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PIAGGIO & C. S.P.A. (PIA.MI) Stock Fundamental Analysis

BIT:PIA - Euronext Milan - IT0003073266 - Common Stock - Currency: EUR

1.774  0 (-0.28%)

Fundamental Rating

4

PIA gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 30 industry peers in the Automobiles industry. PIA scores excellent on profitability, but there are concerns on its financial health. PIA has a correct valuation and a medium growth rate. PIA also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

In the past year PIA was profitable.
PIA had a positive operating cash flow in the past year.
Each year in the past 5 years PIA has been profitable.
PIA had a positive operating cash flow in each of the past 5 years.
PIA.MI Yearly Net Income VS EBIT VS OCF VS FCFPIA.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 2024 0 50M 100M 150M 200M

1.2 Ratios

PIA has a better Return On Assets (2.88%) than 66.67% of its industry peers.
PIA's Return On Equity of 13.65% is fine compared to the rest of the industry. PIA outperforms 80.00% of its industry peers.
PIA has a better Return On Invested Capital (7.71%) than 76.67% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for PIA is above the industry average of 6.82%.
Industry RankSector Rank
ROA 2.88%
ROE 13.65%
ROIC 7.71%
ROA(3y)4.26%
ROA(5y)3.59%
ROE(3y)19.42%
ROE(5y)16.31%
ROIC(3y)10.61%
ROIC(5y)8.94%
PIA.MI Yearly ROA, ROE, ROICPIA.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20

1.3 Margins

Looking at the Profit Margin, with a value of 3.48%, PIA is doing worse than 60.00% of the companies in the same industry.
In the last couple of years the Profit Margin of PIA has grown nicely.
PIA has a better Operating Margin (7.96%) than 80.00% of its industry peers.
PIA's Operating Margin has improved in the last couple of years.
PIA's Gross Margin of 37.59% is amongst the best of the industry. PIA outperforms 86.67% of its industry peers.
In the last couple of years the Gross Margin of PIA has remained more or less at the same level.
Industry RankSector Rank
OM 7.96%
PM (TTM) 3.48%
GM 37.59%
OM growth 3Y8.22%
OM growth 5Y3.57%
PM growth 3Y3.16%
PM growth 5Y5.16%
GM growth 3Y1.33%
GM growth 5Y-0.36%
PIA.MI Yearly Profit, Operating, Gross MarginsPIA.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40

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1

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so PIA is still creating some value.
The number of shares outstanding for PIA remains at a similar level compared to 1 year ago.
Compared to 5 years ago, PIA has less shares outstanding
PIA has a worse debt/assets ratio than last year.
PIA.MI Yearly Shares OutstandingPIA.MI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
PIA.MI Yearly Total Debt VS Total AssetsPIA.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B

2.2 Solvency

Based on the Altman-Z score of 1.33, we must say that PIA is in the distress zone and has some risk of bankruptcy.
PIA's Altman-Z score of 1.33 is in line compared to the rest of the industry. PIA outperforms 50.00% of its industry peers.
PIA has a Debt/Equity ratio of 1.60. This is a high value indicating a heavy dependency on external financing.
With a Debt to Equity ratio value of 1.60, PIA is not doing good in the industry: 73.33% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 1.6
Debt/FCF N/A
Altman-Z 1.33
ROIC/WACC1.2
WACC6.44%
PIA.MI Yearly LT Debt VS Equity VS FCFPIA.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M 200M 300M 400M 500M

2.3 Liquidity

A Current Ratio of 0.81 indicates that PIA may have some problems paying its short term obligations.
PIA has a Current ratio of 0.81. This is amonst the worse of the industry: PIA underperforms 90.00% of its industry peers.
PIA has a Quick Ratio of 0.81. This is a bad value and indicates that PIA is not financially healthy enough and could expect problems in meeting its short term obligations.
PIA's Quick ratio of 0.40 is on the low side compared to the rest of the industry. PIA is outperformed by 90.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.81
Quick Ratio 0.4
PIA.MI Yearly Current Assets VS Current LiabilitesPIA.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

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4

3. Growth

3.1 Past

PIA shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -33.03%.
The Earnings Per Share has been growing slightly by 7.71% on average over the past years.
PIA shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -12.36%.
PIA shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 2.26% yearly.
EPS 1Y (TTM)-33.03%
EPS 3Y4.11%
EPS 5Y7.71%
EPS Q2Q%-53.13%
Revenue 1Y (TTM)-12.36%
Revenue growth 3Y0.65%
Revenue growth 5Y2.26%
Sales Q2Q%-13.41%

3.2 Future

The Earnings Per Share is expected to grow by 12.62% on average over the next years. This is quite good.
Based on estimates for the next years, PIA will show a small growth in Revenue. The Revenue will grow by 7.13% on average per year.
EPS Next Y8.5%
EPS Next 2Y10.99%
EPS Next 3Y12.62%
EPS Next 5YN/A
Revenue Next Year-2.34%
Revenue Next 2Y0.81%
Revenue Next 3Y1.99%
Revenue Next 5Y7.13%

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 accelerating.
PIA.MI Yearly Revenue VS EstimatesPIA.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 500M 1B 1.5B 2B
PIA.MI Yearly EPS VS EstimatesPIA.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.05 0.1 0.15 0.2 0.25

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5

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 11.09 indicates a reasonable valuation of PIA.
Based on the Price/Earnings ratio, PIA is valued a bit more expensive than the industry average as 63.33% of the companies are valued more cheaply.
When comparing the Price/Earnings ratio of PIA to the average of the S&P500 Index (26.52), we can say PIA is valued rather cheaply.
Based on the Price/Forward Earnings ratio of 7.57, the valuation of PIA can be described as very cheap.
Compared to the rest of the industry, the Price/Forward Earnings ratio of PIA is on the same level as its industry peers.
PIA's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.25.
Industry RankSector Rank
PE 11.09
Fwd PE 7.57
PIA.MI Price Earnings VS Forward Price EarningsPIA.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, PIA is valued a bit cheaper than 63.33% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 4.11
PIA.MI Per share dataPIA.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 -1 2 3 4

4.3 Compensation for Growth

The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
The decent profitability rating of PIA may justify a higher PE ratio.
PIA's earnings are expected to grow with 12.62% in the coming years. This may justify a more expensive valuation.
PEG (NY)1.31
PEG (5Y)1.44
EPS Next 2Y10.99%
EPS Next 3Y12.62%

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7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 8.54%, PIA is a good candidate for dividend investing.
PIA's Dividend Yield is rather good when compared to the industry average which is at 6.08. PIA pays more dividend than 93.33% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.38, PIA pays a better dividend.
Industry RankSector Rank
Dividend Yield 8.54%

5.2 History

The dividend of PIA is nicely growing with an annual growth rate of 6.13%!
Dividend Growth(5Y)6.13%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

PIA pays out 120.59% of its income as dividend. This is not a sustainable payout ratio.
PIA's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP120.59%
EPS Next 2Y10.99%
EPS Next 3Y12.62%
PIA.MI Yearly Income VS Free CF VS DividendPIA.MI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20M -20M 40M 60M 80M
PIA.MI Dividend Payout.PIA.MI Dividend Payout, showing the Payout Ratio.PIA.MI Dividend Payout.PayoutRetained Earnings

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PIAGGIO & C. S.P.A.

BIT:PIA (6/6/2025, 7:00:00 PM)

1.774

0 (-0.28%)

Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupAutomobiles & Components
GICS IndustryAutomobiles
Earnings (Last)05-09 2025-05-09
Earnings (Next)07-29 2025-07-29
Inst Owners18.57%
Inst Owner ChangeN/A
Ins Owners5.59%
Ins Owner ChangeN/A
Market Cap629.11M
Analysts72.73
Price Target2.58 (45.43%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 8.54%
Yearly Dividend0.2
Dividend Growth(5Y)6.13%
DP120.59%
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)-15.31%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-7.12%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.28%
Revenue NY rev (3m)-3.85%
Valuation
Industry RankSector Rank
PE 11.09
Fwd PE 7.57
P/S 0.38
P/FCF N/A
P/OCF 4.14
P/B 1.5
P/tB N/A
EV/EBITDA 4.11
EPS(TTM)0.16
EY9.02%
EPS(NY)0.23
Fwd EY13.21%
FCF(TTM)-0.09
FCFYN/A
OCF(TTM)0.43
OCFY24.18%
SpS4.64
BVpS1.18
TBVpS-1.05
PEG (NY)1.31
PEG (5Y)1.44
Profitability
Industry RankSector Rank
ROA 2.88%
ROE 13.65%
ROCE 12.36%
ROIC 7.71%
ROICexc 8.83%
ROICexgc 41.05%
OM 7.96%
PM (TTM) 3.48%
GM 37.59%
FCFM N/A
ROA(3y)4.26%
ROA(5y)3.59%
ROE(3y)19.42%
ROE(5y)16.31%
ROIC(3y)10.61%
ROIC(5y)8.94%
ROICexc(3y)13.11%
ROICexc(5y)11.28%
ROICexgc(3y)153.51%
ROICexgc(5y)159.7%
ROCE(3y)16.26%
ROCE(5y)13.63%
ROICexcg growth 3Y-20.64%
ROICexcg growth 5Y3.95%
ROICexc growth 3Y1.94%
ROICexc growth 5Y2.81%
OM growth 3Y8.22%
OM growth 5Y3.57%
PM growth 3Y3.16%
PM growth 5Y5.16%
GM growth 3Y1.33%
GM growth 5Y-0.36%
F-Score4
Asset Turnover0.83
Health
Industry RankSector Rank
Debt/Equity 1.6
Debt/FCF N/A
Debt/EBITDA 2.46
Cap/Depr 128.51%
Cap/Sales 11.14%
Interest Coverage 2.75
Cash Conversion 55.66%
Profit Quality N/A
Current Ratio 0.81
Quick Ratio 0.4
Altman-Z 1.33
F-Score4
WACC6.44%
ROIC/WACC1.2
Cap/Depr(3y)118.47%
Cap/Depr(5y)120.04%
Cap/Sales(3y)8.74%
Cap/Sales(5y)9.23%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-33.03%
EPS 3Y4.11%
EPS 5Y7.71%
EPS Q2Q%-53.13%
EPS Next Y8.5%
EPS Next 2Y10.99%
EPS Next 3Y12.62%
EPS Next 5YN/A
Revenue 1Y (TTM)-12.36%
Revenue growth 3Y0.65%
Revenue growth 5Y2.26%
Sales Q2Q%-13.41%
Revenue Next Year-2.34%
Revenue Next 2Y0.81%
Revenue Next 3Y1.99%
Revenue Next 5Y7.13%
EBIT growth 1Y-26.41%
EBIT growth 3Y8.92%
EBIT growth 5Y5.91%
EBIT Next Year75.73%
EBIT Next 3Y24.34%
EBIT Next 5YN/A
FCF growth 1Y-134.41%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-38.58%
OCF growth 3Y-14%
OCF growth 5Y-7.75%