Stock PIA PIAGGIO & C. SPA
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Financials Piaggio & C. SpA

Equities

PIA

IT0003073266

Auto & Truck Manufacturers

Market Closed - Borsa Italiana
Other stock markets
 09:14:59 03/05/2024 pm IST 		5-day change 1st Jan Change
2.77 EUR +0.51% Intraday chart for Piaggio & C. SpA +4.14% -6.98%
03/05 Mib veers lower, weighs declines in banks AN
03/05 Mib advances; Cucinelli confirms top spot AN

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 981.7 962.8 1,026 994.5 1,055 981.2 - -
Enterprise Value (EV) 1 1,416 1,386 1,407 994.5 1,055 1,395 1,376 1,357
P/E ratio 21 x 30.6 x 17.1 x 11.7 x 11.6 x 10.2 x 9.12 x 8.18 x
Yield 5.28% 3.41% 5.22% - - 8.08% 8.77% 9.68%
Capitalization / Revenue 0.65 x 0.73 x 0.62 x 0.48 x 0.53 x 0.48 x 0.46 x 0.44 x
EV / Revenue 0.93 x 1.06 x 0.84 x 0.48 x 0.53 x 0.69 x 0.65 x 0.61 x
EV / EBITDA 6.21 x 7.45 x 5.85 x 3.34 x 3.25 x 4.17 x 3.9 x 3.66 x
EV / FCF 18.9 x 25.6 x 19.4 x - - 16.3 x 13.6 x 13.1 x
FCF Yield 5.28% 3.91% 5.14% - - 6.12% 7.37% 7.62%
Price to Book 2.56 x 2.59 x 2.54 x - - 2.25 x 2.09 x 1.91 x
Nbr of stocks (in thousands) 3,57,255 3,57,125 3,57,108 3,54,662 3,54,256 3,54,206 - -
Reference price 2 2.748 2.696 2.874 2.804 2.978 2.770 2.770 2.770
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 2,036 2,129 2,219
EBITDA 1 227.8 186.1 240.6 298.1 325 334.6 353.2 370.8
EBIT 1 104.5 70.86 112.6 158.7 180.7 186.4 203.4 218.9
Operating Margin 6.87% 5.39% 6.75% 7.6% 9.06% 9.15% 9.55% 9.87%
Earnings before Tax (EBT) 1 80.68 50.17 93.68 127.2 135.3 143.8 164.5 185.2
Net income 1 46.75 31.32 60.05 84.89 91.05 95.69 108.3 120.4
Net margin 3.07% 2.38% 3.6% 4.07% 4.56% 4.7% 5.08% 5.43%
EPS 2 0.1310 0.0880 0.1680 0.2390 0.2570 0.2716 0.3038 0.3388
Free Cash Flow 1 74.8 54.16 72.35 - - 85.4 101.3 103.4
FCF margin 4.92% 4.12% 4.34% - - 4.19% 4.76% 4.66%
FCF Conversion (EBITDA) 32.83% 29.1% 30.07% - - 25.52% 28.69% 27.89%
FCF Conversion (Net income) 160% 172.92% 120.48% - - 89.25% 93.59% 85.85%
Dividend per Share 2 0.1450 0.0920 0.1500 - - 0.2237 0.2430 0.2680
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 Q3 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
Net sales 1 600.1 901.7 417.6 349.5 455.8 597.3 1,053 573.8 460.6 546.8 625.3 1,172 454.2 368.3 822.5 452
EBITDA 1 83.1 144.6 48.3 47.7 60.1 92.1 152.2 84.5 61.4 81 110.2 191.2 78.1 55.7 133.8 70
EBIT 1 24.69 80.36 17.08 15.13 27.66 58.11 85.78 49.09 23.87 44.87 72.71 117.6 42.53 20.56 63.09 33
Operating Margin 4.11% 8.91% 4.09% 4.33% 6.07% 9.73% 8.15% 8.56% 5.18% 8.21% 11.63% 10.03% 9.36% 5.58% 7.67% 7.3%
Earnings before Tax (EBT) - 70.16 - 10.51 - 52.46 72.88 - - - 81.08 98.16 31.7 5.47 37.17 -
Net income 1 9.074 43.5 8.065 8.488 12.66 32.52 45.19 25.69 14.02 24.09 40.7 64.79 20.92 5.344 26.26 13
Net margin 1.51% 4.82% 1.93% 2.43% 2.78% 5.45% 4.29% 4.48% 3.04% 4.41% 6.51% 5.53% 4.61% 1.45% 3.19% 2.88%
EPS 0.0250 0.1220 0.0220 0.0240 0.0350 0.0920 0.1270 0.0720 - - - - - 0.0150 0.0740 -
Dividend per Share - - - - - - - - - - - - - - - -
Announcement Date 27/07/20 30/07/21 29/10/21 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 -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 434 424 380 - - 414 395 375
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.905 x 2.276 x 1.581 x - - 1.236 x 1.117 x 1.013 x
Free Cash Flow 1 74.8 54.2 72.4 - - 85.4 101 103
ROE (net income / shareholders' equity) 12% 8.28% 15.5% - - 22.5% 24.3% 25.4%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 1.080 1.040 1.130 - - 1.230 1.330 1.450
Cash Flow per Share 2 0.6000 0.5400 0.6300 - - 0.6700 - -
Capex 1 141 139 154 - - 164 159 164
Capex / Sales 9.26% 10.58% 9.24% - - 8.07% 7.48% 7.38%
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
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
2.77 EUR
Average target price
3.843 EUR
Spread / Average Target
+38.73%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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