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EMAK SPA (EM.MI) Stock Fundamental Analysis

BIT:EM - Euronext Milan - IT0001237053 - Common Stock - Currency: EUR

0.896  0 (-0.44%)

Fundamental Rating

4

EM gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 32 industry peers in the Household Durables industry. EM scores quite bad on profitability, while its financial health is fine. Not spectacular, but in line with the averages. EM is valued correctly, but it does not seem to be growing. Finally EM also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year EM was profitable.
EM had a positive operating cash flow in the past year.
In the past 5 years EM has always been profitable.
Each year in the past 5 years EM had a positive operating cash flow.
EM.MI Yearly Net Income VS EBIT VS OCF VS FCFEM.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20M 40M

1.2 Ratios

EM has a worse Return On Assets (2.66%) than 62.86% of its industry peers.
EM's Return On Equity of 6.62% is on the low side compared to the rest of the industry. EM is outperformed by 68.57% of its industry peers.
EM has a Return On Invested Capital of 7.15%. This is comparable to the rest of the industry: EM outperforms 51.43% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for EM is significantly below the industry average of 14.20%.
Industry RankSector Rank
ROA 2.66%
ROE 6.62%
ROIC 7.15%
ROA(3y)4.06%
ROA(5y)3.58%
ROE(3y)10.25%
ROE(5y)9.14%
ROIC(3y)7.51%
ROIC(5y)6.71%
EM.MI Yearly ROA, ROE, ROICEM.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2 4 6 8 10

1.3 Margins

EM has a Profit Margin of 2.11%. This is in the lower half of the industry: EM underperforms 71.43% of its industry peers.
In the last couple of years the Profit Margin of EM has declined.
EM has a Operating Margin of 5.46%. This is in the lower half of the industry: EM underperforms 62.86% of its industry peers.
In the last couple of years the Operating Margin of EM has declined.
The Gross Margin of EM (48.06%) is better than 65.71% of its industry peers.
EM's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 5.46%
PM (TTM) 2.11%
GM 48.06%
OM growth 3Y-2.57%
OM growth 5Y-3.17%
PM growth 3Y-6.41%
PM growth 5Y-9.7%
GM growth 3Y0.18%
GM growth 5Y0.06%
EM.MI Yearly Profit, Operating, Gross MarginsEM.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 10 20 30 40

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5

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), EM is creating some value.
The number of shares outstanding for EM remains at a similar level compared to 1 year ago.
Compared to 5 years ago, EM has less shares outstanding
Compared to 1 year ago, EM has an improved debt to assets ratio.
EM.MI Yearly Shares OutstandingEM.MI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M
EM.MI Yearly Total Debt VS Total AssetsEM.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M

2.2 Solvency

An Altman-Z score of 2.53 indicates that EM is not a great score, but indicates only limited risk for bankruptcy at the moment.
With a decent Altman-Z score value of 2.53, EM is doing good in the industry, outperforming 65.71% of the companies in the same industry.
A Debt/Equity ratio of 0.70 indicates that EM is somewhat dependend on debt financing.
The Debt to Equity ratio of EM (0.70) is worse than 65.71% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.7
Debt/FCF N/A
Altman-Z 2.53
ROIC/WACC1.37
WACC5.23%
EM.MI Yearly LT Debt VS Equity VS FCFEM.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M 100M 150M 200M 250M

2.3 Liquidity

A Current Ratio of 2.26 indicates that EM has no problem at all paying its short term obligations.
Looking at the Current ratio, with a value of 2.26, EM is in the better half of the industry, outperforming 74.29% of the companies in the same industry.
EM has a Quick Ratio of 1.08. This is a normal value and indicates that EM is financially healthy and should not expect problems in meeting its short term obligations.
The Quick ratio of EM (1.08) is better than 62.86% of its industry peers.
Industry RankSector Rank
Current Ratio 2.26
Quick Ratio 1.08
EM.MI Yearly Current Assets VS Current LiabilitesEM.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M

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3

3. Growth

3.1 Past

EM shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -42.21%.
The Earnings Per Share has been decreasing by -5.49% on average over the past years.
The Revenue has been growing slightly by 2.37% in the past year.
EM shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 4.57% yearly.
EPS 1Y (TTM)-42.21%
EPS 3Y-0.25%
EPS 5Y-5.49%
EPS Q2Q%-200%
Revenue 1Y (TTM)2.37%
Revenue growth 3Y6.43%
Revenue growth 5Y4.57%
Sales Q2Q%8.47%

3.2 Future

Based on estimates for the next years, EM will show a small growth in Earnings Per Share. The EPS will grow by 5.66% on average per year.
The Revenue is expected to grow by 4.56% on average over the next years.
EPS Next Y-40.17%
EPS Next 2Y-2.16%
EPS Next 3Y5.66%
EPS Next 5YN/A
Revenue Next Year5.67%
Revenue Next 2Y4.83%
Revenue Next 3Y4.56%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
EM.MI Yearly Revenue VS EstimatesEM.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 200M 400M 600M
EM.MI Yearly EPS VS EstimatesEM.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.05 0.1 0.15 0.2

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5

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 8.15 indicates a reasonable valuation of EM.
Compared to the rest of the industry, the Price/Earnings ratio of EM indicates a somewhat cheap valuation: EM is cheaper than 71.43% of the companies listed in the same industry.
EM is valuated cheaply when we compare the Price/Earnings ratio to 29.35, which is the current average of the S&P500 Index.
EM is valuated cheaply with a Price/Forward Earnings ratio of 7.77.
Based on the Price/Forward Earnings ratio, EM is valued a bit cheaper than 77.14% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of EM to the average of the S&P500 Index (22.10), we can say EM is valued rather cheaply.
Industry RankSector Rank
PE 8.15
Fwd PE 7.77
EM.MI Price Earnings VS Forward Price EarningsEM.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, EM is valued a bit cheaper than the industry average as 74.29% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 4.56
EM.MI Per share dataEM.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 2 3 4 5

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-2.16%
EPS Next 3Y5.66%

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7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 5.07%, EM is a good candidate for dividend investing.
EM's Dividend Yield is a higher than the industry average which is at 5.11.
EM's Dividend Yield is rather good when compared to the S&P500 average which is at 2.33.
Industry RankSector Rank
Dividend Yield 5.07%

5.2 History

The dividend of EM is nicely growing with an annual growth rate of 12.80%!
Dividend Growth(5Y)12.8%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

EM pays out 41.17% of its income as dividend. This is a bit on the high side, but may be sustainable.
The dividend of EM is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP41.17%
EPS Next 2Y-2.16%
EPS Next 3Y5.66%
EM.MI Yearly Income VS Free CF VS DividendEM.MI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10M 20M 30M
EM.MI Dividend Payout.EM.MI Dividend Payout, showing the Payout Ratio.EM.MI Dividend Payout.PayoutRetained Earnings

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EMAK SPA

BIT:EM (3/7/2025, 4:50:48 PM)

0.896

0 (-0.44%)

Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupConsumer Durables & Apparel
GICS IndustryHousehold Durables
Earnings (Last)11-13 2024-11-13
Earnings (Next)03-13 2025-03-13/amc
Inst Owners8.7%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap146.88M
Analysts84.44
Price Target1.48 (65.18%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.07%
Yearly Dividend0.07
Dividend Growth(5Y)12.8%
DP41.17%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-31.37%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-2.39%
Valuation
Industry RankSector Rank
PE 8.15
Fwd PE 7.77
P/S 0.17
P/FCF N/A
P/OCF 6.89
P/B 0.52
P/tB 0.83
EV/EBITDA 4.56
EPS(TTM)0.11
EY12.28%
EPS(NY)0.12
Fwd EY12.88%
FCF(TTM)0
FCFYN/A
OCF(TTM)0.13
OCFY14.5%
SpS5.37
BVpS1.71
TBVpS1.08
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 2.66%
ROE 6.62%
ROCE 9.59%
ROIC 7.15%
ROICexc 8.31%
ROICexgc 10.96%
OM 5.46%
PM (TTM) 2.11%
GM 48.06%
FCFM N/A
ROA(3y)4.06%
ROA(5y)3.58%
ROE(3y)10.25%
ROE(5y)9.14%
ROIC(3y)7.51%
ROIC(5y)6.71%
ROICexc(3y)9.13%
ROICexc(5y)8.22%
ROICexgc(3y)12.3%
ROICexgc(5y)11.23%
ROCE(3y)10.15%
ROCE(5y)9.07%
ROICexcg growth 3Y-7.53%
ROICexcg growth 5Y-7.13%
ROICexc growth 3Y-5.6%
ROICexc growth 5Y-5.76%
OM growth 3Y-2.57%
OM growth 5Y-3.17%
PM growth 3Y-6.41%
PM growth 5Y-9.7%
GM growth 3Y0.18%
GM growth 5Y0.06%
F-Score7
Asset Turnover1.26
Health
Industry RankSector Rank
Debt/Equity 0.7
Debt/FCF N/A
Debt/EBITDA 2.47
Cap/Depr 68.77%
Cap/Sales 2.46%
Interest Coverage 250
Cash Conversion 26.79%
Profit Quality N/A
Current Ratio 2.26
Quick Ratio 1.08
Altman-Z 2.53
F-Score7
WACC5.23%
ROIC/WACC1.37
Cap/Depr(3y)73.76%
Cap/Depr(5y)71.45%
Cap/Sales(3y)3.49%
Cap/Sales(5y)3.51%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-42.21%
EPS 3Y-0.25%
EPS 5Y-5.49%
EPS Q2Q%-200%
EPS Next Y-40.17%
EPS Next 2Y-2.16%
EPS Next 3Y5.66%
EPS Next 5YN/A
Revenue 1Y (TTM)2.37%
Revenue growth 3Y6.43%
Revenue growth 5Y4.57%
Sales Q2Q%8.47%
Revenue Next Year5.67%
Revenue Next 2Y4.83%
Revenue Next 3Y4.56%
Revenue Next 5YN/A
EBIT growth 1Y-25.87%
EBIT growth 3Y3.7%
EBIT growth 5Y1.26%
EBIT Next Year85.68%
EBIT Next 3Y30.09%
EBIT Next 5YN/A
FCF growth 1Y98.62%
FCF growth 3Y5.96%
FCF growth 5Y39.46%
OCF growth 1Y461.45%
OCF growth 3Y9.97%
OCF growth 5Y18.3%