have joined the board in the last 3 years. CEO & Director Marco Gobbetti was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 10
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €0.50 (up from €0.39 loss in FY 2020). Revenue: €1.14b (up 24% from FY 2020). Net income: €83.8m (up €150.2m from FY 2020). Profit margin: 7.4% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 11%, compared to a 4.9% growth forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 23% share price decline to €14.82, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 18x in the Luxury industry in Europe. Total loss to shareholders of 4.4% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €13.59 per share. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS €0.041 (vs €0.086 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €261.5m (up 17% from 3Q 2020). Net income: €6.82m (up €21.4m from 3Q 2020). Profit margin: 2.6% (up from net loss in 3Q 2020). Reported Earnings • Sep 14
Second quarter 2021 earnings released: EPS €0.20 (vs €0.25 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €279.2m (up 97% from 2Q 2020). Net income: €31.9m (up €74.8m from 2Q 2020). Profit margin: 11% (up from net loss in 2Q 2020). Reported Earnings • May 16
First quarter 2021 earnings released: €0.007 loss per share (vs €0.23 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: €244.7m (up 10% from 1Q 2020). Net loss: €1.24m (loss narrowed 97% from 1Q 2020). Reported Earnings • Mar 11
Full year 2020 earnings released: €0.39 loss per share (vs €0.52 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: €915.8m (down 34% from FY 2019). Net loss: €66.4m (down 176% from profit in FY 2019). Is New 90 Day High Low • Mar 11
New 90-day high: €17.16 The company is up 15% from its price of €14.91 on 10 December 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.26 per share. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue misses expectations Revenue missed analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 20%, compared to a 9.6% growth forecast for the Luxury industry in Germany. Is New 90 Day High Low • Jan 28
New 90-day high: €16.17 The company is up 53% from its price of €10.60 on 30 October 2020. The German market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.44 per share. Is New 90 Day High Low • Dec 05
New 90-day high: €15.35 The company is up 27% from its price of €12.11 on 04 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 Luxury industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.91 per share. Analyst Estimate Surprise Post Earnings • Nov 12
Revenue beats expectations Revenue exceeded analyst estimates by 3.9%. Over the next year, revenue is forecast to grow 9.3%, compared to a 12% growth forecast for the Luxury industry in Germany. Is New 90 Day High Low • Oct 31
New 90-day low: €10.60 The company is down 9.0% from its price of €11.66 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.78 per share. Is New 90 Day High Low • Oct 10
New 90-day high: €13.14 The company is up 14% from its price of €11.51 on 10 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.55 per share. Reported Earnings • Sep 18
First half earnings released Over the last 12 months the company has reported total losses of €52.7m, with earnings decreasing by €141.6m from the prior year. Total revenue was €1.05b over the last 12 months, down 24% from the prior year.