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SPINDOX SPA (SPN.MI) Stock Fundamental Analysis

BIT:SPN - Euronext Milan - IT0005449522 - Common Stock - Currency: EUR

9.86  +0.02 (+0.2%)

Fundamental Rating

3

SPN gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 77 industry peers in the IT Services industry. SPN has a bad profitability rating. Also its financial health evaluation is rather negative. SPN is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year SPN has reported negative net income.
SPN had a positive operating cash flow in the past year.
Of the past 5 years SPN 4 years were profitable.
Of the past 5 years SPN 4 years had a positive operating cash flow.
SPN.MI Yearly Net Income VS EBIT VS OCF VS FCFSPN.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 0 5M -5M

1.2 Ratios

Looking at the Return On Assets, with a value of -0.33%, SPN is doing worse than 64.94% of the companies in the same industry.
SPN has a Return On Equity of -1.61%. This is in the lower half of the industry: SPN underperforms 64.94% of its industry peers.
SPN has a Return On Invested Capital (8.19%) which is comparable to the rest of the industry.
Measured over the past 3 years, the Average Return On Invested Capital for SPN is below the industry average of 11.17%.
Industry RankSector Rank
ROA -0.33%
ROE -1.61%
ROIC 8.19%
ROA(3y)1.75%
ROA(5y)2.38%
ROE(3y)7.82%
ROE(5y)18.6%
ROIC(3y)8.9%
ROIC(5y)13.14%
SPN.MI Yearly ROA, ROE, ROICSPN.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 0 10 20 30

1.3 Margins

SPN's Operating Margin of 2.99% is on the low side compared to the rest of the industry. SPN is outperformed by 63.64% of its industry peers.
SPN's Operating Margin has been stable in the last couple of years.
The Gross Margin of SPN (74.54%) is better than 67.53% of its industry peers.
In the last couple of years the Gross Margin of SPN has remained more or less at the same level.
Industry RankSector Rank
OM 2.99%
PM (TTM) N/A
GM 74.54%
OM growth 3Y-16.93%
OM growth 5Y0.8%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.24%
GM growth 5Y0.03%
SPN.MI Yearly Profit, Operating, Gross MarginsSPN.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 0 20 40 60

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3

2. Health

2.1 Basic Checks

SPN has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
The number of shares outstanding for SPN remains at a similar level compared to 1 year ago.
Compared to 5 years ago, SPN has less shares outstanding
SPN has a worse debt/assets ratio than last year.
SPN.MI Yearly Shares OutstandingSPN.MI Yearly Shares OutstandingYearly Shares Outstanding 2017 2018 2019 2020 2021 2022 2023 1M 2M 3M 4M 5M
SPN.MI Yearly Total Debt VS Total AssetsSPN.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M

2.2 Solvency

An Altman-Z score of 2.30 indicates that SPN is not a great score, but indicates only limited risk for bankruptcy at the moment.
SPN has a Altman-Z score of 2.30. This is comparable to the rest of the industry: SPN outperforms 49.35% of its industry peers.
A Debt/Equity ratio of 0.38 indicates that SPN is not too dependend on debt financing.
SPN's Debt to Equity ratio of 0.38 is in line compared to the rest of the industry. SPN outperforms 55.84% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.38
Debt/FCF N/A
Altman-Z 2.3
ROIC/WACC1.11
WACC7.4%
SPN.MI Yearly LT Debt VS Equity VS FCFSPN.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2017 2018 2019 2020 2021 2022 2023 0 5M -5M 10M

2.3 Liquidity

SPN has a Current Ratio of 1.10. This is a normal value and indicates that SPN is financially healthy and should not expect problems in meeting its short term obligations.
With a Current ratio value of 1.10, SPN is not doing good in the industry: 62.34% of the companies in the same industry are doing better.
A Quick Ratio of 1.10 indicates that SPN should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.10, SPN is in line with its industry, outperforming 42.86% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.1
Quick Ratio 1.1
SPN.MI Yearly Current Assets VS Current LiabilitesSPN.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M

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5

3. Growth

3.1 Past

The earnings per share for SPN have decreased strongly by -158.65% in the last year.
The Revenue has grown by 13.70% in the past year. This is quite good.
The Revenue has been growing by 18.21% on average over the past years. This is quite good.
EPS 1Y (TTM)-158.65%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-56.55%
Revenue 1Y (TTM)13.7%
Revenue growth 3Y19.63%
Revenue growth 5Y18.21%
Sales Q2Q%11.12%

3.2 Future

The Earnings Per Share is expected to grow by 163.14% on average over the next years. This is a very strong growth
The Revenue is expected to grow by 11.39% on average over the next years. This is quite good.
EPS Next Y728%
EPS Next 2Y215.91%
EPS Next 3Y163.14%
EPS Next 5YN/A
Revenue Next Year12.35%
Revenue Next 2Y10.21%
Revenue Next 3Y10.97%
Revenue Next 5Y11.39%

3.3 Evolution

The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
SPN.MI Yearly Revenue VS EstimatesSPN.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 50M 100M 150M
SPN.MI Yearly EPS VS EstimatesSPN.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8

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3

4. Valuation

4.1 Price/Earnings Ratio

SPN reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Based on the Price/Forward Earnings ratio of 19.56, the valuation of SPN can be described as rather expensive.
SPN's Price/Forward Earnings is on the same level as the industry average.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.06, SPN is valued at the same level.
Industry RankSector Rank
PE N/A
Fwd PE 19.56
SPN.MI Price Earnings VS Forward Price EarningsSPN.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 -50 -100 -150

4.2 Price Multiples

SPN's Enterprise Value to EBITDA ratio is in line with the industry average.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 8.8
SPN.MI Per share dataSPN.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15

4.3 Compensation for Growth

SPN's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as SPN's earnings are expected to grow with 163.14% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y215.91%
EPS Next 3Y163.14%

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0

5. Dividend

5.1 Amount

SPN does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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SPINDOX SPA

BIT:SPN (6/3/2025, 7:00:00 PM)

9.86

+0.02 (+0.2%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSoftware & Services
GICS IndustryIT Services
Earnings (Last)N/A N/A
Earnings (Next)N/A N/A
Inst Owners3.1%
Inst Owner ChangeN/A
Ins Owners66.06%
Ins Owner ChangeN/A
Market Cap59.16M
Analysts86.67
Price Target16.14 (63.69%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DP0%
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)0.05%
PT rev (3m)0.05%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)3.76%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)1.83%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 19.56
P/S 0.58
P/FCF N/A
P/OCF 31.36
P/B 3.6
P/tB N/A
EV/EBITDA 8.8
EPS(TTM)-0.05
EYN/A
EPS(NY)0.5
Fwd EY5.11%
FCF(TTM)-0.37
FCFYN/A
OCF(TTM)0.31
OCFY3.19%
SpS17.03
BVpS2.74
TBVpS-0.64
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -0.33%
ROE -1.61%
ROCE 10.92%
ROIC 8.19%
ROICexc 18.95%
ROICexgc N/A
OM 2.99%
PM (TTM) N/A
GM 74.54%
FCFM N/A
ROA(3y)1.75%
ROA(5y)2.38%
ROE(3y)7.82%
ROE(5y)18.6%
ROIC(3y)8.9%
ROIC(5y)13.14%
ROICexc(3y)32.34%
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)11.87%
ROCE(5y)17.52%
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3Y-29.41%
ROICexc growth 5YN/A
OM growth 3Y-16.93%
OM growth 5Y0.8%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.24%
GM growth 5Y0.03%
F-Score4
Asset Turnover1.26
Health
Industry RankSector Rank
Debt/Equity 0.38
Debt/FCF N/A
Debt/EBITDA 0.92
Cap/Depr 106.06%
Cap/Sales 4.01%
Interest Coverage 250
Cash Conversion 27.28%
Profit Quality N/A
Current Ratio 1.1
Quick Ratio 1.1
Altman-Z 2.3
F-Score4
WACC7.4%
ROIC/WACC1.11
Cap/Depr(3y)237.97%
Cap/Depr(5y)200.25%
Cap/Sales(3y)9.75%
Cap/Sales(5y)7.1%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-158.65%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-56.55%
EPS Next Y728%
EPS Next 2Y215.91%
EPS Next 3Y163.14%
EPS Next 5YN/A
Revenue 1Y (TTM)13.7%
Revenue growth 3Y19.63%
Revenue growth 5Y18.21%
Sales Q2Q%11.12%
Revenue Next Year12.35%
Revenue Next 2Y10.21%
Revenue Next 3Y10.97%
Revenue Next 5Y11.39%
EBIT growth 1Y0.26%
EBIT growth 3Y-0.63%
EBIT growth 5Y19.16%
EBIT Next Year181.46%
EBIT Next 3Y56.75%
EBIT Next 5YN/A
FCF growth 1Y53.01%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-72.77%
OCF growth 3YN/A
OCF growth 5YN/A