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RACING FORCE SPA (RFG.MI) Stock Fundamental Analysis

BIT:RFG - Euronext Milan - IT0005466963 - Common Stock - Currency: EUR

4.44  +0.03 (+0.68%)

Fundamental Rating

4

Taking everything into account, RFG scores 4 out of 10 in our fundamental rating. RFG was compared to 15 industry peers in the Leisure Products industry. The financial health of RFG is average, but there are quite some concerns on its profitability. While showing a medium growth rate, RFG is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year RFG was profitable.
RFG had a positive operating cash flow in the past year.
RFG.MI Yearly Net Income VS EBIT VS OCF VS FCFRFG.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2020 2021 2022 2023 0 2M -2M 4M -4M 6M 8M

1.2 Ratios

With a Return On Assets value of 5.83%, RFG perfoms like the industry average, outperforming 53.33% of the companies in the same industry.
RFG has a Return On Equity of 8.94%. This is in the lower half of the industry: RFG underperforms 66.67% of its industry peers.
Looking at the Return On Invested Capital, with a value of 7.56%, RFG is doing worse than 60.00% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for RFG is in line with the industry average of 12.80%.
Industry RankSector Rank
ROA 5.83%
ROE 8.94%
ROIC 7.56%
ROA(3y)7.76%
ROA(5y)N/A
ROE(3y)14.84%
ROE(5y)N/A
ROIC(3y)10.98%
ROIC(5y)N/A
RFG.MI Yearly ROA, ROE, ROICRFG.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2020 2021 2022 2023 5 10 15 20

1.3 Margins

With a Profit Margin value of 8.43%, RFG perfoms like the industry average, outperforming 53.33% of the companies in the same industry.
In the last couple of years the Profit Margin of RFG has grown nicely.
RFG's Operating Margin of 10.22% is in line compared to the rest of the industry. RFG outperforms 53.33% of its industry peers.
RFG's Operating Margin has improved in the last couple of years.
Looking at the Gross Margin, with a value of 61.49%, RFG is in the better half of the industry, outperforming 80.00% of the companies in the same industry.
In the last couple of years the Gross Margin of RFG has remained more or less at the same level.
Industry RankSector Rank
OM 10.22%
PM (TTM) 8.43%
GM 61.49%
OM growth 3Y5.9%
OM growth 5YN/A
PM growth 3Y23.95%
PM growth 5YN/A
GM growth 3Y1.11%
GM growth 5YN/A
RFG.MI Yearly Profit, Operating, Gross MarginsRFG.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2020 2021 2022 2023 20 40 60

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6

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so RFG is still creating some value.
The number of shares outstanding for RFG has been increased compared to 1 year ago.
RFG has a better debt/assets ratio than last year.
RFG.MI Yearly Shares OutstandingRFG.MI Yearly Shares OutstandingYearly Shares Outstanding 2020 2021 2022 2023 5M 10M 15M 20M 25M
RFG.MI Yearly Total Debt VS Total AssetsRFG.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2020 2021 2022 2023 20M 40M 60M

2.2 Solvency

RFG has an Altman-Z score of 4.03. This indicates that RFG is financially healthy and has little risk of bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 4.03, RFG belongs to the top of the industry, outperforming 86.67% of the companies in the same industry.
A Debt/Equity ratio of 0.19 indicates that RFG is not too dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.19, RFG is in the better half of the industry, outperforming 73.33% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.19
Debt/FCF N/A
Altman-Z 4.03
ROIC/WACC0.96
WACC7.85%
RFG.MI Yearly LT Debt VS Equity VS FCFRFG.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2020 2021 2022 2023 0 10M 20M 30M 40M

2.3 Liquidity

RFG has a Current Ratio of 3.01. This indicates that RFG is financially healthy and has no problem in meeting its short term obligations.
RFG has a better Current ratio (3.01) than 93.33% of its industry peers.
RFG has a Quick Ratio of 1.69. This is a normal value and indicates that RFG is financially healthy and should not expect problems in meeting its short term obligations.
The Quick ratio of RFG (1.69) is better than 86.67% of its industry peers.
Industry RankSector Rank
Current Ratio 3.01
Quick Ratio 1.69
RFG.MI Yearly Current Assets VS Current LiabilitesRFG.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2020 2021 2022 2023 10M 20M 30M 40M

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6

3. Growth

3.1 Past

The earnings per share for RFG have decreased strongly by -10.09% in the last year.
Measured over the past years, RFG shows a very strong growth in Earnings Per Share. The EPS has been growing by 48.42% on average per year.
Looking at the last year, RFG shows a small growth in Revenue. The Revenue has grown by 0.87% in the last year.
The Revenue has been growing by 22.92% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)-10.09%
EPS 3Y48.42%
EPS 5YN/A
EPS Q2Q%3.84%
Revenue 1Y (TTM)0.87%
Revenue growth 3Y22.92%
Revenue growth 5YN/A
Sales Q2Q%1.01%

3.2 Future

RFG is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 52.86% yearly.
The Revenue is expected to grow by 8.05% on average over the next years. This is quite good.
EPS Next Y-5.71%
EPS Next 2Y5.56%
EPS Next 3Y52.86%
EPS Next 5YN/A
Revenue Next Year3.75%
Revenue Next 2Y5.29%
Revenue Next 3Y6.26%
Revenue Next 5Y8.05%

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 stable.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
RFG.MI Yearly Revenue VS EstimatesRFG.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 20M 40M 60M 80M
RFG.MI Yearly EPS VS EstimatesRFG.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 0.2 0.4 0.6

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2

4. Valuation

4.1 Price/Earnings Ratio

RFG is valuated rather expensively with a Price/Earnings ratio of 23.37.
Based on the Price/Earnings ratio, RFG is valued a bit more expensive than 60.00% of the companies in the same industry.
When comparing the Price/Earnings ratio of RFG to the average of the S&P500 Index (29.62), we can say RFG is valued slightly cheaper.
The Price/Forward Earnings ratio is 22.54, which indicates a rather expensive current valuation of RFG.
66.67% of the companies in the same industry are cheaper than RFG, based on the Price/Forward Earnings ratio.
When comparing the Price/Forward Earnings ratio of RFG to the average of the S&P500 Index (22.70), we can say RFG is valued inline with the index average.
Industry RankSector Rank
PE 23.37
Fwd PE 22.54
RFG.MI Price Earnings VS Forward Price EarningsRFG.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

RFG's Enterprise Value to EBITDA ratio is a bit more expensive when compared to the industry. RFG is more expensive than 66.67% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 12.51
RFG.MI Per share dataRFG.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 0.5 1 1.5 2

4.3 Compensation for Growth

A more expensive valuation may be justified as RFG's earnings are expected to grow with 52.86% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y5.56%
EPS Next 3Y52.86%

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2

5. Dividend

5.1 Amount

RFG has a Yearly Dividend Yield of 2.04%. Purely for dividend investing, there may be better candidates out there.
RFG's Dividend Yield is slightly below the industry average, which is at 3.58.
Compared to an average S&P500 Dividend Yield of 2.27, RFG has a dividend comparable with the average S&P500 company.
Industry RankSector Rank
Dividend Yield 2.04%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

43.39% of the earnings are spent on dividend by RFG. This is a bit on the high side, but may be sustainable.
DP43.39%
EPS Next 2Y5.56%
EPS Next 3Y52.86%
RFG.MI Yearly Income VS Free CF VS DividendRFG.MI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2020 2021 2022 2023 0 2M -2M 4M -4M 6M
RFG.MI Dividend Payout.RFG.MI Dividend Payout, showing the Payout Ratio.RFG.MI Dividend Payout.PayoutRetained Earnings

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RACING FORCE SPA

BIT:RFG (2/18/2025, 7:00:00 PM)

4.44

+0.03 (+0.68%)

Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupConsumer Durables & Apparel
GICS IndustryLeisure Products
Earnings (Last)N/A N/A
Earnings (Next)N/A N/A
Inst Owners20.3%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap121.61M
Analysts83.33
Price Target6.32 (42.34%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.04%
Yearly Dividend0.09
Dividend Growth(5Y)N/A
DP43.39%
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)3.13%
EPS NY rev (3m)3.13%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.85%
Revenue NY rev (3m)0.85%
Valuation
Industry RankSector Rank
PE 23.37
Fwd PE 22.54
P/S 1.93
P/FCF N/A
P/OCF 18.11
P/B 2.05
P/tB 2.74
EV/EBITDA 12.51
EPS(TTM)0.19
EY4.28%
EPS(NY)0.2
Fwd EY4.44%
FCF(TTM)0
FCFYN/A
OCF(TTM)0.25
OCFY5.52%
SpS2.3
BVpS2.17
TBVpS1.62
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 5.83%
ROE 8.94%
ROCE 8.94%
ROIC 7.56%
ROICexc 9.64%
ROICexgc 13.1%
OM 10.22%
PM (TTM) 8.43%
GM 61.49%
FCFM N/A
ROA(3y)7.76%
ROA(5y)N/A
ROE(3y)14.84%
ROE(5y)N/A
ROIC(3y)10.98%
ROIC(5y)N/A
ROICexc(3y)14.29%
ROICexc(5y)N/A
ROICexgc(3y)21.74%
ROICexgc(5y)N/A
ROCE(3y)13.71%
ROCE(5y)N/A
ROICexcg growth 3Y-5.87%
ROICexcg growth 5YN/A
ROICexc growth 3Y2.81%
ROICexc growth 5YN/A
OM growth 3Y5.9%
OM growth 5YN/A
PM growth 3Y23.95%
PM growth 5YN/A
GM growth 3Y1.11%
GM growth 5YN/A
F-Score4
Asset Turnover0.69
Health
Industry RankSector Rank
Debt/Equity 0.19
Debt/FCF N/A
Debt/EBITDA 1.18
Cap/Depr 209.27%
Cap/Sales 10.69%
Interest Coverage 250
Cash Conversion 69.47%
Profit Quality N/A
Current Ratio 3.01
Quick Ratio 1.69
Altman-Z 4.03
F-Score4
WACC7.85%
ROIC/WACC0.96
Cap/Depr(3y)157.35%
Cap/Depr(5y)N/A
Cap/Sales(3y)7.44%
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-10.09%
EPS 3Y48.42%
EPS 5YN/A
EPS Q2Q%3.84%
EPS Next Y-5.71%
EPS Next 2Y5.56%
EPS Next 3Y52.86%
EPS Next 5YN/A
Revenue 1Y (TTM)0.87%
Revenue growth 3Y22.92%
Revenue growth 5YN/A
Sales Q2Q%1.01%
Revenue Next Year3.75%
Revenue Next 2Y5.29%
Revenue Next 3Y6.26%
Revenue Next 5Y8.05%
EBIT growth 1Y-9.23%
EBIT growth 3Y30.18%
EBIT growth 5YN/A
EBIT Next Year60.8%
EBIT Next 3Y31%
EBIT Next 5Y27.9%
FCF growth 1Y-101.28%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y60.93%
OCF growth 3Y-25.37%
OCF growth 5YN/A