New Risk • May 05
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 6.5% 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: Major Risk High level of non-cash earnings (34% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (€11.7m market cap, or US$13.7m). New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Risk High level of non-cash earnings (34% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€11.2m market cap, or US$13.2m). Buy Or Sell Opportunity • Apr 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to €0.81. The fair value is estimated to be €1.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 36% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 1.8% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. New Risk • Mar 20
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 6.1% 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 (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (€10.3m market cap, or US$11.9m). Buy Or Sell Opportunity • Mar 19
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to €0.75. The fair value is estimated to be €1.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 36% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 1.8% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. New Risk • Oct 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 34% 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 (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (€13.9m market cap, or US$16.2m). New Risk • Jul 06
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 6.3% 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 (38% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (€15.2m market cap, or US$17.9m). Upcoming Dividend • Jun 30
Upcoming dividend of €0.025 per share Eligible shareholders must have bought the stock before 07 July 2025. Payment date: 09 July 2025. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (1.1%). Duyuru • Jun 17
Vantea SMART S.p.A., Annual General Meeting, Jun 29, 2025 Vantea SMART S.p.A., Annual General Meeting, Jun 29, 2025, at 17:00 W. Europe Standard Time. Reported Earnings • Jun 16
Full year 2024 earnings released Full year 2024 results: Revenue: €11.7m (up 5.1% from FY 2023). Net income: €497.0k (down 16% from FY 2023). Profit margin: 4.2% (down from 5.3% in FY 2023). The decrease in margin was driven by higher expenses. Duyuru • Jun 03
Vantea SMART S.p.A. announces Annual dividend, payable on July 09, 2025 Vantea SMART S.p.A. announced Annual dividend of EUR 0.0250 per share payable on July 09, 2025, ex-date on July 07, 2025 and record date on July 08, 2025. New Risk • Apr 19
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: Major Risk Earnings have declined by 46% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€12.6m market cap, or US$14.3m). New Risk • Jan 28
New major risk - Revenue and earnings growth Earnings have declined by 46% 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 Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 46% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (€14.7m market cap, or US$15.4m). Upcoming Dividend • Jun 03
Upcoming dividend of €0.05 per share Eligible shareholders must have bought the stock before 10 June 2024. Payment date: 12 June 2024. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (1.2%). New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 7.2% 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 7.2% per year over the past 5 years. Minor Risks High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (€24.9m market cap, or US$27.0m). Duyuru • May 17
Vantea SMART S.p.A., Annual General Meeting, May 30, 2024 Vantea SMART S.p.A., Annual General Meeting, May 30, 2024, at 17:00 W. Europe Standard Time. Location: via tiburtina 1231, roma Italy Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €1.97, the stock trades at a trailing P/E ratio of 39.7x. Average forward P/E is 13x in the Software industry in Italy. Total loss to shareholders of 47% over the past three years. Buy Or Sell Opportunity • Apr 24
Now 25% overvalued Over the last 90 days, the stock has fallen 25% to €1.80. The fair value is estimated to be €1.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 45% over the last year. Earnings per share has declined by 68%. Revenue is forecast to decline by 30% in 2 years. Earnings are forecast to grow by 141% in the next 2 years. New Risk • Apr 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. 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 High level of debt (41% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Market cap is less than US$100m (€22.6m market cap, or US$24.0m). Buy Or Sell Opportunity • Apr 09
Now 25% overvalued Over the last 90 days, the stock has fallen 26% to €1.79. The fair value is estimated to be €1.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 45% over the last year. Earnings per share has declined by 68%. Revenue is forecast to decline by 30% in 2 years. Earnings are forecast to grow by 141% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €2.50, the stock trades at a trailing P/E ratio of 50.6x. Average forward P/E is 21x in the Software industry in Italy. Total loss to shareholders of 39% over the past year. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €2.07, the stock trades at a trailing P/E ratio of 41.9x. Average forward P/E is 17x in the Software industry in Italy. Total loss to shareholders of 56% over the past year. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to €1.63, the stock trades at a trailing P/E ratio of 33x. Average forward P/E is 17x in the Software industry in Italy. Total loss to shareholders of 65% over the past year. New Risk • Oct 08
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Market cap is less than US$100m (€16.0m market cap, or US$17.0m). Reported Earnings • Oct 06
First half 2023 earnings released First half 2023 results: Revenue: €9.22m (down 70% from 1H 2022). Net income: €542.2k (down 45% from 1H 2022). Profit margin: 5.9% (up from 3.2% in 1H 2022). Revenue is forecast to grow 49% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Italy. New Risk • Oct 02
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 10% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (28% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.1% net profit margin). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Market cap is less than US$100m (€30.6m market cap, or US$32.1m). Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to €1.70, the stock trades at a trailing P/E ratio of 20x. Average forward P/E is 20x in the Software industry in Italy. Total loss to shareholders of 69% over the past year. Upcoming Dividend • Jul 03
Upcoming dividend of €0.04 per share at 1.3% yield Eligible shareholders must have bought the stock before 10 July 2023. Payment date: 12 July 2023. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Italian dividend payers (5.2%). In line with average of industry peers (1.4%). New Risk • Jun 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.9% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (28% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (2.1% net profit margin). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (€43.2m market cap, or US$47.1m). New Risk • Jun 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.1% Last year net profit margin: 4.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (28% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (€42.1m market cap, or US$45.9m). Buying Opportunity • Jun 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be €4.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 89% over the last year. Earnings per share has grown by 56%. Revenue is forecast to grow by 93% in 2 years. Earnings is forecast to grow by 309% in the next 2 years. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €3.86, the stock trades at a trailing P/E ratio of 24.8x. Average forward P/E is 22x in the Software industry in Italy. Total loss to shareholders of 39% over the past year. Buying Opportunity • Apr 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be €4.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 89% over the last year. Earnings per share has grown by 56%. Revenue is forecast to grow by 93% in 2 years. Earnings is forecast to grow by 309% in the next 2 years. Price Target Changed • Nov 22
Price target decreased to €10.00 Down from €10.96, the current price target is an average from 2 analysts. New target price is 105% above last closing price of €4.88. Stock is down 34% over the past year. The company posted earnings per share of €0.13 last year. Board Change • Nov 16
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. 3 non-independent directors. Independent Director Giovanni Castellaneta was the last independent 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. Price Target Changed • Apr 27
Price target increased to €10.96 Up from €10.23, the current price target is an average from 2 analysts. New target price is 69% above last closing price of €6.49. Stock is up 64% over the past 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. 6 experienced directors. 1 highly experienced director. 1 independent director (3 non-independent directors). CFO & Vice Chairman of the Board Lara Lindozzi was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Mar 31
Price target decreased to €10.23 Down from €11.18, the current price target is provided by 1 analyst. New target price is 51% above last closing price of €6.75. Stock is up 68% over the past year. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 15% share price gain to €9.10, the stock trades at a trailing P/E ratio of 79.9x. Average forward P/E is 26x in the Software industry in Italy.