New Risk • Jul 12
New major risk - Revenue and earnings growth Earnings have declined by 36% 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 36% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€10.3m market cap, or US$11.8m). New Risk • May 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 Earnings have declined by 49% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (€10.6m market cap, or US$12.3m). New Risk • Dec 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 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 Earnings have declined by 56% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (€14.0m market cap, or US$16.2m). Reported Earnings • Nov 03
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €16.6m (up 32% from 2Q 2024). Net income: €163.0k (up €261.0k from 2Q 2024). Profit margin: 1.0% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €1.45, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 20x in the Electronic industry in Italy. Total loss to shareholders of 1.7% over the past three years. New Risk • Jun 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Risks Share price has been highly volatile over the past 3 months (9.6% average weekly change). Earnings have declined by 56% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Market cap is less than US$100m (€14.5m market cap, or US$16.6m). New Risk • Apr 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.06m (US$9.90m) This is considered a major 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 Risks Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (€9.06m market cap, or US$9.90m). New Risk • Apr 04
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 Earnings have declined by 56% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (€9.47m market cap, or US$10.4m). New Risk • Feb 24
New major risk - Revenue and earnings growth Earnings have declined by 56% 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 56% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€11.3m market cap, or US$11.8m). Reported Earnings • Nov 19
Third quarter 2024 earnings released Third quarter 2024 results: €0.022 loss per share. Revenue: €11.2m (up 34% from 3Q 2023). Net loss: €225.0k (loss widened 73% from 3Q 2023). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Electronic industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 02
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €12.6m (up 7.3% from 2Q 2023). Net loss: €98.0k (down 120% from profit in 2Q 2023). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Electronic industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. New Risk • Jun 23
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 Risk Market cap is less than US$100m (€14.5m market cap, or US$15.5m). New Risk • Jun 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (€14.6m market cap, or US$15.9m). Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.46, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 17x in the Electronic industry in Italy. Total returns to shareholders of 64% over the past three years. Reported Earnings • Nov 19
Third quarter 2023 earnings released: €0.012 loss per share (vs €0.004 profit in 3Q 2022) Third quarter 2023 results: €0.012 loss per share (down from €0.004 profit in 3Q 2022). Revenue: €8.51m (up 10% from 3Q 2022). Net loss: €130.0k (down 425% from profit in 3Q 2022). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, while revenues in the Electronic industry in Italy are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 05
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €11.8m (up 29% from 2Q 2022). Net income: €495.0k (up €1.08m from 2Q 2022). Profit margin: 4.2% (up from net loss in 2Q 2022). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Electronic industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 120 percentage points per year, which is a significant difference in performance. New Risk • Jun 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 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). Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Market cap is less than US$100m (€14.9m market cap, or US$16.2m). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: €0.004 (vs €0.029 loss in 3Q 2021) Third quarter 2022 results: EPS: €0.004 (up from €0.029 loss in 3Q 2021). Revenue: €7.71m (up 15% from 3Q 2021). Net income: €40.0k (up €299.0k from 3Q 2021). Profit margin: 0.5% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Board Change • Nov 16
Insufficient new directors 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. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Oct 03
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €9.18m (up 3.5% from 2Q 2021). Net loss: €585.0k (loss widened 54% from 2Q 2021). Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 25% share price gain to €1.80, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 14x in the Electronic industry in Italy. Total returns to shareholders of 151% over the past three years. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 28% share price gain to €1.62, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 13x in the Electronic industry in Italy. Total returns to shareholders of 111% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.24, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 14x in the Electronic industry in Italy. Total returns to shareholders of 65% over the past three years. Board Change • Apr 27
Insufficient new directors 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. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 15% share price gain to €1.98, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 13x in the Electronic industry in Italy. Total returns to shareholders of 175% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 21% share price gain to €1.77, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 15x in the Electronic industry in Italy. Total returns to shareholders of 148% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €1.30, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 18x in the Electronic industry in Italy. Total returns to shareholders of 92% over the past three years. Buying Opportunity • Feb 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be €2.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% per annum over the last 3 years. The company has become profitable over the last 3 years. Buying Opportunity • Jan 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 34%. The fair value is estimated to be €2.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% per annum over the last 3 years. The company has become profitable over the last 3 years. Reported Earnings • Nov 19
Third quarter 2021 earnings released: €0.029 loss per share The company reported a poor third quarter result with weaker earnings and control over costs, although revenues were flat. Third quarter 2021 results: Revenue: €6.71m (flat on 3Q 2020). Net loss: €259.0k (down 194% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 84% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 17
Second quarter 2021 earnings released The company reported a mediocre second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: €9.21m (up 37% from 2Q 2020). Net loss: €379.0k (loss widened 98% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 58% per year whereas the company’s share price has increased by 55% per year. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 17% share price gain to €2.78, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 15x in the Electronic industry in Italy. Total returns to shareholders of 228% over the past three years. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 73% share price gain to €2.74, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 20x in the Electronic industry in Italy. Total returns to shareholders of 206% over the past three years. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improved over the past week After last week's 32% share price gain to €1.42, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 21x in the Electronic industry in Italy. Total returns to shareholders of 54% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improved over the past week After last week's 20% share price gain to €1.18, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 26x in the Electronic industry in Italy. Negligible returns to shareholders over past three years. Reported Earnings • May 17
First quarter 2021 earnings released: EPS €0.11 The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €10.3m (up 23% from 1Q 2020). Net income: €865.0k (up 116% from 1Q 2020). Profit margin: 8.4% (up from 4.8% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS €0.17 (vs €0.29 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €38.8m (up 19% from FY 2019). Net income: €1.22m (down 40% from FY 2019). Profit margin: 3.2% (down from 6.3% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 13
New 90-day low: €0.82 The company is down 20% from its price of €1.03 on 15 July 2020. The Italian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 24% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of €2.42m, up 49% from the prior year. Total revenue was €33.7m over the last 12 months, up 13% from the prior year. Is New 90 Day High Low • Sep 24
New 90-day low: €0.84 The company is down 19% from its price of €1.03 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 Electronic industry, which is up 17% over the same period.