Duyuru • Sep 27
Be Shaping the Future to Delist from the Euronext Star Milan Segment Engineering completes the closing of Be Shaping The Future S.p.A. and will launch a mandatory takeover bid on the remaining Be ordinary shares aimed at the de-listing of Be from the Euronext Star Milan segment. This was announced by Engineering in a press release. Reported Earnings • Sep 17
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €67.2m (up 23% from 2Q 2021). Net loss: €12.3m (down €14.5m from profit in 2Q 2021). Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the IT industry in Italy. Recent Insider Transactions • Jul 06
Independent Non-Executive Director recently sold €296k worth of stock On the 29th of June, Gianluca Ferrari sold around 88k shares on-market at roughly €3.35 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €301k more than they bought in the last 12 months. Upcoming Dividend • May 16
Upcoming dividend of €0.03 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Italian dividend payers (4.7%). Lower than average of industry peers (1.9%). Reported Earnings • May 14
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: €62.1m (up 20% from 1Q 2021). Net income: €6.76m (up 16% from 1Q 2021). Profit margin: 11% (in line with 1Q 2021). Revenue exceeded analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 5.5%, compared to a 13% growth forecast for the industry in Italy. Price Target Changed • Apr 27
Price target increased to €3.45 Up from €2.90, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of €3.38. Stock is up 117% over the past year. The company is forecast to post earnings per share of €0.12 for next year compared to €0.091 last year. Duyuru • Apr 21
Be Shaping The Future S.p.A. (BIT:BEST) acquired Synapsy Srl for €0.82 million. Be Shaping The Future S.p.A. (BIT:BEST) acquired Synapsy Srl for €0.82 million on April 20, 2022.
Be Shaping The Future S.p.A. (BIT:BEST) completed the acquisition of Synapsy Srl on April 20, 2022. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €0.091 (up from €0.062 in FY 2020). Revenue: €235.3m (up 32% from FY 2020). Net income: €11.6m (up 46% from FY 2020). Profit margin: 4.9% (up from 4.5% in FY 2020). Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 2.4%, compared to a 15% 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 increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Mar 03
Price target increased to €3.45 Up from €2.90, the current price target is an average from 2 analysts. New target price is 5.3% above last closing price of €3.28. Stock is up 135% over the past year. The company is forecast to post earnings per share of €0.09 for next year compared to €0.062 last year. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improved over the past week After last week's 28% share price gain to €3.31, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 28x in the IT industry in Italy. Total returns to shareholders of 286% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.68 per share. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS €0.049 (vs €0.043 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: €57.3m (up 36% from 3Q 2020). Net income: €6.20m (up 12% from 3Q 2020). Profit margin: 11% (down from 13% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 09
Price target increased to €2.90 Up from €2.40, the current price target is an average from 2 analysts. New target price is 9.0% above last closing price of €2.66. Stock is up 121% over the past year. The company is forecast to post earnings per share of €0.09 for next year compared to €0.062 last year. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS €0.018 (vs €0.006 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €54.9m (up 31% from 2Q 2020). Net income: €2.26m (up 198% from 2Q 2020). Profit margin: 4.1% (up from 1.8% 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 25% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jun 10
Price target increased to €1.80 Up from €1.65, the current price target is an average from 3 analysts. New target price is 8.9% above last closing price of €1.65. Stock is up 46% over the past year. Upcoming Dividend • May 17
Upcoming dividend of €0.03 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 1.9%. Lower than top quartile of Italian dividend payers (3.8%). Higher than average of industry peers (1.7%). Major Estimate Revision • May 17
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €0.075 to €0.083. Revenue forecast unchanged at €205.0m. Net income forecast to grow 8.6% next year vs 50% growth forecast for IT industry in Italy. Consensus price target up from €1.65 to €1.70. Share price fell 2.7% to €1.59 over the past week. Reported Earnings • May 12
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €51.8m (up 25% from 1Q 2020). Net income: €5.85m (up 71% from 1Q 2020). Profit margin: 11% (up from 8.3% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Mar 18
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from €180.5m to €195.0m. EPS estimate fell from €0.089 to €0.07 per share. Net income forecast to grow 25% next year vs 51% growth forecast for IT industry in Italy. Consensus price target up from €1.51 to €1.65. Share price fell 5.8% to €1.43 over the past week. Reported Earnings • Mar 14
Full year 2020 earnings released: EPS €0.061 (vs €0.047 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €178.8m (up 18% from FY 2019). Net income: €7.97m (up 31% from FY 2019). Profit margin: 4.5% (up from 4.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 17% per year. Analyst Estimate Surprise Post Earnings • Mar 14
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) missed analyst estimates by 20%. Over the next year, revenue is forecast to stay flat compared to a 19% decline forecast for the IT industry in Italy. Duyuru • Feb 27
Be Shaping The Future S.p.A. (BIT:BEST) acquired 60% stake in Be Your Essence Be Shaping The Future S.p.A. (BIT:BEST) acquired 60% stake in Be Your Essence on February 26, 2021. Be participated in a dedicated share capital increase resulting in direct ownership of 60% of BYE shares. As a result of this operation, Be will contribute financial means, in terms of capital and share premium, up to a maximum of €425,00. Be will also immediately make available to BYE an intra-group financing line of €1 million to support the company's management and investment in research and development. The operation is being managed entirely with own resources. Oscar Di Montigny will be BYE’s Chairman while Stefano Brega will be its Chief Executive Officer. Stefano Quintarelli will be a member of the Board of Directors.
Be Shaping The Future S.p.A. (BIT:BEST) completed the acquisition of 60% stake in Be Your Essence on February 26, 2021. Duyuru • Feb 10
Be Shaping The Future S.p.A. (BIT:BEST) acquired additional unknown minority stake in IQUII S.r.l. Be Shaping The Future S.p.A. (BIT:BEST) acquired additional unknown minority stake in IQUII S.r.l. on February 8, 2021. In a related transaction Be Shaping The Future S.p.A. acquired additional unknown minority stake in Juniper Extensible Solutions on February 8, 2021. The cost of the operation for Be Shaping The Future S.p.A. was €1.560 million for the aggregate of the two transactions. The transaction was financed through the use of the acquiring Company's own funds. Mirko Lalli will continue to maintain the role of Chief Executive Officer of IQUII, Fabio Lalli confirmed in the position of Chief Business & Innovation Director, Marco Gilardi and Stefano Nicolussi will assume important roles in the development and technical management structures and Silvio Sperzani will assume the position of Co-Chief Executive Officer.
Be Shaping The Future S.p.A. (BIT:BEST) completed the acquisition of additional unknown minority stake in IQUII S.r.l. on February 8, 2021. Duyuru • Feb 09
Be Shaping The Future S.p.A. (BIT:BEST) acquired an additional unknown minority stake in Juniper Extensible Solutions S.r.l. Be Shaping The Future S.p.A. (BIT:BEST) acquired an additional unknown minority stake in Juniper Extensible Solutions S.r.l. on February 8, 2021. In related transaction, Be Shaping The Future S.p.A. acquired an additional unknown minority stake in IQUII S.r.l. The aggregate consideration for both transaction is €1.560 million. The transaction was financed through the use of Be Shaping The Future's own funds. As part of the acquisition of Juniper & IQUII, the following management changes would take place: (i) Mirko Lalli will continue in his role as Chief Executive Officer and Fabio Lalli is further confirmed in his position as Chief Business & Innovation Director, (ii) Marco Gilardi and Stefano Nicolussi will assume key roles in development and technical management and (iii) Silvio Sperzani will take on the role of Co-Chief Executive Officer.
Be Shaping The Future S.p.A. (BIT:BEST) completed the acquisition of an additional unknown minority stake in Juniper Extensible Solutions S.r.l. on February 8, 2021. Duyuru • Jan 16
Be Shaping The Future S.p.A. (BIT:BEST) entered into an agreement to acquire 85.7% stake in Firstwaters GmbH for an enterprise value of €10.2 million. Be Shaping The Future S.p.A. (BIT:BEST) entered into an agreement to acquire 85.7% stake in Firstwaters GmbH for an enterprise value of €10.2 million on January 14, 2021. The acquisition will be on a cash basis. Post completion, Be Shaping The Future S.p.A. will hold 85.7% stake and Marco Fäth and Martin Peter hold remaining shares of Firstwaters. Be Shaping The Future S.p.A. will then complete the acquisition of the remaining shares at the end of Fiscal Year 2024. The consideration will be partly funded by a credit line from a primary banking institution. For year ended December 31, 2020, The Firstwaters had total revenue and EBIT as €11.7 million and €12.6 million respectively. Firstwaters has a great potential for interaction and synergy with all other Group entities. BE is happy to welcome the whole Firstwaters team. With Marco Fäth, Martin Peter and Swati Buderbach, the three managing directors, who are ready to do a great job to strengthen our market leadership. Is New 90 Day High Low • Jan 04
New 90-day high: €1.52 The company is up 41% from its price of €1.08 on 06 October 2020. The Italian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.34 per share. Valuation Update With 7 Day Price Move • Dec 03
Market bids up stock over the past week After last week's 17% share price gain to €1.49, the stock is trading at a trailing P/E ratio of 25.6x, up from the previous P/E ratio of 21.8x. This compares to an average P/E of 30x in the IT industry in Italy. Total returns to shareholders over the past three years are 72%. Price Target Changed • Nov 13
Price target raised to €1.51 Up from €1.37, the current price target is an average from 2 analysts. The new target price is 25% above the current share price of €1.21. As of last close, the stock is down 4.0% over the past year. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 16% share price gain to €1.21, the stock is trading at a trailing P/E ratio of 26.1x, up from the previous P/E ratio of 22.6x. This compares to an average P/E of 28x in the IT industry in Italy. Total returns to shareholders over the past three years are 44%. Is New 90 Day High Low • Oct 30
New 90-day low: €1.05 The company is down 7.0% from its price of €1.13 on 31 July 2020. The Italian market is down 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the IT industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.96 per share.