Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €5.72, the stock trades at a trailing P/E ratio of 9.8x. Average forward P/E is 16x in the Electrical industry in Italy. Total returns to shareholders of 91% over the past year. New Risk • May 27
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 6.8% 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€65.3m market cap, or US$76.0m). Reported Earnings • May 26
Full year 2025 earnings released Full year 2025 results: Revenue: €87.3m (up 72% from FY 2024). Net income: €7.10m (up 105% from FY 2024). Profit margin: 8.1% (up from 6.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Electrical industry in Italy. Declared Dividend • May 18
Dividend increased to €0.30 Dividend of €0.30 is 100% higher than last year. Ex-date: 14th September 2026 Payment date: 16th September 2026 Dividend yield will be 6.8%, which is higher than the industry average of 1.8%. Sustainability & Growth The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 86% over the last year. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • May 17
Espe S.p.A. announces Annual dividend, payable on September 16, 2026 Espe S.p.A. announced Annual dividend of EUR 0.3000 per share payable on September 16, 2026, ex-date on September 14, 2026 and record date on September 15, 2026. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €4.21, the stock trades at a trailing P/E ratio of 10.8x. Average forward P/E is 6x in the Electrical industry in Italy. Total returns to shareholders of 47% over the past year. New Risk • Apr 19
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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (58% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (€36.3m market cap, or US$42.7m). Duyuru • Aug 01
Espe S.p.A. (BIT:ESPE) acquired 51% stake in Secur Impianti Srl for €0.77 million. Espe S.p.A. (BIT:ESPE) acquired 51% stake in Secur Impianti Srl for €0.77 million on July 31, 2025. A cash consideration of €0.05 million have already been paid by Espe S.p.A. and the remaining will be paid by December 2026. The transaction will be financed through own resources of €0.7655 million. The new board of Secur Impianti will be composed of Luciano Signorelli, as president and Chief Executive Officer, and Enrico Savegnago and Enrico Meneghetti.
For the period ending December 31, 2024, Secur Impianti Srl reported total revenue of €4.5 million, net income of €0.9 million and EBITDA of €1.5 million.
Espe S.p.A. (BIT:ESPE) completed the acquisition of 51% stake in Secur Impianti Srl on July 31, 2025. Duyuru • Jun 29
Espe S.p.A. announces Annual dividend, payable on September 17, 2025 Espe S.p.A. announced Annual dividend of EUR 0.1500 per share payable on September 17, 2025, ex-date on September 15, 2025 and record date on September 16, 2025. Price Target Changed • Jun 19
Price target increased by 24% to €5.15 Up from €4.15, the current price target is provided by 1 analyst. New target price is 68% above last closing price of €3.06. Stock is up 3.7% over the past year. The company posted earnings per share of €0.29 last year. New Risk • Jun 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.8% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (100% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (€37.6m market cap, or US$43.5m). Reported Earnings • Jun 15
Full year 2024 earnings released Full year 2024 results: Revenue: €50.8m (up 17% from FY 2023). Net income: €3.45m (up 112% from FY 2023). Profit margin: 6.8% (up from 3.8% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Electrical industry in Italy. New Risk • Apr 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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 Risk Revenue has declined by 19% over the past year. Minor Risks High level of debt (66% net debt to equity). Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€32.0m market cap, or US$36.3m). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €2.62, the stock trades at a trailing P/E ratio of 12.4x. Average forward P/E is 6x in the Electrical industry in Italy. Total loss to shareholders of 27% over the past year. New Risk • Jan 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 5.2% 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. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 19% over the past year. Minor Risks High level of debt (66% net debt to equity). Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (€35.1m market cap, or US$36.6m). Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.20, the stock trades at a trailing P/E ratio of 15.2x. Average forward P/E is 7x in the Electrical industry in Italy. Reported Earnings • Oct 01
First half 2024 earnings released First half 2024 results: EPS: €0.11. Revenue: €30.1m (up 1.4% from 1H 2023). Net income: €1.30m (up 200% from 1H 2023). Profit margin: 4.3% (up from 1.5% in 1H 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Electrical industry in Italy. New Risk • Sep 26
New major risk - Revenue and earnings growth Revenue has declined by 19% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 19% over the past year. Minor Risks High level of debt (88% net debt to equity). Market cap is less than US$100m (€34.6m market cap, or US$38.7m). Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €2.89, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 19x in the Electrical industry in Italy. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €3.04, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 17x in the Electrical industry in Italy.