New Risk • Mar 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€47.7m market cap, or US$55.2m). Duyuru • Mar 23
Cellularline S.p.A., Annual General Meeting, Apr 30, 2026 Cellularline S.p.A., Annual General Meeting, Apr 30, 2026, at 11:00 W. Europe Standard Time. Declared Dividend • Mar 20
Dividend increased to €0.11 Dividend of €0.11 is 18% higher than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 4.7%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 61% to shift the payout ratio to a potentially unsustainable range, which is more than the 15% EPS decline seen over the last 5 years. Duyuru • Mar 19
Cellularline S.p.A. announces Annual dividend, payable on May 20, 2026 Cellularline S.p.A. announced Annual dividend of EUR 0.1080 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. New Risk • Sep 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.6% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 4.6% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€60.5m market cap, or US$71.7m). Reported Earnings • Sep 12
First half 2025 earnings released First half 2025 results: €0.06 loss per share. Revenue: €70.5m (down 2.9% from 1H 2024). Net loss: €1.35m (loss widened 4.1% from 1H 2024). Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Tech industry in Italy. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Sep 11
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at €3.04. The fair value is estimated to be €3.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last year. Meanwhile, the company has become profitable. Upcoming Dividend • May 12
Upcoming dividend of €0.093 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Italian dividend payers (5.5%). Higher than average of industry peers (1.5%). Duyuru • Mar 19
Cellularline S.p.A., Annual General Meeting, Apr 17, 2025 Cellularline S.p.A., Annual General Meeting, Apr 17, 2025, at 11:00 W. Europe Standard Time. Declared Dividend • Mar 14
Dividend increased to €0.093 Dividend of €0.093 is 6.9% higher than last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 3.5%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 68% to shift the payout ratio to a potentially unsustainable range, which is more than the 31% EPS decline seen over the last 3 years. Duyuru • Mar 13
Cellularline S.p.A. announces Annual dividend, payable on May 21, 2025 Cellularline S.p.A. announced Annual dividend of EUR 0.0930 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Buy Or Sell Opportunity • Feb 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to €2.65. The fair value is estimated to be €2.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 7.6% in a year. Earnings are forecast to grow by 19% in the next year. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €2.68, the stock trades at a trailing P/E ratio of 11.5x. Average forward P/E is 12x in the Tech industry in Europe. Total loss to shareholders of 33% over the past three years. Price Target Changed • Nov 15
Price target decreased by 9.9% to €4.70 Down from €5.22, the current price target is provided by 1 analyst. New target price is 89% above last closing price of €2.49. Stock is up 9.0% over the past year. The company posted earnings per share of €0.17 last year. New Risk • Nov 14
New major risk - Revenue and earnings growth Earnings have declined by 40% 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 40% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€52.2m market cap, or US$55.0m). Reported Earnings • Nov 11
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €0.11. Revenue: €45.1m (up 2.0% from 3Q 2023). Net income: €2.38m (down 36% from 3Q 2023). Profit margin: 5.3% (down from 8.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Tech industry in Italy. Buy Or Sell Opportunity • Oct 30
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €2.56. The fair value is estimated to be €3.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 12% in a year. Earnings are forecast to grow by 16% in the next year. Buy Or Sell Opportunity • Oct 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.5% to €2.60. The fair value is estimated to be €3.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 12% in a year. Earnings are forecast to grow by 16% in the next year. Buy Or Sell Opportunity • Sep 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.5% to €2.59. The fair value is estimated to be €3.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 12% in a year. Earnings are forecast to grow by 16% in the next year. Price Target Changed • Sep 17
Price target increased by 12% to €5.50 Up from €4.92, the current price target is provided by 1 analyst. New target price is 119% above last closing price of €2.51. Stock is up 9.9% over the past year. The company posted earnings per share of €0.17 last year. Reported Earnings • Sep 13
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €40.8m (up 8.6% from 2Q 2023). Net income: €1.27m (up €2.88m from 2Q 2023). Profit margin: 3.1% (up from net loss in 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 10.0% growth forecast for the Tech industry in Italy. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 13
Upcoming dividend of €0.087 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Trailing yield: 3.1%. Lower than top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (1.5%). Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: €0.17 (vs €3.65 loss in FY 2022) Full year 2023 results: EPS: €0.17 (up from €3.65 loss in FY 2022). Revenue: €158.6m (up 15% from FY 2022). Net income: €3.60m (up €78.8m from FY 2022). Profit margin: 2.3% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Tech industry in Italy. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings have declined by 71% 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 71% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Market cap is less than US$100m (€48.7m market cap, or US$52.8m). Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.17. Revenue: €44.2m (up 8.5% from 3Q 2022). Net income: €3.71m (up 26% from 3Q 2022). Profit margin: 8.4% (up from 7.2% in 3Q 2022). Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Tech industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Sep 15
CEO, MD recently bought €74k worth of stock On the 11th of September, Christian Aleotti bought around 30k shares on-market at roughly €2.51 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Christian has been a buyer over the last 12 months, purchasing a net total of €219k worth in shares. Reported Earnings • Sep 08
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €37.6m (up 20% from 2Q 2022). Net loss: €1.61m (loss narrowed 96% from 2Q 2022). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Tech industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Price Target Changed • May 23
Price target increased by 20% to €4.83 Up from €4.03, the current price target is an average from 2 analysts. New target price is 71% above last closing price of €2.83. Stock is down 29% over the past year. The company is forecast to post earnings per share of €0.19 next year compared to a net loss per share of €3.52 last year. Reported Earnings • May 15
First quarter 2023 earnings released First quarter 2023 results: €0.12 loss per share. Revenue: €30.2m (up 30% from 1Q 2022). Net loss: €2.43m (loss narrowed 7.5% from 1Q 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Tech industry in Europe. Reported Earnings • Mar 18
Full year 2022 earnings released: €3.65 loss per share (vs €0.19 loss in FY 2021) Full year 2022 results: €3.65 loss per share (further deteriorated from €0.19 loss in FY 2021). Revenue: €137.6m (up 25% from FY 2021). Net loss: €75.2m (loss widened €71.3m from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Board Change • Jan 14
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Chief Corporate and Financial Officer, Investor Relater & Director Davide Danieli was the last 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. Reported Earnings • Sep 14
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €31.2m (up 35% from 2Q 2021). Net loss: €40.4m (down €41.1m from profit in 2Q 2021). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Tech industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Upcoming Dividend • May 16
Upcoming dividend of €0.05 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Trailing yield: 1.2%. Lower than top quartile of Italian dividend payers (4.7%). Lower than average of industry peers (1.6%). Price Target Changed • Apr 27
Price target decreased to €4.95 Down from €5.60, the current price target is an average from 2 analysts. New target price is 35% above last closing price of €3.66. Stock is down 20% over the past year. The company is forecast to post earnings per share of €0.19 next year compared to a net loss per share of €0.19 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 3 independent directors (7 non-independent directors). Director Marco Di Lorenzo was the last 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. Insufficient board refreshment. Reported Earnings • Apr 01
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: €0.19 loss per share (down from €0.69 profit in FY 2020). Revenue: €110.6m (up 5.8% from FY 2020). Net loss: €3.85m (down 128% from profit in FY 2020). Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 23%, compared to a 3.1% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Duyuru • Apr 01
Cellularline S.p.A. (BIT:CELL) acquired remaining 25% stake in Systemaitalia Srl from Pegaso s.r.l. for €0.4 million. Cellularline S.p.A. (BIT:CELL) acquired remaining 25% stake in Systemaitalia Srl from Pegaso s.r.l. for €0.4 million on March 30, 2022.
Cellularline S.p.A. (BIT:CELL) completed the acquisition of remaining 25% stake in Systemaitalia Srl from Pegaso s.r.l. for €0.4 million on March 30, 2022. Reported Earnings • Sep 14
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €23.1m (up 39% from 2Q 2020). Net income: €717.0k (up €2.94m from 2Q 2020). Profit margin: 3.1% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Duyuru • Jun 12
Cellularline S.p.A. (BIT:CELL) acquired 55% stake in Nicotina Group S.r.l. for €0.3 million. Cellularline S.p.A. (BIT:CELL) acquired 55% stake in Nicotina Group S.r.l. for €0.3 million on June 11, 2021. Cellularline expects to increase its stake in Nicotina to 100% by 2026. In 2020, Nicotina recorded a turnover of €0.24 million. The two founding members will retain their roles and will bring specific expertise in digital and ecommerce to the Group.
Cellularline S.p.A. (BIT:CELL) completed the acquisition of 55% stake in Nicotina Group S.r.l. on June 11, 2021. Major Estimate Revision • Jun 03
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from €124.0m to €120.0m. EPS estimate rose from €0.21 to €0.25. Net income forecast to shrink 63% next year vs 16% growth forecast for Tech industry in Italy . Consensus price target up from €5.53 to €5.70. Share price was steady at €4.58 over the past week. Reported Earnings • Apr 04
Full year 2020 earnings released: EPS €0.69 (vs €0.90 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: €104.5m (down 26% from FY 2019). Net income: €13.9m (down 24% from FY 2019). Profit margin: 13% (in line with FY 2019). Price Target Changed • Mar 22
Price target decreased to €5.90 Down from €6.63, the current price target is an average from 3 analysts. New target price is 32% above last closing price of €4.48. Stock is up 5.9% over the past year. Is New 90 Day High Low • Dec 30
New 90-day high: €4.92 The company is up 2.0% from its price of €4.82 on 01 October 2020. The Italian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.00 per share. Duyuru • Dec 30
Cellularline S.p.A. announced that it has received €3.85 million in funding from First Capital S.p.A. Cellularline S.p.A. (BIT:CELL) announced a private placement of 1,000,000 common shares at a price of €3.85 for gross proceeds of €3,850,000 on December 29, 2020. The transaction involved participation from returning investor First Capital S.p.A. (BIT:FIC). the investor acquired 4.7% stake in the company. Post completion of the transaction, the investor owns 5.3% stake in the company. Price Target Changed • Nov 19
Price target lowered to €6.63 Down from €7.57, the current price target is an average from 3 analysts. The new target price is 58% above the current share price of €4.21. As of last close, the stock is down 39% over the past year. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS €0.10 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €34.1m (down 20% from 3Q 2019). Net income: €2.06m (down 74% from 3Q 2019). Profit margin: 6.0% (down from 18% in 3Q 2019). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Oct 12
New 90-day low: €4.53 The company is down 12% from its price of €5.14 on 14 July 2020. The Italian market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.32 per share. Is New 90 Day High Low • Sep 22
New 90-day low: €4.89 The company is down 2.0% from its price of €5.00 on 24 June 2020. The Italian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.64 per share. Major Estimate Revision • Sep 18
Analysts lower EPS estimates to €0.27 The 2020 consensus revenue estimate was lowered from €130.3m to €118.4m. Earning per share (EPS) estimate was also lowered from €0.63 to €0.27 for the same period. Net income is expected to shrink by 8.6% next year compared to 5.6% decline forecast for the Tech industry in Italy. The consensus price target was lowered from €8.53 to €7.57. Share price stayed mostly flat at €5.00 over the past week. Duyuru • Jul 10
Cellularline S.p.A. (BIT:CELL) entered into binding agreement to acquire 80% stake in WorldConnect AG for CHF 15.8 million. Cellularline S.p.A. (BIT:CELL) entered into binding agreement to acquire 80% stake in WorldConnect AG for CHF 15.8 million on July 9, 2020. Under the terms of consideration, it will be paid in two installments, CHF 10 million at closing and CHF 5.8 million twelve months after closing. In accordance with the investment agreement, up until the approval of the Financial Statements for the year ended December 31, 2024, Cellularline and the minority shareholders of Worldconnect will have the power to exercise their respective Put & Call options over the remaining minority share, corresponding to 20% of the share capital of Worldconnect, in multiple tranches. The consideration will be financed with Cellularline’s available resources. Worldconnect reported revenues of CHF 20 million for the year 2019. The two Co-CEOs of Worldconnect AG will maintain their role. The transaction is expected to be executed by end of July 2020. 
