Reported Earnings • May 17
First quarter 2026 earnings released: EPS: €0.06 (vs €0.067 in 1Q 2025) First quarter 2026 results: EPS: €0.06 (down from €0.067 in 1Q 2025). Revenue: €177.6m (down 7.6% from 1Q 2025). Net income: €9.82m (down 10% from 1Q 2025). Profit margin: 5.5% (down from 5.7% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Duyuru • Mar 23
Emak S.p.A., Annual General Meeting, Apr 21, 2026 Emak S.p.A., Annual General Meeting, Apr 21, 2026, at 10:00 W. Europe Standard Time. Declared Dividend • Mar 19
Dividend increased to €0.03 Dividend of €0.03 is 20% higher than last year. Ex-date: 1st June 2026 Payment date: 3rd June 2026 Dividend yield will be 3.7%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 66% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Mar 18
Emak S.p.A. announces Annual dividend, payable on June 03, 2026 Emak S.p.A. announced Annual dividend of EUR 0.0300 per share payable on June 03, 2026, ex-date on June 01, 2026 and record date on June 02, 2026. Reported Earnings • Mar 16
Full year 2025 earnings released: EPS: €0.083 (vs €0.035 in FY 2024) Full year 2025 results: EPS: €0.083 (up from €0.035 in FY 2024). Revenue: €617.5m (up 2.6% from FY 2024). Net income: €13.5m (up 135% from FY 2024). Profit margin: 2.2% (up from 1.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.5% to €0.82. The fair value is estimated to be €1.05, however this is not to be taken as a buy 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%. Revenue is forecast to grow by 4.2% in 2 years. Earnings are forecast to grow by 80% in the next 2 years. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: €0.008 (vs €0.003 loss in 3Q 2024) Third quarter 2025 results: EPS: €0.008 (up from €0.003 loss in 3Q 2024). Revenue: €126.8m (down 1.6% from 3Q 2024). Net income: €1.33m (up €1.83m from 3Q 2024). Profit margin: 1.0% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Oct 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to €1.04. The fair value is estimated to be €0.87, 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 48%. Revenue is forecast to grow by 5.6% in 2 years. Earnings are forecast to grow by 106% in the next 2 years. Price Target Changed • Sep 02
Price target increased by 10% to €1.60 Up from €1.45, the current price target is provided by 1 analyst. New target price is 60% above last closing price of €1.00. Stock is down 0.1% over the past year. The company is forecast to post earnings per share of €0.091 for next year compared to €0.035 last year. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: €0.054 (vs €0.039 in 2Q 2024) Second quarter 2025 results: EPS: €0.054 (up from €0.039 in 2Q 2024). Revenue: €179.0m (up 2.1% from 2Q 2024). Net income: €8.69m (up 36% from 2Q 2024). Profit margin: 4.9% (up from 3.6% in 2Q 2024). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jun 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.0% to €0.87. The fair value is estimated to be €0.72, 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 48%. Revenue is forecast to grow by 5.1% in 2 years. Earnings are forecast to grow by 138% in the next 2 years. Upcoming Dividend • May 26
Upcoming dividend of €0.025 per share Eligible shareholders must have bought the stock before 02 June 2025. Payment date: 04 June 2025. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Italian dividend payers (5.4%). Lower than average of industry peers (4.4%). Reported Earnings • May 17
First quarter 2025 earnings released: EPS: €0.067 (vs €0.047 in 1Q 2024) First quarter 2025 results: EPS: €0.067 (up from €0.047 in 1Q 2024). Revenue: €193.3m (up 14% from 1Q 2024). Net income: €11.0m (up 45% from 1Q 2024). Profit margin: 5.7% (up from 4.5% in 1Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Apr 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €0.74. The fair value is estimated to be €0.93, however this is not to be taken as a buy 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 44%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 39% per annum over the same time period. Buy Or Sell Opportunity • Apr 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to €0.73. The fair value is estimated to be €0.93, however this is not to be taken as a buy 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 44%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 39% per annum over the same time period. New Risk • Mar 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% 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: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). 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. Profit margins are more than 30% lower than last year (1.0% net profit margin). Major Estimate Revision • Mar 25
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €0.112 to €0.094 per share. Revenue forecast steady at €626.0m. Net income forecast to grow 168% next year vs 9.7% growth forecast for Consumer Durables industry in Italy. Consensus price target of €1.45 unchanged from last update. Share price fell 2.2% to €0.85 over the past week. Price Target Changed • Mar 24
Price target decreased by 9.4% to €1.45 Down from €1.60, the current price target is provided by 1 analyst. New target price is 70% above last closing price of €0.85. Stock is down 26% over the past year. The company is forecast to post earnings per share of €0.094 for next year compared to €0.035 last year. Duyuru • Mar 21
Emak S.p.A., Annual General Meeting, Apr 29, 2025 Emak S.p.A., Annual General Meeting, Apr 29, 2025, at 10:00 W. Europe Standard Time. Declared Dividend • Mar 16
Dividend reduced to €0.025 Dividend of €0.025 is 44% lower than last year. Ex-date: 2nd June 2025 Payment date: 4th June 2025 Dividend yield will be 2.8%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has increased by an average of 6.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 138% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 14
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: €0.035 (down from €0.12 in FY 2023). Revenue: €607.0m (up 7.2% from FY 2023). Net income: €5.76m (down 70% from FY 2023). Profit margin: 0.9% (down from 3.4% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 50%. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Duyuru • Mar 14
Emak S.p.A. announces Annual dividend, payable on June 04, 2025 Emak S.p.A. announced Annual dividend of EUR 0.0250 per share payable on June 04, 2025, ex-date on June 02, 2025 and record date on June 03, 2025. Buy Or Sell Opportunity • Jan 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.9% to €0.89. The fair value is estimated to be €1.11, however this is not to be taken as a buy 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 39%. Revenue is forecast to grow by 8.8% in 2 years. Earnings are forecast to grow by 106% in the next 2 years. Buy Or Sell Opportunity • Dec 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €0.89. The fair value is estimated to be €1.11, however this is not to be taken as a buy 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 39%. Revenue is forecast to grow by 8.8% in 2 years. Earnings are forecast to grow by 106% in the next 2 years. Major Estimate Revision • Dec 03
Consensus EPS estimates fall by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €615.0m to €600.0m. EPS estimate also fell from €0.102 per share to €0.07 per share. Net income forecast to grow 59% next year vs 15% growth forecast for Consumer Durables industry in Italy. Consensus price target reaffirmed at €1.60. Share price fell 2.3% to €0.87 over the past week. Reported Earnings • Nov 14
Third quarter 2024 earnings released: €0.003 loss per share (vs €0.003 profit in 3Q 2023) Third quarter 2024 results: €0.003 loss per share (down from €0.003 profit in 3Q 2023). Revenue: €130.0m (up 9.5% from 3Q 2023). Net loss: €507.0k (down 194% from profit in 3Q 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Price Target Changed • Sep 08
Price target decreased by 14% to €1.60 Down from €1.85, the current price target is provided by 1 analyst. New target price is 62% above last closing price of €0.98. Stock is down 7.3% over the past year. The company is forecast to post earnings per share of €0.10 for next year compared to €0.12 last year. Major Estimate Revision • Sep 08
Consensus EPS estimates fall by 37% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €623.0m to €615.0m. EPS estimate also fell from €0.161 per share to €0.102 per share. Net income forecast to grow 73% next year vs 36% growth forecast for Consumer Durables industry in Italy. Consensus price target down from €1.85 to €1.60. Share price fell 2.7% to €0.98 over the past week. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: €0.039 (vs €0.064 in 2Q 2023) Second quarter 2024 results: EPS: €0.039 (down from €0.064 in 2Q 2023). Revenue: €177.3m (up 11% from 2Q 2023). Net income: €6.37m (down 39% from 2Q 2023). Profit margin: 3.6% (down from 6.5% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jul 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to €1.02. The fair value is estimated to be €1.28, however this is not to be taken as a buy 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 27%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 108% in the next 2 years. Buy Or Sell Opportunity • Jul 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.7% to €1.01. The fair value is estimated to be €1.28, however this is not to be taken as a buy 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 27%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 108% in the next 2 years. Upcoming Dividend • May 27
Upcoming dividend of €0.045 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 05 June 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (2.6%). Reported Earnings • May 17
First quarter 2024 earnings released: EPS: €0.047 (vs €0.068 in 1Q 2023) First quarter 2024 results: EPS: €0.047 (down from €0.068 in 1Q 2023). Revenue: €171.0m (flat on 1Q 2023). Net income: €7.59m (down 32% from 1Q 2023). Profit margin: 4.4% (down from 6.5% in 1Q 2023). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • May 13
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to €1.21. The fair value is estimated to be €0.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. New Risk • Mar 31
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 3.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.4% net profit margin). Major Estimate Revision • Mar 21
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €585.0m to €623.0m. EPS estimate increased from €0.14 to €0.161 per share. Net income forecast to grow 36% next year vs 7.8% growth forecast for Consumer Durables industry in Italy. Consensus price target up from €1.55 to €1.85. Share price rose 15% to €1.12 over the past week. Declared Dividend • Mar 18
Dividend of €0.045 announced Shareholders will receive a dividend of €0.045. Ex-date: 3rd June 2024 Payment date: 5th June 2024 Dividend yield will be 4.6%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 11% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 38% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 17
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: €0.12 (down from €0.18 in FY 2022). Revenue: €571.8m (down 5.6% from FY 2022). Net income: €19.1m (down 37% from FY 2022). Profit margin: 3.3% (down from 5.0% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Dec 01
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €580.4m to €568.0m. EPS estimate also fell from €0.135 per share to €0.117 per share. Net income forecast to grow 37% next year vs 18% growth forecast for Consumer Durables industry in Italy. Consensus price target down from €1.70 to €1.55. Share price was steady at €0.95 over the past week. Price Target Changed • Nov 30
Price target decreased by 14% to €1.55 Down from €1.80, the current price target is provided by 1 analyst. New target price is 63% above last closing price of €0.95. Stock is down 23% over the past year. The company is forecast to post earnings per share of €0.12 for next year compared to €0.19 last year. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: €0.003 (vs €0.031 in 3Q 2022) Third quarter 2023 results: EPS: €0.003 (down from €0.031 in 3Q 2022). Revenue: €119.6m (down 3.6% from 3Q 2022). Net income: €542.0k (down 89% from 3Q 2022). Profit margin: 0.5% (down from 4.1% in 3Q 2022). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has remained flat. Price Target Changed • Sep 07
Price target decreased by 11% to €1.70 Down from €1.90, the current price target is provided by 1 analyst. New target price is 59% above last closing price of €1.07. Stock is up 0.9% over the past year. The company is forecast to post earnings per share of €0.15 for next year compared to €0.19 last year. New Risk • Aug 10
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: 3.6% Last year net profit margin: 5.2% 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 High level of debt (60% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.6% net profit margin). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: €0.064 (vs €0.089 in 2Q 2022) Second quarter 2023 results: EPS: €0.064 (down from €0.089 in 2Q 2022). Revenue: €161.9m (down 9.0% from 2Q 2022). Net income: €10.4m (down 29% from 2Q 2022). Profit margin: 6.4% (down from 8.2% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • May 29
Upcoming dividend of €0.065 per share at 6.0% yield Eligible shareholders must have bought the stock before 05 June 2023. Payment date: 07 June 2023. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 6.0%. Within top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (2.1%). Reported Earnings • May 16
First quarter 2023 earnings released: EPS: €0.068 (vs €0.10 in 1Q 2022) First quarter 2023 results: EPS: €0.068 (down from €0.10 in 1Q 2022). Revenue: €173.0m (down 9.1% from 1Q 2022). Net income: €11.1m (down 33% from 1Q 2022). Profit margin: 6.4% (down from 8.7% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 22% per year. Reported Earnings • Mar 18
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: €0.18 (down from €0.20 in FY 2021). Revenue: €610.5m (up 3.8% from FY 2021). Net income: €30.3m (down 6.9% from FY 2021). Profit margin: 5.0% (down from 5.5% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 1.5% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Nov 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €0.17 to €0.19. Revenue forecast unchanged at €605.0m. Net income forecast to shrink 11% next year vs 35% growth forecast for Consumer Durables industry in Italy . Consensus price target down from €2.05 to €1.90. Share price was steady at €1.19 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: €0.031 (vs €0.037 in 3Q 2021) Third quarter 2022 results: EPS: €0.031 (down from €0.037 in 3Q 2021). Revenue: €124.1m (down 5.5% from 3Q 2021). Net income: €5.06m (down 17% from 3Q 2021). Profit margin: 4.1% (down from 4.6% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has increased by 37% 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 • Nov 13
Third quarter 2022 earnings released: EPS: €0.031 (vs €0.037 in 3Q 2021) Third quarter 2022 results: EPS: €0.031 (down from €0.037 in 3Q 2021). Revenue: €125.3m (down 4.6% from 3Q 2021). Net income: €5.06m (down 17% from 3Q 2021). Profit margin: 4.0% (down from 4.6% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Consumer Durables industry in Italy. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Nov 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be €1.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to grow by 1.4% in 2 years. Earnings is forecast to grow by 2.7% in the next 2 years. Major Estimate Revision • Sep 06
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €620.0m to €605.0m. EPS estimate also fell from €0.21 per share to €0.17 per share. Net income forecast to shrink 6.5% next year vs 13% growth forecast for Consumer Durables industry in Italy . Consensus price target down from €2.50 to €2.05. Share price fell 8.0% to €1.04 over the past week. Price Target Changed • Sep 05
Price target decreased to €2.05 Down from €2.65, the current price target is provided by 1 analyst. New target price is 89% above last closing price of €1.09. Stock is down 47% over the past year. The company is forecast to post earnings per share of €0.21 for next year compared to €0.20 last year. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: €0.089 (vs €0.098 in 2Q 2021) Second quarter 2022 results: EPS: €0.089 (down from €0.098 in 2Q 2021). Revenue: €178.0m (up 4.6% from 2Q 2021). Net income: €14.6m (down 8.6% from 2Q 2021). Profit margin: 8.2% (down from 9.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to stay flat compared to a 11% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 30
Upcoming dividend of €0.075 per share Eligible shareholders must have bought the stock before 06 June 2022. Payment date: 08 June 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of Italian dividend payers (4.8%). Higher than average of industry peers (2.6%). Price Target Changed • Apr 27
Price target decreased to €2.65 Down from €3.00, the current price target is provided by 1 analyst. New target price is 85% above last closing price of €1.43. Stock is up 3.8% over the past year. The company is forecast to post earnings per share of €0.20 for next year compared to €0.20 last year. Price Target Changed • Mar 22
Price target decreased to €2.65 Down from €3.00, the current price target is provided by 1 analyst. New target price is 77% above last closing price of €1.49. Stock is up 13% over the past year. The company is forecast to post earnings per share of €0.22 for next year compared to €0.20 last year. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €0.20 (up from €0.12 in FY 2020). Revenue: €593.4m (up 26% from FY 2020). Net income: €32.5m (up 68% from FY 2020). Profit margin: 5.5% (up from 4.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 2.1%, compared to a 10.0% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €2.20, 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% per annum over the last 3 years. Earnings per share has grown by 24% per annum over the last 3 years. Buying Opportunity • Jan 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €2.32, 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% per annum over the last 3 years. Earnings per share has grown by 24% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 18% share price gain to €2.28, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Consumer Durables industry in Italy. Total returns to shareholders of 86% over the past three years. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS €0.037 (vs €0.029 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €132.8m (up 18% from 3Q 2020). Net income: €6.07m (up 28% from 3Q 2020). Profit margin: 4.6% (up from 4.2% 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 24% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS €0.098 (vs €0.042 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €170.1m (up 31% from 2Q 2020). Net income: €16.0m (up 130% from 2Q 2020). Profit margin: 9.4% (up from 5.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Upcoming Dividend • Jun 01
Upcoming dividend of €0.045 per share Eligible shareholders must have bought the stock before 07 June 2021. Payment date: 09 June 2021. Trailing yield: 2.3%. Lower than top quartile of Italian dividend payers (3.7%). Higher than average of industry peers (1.6%). Major Estimate Revision • May 27
Consensus revenue estimates increase to €540.0m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from €489.0m to €540.0m. EPS estimate increased from €0.13 to €0.17 per share. Net income forecast to shrink 5.5% next year vs 63% growth forecast for Consumer Durables industry in Italy . Consensus price target up from €1.85 to €2.40. Share price rose 9.4% to €1.84 over the past week. Reported Earnings • May 13
First quarter 2021 earnings released: EPS €0.093 (vs €0.024 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €164.3m (up 39% from 1Q 2020). Net income: €15.1m (up 291% from 1Q 2020). Profit margin: 9.2% (up from 3.3% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS €0.12 (vs €0.079 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €469.8m (up 8.3% from FY 2019). Net income: €19.3m (up 49% from FY 2019). Profit margin: 4.1% (up from 3.0% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 22
New 90-day high: €1.22 The company is up 26% from its price of €0.97 on 24 November 2020. The Italian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 16% over the same period. Is New 90 Day High Low • Jan 30
New 90-day high: €1.19 The company is up 47% from its price of €0.81 on 30 October 2020. The Italian market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 11% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: €1.16 The company is up 31% from its price of €0.89 on 09 October 2020. The Italian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is down 5.0% over the same period.