New Risk • Feb 28
New major risk - Revenue and earnings growth Revenue has declined by 4.9% 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 4.9% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (€40.7m market cap, or US$48.2m). New Risk • Jan 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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: Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (€40.7m market cap, or US$47.3m). Board Change • Oct 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Marco Guidi was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 27
Price target decreased by 7.0% to €10.60 Down from €11.40, the current price target is provided by 1 analyst. New target price is 121% above last closing price of €4.80. Stock is down 7.3% over the past year. The company posted a net loss per share of €0.39 last year. Price Target Changed • Apr 25
Price target decreased by 11% to €10.60 Down from €11.90, the current price target is provided by 1 analyst. New target price is 123% above last closing price of €4.75. Stock is down 22% over the past year. New Risk • Apr 14
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: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (8.1% average weekly change). Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (€35.6m market cap, or US$40.4m). New Risk • Feb 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (€43.3m market cap, or US$45.2m). Price Target Changed • Nov 13
Price target decreased by 10% to €10.70 Down from €11.90, the current price target is an average from 2 analysts. New target price is 138% above last closing price of €4.50. Stock is down 47% over the past year. The company is forecast to post a net loss per share of €0.25 next year compared to a net loss per share of €1.10 last year. New Risk • Mar 11
New major risk - Revenue and earnings growth Earnings have declined by 61% per year over the past 5 years. 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 profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings 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 Earnings have declined by 61% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-€11m). Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (€46.4m market cap, or US$50.7m). Price Target Changed • Oct 11
Price target decreased by 11% to €15.15 Down from €17.00, the current price target is an average from 2 analysts. New target price is 61% above last closing price of €9.40. Stock is down 1.1% over the past year. The company is forecast to post a net loss per share of €0.15 next year compared to a net loss per share of €0.14 last year. Buying Opportunity • Oct 10
Now 22% undervalued Over the last 90 days, the stock is up 2.3%. The fair value is estimated to be €12.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • May 24
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €14.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 5.5%. Revenue is forecast to grow by 27% in a year. Earnings is forecast to grow by 89% in the next year. Buying Opportunity • May 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €14.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 5.5%. Revenue is forecast to grow by 27% in a year. Earnings is forecast to grow by 89% in the next year. Price Target Changed • May 07
Price target increased by 15% to €19.50 Up from €17.00, the current price target is provided by 1 analyst. New target price is 68% above last closing price of €11.60. Stock is down 17% over the past year. The company is forecast to post a net loss per share of €0.009 next year compared to a net loss per share of €0.14 last year. Reported Earnings • Apr 19
Full year 2022 earnings released: €0.14 loss per share (vs €0.013 loss in FY 2021) Full year 2022 results: €0.14 loss per share (further deteriorated from €0.013 loss in FY 2021). Revenue: €116.3m (up 41% from FY 2021). Net loss: €948.9k (loss widened €859.2k from FY 2021). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 16
Price target decreased to €15.50 Down from €25.00, the current price target is an average from 2 analysts. New target price is 35% above last closing price of €11.50. Stock is down 65% over the past year. The company is forecast to post earnings per share of €0.047 next year compared to a net loss per share of €0.013 last year. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Marco Guidi was the last independent 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: Minority of independent directors. Lack of board continuity. Buying Opportunity • Oct 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be €11.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 58% in 2 years. Earnings is forecast to grow by 2,339% in the next 2 years. Reported Earnings • Sep 28
First half 2022 earnings released: EPS: €0 (vs €0.023 loss in 1H 2021) First half 2022 results: EPS: €0 (improved from €0.023 loss in 1H 2021). Revenue: €52.8m (up 32% from 1H 2021). Net income: €403.8k (up €533.7k from 1H 2021). Profit margin: 0.8% (up from net loss in 1H 2021). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Consumer Retailing industry in Europe. Buying Opportunity • Aug 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.4%. The fair value is estimated to be €15.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Meanwhile, the company became loss making. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. Director Marco Guidi was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 19
Full year 2021 earnings released: €0.013 loss per share (vs €0.17 loss in FY 2020) Full year 2021 results: €0.013 loss per share (up from €0.17 loss in FY 2020). Revenue: €82.5m (up 29% from FY 2020). Net loss: €89.7k (loss narrowed 91% from FY 2020). Duyuru • Mar 01
Farmaè S.p.A. to Report Fiscal Year 2021 Results on Mar 30, 2022 Farmaè S.p.A. announced that they will report fiscal year 2021 results on Mar 30, 2022 Reported Earnings • Sep 29
First half 2021 earnings released The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €40.1m (up 27% from 1H 2020). Net loss: €129.9k (loss narrowed 56% from 1H 2020). Reported Earnings • Jul 08
Full year 2020 earnings released: €0.096 loss per share (vs €0.011 loss in FY 2019) The company reported a mediocre full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: €65.5m (up 75% from FY 2019). Net loss: €548.3k (loss widened €484.6k from FY 2019). Duyuru • Jun 30
Farmaè S.p.A. (BIT:FAR) agreed to acquire AmicaFarmacia S.r.l. from Marco Di Filippo for €39.6 million. Farmaè S.p.A. (BIT:FAR) signed a binding framework agreement to acquire AmicaFarmacia S.r.l. from Marco Di Filippo for €39.6 million on June 29, 2021. The transaction entails the partial demerger of the AmicaFarmacia assets through the assignment of the business unit dedicated to the online marketing of cosmetics, over-the-counter drugs, supplements, baby products and other products sold through the website, including the parapharmacy located in Bagnolo Piemonte instrumental for online marketing to MDF Holding S.r.l., wholly owned by Marco Di Filippo. Following the completion of the Demerger, Farmaè will acquire from Marco Di Filippo 100% of the capital of AmicaFarmacia; and will approve a capital increase in favour of MDF Holding. The capital increase provides for the issue of approximately 1.1 million ordinary shares of Farmaè at a price of €28.77 for a total value of €32 million.
For December 31, 2021, AmicaFarmacia had revenues of €27.8 million, and EBITDA of €0.03 million. On the date of completion, a shareholders' agreement will be entered into by Riccardo Iacometti, Marco Di Filippo and MDF Holding, which provides for, inter alia, Riccardo Iacometti's commitment to include Marco Di Filippo in his list of candidates for the position of Director of Farmaè. Under the terms of the shareholders' agreement, the AmicaFarmacia Board of Directors will be composed of three members, two of whom (including the Chairman) will be appointed by Farmaè and one by Marco Di Filippo. Marco Di Filippo will be the Chief Executive Officer of AmicaFarmacia and he will be assigned the duties and will be vested with the related powers as provided for in the administration agreement that will be entered into by Marco Di Filippo, Farmaè and AmicaFarmacia on the date of completion of the transaction. This agreement also provides that Marco Di Filippo, as Director of Farmaè, will be assigned the role of General Manager of the business unit linked to the brand "AmicaFarmacia", furthermore Marco Di Filippo will be a Member of the Steering Committee and of the Strategic/Operational Committee of Farmaè. The transaction is subject to the occurrence of certain conditions precedent, including the completion of the demerger and the non-occurrence of an event prejudicial to the transaction. The transaction is expected to complete in the second half of September 2021.
Stefano Bellavita, Alfio Alessi, and Valentina Perrone of Alantra Capital Markets acted as financial advisors; Alessandro Marena and Francesca Leverone of Pedersoli Law Firm acted as legal advisors; and Davide Bertoia, Gabriele Arioli, Paolo Cornago, Marco Manfredi, and Giorgio Orlandini of Deloitte acted as accountants to Farmaè S.p.A. Gerardo Gabrielli of Gattai Minoli & Partners law firm; and Giorgio Rabbia of Studio Sismondi-Galvagno and Associati Dottori Commercialisti s.s. acted as legal advisors to Marco Di Filippo and MDF Holding. Filippo Zabban of Studio ZNR Notai acted as the notary public on the transaction. Reported Earnings • Apr 04
Full year 2020 earnings released The company reported a mediocre full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: €65.5m (up 75% from FY 2019). Net loss: €548.3k (loss widened €484.6k from FY 2019). Is New 90 Day High Low • Feb 06
New 90-day high: €29.50 The company is up 86% from its price of €15.90 on 06 November 2020. The Italian market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 6.0% over the same period. Is New 90 Day High Low • Jan 11
New 90-day high: €15.95 The company is up 6.0% from its price of €15.10 on 13 October 2020. The Italian market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Retailing industry, which is up 5.0% over the same period. Is New 90 Day High Low • Oct 22
New 90-day high: €15.70 The company is up 60% from its price of €9.80 on 24 July 2020. The Italian market is down 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 2.0% over the same period. Duyuru • Sep 25
Farmaè S.p.A. to Report Q3, 2020 Results on Oct 13, 2020 Farmaè S.p.A. announced that they will report Q3, 2020 results on Oct 13, 2020 Duyuru • Aug 29
Farmaè S.p.A. to Report First Half, 2020 Results on Sep 25, 2020 Farmaè S.p.A. announced that they will report first half, 2020 results on Sep 25, 2020 Duyuru • Jul 30
Farmaè S.p.A. (BIT:FAR) acquired Valnan S.R.L. for €1.2 million. Farmaè S.p.A. (BIT:FAR) acquired Valnan S.R.L. for €1.2 million on April 23, 2020.
Farmaè S.p.A. (BIT:FAR) completed the acquisition of Valnan S.R.L. on April 23, 2020.