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Piaggio & C

BATS-CHIXE:PIAM
Snowflake Description

Established dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PIAM
BATS-CHIXE
€533M
Market Cap
  1. Home
  2. GB
  3. Automobiles
Company description

Piaggio & C. SpA, together with its subsidiaries, develops, manufactures, and distributes two-wheeler and commercial motor vehicles. The last earnings update was 13 days ago. More info.


Add to Portfolio Compare Print
  • Piaggio & C has significant price volatility in the past 3 months.
PIAM Share Price and Events
7 Day Returns
-6.5%
BATS-CHIXE:PIAM
3.4%
Europe Auto
0.1%
GB Market
1 Year Returns
-35.2%
BATS-CHIXE:PIAM
-32.8%
Europe Auto
-23.6%
GB Market
PIAM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Piaggio & C (PIAM) -6.5% -27.2% -44.3% -35.2% -17.6% -47%
Europe Auto 3.4% -20.1% -33.3% -32.8% -30.6% -52.1%
GB Market 0.1% -15.5% -27% -23.6% -24.3% -23.5%
1 Year Return vs Industry and Market
  • PIAM underperformed the Auto industry which returned -32.8% over the past year.
  • PIAM underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -23.6% over the past year.
Price Volatility
PIAM
Industry
5yr Volatility vs Market

PIAM Value

 Is Piaggio & C undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Piaggio & C to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Piaggio & C.

BATS-CHIXE:PIAM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.5%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BATS-CHIXE:PIAM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 8.2%
Auto Unlevered Beta Simply Wall St/ S&P Global 0.52
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.521 (1 + (1- 24%) (154.82%))
1.09
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.09
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (1.09 * 8.23%)
9.5%

Discounted Cash Flow Calculation for BATS-CHIXE:PIAM using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Piaggio & C is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

BATS-CHIXE:PIAM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 9.5%)
2020 25.03 Analyst x4 22.85
2021 65.93 Analyst x4 54.98
2022 78.30 Analyst x4 59.64
2023 78.12 Est @ -0.23% 54.34
2024 78.11 Est @ -0% 49.62
2025 78.23 Est @ 0.16% 45.39
2026 78.44 Est @ 0.27% 41.56
2027 78.72 Est @ 0.35% 38.09
2028 79.03 Est @ 0.4% 34.93
2029 79.38 Est @ 0.44% 32.04
Present value of next 10 years cash flows €433.00
BATS-CHIXE:PIAM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €79.38 × (1 + 0.53%) ÷ (9.5% – 0.53%)
€889.82
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €889.82 ÷ (1 + 9.5%)10
€359.11
BATS-CHIXE:PIAM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €433.00 + €359.11
€792.11
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €792.11 / 357.25
€2.22
BATS-CHIXE:PIAM Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:PIAM represents 1.00804x of BIT:PIA
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.00804x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 2.22 x 1.00804
€2.24
Value per share (EUR) From above. €2.24
Current discount Discount to share price of €1.50
= -1 x (€1.50 - €2.24) / €2.24
32.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Piaggio & C is available for.
Intrinsic value
33%
Share price is €1.5 vs Future cash flow value of €2.24
Current Discount Checks
For Piaggio & C to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Piaggio & C's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Piaggio & C's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Piaggio & C's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Piaggio & C's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:PIAM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €0.13
BIT:PIA Share Price ** BIT (2020-04-07) in EUR €1.49
Europe Auto Industry PE Ratio Median Figure of 14 Publicly-Listed Auto Companies 8.68x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 12.61x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Piaggio & C.

BATS-CHIXE:PIAM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:PIA Share Price ÷ EPS (both in EUR)

= 1.49 ÷ 0.13

11.39x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Piaggio & C is overvalued based on earnings compared to the Europe Auto industry average.
  • Piaggio & C is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Piaggio & C's expected growth come at a high price?
Raw Data
BATS-CHIXE:PIAM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.39x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
17.8%per year
Europe Auto Industry PEG Ratio Median Figure of 9 Publicly-Listed Auto Companies 0.35x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 517 Publicly-Listed Companies 0.99x

*Line of best fit is calculated by linear regression .

BATS-CHIXE:PIAM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.39x ÷ 17.8%

0.64x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Piaggio & C is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Piaggio & C's assets?
Raw Data
BATS-CHIXE:PIAM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €1.07
BIT:PIA Share Price * BIT (2020-04-07) in EUR €1.49
Europe Auto Industry PB Ratio Median Figure of 23 Publicly-Listed Auto Companies 0.63x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,323 Publicly-Listed Companies 1.11x
BATS-CHIXE:PIAM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:PIA Share Price ÷ Book Value per Share (both in EUR)

= 1.49 ÷ 1.07

1.39x

* Primary Listing of Piaggio & C.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Piaggio & C is overvalued based on assets compared to the Europe Auto industry average.
X
Value checks
We assess Piaggio & C's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Auto industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Auto industry average (and greater than 0)? (1 check)
  5. Piaggio & C has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PIAM Future Performance

 How is Piaggio & C expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
17.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Piaggio & C expected to grow at an attractive rate?
  • Piaggio & C's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Piaggio & C's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
  • Piaggio & C's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:PIAM Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS-CHIXE:PIAM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 17.8%
BATS-CHIXE:PIAM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 4%
Europe Auto Industry Earnings Growth Rate Market Cap Weighted Average 11.6%
Europe Auto Industry Revenue Growth Rate Market Cap Weighted Average 0.4%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.5%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BATS-CHIXE:PIAM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:PIAM Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 1,826 1
2023-12-31 1,786 1
2022-12-31 1,698 211 74 4
2021-12-31 1,600 195 62 4
2020-12-31 1,512 151 40 5
2020-04-07
BATS-CHIXE:PIAM Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 1,521 216 47
2019-09-30 1,496 197 46
2019-06-30 1,477 190 44
2019-03-31 1,423 174 40
2018-12-31 1,390 148 36
2018-09-30 1,379 150 31
2018-06-30 1,347 133 26
2018-03-31 1,346 148 22
2017-12-31 1,342 150 20
2017-09-30 1,339 144 20
2017-06-30 1,332 137 17
2017-03-31 1,315 130 14

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Piaggio & C's earnings are expected to grow by 17.8% yearly, however this is not considered high growth (20% yearly).
  • Piaggio & C's revenue is expected to grow by 4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BATS-CHIXE:PIAM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Piaggio & C Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:PIAM Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.21 0.25 0.18 4.00
2021-12-31 0.17 0.21 0.15 4.00
2020-12-31 0.13 0.16 0.08 4.00
2020-04-07
BATS-CHIXE:PIAM Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 0.13
2019-09-30 0.13
2019-06-30 0.12
2019-03-31 0.11
2018-12-31 0.10
2018-09-30 0.09
2018-06-30 0.07
2018-03-31 0.06
2017-12-31 0.06
2017-09-30 0.06
2017-06-30 0.05
2017-03-31 0.04

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Piaggio & C is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Piaggio & C's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Piaggio & C has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PIAM Past Performance

  How has Piaggio & C performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Piaggio & C's growth in the last year to its industry (Auto).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Piaggio & C has delivered over 20% year on year earnings growth in the past 5 years.
  • Piaggio & C's 1-year earnings growth is less than its 5-year average (29.6% vs 29.8%)
  • Piaggio & C's earnings growth has exceeded the Europe Auto industry average in the past year (29.6% vs -10%).
Earnings and Revenue History
Piaggio & C's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Piaggio & C Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:PIAM Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 1,521.33 46.75 286.97
2019-09-30 1,496.26 45.76 278.85
2019-06-30 1,476.91 43.96 278.47
2019-03-31 1,423.42 39.95 276.86
2018-12-31 1,389.55 36.08 277.81
2018-09-30 1,378.90 31.20 271.55
2018-06-30 1,346.74 25.52 270.98
2018-03-31 1,345.64 22.46 269.17
2017-12-31 1,342.45 19.98 270.56
2017-09-30 1,338.68 20.02 269.17
2017-06-30 1,331.92 17.17 267.39
2017-03-31 1,315.17 14.27 265.76
2016-12-31 1,313.11 14.04 264.65
2016-09-30 1,324.41 12.72 255.07
2016-06-30 1,307.90 15.10 261.94
2016-03-31 1,300.34 11.94 258.58
2015-12-31 1,295.29 11.87 260.58
2015-09-30 1,285.05 12.53 256.26
2015-06-30 1,278.18 14.40 257.19
2015-03-31 1,238.49 16.17 252.71
2014-12-31 1,213.27 16.07 250.01
2014-09-30 1,188.35 -12.40 248.94
2014-06-30 1,169.96 -15.01 242.97
2014-03-31 1,185.87 -6.54 241.39
2013-12-31 1,212.54 -6.55 250.64
2013-09-30 1,248.85 25.40 265.45
2013-06-30 1,313.63 33.19 264.49

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Piaggio & C has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Piaggio & C used its assets less efficiently than the Europe Auto industry average last year based on Return on Assets.
  • Piaggio & C has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Piaggio & C's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Auto industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Piaggio & C has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PIAM Health

 How is Piaggio & C's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Piaggio & C's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Piaggio & C's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Piaggio & C's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Piaggio & C's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Piaggio & C Company Filings, last reported 3 months ago.

BATS-CHIXE:PIAM Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 383.81 796.26 190.75
2019-09-30 387.15 597.05 212.47
2019-06-30 393.69 792.70 168.46
2019-03-31 402.06 637.82 181.42
2018-12-31 391.95 798.41 188.74
2018-09-30 386.56 600.62 197.50
2018-06-30 384.30 842.37 193.32
2018-03-31 380.04 625.68 125.21
2017-12-31 385.06 757.71 128.07
2017-09-30 389.77 611.40 179.39
2017-06-30 391.14 845.30 222.76
2017-03-31 398.67 677.64 134.74
2016-12-31 393.71 870.18 191.76
2016-09-30 393.16 834.43 150.96
2016-06-30 393.19 854.13 152.59
2016-03-31 396.59 828.82 98.50
2015-12-31 404.29 773.42 101.43
2015-09-30 410.04 801.66 106.99
2015-06-30 409.79 857.62 120.68
2015-03-31 423.36 693.51 96.85
2014-12-31 413.07 777.36 98.21
2014-09-30 420.56 576.35 128.33
2014-06-30 411.66 722.46 104.03
2014-03-31 393.41 615.80 71.05
2013-12-31 392.12 670.14 67.34
2013-09-30 427.20 527.06 65.55
2013-06-30 429.16 567.52 101.88
  • Piaggio & C's level of debt (207.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (187.9% vs 207.5% today).
  • Debt is well covered by operating cash flow (27.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.4x coverage).
X
Financial health checks
We assess Piaggio & C's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Piaggio & C has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PIAM Dividends

 What is Piaggio & C's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.38%
Current annual income from Piaggio & C dividends. Estimated to be 7.02% next year.
If you bought €2,000 of Piaggio & C shares you are expected to receive €148 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Piaggio & C's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.59%).
  • Piaggio & C's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (7.08%).
Upcoming dividend payment

Purchase Piaggio & C before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BATS-CHIXE:PIAM Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Europe Auto Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 5.9%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 588 Stocks 5.6%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.6%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 7.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BATS-CHIXE:PIAM Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.11 4.00
2021-12-31 0.12 4.00
2020-12-31 0.09 4.00
2020-04-07
BATS-CHIXE:PIAM Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-25 0.110 7.156
2020-02-26 0.110 6.072
2019-11-12 0.110 4.061
2019-10-30 0.110 3.806
2019-08-12 0.110 4.045
2019-07-26 0.110 4.047
2019-03-22 0.090 3.619
2019-02-25 0.090 3.983
2018-03-26 0.055 2.745
2017-02-27 0.055 2.476
2016-03-24 0.050 3.056
2016-03-11 0.050 2.636
2015-03-20 0.072 2.979
2015-02-27 0.072 2.527
2014-11-03 0.000 0.000
2014-10-23 0.000 0.000
2014-08-08 0.000 0.000
2014-07-28 0.000 0.000
2014-05-14 0.000 0.000
2014-05-08 0.000 0.000
2014-03-20 0.000 0.000
2013-02-27 0.092 4.371
2012-07-27 0.082 4.178
2012-02-23 0.082 3.980
2011-03-08 0.070 2.976
2010-02-26 0.070 3.064

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Piaggio & C's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess Piaggio & C's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Piaggio & C afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Piaggio & C has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PIAM Management

 What is the CEO of Piaggio & C's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Roberto Colaninno
COMPENSATION €1,290,000
AGE 76
TENURE AS CEO 13.5 years
CEO Bio

Mr. Roberto Colaninno has been the Chief Executive Officer of Piaggio & C. SpA since November 26, 2006 and served as its President and Director in charge of Internal Audit. Mr. Colaninno serves as Managing Director of Piaggio Finance S.A. He served as the Chief Operating Officer at Piaggio & C. SpA. He served as the Chief Executive Officer of Alitalia - Compagnia Aerea Italiana S.p.A. He served as the Chief Executive Officer of Omnia Holding SpA and Omniapartecipazioni S.P.A. He served as the President of HOPA SpA. He also served as the Chief Executive Officer of Olivetti since September 1996. He served as the Chief Executive Officer of Telecom Italia SpA. He serves as the Chairman of Piaggio & C. SpA, Chairman of Omnia Holding S.p.A., Omniainvest SPA, Compagnia Aerea Italiana S.r.l, Piaggio Holding Netherlands B.V., RCN Finanziaria S.p.A. and Immobiliare Regis S.r.l. He serves as the Chairman of the Fingruppo financial holding company and Chairman of Oliman, a joint venture between Olivetti and Mannesmann AG of Germany. He has been the Chairman Emeritus of Alitalia - Compagnia Aerea Italiana S.p.A. until January 2015. Mr. Colaninno serves as the Chairman of Piaggio SpA, Omniaholding SpA and Alitalia-Compagnia Aerea Italiana. He has been an Executive Chairman of Immsi SPA since May 12, 2006 and has been its Director since January 31, 2003. He served as Chairman of the Board of Aprilia S.p.A., until December 31, 2005. He served as the Chairman of Alitalia - Compagnia Aerea Italiana S.p.A. until January 2015. He served as the Chairman of Telecom Italia Mobile SpA. and Hopa S.p.A. He serves as Vice Chairman of Omnitel Pronto Italia. He served as Deputy Chairman of Seat Pagine Gialle SpA. He served as a Director of Efibanca S.p.A., Rodriquez Cantieri Navali SpA and Banca Agricola Mantovana. He has been a Director of Piaggio & C. SpA since August 28, 2006. He served as a Director of Wang Global Inc. (Formerly Wang Laboratories Inc.) since March 1998. He served as an Independent Director of Mediobanca SpA since January 24, 2007 and served as its Director from July 30 2001 to December 2006. He served as a Director of Hopa S.p.A. and Capitalia SpA. He served as an Independent Director of Mediobanca Banca di Credito Finanziario S.p.A. since January 24, 2007 and as Director from July 30, 2001 to December 2006. He served as a Director of Telecom Italia Mobile S.p.A. He served as a Director of Banca Toscana SpA since March 26, 1999. He serves as a Member of the Governing Body of Confindustria, the Italian industrialists' association and Vice Chairman of Feder Lombarda, the federation of industrialists in Lombardy, Italy. In 2001, he was awarded an honorary degree in Business & Economics from the University of Lecce. In 2013, he was awarded an honorary master’s diploma in Management, Innovation & Services Engineering from the Sant’Anna School of Advanced Studies, a special-statute university in Pisa.

CEO Compensation
  • Roberto's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Roberto's remuneration is lower than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure of the Piaggio & C management team in years:

6.3
Average Tenure
  • The average tenure for the Piaggio & C management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Roberto Colaninno

TITLE
Chairman & CEO
COMPENSATION
€1M
AGE
76
TENURE
13.5 yrs

Alessandra Simonotto

TITLE
Chief Financial Officer
TENURE
0.5 yrs

Raffaele Lupotto

TITLE
Executive VP & Head of Investor Relations
TENURE
9.3 yrs

Ulisse Spada

TITLE
General Counsel & Member of Supervisory Body
TENURE
11.3 yrs

Davide Zanolini

TITLE
Executive Vice President of Marketing & Communication
TENURE
6.4 yrs

Giancarlo Milianti

TITLE
Executive Vice President of Human Resources
TENURE
11.3 yrs

Maurizio Carletti

TITLE
Executive Vice President of 2 Wheeler Italy & EMEA Market
TENURE
5.5 yrs

Gianluca Fiume

TITLE
Executive Vice President of Asia Pacifc 2 Wheeler - China
TENURE
5.5 yrs

Vincenzo Scardigno

TITLE
Executive Vice President of 3-4 Wheeler EMEA & Emerging Markets
TENURE
5.5 yrs

Massimo Repetto

TITLE
Executive Vice President of 3-4 Wheeler Product Development
TENURE
6.1 yrs
Board of Directors Tenure

Average tenure and age of the Piaggio & C board of directors in years:

5
Average Tenure
69
Average Age
  • The tenure for the Piaggio & C board of directors is about average.
Board of Directors

Matteo Colaninno

TITLE
Deputy Chairman
COMPENSATION
€100K
AGE
49
TENURE
16.3 yrs

Roberto Colaninno

TITLE
Chairman & CEO
COMPENSATION
€1M
AGE
76

Raviinder Chopra

TITLE
Chairman of Piaggio Vehicles Private Ltd
AGE
76

Mario Maria

TITLE
Chairman & CEO of Piaggio Group Americas
TENURE
5.8 yrs

Giuseppe Tesauro

TITLE
Lead Independent Director
COMPENSATION
€43K
AGE
77

Graziano Visentin

TITLE
Independent Director
COMPENSATION
€52K
AGE
69
TENURE
5 yrs

Piera Vitali

TITLE
Chairman of Board of Statutory Auditors
TENURE
5 yrs

Michele Colaninno

TITLE
Director
COMPENSATION
€40K
AGE
43
TENURE
13.7 yrs

Maria Carrozza

TITLE
Independent Director
COMPENSATION
€29K
TENURE
5 yrs

Andrea Formica

TITLE
Independent Director
COMPENSATION
€29K
AGE
58
TENURE
5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Piaggio & C's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Piaggio & C has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PIAM News

Simply Wall St News

PIAM Company Info

Description

Piaggio & C. SpA, together with its subsidiaries, develops, manufactures, and distributes two-wheeler and commercial motor vehicles. It provides two-wheelers, including scooters, motorcycles, and mopeds, as well as related spare parts and accessories under the Aprilia, Derbi, Gilera, Moto Guzzi, Piaggio, Scarabeo, and Vespa brand names. The company also offers three-and four-wheeler light transport sector vehicles, as well as related spare parts and accessories for commercial and private use under the Ape and Porter brands; and smart robots for goods transportation. In addition, it sells engines to third parties; conducts two-wheeler sports championships; and provides technical services. Piaggio & C. SpA distributes its vehicles primarily through dealers and importers in Europe, the Middle East, Africa, the Americas, the Asia Pacific, and India. The company was founded in 1884 and is headquartered in Pontedera, Italy. Piaggio & C. SpA is a subsidiary of IMMSI S.p.A.

Details
Name: Piaggio & C. SpA
PIAM
Exchange: BATS-CHIXE
Founded: 1884
€532,666,945
357,254,826
Website: http://www.piaggiogroup.com
Address: Piaggio & C. SpA
Viale Rinaldo Piaggio, 25,
Pontedera,
Pisa, 56025,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT PIA Common Stock Borsa Italiana IT EUR 11. Jul 2006
OTCPK PIAG.F Common Stock Pink Sheets LLC US USD 11. Jul 2006
DB P1I Common Stock Deutsche Boerse AG DE EUR 11. Jul 2006
LSE 0FM1 Common Stock London Stock Exchange GB EUR 11. Jul 2006
BATS-CHIXE PIAM Common Stock BATS 'Chi-X Europe' GB EUR 11. Jul 2006
OTCPK PGGC.Y UNSPONSORED ADR Pink Sheets LLC US USD 04. Nov 2015
Number of employees
Current staff
Staff numbers
6,134
Piaggio & C employees.
Industry
Motorcycle Manufacturers
Automobiles
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/07 22:24
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/04/07
Last earnings filing: 2020/03/25
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.