Reported Earnings • Apr 30
Full year 2025 earnings released: €0.17 loss per share (vs €0.19 loss in FY 2024) Full year 2025 results: €0.17 loss per share (improved from €0.19 loss in FY 2024). Revenue: €77.4m (up 4.0% from FY 2024). Net loss: €2.26m (loss narrowed 7.2% from FY 2024). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Italy. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. New Risk • Apr 26
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €2.3m Forecast net loss in 3 years: €100k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-€4.4m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€100k net loss in 3 years). Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (€30.2m market cap, or US$35.3m). Duyuru • Apr 17
Growens S.p.A., Annual General Meeting, Apr 27, 2026 Growens S.p.A., Annual General Meeting, Apr 27, 2026, at 10:00 W. Europe Standard Time. Location: via del innovazione digitale n 3, cremona Italy New Risk • Apr 12
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 7.9% 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 Less than 1 year of cash runway based on free cash flow trend (-€4.4m free cash flow). Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risk Market cap is less than US$100m (€30.4m market cap, or US$35.7m). Reported Earnings • Mar 26
Full year 2025 earnings released Full year 2025 results: Revenue: €77.4m (up 4.0% from FY 2024). Net loss: €2.26m (loss narrowed 7.2% from FY 2024). Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Software industry in Italy. New Risk • Mar 25
New major risk - Revenue and earnings growth Earnings have declined by 52% 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 Risks Less than 1 year of cash runway based on free cash flow trend (-€4.3m free cash flow). Earnings have declined by 52% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (€34.2m market cap, or US$39.6m). New Risk • Nov 28
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 9.1% 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 Less than 1 year of cash runway based on free cash flow trend (-€4.3m free cash flow). Share price has been highly volatile over the past 3 months (9.1% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€671k net loss in 2 years). Market cap is less than US$100m (€39.1m market cap, or US$45.4m). New Risk • Oct 17
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 Less than 1 year of cash runway based on free cash flow trend (-€4.3m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€671k net loss in 2 years). Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (€39.5m market cap, or US$46.2m). New Risk • Aug 06
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€8.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-€8.9m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€1.2m net loss in 3 years). Market cap is less than US$100m (€39.8m market cap, or US$46.2m). New Risk • Jul 15
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 5.5% 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: Minor Risks Less than 1 year of cash runway based on current free cash flow (-€8.9m). Currently unprofitable and not forecast to become profitable over next 3 years (€1.2m net loss in 3 years). Share price has been volatile over the past 3 months (5.5% average weekly change). Market cap is less than US$100m (€40.0m market cap, or US$46.7m). Upcoming Dividend • Apr 21
Upcoming dividend of €0.38 per share Eligible shareholders must have bought the stock before 28 April 2025. Payment date: 30 April 2025. Trailing yield: 10%. Within top quartile of Italian dividend payers (5.8%). Higher than average of industry peers (1.1%). New Risk • Mar 20
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €2.4m Forecast net loss in 3 years: €1.2m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.4% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€29m). Currently unprofitable and not forecast to become profitable over next 3 years (€1.2m net loss in 3 years). Market cap is less than US$100m (€49.3m market cap, or US$53.5m). Major Estimate Revision • Mar 20
Consensus EPS estimates fall by 56% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €82.1m to €78.8m. Losses expected to increase from €0.09 per share to €0.14. Software industry in Italy expected to see average net income growth of 53% next year. Consensus price target down from €6.85 to €5.75. Share price was steady at €3.89 over the past week. Price Target Changed • Mar 19
Price target decreased by 17% to €5.75 Down from €6.95, the current price target is an average from 2 analysts. New target price is 48% above last closing price of €3.89. Stock is down 33% over the past year. New Risk • Mar 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€29m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€29m free cash flow). Share price has been highly volatile over the past 3 months (8.3% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€175k net loss in 2 years). Market cap is less than US$100m (€49.2m market cap, or US$53.7m). Reported Earnings • Mar 17
Full year 2024 earnings released Full year 2024 results: Revenue: €74.5m (flat on FY 2023). Net loss: €2.43m (loss narrowed 17% from FY 2023). Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Software industry in Italy. New Risk • Feb 25
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: Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (€55.2m market cap, or US$57.9m). New Risk • Dec 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% 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 Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (€72.0m market cap, or US$75.9m). Major Estimate Revision • Oct 20
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€0.149 to -€0.169 per share. Revenue forecast of €75.8m unchanged since last update. Software industry in Italy expected to see average net income growth of 68% next year. Consensus price target broadly unchanged at €6.85. Share price rose 5.5% to €6.18 over the past week. Reported Earnings • Sep 27
First half 2024 earnings released First half 2024 results: Revenue: €36.9m (up 3.6% from 1H 2023). Net loss: €1.69m (loss narrowed 40% from 1H 2023). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Italy. New Risk • Sep 26
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -€24m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-€24m). Currently unprofitable and not forecast to become profitable over next 2 years (€383k net loss in 2 years). Market cap is less than US$100m (€72.6m market cap, or US$80.7m). Upcoming Dividend • Aug 26
Upcoming dividend of €0.79 per share Eligible shareholders must have bought the stock before 02 September 2024. Payment date: 04 September 2024. The average dividend yield among industry peers is 1.1%. New Risk • Apr 09
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €2.9m Forecast net loss in 3 years: €700k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€700k net loss in 3 years). Market cap is less than US$100m (€73.0m market cap, or US$79.3m). New Risk • Dec 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €81.3m (US$87.9m) 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 Risk Earnings are forecast to decline by an average of 40% per year for the foreseeable future. Minor Risks High level of debt (60% net debt to equity). Market cap is less than US$100m (€81.3m market cap, or US$87.9m). Duyuru • Oct 25
Squeezely Technology B.V. completed the acquisition of Datatrics B.V. from Growens S.p.A. (BIT:GROW) for €1.6 million. Squeezely Technology B.V. singed binding agreement to acquire Datatrics B.V. from Growens S.p.A. (BIT:GROW) for €1.66 million on October 9, 2023. The parties agreed on a total consideration of €1.66 million (the “Price”), based on a locked-box mechanism (i.e. without any adjustments other than potential price reductions for cash outs in favor of the seller), which will be paid in cash by the Purchaser as of the date in which the shareholding will be transferred. Revenues of the transferred assets amount to €2.5 million in FY 2022, with respective EBITDA of -€1.6 million Euro in FY 2022. The transaction tentatively expected by the end of October 2023.The Transaction implies Growens waiving approximately €7 million of intercompany loans versus Datatrics. Herbert Smith Freehills Studio Legale acted as legal counsel to Growens S.p.A. (BIT:GROW) in the transaction.
Squeezely Technology B.V. completed the acquisition of Datatrics B.V. from Growens S.p.A. (BIT:GROW) for €1.6 million on October 23, 2023. Duyuru • Oct 10
Squeezely Technology B.V. singed binding agreement to acquire Datatrics B.V. from Growens S.p.A. (BIT:GROW) for €1.66 million. Squeezely Technology B.V. singed binding agreement to acquire Datatrics B.V. from Growens S.p.A. (BIT:GROW) for €1.66 million on October 9, 2023. The parties agreed on a total consideration of €1.66 million (the “Price”), based on a locked-box mechanism (i.e. without any adjustments other than potential price reductions for cash outs in favor of the seller), which will be paid in cash by the Purchaser as of the date in which the shareholding will be transferred. Revenues of the transferred assets amount to €2.5 million in FY 2022, with respective EBITDA of -€1.6 million Euro in FY 2022. The transaction tentatively expected by the end of October 2023.The Transaction implies Growens waiving approximately €7 million of intercompany loans versus Datatrics. Herbert Smith Freehills Studio Legale acted as legal counsel to Growens S.p.A. (BIT:GROW) in the transaction. Reported Earnings • Sep 20
First half 2023 earnings released First half 2023 results: Revenue: €35.6m (down 25% from 1H 2022). Net loss: €2.84m (loss widened 205% from 1H 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Italy. New Risk • Sep 19
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 60% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 52% per year for the foreseeable future. Minor Risk High level of debt (60% net debt to equity). Duyuru • Sep 04
Growens S.p.A., Annual General Meeting, Sep 18, 2023 Growens S.p.A., Annual General Meeting, Sep 18, 2023, at 10:00 Central European Standard Time. Agenda: To consider and approve authorization to the purchase of treasury shares via a voluntary partial tender offer, and disposal of treasury shares. Related and resulting resolutions. Duyuru • Jul 15
TeamSystem Holding S.p.A. completed the acquisition of MailUp Unit, Contactlab S.p.A., Acumbamail S.L., MailUp Nordics A/S and Globase International A.p.S. from Growens S.p.A. (BIT:GROW) for €76.7 million. TeamSystem Holding S.p.A. entered into agreement to acquire MailUp Unit, Contactlab S.p.A., Acumbamail S.L., MailUp Nordics A/S and Globase International A.p.S. from Growens S.p.A. (BIT:GROW) for €70 million on February 2, 2023. The a total consideration of €70 million on a cash/debt free basis. Board of Directors approved the signing of a binding agreement. The Board of Directors also resolved to call the General Shareholders’ Meeting, ordinary and extraordinary session, on 9 March 2023 to approve the Transaction and the subsequent amendments to the By-Laws for the change of the corporate purpose. With respect to the latter decision, nonconcurring shareholders will be entitled to the right of withdrawal of all or part of their stake. The Board of Directors established the liquidation price at €4.39 per share. The deal will be executed tentatively after certain conditions precedent occur (or are renounced), namely (i) clearance is obtained according to the so-called “Golden Power” rule under Italian laws and regulations, (ii) approval of the Antitrust authority, (iii) affirmative vote of the Company’s ordinary and extraordinary General Shareholders’ Meeting (non-renounceable), as the Transaction implies a "fundamental change of business” under article 15 of Euronext Growth Milan Rules For Companies (see below for further information), as well as (iv) the effective contribution of the MailUp business unit (including the stake in MailUp Nordics) into Contactlab S.p.A.. the Board of Directors, having acknowledged the opinion of the Board of Statutory Auditors and BDO Italia S.p.A. (independent audit firm), as well as the valuation opinion released by CFO SIM in their capacity of independent expert, established the liquidation price at 4.39 Euro per share. The sale of the Email Service Provider business implies the transfer of a headcount of 260 people in Italy, Spain and Denmark, including Messrs Luca Azzali, Alberto Miscia and Massimo Fubini, who will take on roles within the transferred activities, while remaining shareholders of Growens S.p.A.. Closing of the Transaction will indicatively take place by the end of June 2023. Figurative revenues of the transferred assets amount to €19 million as of 30 September 2022. As of July 13, 2023, Part of the price, amounting to €4.6 million (the “Escrow Amount”) was deposited into an escrow account, in order to guarantee indemnification obligations provided by the Issuer within the Deal agreement. The Escrow Amount will be periodically released with a usual décalage method for similar deals.
The Issuer was assisted by Intermonte S.p.A. as financial advisor and CFO SIM as independent expert. Jpmorgan Asset Management Europe Sarl (Italy Branch) acted as financial advisor to TeamSystem Holding S.p.A. Herbert Smith Freehills LLP acted as legal advisor to Growens S.p.A. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor to Growens S.p.A. Freshfields Bruckhaus Deringer LLP acted as legal advisor to TeamSystem Holding S.p.A. Ernst & Young Global Limited acted as financial and tax due diligence provider to TeamSystem Holding S.p.A.
TeamSystem Holding S.p.A. completed the acquisition of MailUp Unit, Contactlab S.p.A., Acumbamail S.L., MailUp Nordics A/S and Globase International A.p.S. from Growens S.p.A. (BIT:GROW) for €76.7 million on July 13, 2023. Reported Earnings • Mar 27
Full year 2022 earnings released Full year 2022 results: Revenue: €103.4m (up 45% from FY 2021). Net loss: €2.52m (down €2.90m from profit in FY 2021). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Software industry in Italy. Price Target Changed • Feb 08
Price target increased by 11% to €6.05 Up from €5.43, the current price target is an average from 2 analysts. New target price is 9.2% above last closing price of €5.54. Stock is up 10% over the past year. The company is forecast to post a net loss per share of €0.02 compared to earnings per share of €0.026 last year. Duyuru • Feb 04
TeamSystem Holding S.p.A. entered into agreement to acquire MailUp Unit, Contactlab S.p.A., Acumbamail S.L., MailUp Nordics A/S and Globase International A.p.S. from Growens S.p.A. (BIT:GROW) for €70 million. TeamSystem Holding S.p.A. entered into agreement to acquire MailUp Unit, Contactlab S.p.A., Acumbamail S.L., MailUp Nordics A/S and Globase International A.p.S. from Growens S.p.A. (BIT:GROW) for €70 million on February 2, 2023. The a total consideration of €70 million on a cash/debt free basis. Board of Directors approved the signing of a binding agreement. The Board of Directors also resolved to call the General Shareholders’ Meeting, ordinary and extraordinary session, on 9 March 2023 to approve the Transaction and the subsequent amendments to the By-Laws for the change of the corporate purpose. With respect to the latter decision, nonconcurring shareholders will be entitled to the right of withdrawal of all or part of their stake. The Board of Directors established the liquidation price at €4.39 per share. The deal will be executed tentatively after certain conditions precedent occur (or are renounced), namely (i) clearance is obtained according to the so-called “Golden Power” rule under Italian laws and regulations, (ii) approval of the Antitrust authority, (iii) affirmative vote of the Company’s ordinary and extraordinary General Shareholders’ Meeting (non-renounceable), as the Transaction implies a "fundamental change of business” under article 15 of Euronext Growth Milan Rules For Companies (see below for further information), as well as (iv) the effective contribution of the MailUp business unit (including the stake in MailUp Nordics) into Contactlab S.p.A.. the Board of Directors, having acknowledged the opinion of the Board of Statutory Auditors and BDO Italia S.p.A. (independent audit firm), as well as the valuation opinion released by CFO SIM in their capacity of independent expert, established the liquidation price at 4.39 Euro per share. The sale of the Email Service Provider business implies the transfer of a headcount of 260 people in Italy, Spain and Denmark, including Messrs Luca Azzali, Alberto Miscia and Massimo Fubini, who will take on roles within the transferred activities, while remaining shareholders of Growens S.p.A.. Closing of the Transaction will indicatively take place by the end of June 2023. Figurative revenues of the transferred assets amount to €19 million as of 30 September 2022. The Issuer was assisted by Intermonte S.p.A. as financial advisor and CFO SIM as independent expert. 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. 8 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Director Ignazio Castiglioni was the last independent director to join the board, commencing their role in 2018. 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 • Sep 17
First half 2022 earnings released: €0.063 loss per share (vs €0.02 profit in 1H 2021) First half 2022 results: €0.063 loss per share (down from €0.02 profit in 1H 2021). Revenue: €47.2m (up 40% from 1H 2021). Net loss: €930.9k (down 411% from profit in 1H 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Software industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Sep 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €92.3m to €96.4m. EPS estimate fell from €0.09 to €0.06 per share. Net income forecast to grow 8.5% next year vs 35% growth forecast for Software industry in Italy. Consensus price target down from €6.37 to €5.80. Share price fell 6.0% to €4.37 over the past week. Price Target Changed • Sep 13
Price target decreased to €5.80 Down from €6.52, the current price target is an average from 3 analysts. New target price is 33% above last closing price of €4.37. Stock is down 1.8% over the past year. The company is forecast to post earnings per share of €0.093 for next year compared to €0.026 last year. 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. 8 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Director Ignazio Castiglioni was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Apr 14
Growens S.p.A. (BIT:GROW) completed the acquisition of Contactlab Srl from Programma 101, a fund managed by P101 SGR S.p.A. Massimo Fubini and Elisa Martelli. Growens S.p.A. (BIT:GROW) entered into an agreement to acquire Contactlab Srl from Programma 101, a fund managed by P101 SGR S.p.A. Massimo Fubini and Elisa Martelli for €11.3 million on April 4, 2022. A total consideration (Equity Value) of €5 million to be paid as follows:(i) as per €3.750 million in cash (from the Company liquid funds) versus the purchase of n. 827,617 class A and B Contactlab shares (respectively owned by all the Selling Shareholders amounting to ca. 67.4% of its share capital), to be paid on the date of closing;(ii) as per €1.250 million, versus the purchase of the remaining 400,955 class A and B Contactlab shares respectively owned by all the Selling Shareholders amounting to 32.6% of its share capital, in kind, via the attribution of 188,822 treasury shares of the Issuer, on the date of closing (the “Purchase Price Shares”). The implied value of the Purchase Price Shares is €6.62 per share, with a 29% premium on the official price of 1 April, 2022. In addition to the above, an earn-out provision will be granted to the Selling Shareholders for a total consideration up to €6.6 million, upon achieving certain strategic and cumulated combined profitability goals for Growens and Contactlab over the time span 2022-2024. The potential earn-out will be paid: (i) to P101, exclusively in cash, (ii) to the remaining Selling Shareholders other than P101, at Growens’ choice in cash or in kind up to 40% in Growens shares (the “Earn-out Shares”), based on the weighted average official price of Growens shares over the last 90 trading days before the earn-out maturity date, plus 10%. FY 2021 preliminary revenues of €10.9 million, and EBITDA €1 million. Following the Transaction, Massimo Fubini (current CEO and founder of Contactlab) will be responsible for the combined MailUp+Contactlab business unit. Transaction will also include certain management agreements, including the appointment of Massimo Fubini as a director within the Group. The closing of the Transaction will indicatively take place by the end of May 2022.
Growens S.p.A. (BIT:GROW) completed the acquisition of Contactlab Srl from Programma 101, a fund managed by P101 SGR S.p.A. Massimo Fubini and Elisa Martelli on April 13, 2022. Major Estimate Revision • Apr 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €80.0m to €92.3m. EPS estimate fell from €0.09 to €0.08. Net income forecast to grow 266% next year vs 63% growth forecast for Software industry in Italy. Consensus price target up from €6.22 to €6.45. Share price rose 3.2% to €5.20 over the past week. Duyuru • Apr 06
Growens S.p.A. (BIT:GROW) entered into an agreement to acquire Contactlab Srl from Programma 101, a fund managed by P101 SGR S.p.A. Massimo Fubini and Elisa Martelli for €11.3 million. Growens S.p.A. (BIT:GROW) entered into an agreement to acquire Contactlab Srl from Programma 101, a fund managed by P101 SGR S.p.A. Massimo Fubini and Elisa Martelli for €11.3 million on April 4, 2022. A total consideration (Equity Value) of € 5 million to be paid as follows:(i) as per €3.750 million in cash (from the Company liquid funds) versus the purchase of n. 827,617 class A and B Contactlab shares (respectively owned by all the Selling Shareholders amounting to ca. 67.4% of its share capital), to be paid on the date of closing;(ii) as per €1.250 million, versus the purchase of the remaining n. 400,955 class A and B Contactlab shares respectively owned by all the Selling Shareholders amounting to ca. 32.6% of its share capital, in kind, via the attribution of n. 188,822 treasury shares of the Issuer, on the date of closing (the “Purchase Price Shares”). The implied value of the Purchase Price Shares is €6.62 per share, with a ca. 29% premium on the official price of 1 April, 2022. In addition to the above, an earn-out provision will be granted to the Selling Shareholders for a total consideration up to €6.6 million, upon achieving certain strategic and cumulated combined profitability goals for Growens and Contactlab over the time span 2022-2024. The potential earn-out will be paid: (i) to P101, exclusively in cash, (ii) to the remaining Selling Shareholders other than P101, at Growens’ choice in cash or in kind up to 40% in Growens shares (the “Earn-out Shares”), based on the weighted average official price of Growens shares over the last 90 trading days before the earn-out maturity date, plus 10%. FY 2021 preliminary revenues of €10.9 million, and EBITDA ca. €1 million. Following the Transaction, Massimo Fubini (current CEO and founder of Contactlab) will be responsible for the combined MailUp+Contactlab business unit. Transaction will also include certain management agreements, including the appointment of Massimo Fubini as a director within the Group. The closing of the Transaction will indicatively take place by the end of May 2022. Major Estimate Revision • Mar 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €78.0m to €80.0m. EPS estimate fell from €0.14 to €0.09 per share. Net income forecast to grow 293% next year vs 49% growth forecast for Software industry in Italy. Consensus price target broadly unchanged at €6.35. Share price rose 5.7% to €5.16 over the past week. Reported Earnings • Mar 28
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €71.2m (up 9.2% from FY 2020). Net income: €368.6k (down 35% from FY 2020). Profit margin: 0.5% (down from 0.9% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 10%, compared to a 31% growth forecast for the industry in Italy. Reported Earnings • Sep 18
First half 2021 earnings released The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: €33.7m (up 6.3% from 1H 2020). Net income: €299.0k (down 26% from 1H 2020). Profit margin: 0.9% (down from 1.3% in 1H 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Mar 27
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €65.2m (up 7.3% from FY 2019). Net income: €564.9k (down 51% from FY 2019). Profit margin: 0.9% (down from 1.9% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Mar 14
New 90-day low: €4.31 The company is down 7.0% from its price of €4.65 on 14 December 2020. The Italian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.43 per share. Duyuru • Jan 14
MailUp S.p.A., Annual General Meeting, Apr 22, 2021 MailUp S.p.A., Annual General Meeting, Apr 22, 2021. Is New 90 Day High Low • Oct 21
New 90-day low: €4.78 The company is down 8.0% from its price of €5.18 on 23 July 2020. The Italian market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.59 per share. Is New 90 Day High Low • Sep 25
New 90-day low: €4.82 The company is down 11% from its price of €5.40 on 26 June 2020. The Italian market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.70 per share. Price Target Changed • Sep 23
Price target raised to €5.98 Up from €5.05, the current price target is an average from 2 analysts. The new target price is 18% above the current share price of €5.06. As of last close, the stock is up 26% over the past year. Reported Earnings • Sep 18
First half earnings released Over the last 12 months the company has reported total profits of €1.14m, down 3.6% from the prior year. Total revenue was €63.2m over the last 12 months, up 23% from the prior year. 
