Financials Piaggio & C. SpA

Equities

PIA

IT0003073266

Auto & Truck Manufacturers

Market Closed - Borsa Italiana Other stock markets 16:44:59 31/05/2024 BST			5-day change	1st Jan Change
2.836 ^EUR	-.--%		+1.94%	-4.77%

05-28	Futures up; focus on inflation data	AN
05-27	Mib rises and ECB cuts in sight; boost on Zignago	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	981.7	962.8	1,026	994.5	1,055	1,005	-	-
Enterprise Value (EV) ¹	1,416	1,386	1,407	994.5	1,489	1,411	1,395	1,365
P/E ratio	21 x	30.6 x	17.1 x	11.7 x	11.6 x	10.5 x	9.31 x	8.28 x
Yield	5.28%	3.41%	5.22%	-	6.88%	7.7%	8.57%	9.38%
Capitalization / Revenue	0.65 x	0.73 x	0.62 x	0.48 x	0.53 x	0.52 x	0.48 x	0.46 x
EV / Revenue	0.93 x	1.06 x	0.84 x	0.48 x	0.75 x	0.73 x	0.67 x	0.63 x
EV / EBITDA	6.21 x	7.45 x	5.85 x	3.34 x	4.58 x	4.22 x	3.96 x	3.69 x
EV / FCF	18.9 x	25.6 x	19.4 x	-	66.6 x	13.3 x	13.7 x	12.2 x
FCF Yield	5.28%	3.91%	5.14%	-	1.5%	7.51%	7.31%	8.19%
Price to Book	2.56 x	2.59 x	2.54 x	-	1.65 x	2.33 x	2.15 x	1.97 x
Nbr of stocks (in thousands)	357,255	357,125	357,108	354,662	354,256	354,206	-	-
Reference price ²	2.748	2.696	2.874	2.804	2.978	2.836	2.836	2.836
Announcement Date	26/02/20	02/03/21	02/03/22	02/03/23	04/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,521	1,314	1,669	2,087	1,995	1,946	2,076	2,163
EBITDA ¹	227.8	186.1	240.6	298.1	325	334.3	352.6	369.6
EBIT ¹	104.5	70.86	112.6	158.7	180.7	187	202.8	217.7
Operating Margin	6.87%	5.39%	6.75%	7.6%	9.06%	9.61%	9.77%	10.07%
Earnings before Tax (EBT) ¹	80.68	50.17	93.68	127.2	135.3	143	164	183.6
Net income ¹	46.75	31.32	60.05	84.89	91.05	96	107.7	119.2
Net margin	3.07%	2.38%	3.6%	4.07%	4.56%	4.93%	5.19%	5.51%
EPS ²	0.1310	0.0880	0.1680	0.2390	0.2570	0.2710	0.3048	0.3425
Free Cash Flow ¹	74.8	54.16	72.35	-	22.35	106	101.9	111.8
FCF margin	4.92%	4.12%	4.34%	-	1.12%	5.45%	4.91%	5.17%
FCF Conversion (EBITDA)	32.83%	29.1%	30.07%	-	6.88%	31.7%	28.91%	30.25%
FCF Conversion (Net income)	160%	172.92%	120.48%	-	24.55%	110.42%	94.67%	93.76%
Dividend per Share ²	0.1450	0.0920	0.1500	-	0.2050	0.2183	0.2430	0.2660
Announcement Date	26/02/20	02/03/21	02/03/22	02/03/23	04/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 S2
Net sales	600.1	901.7	349.5	455.8	597.3	1,053	573.8	460.6	546.8	625.3	1,172	454.2	368.3	822.5	428	-	-	-
EBITDA ¹	83.1	144.6	47.7	60.1	92.1	152.2	84.5	61.4	81	110.2	191.2	78.1	55.7	133.8	75.3	121	190	150
EBIT ¹	24.69	80.36	15.13	27.66	58.11	85.78	49.09	23.87	44.87	72.71	117.6	42.53	20.56	63.09	41.35	84	116	77
Operating Margin	4.11%	8.91%	4.33%	6.07%	9.73%	8.15%	8.56%	5.18%	8.21%	11.63%	10.03%	9.36%	5.58%	7.67%	9.66%	-	-	-
Earnings before Tax (EBT)	-	70.16	10.51	-	52.46	72.88	-	-	-	81.08	98.16	31.7	5.47	37.17	-	-	-	-
Net income	9.074	43.5	8.488	12.66	32.52	45.19	25.69	14.02	24.09	40.7	64.79	20.92	5.344	26.26	18.68	-	-	-
Net margin	1.51%	4.82%	2.43%	2.78%	5.45%	4.29%	4.48%	3.04%	4.41%	6.51%	5.53%	4.61%	1.45%	3.19%	4.36%	-	-	-
EPS ²	0.0250	0.1220	0.0240	0.0350	0.0920	0.1270	0.0720	-	-	-	-	-	0.0150	0.0740	-	0.1400	0.1800	0.1200
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	27/07/20	30/07/21	02/03/22	02/05/22	28/07/22	28/07/22	28/10/22	02/03/23	05/05/23	27/07/23	27/07/23	30/10/23	04/03/24	04/03/24	09/05/24	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	434	424	380	-	434	407	390	361
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.905 x	2.276 x	1.581 x	-	1.335 x	1.216 x	1.106 x	0.9764 x
Free Cash Flow ¹	74.8	54.2	72.4	-	22.3	106	102	112
ROE (net income / shareholders' equity)	12%	8.28%	15.5%	-	21.8%	22.1%	24.2%	25.2%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	1.080	1.040	1.130	-	1.810	1.220	1.320	1.440
Cash Flow per Share ²	0.6000	0.5400	0.6300	-	0.5200	0.6700	-	-
Capex ¹	141	139	154	-	163	153	158	162
Capex / Sales	9.26%	10.58%	9.24%	-	8.17%	7.86%	7.61%	7.5%
Announcement Date	26/02/20	02/03/21	02/03/22	02/03/23	04/03/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Piaggio & C. SpA

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.836 EUR

Average target price

3.814 EUR

Spread / Average Target

+34.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Motorcycles & Scooters

	1st Jan change	Capi.
PIAGGIO & C. SPA	-4.77%	1.09B
BAJAJ AUTO LIMITED	+33.65%	30.39B
TVS MOTOR COMPANY LIMITED	+7.60%	12.4B
HERO MOTOCORP LTD	+23.72%	12.26B
YAMAHA MOTOR CO., LTD.	+22.59%	9.53B
HARLEY-DAVIDSON, INC.	-2.61%	4.83B
YADEA GROUP HOLDINGS LTD.	-5.69%	4.78B
LONCIN MOTOR CO., LTD.	+41.86%	2.08B
SANYANG MOTOR CO., LTD.	+6.02%	1.84B
PIERER MOBILITY AG	-23.54%	1.39B

Motorcycles & Scooters