New Risk • Oct 08
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 Risks Share price has been highly volatile over the past 3 months (7.5% average weekly change). Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risks High level of debt (91% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (€87.9m market cap, or US$93.1m). New Risk • Sep 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 Share price has been highly volatile over the past 3 months (8.0% average weekly change). Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risks High level of debt (81% net debt to equity). Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Profit margins are more than 30% lower than last year (5.6% net profit margin). Market cap is less than US$100m (€87.3m market cap, or US$93.0m). New Risk • Sep 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 Share price has been highly volatile over the past 3 months (8.8% average weekly change). Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risks High level of debt (81% net debt to equity). Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Profit margins are more than 30% lower than last year (5.6% net profit margin). Market cap is less than US$100m (€86.0m market cap, or US$92.0m). New Risk • Aug 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 5x increase in shares outstanding. This is considered a major 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: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risks High level of debt (81% net debt to equity). Profit margins are more than 30% lower than last year (5.6% net profit margin). Market cap is less than US$100m (€85.4m market cap, or US$93.9m). Duyuru • Aug 02
Pierrel S.p.A. (BIT:PRL) completed the acquisition of assets associated with Dental local anesthetic business from 3M Company (NYSE:MMM) for $70 million. Pierrel S.p.A. (BIT:PRL) entered into agreements to acquire assets associated with Dental local anesthetic business from 3M Company (NYSE:MMM) for $70 million on May 2, 2023. The purchase consideration payable in cash, is subject to closing and other adjustments. These local anesthetic products had annual sales in 2022 of approximately $30 million. The transaction, which is subject to information or consultation requirements with relevant works councils and other closing conditions, is expected to be completed in the third quarter of 2023. The impact of ongoing operations were not material to 3M's financial results.Pierrel S.p.A. (BIT:PRL) completed the acquisition of assets associated with Dental local anesthetic business from 3M Company (NYSE:MMM) for $70 million. on August 1, 2023. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €2.31, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 20x in the Pharmaceuticals industry in Europe. Total loss to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €2.42, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 21x in the Pharmaceuticals industry in Europe. Total loss to shareholders of 42% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . 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 • Aug 07
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €4.83m (up 12% from 2Q 2021). Net loss: €1.00m (loss widened 329% from 2Q 2021). Over the next year, revenue is forecast to grow 16%, compared to a 3.1% growth forecast for the industry in Italy. Reported Earnings • Jun 11
First quarter 2022 earnings released First quarter 2022 results: Revenue: €5.99m (down 8.1% from 1Q 2021). Net income: €542.0k (down 42% from 1Q 2021). Profit margin: 9.1% (down from 14% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 14%, compared to a 5.8% growth forecast for the industry in Italy. Buying Opportunity • Jun 10
Now 21% undervalued Over the last 90 days, the stock is up 8.9%. The fair value is estimated to be €0.27, 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 grown by 3.4%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings is also forecast to grow by 27% per annum over the same time period. Reported Earnings • May 02
Full year 2021 earnings released Full year 2021 results: Revenue: €23.8m (up 30% from FY 2020). Net income: €2.94m (up 55% from FY 2020). Profit margin: 12% (up from 10% in FY 2020). The increase in margin was driven by higher revenue. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . 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 • Nov 18
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €4.96m (up 96% from 3Q 2020). Net income: €673.0k (up €1.31m from 3Q 2020). Profit margin: 14% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Reported Earnings • May 01
First quarter 2021 earnings released: EPS €0.004 (vs €0.003 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: €6.52m (up 27% from 1Q 2020). Net income: €940.0k (up 34% from 1Q 2020). Profit margin: 14% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Mar 13
Full year 2020 earnings released The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: €18.3m (down 17% from FY 2019). Net income: €1.90m (down 15% from FY 2019). Profit margin: 10% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 15
New 90-day high: €0.24 The company is up 42% from its price of €0.17 on 17 November 2020. The Italian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is flat over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: €0.003 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: €2.54m (down 54% from 3Q 2019). Net loss: €634.0k (down 489% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 19
First half earnings released Over the last 12 months the company has reported total profits of €3.76m, up 252% from the prior year. Total revenue was €22.7m over the last 12 months, up 7.8% from the prior year.