Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to €1.41, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 17x in the Leisure industry in Italy. Total loss to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to €1.28, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 17x in the Leisure industry in Italy. Total loss to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €1.10, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 18x in the Leisure industry in Italy. Total loss to shareholders of 85% over the past three years. New Risk • Jun 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Interest payments are not well covered by earnings (2.1x net interest cover). Share price has been highly volatile over the past 3 months (27% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Paying a dividend despite having no free cash flows. High level of non-cash earnings (28% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Profit margins are more than 30% lower than last year (3.6% net profit margin). Market cap is less than US$100m (€81.4m market cap, or US$94.6m). Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €1.40, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 18x in the Leisure industry in Italy. Total loss to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €1.76, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 18x in the Leisure industry in Italy. Total loss to shareholders of 77% over the past three years. New Risk • Mar 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €56.8m (US$65.4m) This is considered a minor 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 Interest payments are not well covered by earnings (2.1x net interest cover). Share price has been highly volatile over the past 3 months (19% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Paying a dividend despite having no free cash flows. High level of non-cash earnings (28% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (3.6% net profit margin). Market cap is less than US$100m (€56.8m market cap, or US$65.4m). Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment deteriorates as stock falls 36% After last week's 36% share price decline to €2.66, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 20x in the Leisure industry in Italy. Total loss to shareholders of 58% over the past three years. Buy Or Sell Opportunity • Jan 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to €4.44. The fair value is estimated to be €5.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 0.01% in 2 years. Earnings are forecast to grow by 155% in the next 2 years. New Risk • Dec 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 7.1% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Share price has been highly volatile over the past 3 months (7.1% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Paying a dividend despite having no free cash flows. High level of non-cash earnings (28% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (3.6% net profit margin). New Risk • Nov 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x 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 Risks Interest payments are not well covered by earnings (2.1x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Paying a dividend despite having no free cash flows. High level of non-cash earnings (28% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (3.6% net profit margin). Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: €0.081 (vs €0.16 in 3Q 2024) Third quarter 2025 results: EPS: €0.081 (down from €0.16 in 3Q 2024). Revenue: €76.5m (down 37% from 3Q 2024). Net income: €4.43m (down 49% from 3Q 2024). Profit margin: 5.8% (down from 7.1% in 3Q 2024). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Leisure industry in Italy. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 14
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €380.7m to €350.0m. EPS estimate also fell from €0.699 per share to €0.575 per share. Net income forecast to grow 81% next year vs 19% growth forecast for Leisure industry in Italy. Consensus price target of €9.07 unchanged from last update. Share price rose 9.6% to €4.16 over the past week. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €3.85, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 24x in the Leisure industry in Italy. Total loss to shareholders of 18% over the past three years. Price Target Changed • Aug 12
Price target decreased by 12% to €10.87 Down from €12.33, the current price target is an average from 3 analysts. New target price is 136% above last closing price of €4.61. Stock is down 47% over the past year. The company is forecast to post earnings per share of €0.72 for next year compared to €0.64 last year. New Risk • Aug 08
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: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.7% average weekly change). Upcoming Dividend • May 19
Upcoming dividend of €0.24 per share Eligible shareholders must have bought the stock before 26 May 2025. Payment date: 28 May 2025. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (3.0%). New Risk • May 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 37% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (37% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 14
First quarter 2025 earnings released First quarter 2025 results: EPS: €0.16. Revenue: €96.8m (up 1.3% from 1Q 2024). Net income: €8.54m (up 2.6% from 1Q 2024). Profit margin: 8.8% (up from 8.7% in 1Q 2024). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Leisure industry in Italy. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 19
Dividend reduced to €0.24 Dividend of €0.24 is 34% lower than last year. Ex-date: 26th May 2025 Payment date: 28th May 2025 Dividend yield will be 3.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.8% per year over the past 3 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Duyuru • Mar 18
The Italian Sea Group S.p.A. announces Annual dividend, payable on May 28, 2025 The Italian Sea Group S.p.A. announced Annual dividend of EUR 0.2450 per share payable on May 28, 2025, ex-date on May 26, 2025 and record date on May 27, 2025. Major Estimate Revision • Mar 07
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €419.0m to €414.3m. EPS estimate also fell from €0.879 per share to €0.775 per share. Net income forecast to shrink 2.9% next year vs 12% growth forecast for Leisure industry in Italy . Consensus price target down from €12.67 to €12.33. Share price fell 7.2% to €7.21 over the past week. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: €0.16 (vs €0.22 in 3Q 2023) Third quarter 2024 results: EPS: €0.16 (down from €0.22 in 3Q 2023). Revenue: €122.0m (up 23% from 3Q 2023). Net income: €8.68m (down 26% from 3Q 2023). Profit margin: 7.1% (down from 12% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Leisure industry in Italy. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Sep 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 64% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (64% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. New Risk • Sep 11
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. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €7.78, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 20x in the Leisure industry in Europe. Total returns to shareholders of 28% over the past three years. Upcoming Dividend • May 13
Upcoming dividend of €0.37 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 24
Full year 2023 earnings released Full year 2023 results: Revenue: €364.5m (up 24% from FY 2022). Net income: €36.9m (up 54% from FY 2022). Profit margin: 10% (up from 8.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Leisure industry in Europe. Buy Or Sell Opportunity • Jan 25
Now 21% undervalued Over the last 90 days, the stock has risen 37% to €9.32. The fair value is estimated to be €11.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last year. Earnings per share has grown by 60%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Reported Earnings • Sep 11
First half 2023 earnings released First half 2023 results: Revenue: €165.9m (up 25% from 1H 2022). Net income: €13.6m (up 78% from 1H 2022). Profit margin: 8.2% (up from 5.7% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Leisure industry in Europe. Buying Opportunity • Jun 06
Now 21% undervalued Over the last 90 days, the stock is up 6.4%. The fair value is estimated to be €10.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 23% per annum over the same time period. Buying Opportunity • May 12
Now 22% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be €10.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 23% per annum over the same time period. Upcoming Dividend • Apr 25
Upcoming dividend of €0.27 per share at 3.2% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 04 May 2023. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Italian dividend payers (5.1%). Higher than average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €8.57, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Leisure industry in Europe. Total returns to shareholders of 54% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €8.69 per share. Reported Earnings • Mar 24
Full year 2022 earnings released Full year 2022 results: Revenue: €294.7m (up 62% from FY 2021). Net income: €24.0m (up 47% from FY 2021). Profit margin: 8.2% (down from 9.0% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Leisure industry in Europe. Price Target Changed • Jan 26
Price target increased by 12% to €10.67 Up from €9.50, the current price target is an average from 3 analysts. New target price is 67% above last closing price of €6.38. Stock is down 4.2% over the past year. The company is forecast to post earnings per share of €0.48 for next year compared to €0.31 last year. Board Change • Nov 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. 4 non-independent directors. Director Gianmaria Costantino was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 16
First half 2022 earnings released: EPS: €0 (vs €0.096 in 1H 2021) First half 2022 results: EPS: €0. Revenue: €133.7m (up 69% from 1H 2021). Net income: €7.62m (up 64% from 1H 2021). Profit margin: 5.7% (down from 5.9% in 1H 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Leisure industry in Europe. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 15% share price gain to €5.52, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Leisure industry in Europe. Total loss to shareholders of 9.4% over the past year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Chairman of the Statutory Auditor & Member of Supervisory Board Felice Simbolo was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 09
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: €0.31 (up from €0.29 in FY 2020). Revenue: €182.0m (up 64% from FY 2020). Net income: €16.3m (up 162% from FY 2020). Profit margin: 9.0% (up from 5.6% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 59%, compared to a 16% growth forecast for the industry in Italy. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 22% share price decline to €4.85, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Leisure industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €9.39 per share. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 16% share price gain to €7.10, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 23x in the Leisure industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €7.11 per share.