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Caltagirone Editore

BIT:CED
Snowflake Description

Flawless balance sheet and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CED
BIT
€117M
Market Cap
  1. Home
  2. IT
  3. Media
Company description

Caltagirone Editore SpA operates as a newspapers publishing company in Italy. The last earnings update was 132 days ago. More info.


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CED Share Price and Events
7 Day Returns
2.8%
BIT:CED
0.9%
IT Media
1.1%
IT Market
1 Year Returns
-1.4%
BIT:CED
14%
IT Media
20%
IT Market
CED Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Caltagirone Editore (CED) 2.8% 6.3% -0.5% -1.4% 55.7% 30.5%
IT Media 0.9% 5.5% 8.7% 14% -4% -8%
IT Market 1.1% -1.2% 4.7% 20% 7.4% -14.1%
1 Year Return vs Industry and Market
  • CED underperformed the Media industry which returned 14% over the past year.
  • CED underperformed the Market in Italy which returned 20% over the past year.
Price Volatility
CED
Industry
5yr Volatility vs Market

Value

 Is Caltagirone Editore 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 Caltagirone Editore 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 Caltagirone Editore.

BIT:CED Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 8.7%
Perpetual Growth Rate 10-Year IT Government Bond Rate 1.2%

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 BIT:CED
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IT Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 8.2%
Media Unlevered Beta Simply Wall St/ S&P Global 0.76
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.759 (1 + (1- 24%) (17.98%))
0.908
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.91
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.21% + (0.908 * 8.23%)
8.68%

Discounted Cash Flow Calculation for BIT:CED using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Caltagirone Editore 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.

BIT:CED DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 8.68%)
2020 3.55 Est @ 85.91% 3.27
2021 5.70 Est @ 60.5% 4.83
2022 8.14 Est @ 42.71% 6.34
2023 10.60 Est @ 30.26% 7.60
2024 12.88 Est @ 21.55% 8.50
2025 14.87 Est @ 15.45% 9.02
2026 16.53 Est @ 11.17% 9.23
2027 17.89 Est @ 8.19% 9.19
2028 18.98 Est @ 6.09% 8.97
2029 19.86 Est @ 4.63% 8.63
Present value of next 10 years cash flows €75.00
BIT:CED DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €19.86 × (1 + 1.21%) ÷ (8.68% – 1.21%)
€268.88
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €268.88 ÷ (1 + 8.68%)10
€116.92
BIT:CED Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €75.00 + €116.92
€191.92
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €191.92 / 106.79
€1.8
BIT:CED Discount to Share Price
Calculation Result
Value per share (EUR) From above. €1.80
Current discount Discount to share price of €1.10
= -1 x (€1.10 - €1.80) / €1.80
39.1%

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

Current Discount
Amount off the current price Caltagirone Editore is available for.
Intrinsic value
39%
Share price is €1.1 vs Future cash flow value of €1.8
Current Discount Checks
For Caltagirone Editore to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Caltagirone Editore's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Caltagirone Editore'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 Caltagirone Editore's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Caltagirone Editore's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:CED PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €-0.08
BIT:CED Share Price ** BIT (2019-12-11) in EUR €1.1
Italy Media Industry PE Ratio Median Figure of 13 Publicly-Listed Media Companies 11.83x
Italy Market PE Ratio Median Figure of 248 Publicly-Listed Companies 18.55x

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

** Primary Listing of Caltagirone Editore.

BIT:CED PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 1.1 ÷ -0.08

-13.93x

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

  • Caltagirone Editore is loss making, we can't compare its value to the IT Media industry average.
  • Caltagirone Editore is loss making, we can't compare the value of its earnings to the Italy market.
Price based on expected Growth
Does Caltagirone Editore's expected growth come at a high price?
Raw Data
BIT:CED PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -13.93x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Italy Media Industry PEG Ratio Median Figure of 7 Publicly-Listed Media Companies 1.79x
Italy Market PEG Ratio Median Figure of 169 Publicly-Listed Companies 1.31x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Caltagirone Editore, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Caltagirone Editore's assets?
Raw Data
BIT:CED PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €4.02
BIT:CED Share Price * BIT (2019-12-11) in EUR €1.1
Italy Media Industry PB Ratio Median Figure of 22 Publicly-Listed Media Companies 1.24x
Italy Market PB Ratio Median Figure of 326 Publicly-Listed Companies 1.53x
BIT:CED PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1.1 ÷ 4.02

0.27x

* Primary Listing of Caltagirone Editore.

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

  • Caltagirone Editore is good value based on assets compared to the IT Media industry average.
X
Value checks
We assess Caltagirone Editore'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 Media 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 Media industry average (and greater than 0)? (1 check)
  5. Caltagirone Editore has a total score of 2/6, 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.

Future Performance

 How is Caltagirone Editore expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Caltagirone Editore has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
15.7%
Expected Media industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Caltagirone Editore expected to grow at an attractive rate?
  • Unable to compare Caltagirone Editore's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Caltagirone Editore's earnings growth to the Italy market average as no estimate data is available.
  • Unable to compare Caltagirone Editore's revenue growth to the Italy market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BIT:CED Future Growth Rates Data Sources
Data Point Source Value (per year)
Italy Media Industry Earnings Growth Rate Market Cap Weighted Average 15.7%
Italy Media Industry Revenue Growth Rate Market Cap Weighted Average 0.7%
Italy Market Earnings Growth Rate Market Cap Weighted Average 8.8%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.1%

*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
BIT:CED Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:CED Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 138 4 -9
2019-03-31 140 5 -9
2018-12-31 142 5 -8
2018-09-30 143 -18
2018-06-30 145 1 -27
2018-03-31 149 -1 -29
2017-12-31 153 -2 -30
2017-09-30 156 -73
2017-06-30 153 -3 -62
2017-03-31 154 -58
2016-12-31 151 -2 -62
2016-09-30 153 -26

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Caltagirone Editore is high growth as no earnings estimate data is available.
  • Unable to determine if Caltagirone Editore is high growth as no revenue estimate data is available.
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
BIT:CED Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Caltagirone Editore Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:CED Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 -0.08
2019-03-31 -0.07
2018-12-31 -0.07
2018-09-30 -0.15
2018-06-30 -0.22
2018-03-31 -0.23
2017-12-31 -0.24
2017-09-30 -0.59
2017-06-30 -0.51
2017-03-31 -0.48
2016-12-31 -0.51
2016-09-30

*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.
  • Unable to establish if Caltagirone Editore will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine Caltagirone Editore's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  2. Caltagirone Editore's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Media companies here
  3. Caltagirone Editore's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Caltagirone Editore'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 Italy market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Italy 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.
Caltagirone Editore has a total score of 0/6, 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.

Past Performance

  How has Caltagirone Editore 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 Caltagirone Editore's growth in the last year to its industry (Media).
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.
  • Caltagirone Editore does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Caltagirone Editore's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Caltagirone Editore's 1-year growth to the IT Media industry average as it is not currently profitable.
Earnings and Revenue History
Caltagirone Editore'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 Caltagirone Editore Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:CED Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 138.44 -8.87 6.01
2019-03-31 140.08 -8.58 7.10
2018-12-31 141.73 -8.30 8.19
2018-09-30 143.48 -17.86 8.65
2018-06-30 145.48 -27.42 9.11
2018-03-31 149.19 -28.53 9.20
2017-12-31 152.91 -29.63 9.29
2017-09-30 155.81 -72.71 22.21
2017-06-30 152.79 -62.16 12.47
2017-03-31 153.83 -58.40 17.56
2016-12-31 151.42 -62.44 15.53
2016-09-30 152.91 -25.76 14.54
2016-06-30 157.69 -21.02 16.03
2016-03-31 158.45 -20.31 14.54
2015-12-31 161.19 -20.13 14.54
2015-09-30 163.81 -29.70 13.42
2015-06-30 164.62 -31.56 14.00
2015-03-31 166.27 -36.37 13.42
2014-12-31 167.67 -37.19 13.42
2014-09-30 168.18 -76.45 12.63
2014-06-30 171.45 -76.76 12.95
2014-03-31 174.30 -75.25 12.63
2013-12-31 177.49 -75.43 12.63
2013-09-30 177.53 -43.46 13.11
2013-06-30 178.92 -53.32 12.79
2013-03-31 182.39 -61.93 13.11
2012-12-31 189.88 -60.98 13.11

*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.
  • It is difficult to establish if Caltagirone Editore has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Caltagirone Editore has efficiently used its assets last year compared to the IT Media industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Caltagirone Editore improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Caltagirone Editore'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 Media 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.
Caltagirone Editore has a total score of 0/6, 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.

Health

 How is Caltagirone Editore'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 Caltagirone Editore's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Caltagirone Editore is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Caltagirone Editore's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Caltagirone Editore'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 19.8x 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 Caltagirone Editore Company Filings, last reported 5 months ago.

BIT:CED Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 429.24 7.91 111.73
2019-03-31 429.24 7.91 111.73
2018-12-31 415.18 10.56 109.66
2018-09-30 415.18 10.56 109.66
2018-06-30 445.52 8.18 130.01
2018-03-31 445.52 8.18 130.01
2017-12-31 448.77 8.01 136.50
2017-09-30 448.77 8.01 136.50
2017-06-30 473.85 12.06 147.60
2017-03-31 473.85 12.06 147.60
2016-12-31 472.33 16.60 151.03
2016-09-30 501.50 34.98 162.46
2016-06-30 501.50 34.98 162.46
2016-03-31 559.93 34.82 157.81
2015-12-31 559.93 34.82 157.81
2015-09-30 586.55 33.03 158.09
2015-06-30 586.55 33.03 158.09
2015-03-31 586.54 29.31 155.49
2014-12-31 586.54 29.31 155.49
2014-09-30 619.28 54.61 187.08
2014-06-30 619.28 54.61 187.08
2014-03-31 625.71 49.20 186.63
2013-12-31 625.71 49.20 186.63
2013-09-30 665.21 46.42 188.31
2013-06-30 665.21 46.42 188.31
2013-03-31 670.62 36.08 188.90
2012-12-31 670.62 36.06 188.90
  • Caltagirone Editore's level of debt (1.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (8.7% vs 1.8% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Caltagirone Editore has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Caltagirone Editore has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -63.7% per year.
X
Financial health checks
We assess Caltagirone Editore'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. Caltagirone Editore has a total score of 6/6, 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.

Dividends

 What is Caltagirone Editore'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
0%
Current annual income from Caltagirone Editore dividends.
If you bought €2,000 of Caltagirone Editore shares you are expected to receive €0 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?
  • Unable to evaluate Caltagirone Editore's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Caltagirone Editore's dividend against the top 25% market benchmark as the company has not reported any payouts.
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
BIT:CED 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 0 Analyst Estimates (S&P Global) See Below
Italy Media Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.2%
Italy Market Average Dividend Yield Market Cap Weighted Average of 177 Stocks 4.2%
Italy Minimum Threshold Dividend Yield 10th Percentile 1%
Italy Bottom 25% Dividend Yield 25th Percentile 2%
Italy Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

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

BIT:CED Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2013-11-15 0.000 0.000
2013-08-07 0.000 0.000
2013-05-15 0.000 0.000
2013-04-08 0.000 0.000
2012-08-03 0.030 3.382
2012-04-04 0.030 3.523
2012-03-15 0.030 2.885
2011-03-15 0.050 4.017
2010-04-09 0.050 2.739
2010-03-23 0.050 2.559
2009-03-25 0.050 2.699

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

  • Unable to perform a dividend volatility check as Caltagirone Editore has not reported any payouts.
  • Unable to verify if Caltagirone Editore's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Caltagirone Editore's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Caltagirone Editore has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Caltagirone Editore's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - 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 Caltagirone Editore afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Caltagirone Editore has a total score of 0/6, see the detailed checks below.


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

Management

 What is the CEO of Caltagirone Editore'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
Albino Majore
COMPENSATION €6,000
AGE 74
TENURE AS CEO 2.5 years
CEO Bio

Mr. Albino Majore has been Chief Executive Officer and Director of Caltagirone Editore SpA since June 16, 2017. Mr. Majore serves as a Director of Caltagirone SpA, Vianini Lavori SpA and Caltagirone Editore SpA. Mr. Majoreserved as Chairman of the Board at Vianini S.p.A until 2019

CEO Compensation
  • Albino's compensation has increased whilst company is loss making.
  • Albino's remuneration is lower than average for companies of similar size in Italy.
Management Team

Albino Majore

TITLE
CEO & Director
COMPENSATION
€6K
AGE
74
TENURE
2.5 yrs

Fabrizio Caprara

TITLE
Executive Officer for Financial Reporting
TENURE
3.6 yrs
Board of Directors Tenure

Average tenure and age of the Caltagirone Editore board of directors in years:

1.8
Average Tenure
59
Average Age
  • The average tenure for the Caltagirone Editore board of directors is less than 3 years, this suggests a new board.
Board of Directors

Francesco Gianni

TITLE
Independent Chairman
AGE
68
TENURE
2.5 yrs

Albino Majore

TITLE
CEO & Director
COMPENSATION
€6K
AGE
74
TENURE
2.5 yrs

Azzurra Caltagirone

TITLE
Vice Chairman
COMPENSATION
€250K
AGE
46
TENURE
1.9 yrs

Massimo Confortini

TITLE
Independent Director
COMPENSATION
€30K
AGE
65
TENURE
1.7 yrs

Matteo Tiezzi

TITLE
Chairman of Board of Statutory Auditors
AGE
53
TENURE
1.7 yrs

Mario Delfini

TITLE
Director
COMPENSATION
€126K
AGE
79

Francesco Caltagirone

TITLE
Director
AGE
51
TENURE
1.7 yrs

Alessandro Caltagirone

TITLE
Director
AGE
50
TENURE
1.7 yrs

Tatiana Caltagirone

TITLE
Director
AGE
52

Antonio Catricalà

TITLE
Independent Director
AGE
67
TENURE
2.6 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 Caltagirone Editore'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. Caltagirone Editore 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.

News

Simply Wall St News

We Think Caltagirone Editore (BIT:CED) Has Us A Very Heavy Debt Load

We note that Caltagirone Editore SpA (BIT:CED) does have debt on its balance sheet. … As you can see below, at the end of December 2018, Caltagirone Editore had €10.6m of debt, up from €8.01m a year ago. … Zooming in on the latest balance sheet data, we can see that Caltagirone Editore had liabilities of €58.1m due within 12 months and liabilities of €70.7m due beyond that.

Simply Wall St -

Can You Imagine How Caltagirone Editore's (BIT:CED) Shareholders Feel About The 33% Share Price Increase?

For example, the Caltagirone Editore SpA (BIT:CED) share price is up 33% in the last three years, clearly besting than the market return of around -0.3% (not including dividends). … See our latest analysis for Caltagirone Editore Caltagirone Editore isn't a profitable company, so it is unlikely we'll see a strong correlation between its share price and its earnings per share (EPS). … In the last 3 years Caltagirone Editore saw its revenue shrink by 4.6% per year.

Simply Wall St -

How Financially Strong Is Caltagirone Editore SpA (BIT:CED)?

While small-cap stocks, such as Caltagirone Editore SpA (BIT:CED) with its market cap of €158.28m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn.

Simply Wall St -

Will You Be Burnt By Caltagirone Editore SpA's (BIT:CED) Cash Burn?

The measure of how fast Caltagirone Editore goes through its cash reserves over time is called the cash burn rate. … BIT:CED Income Statement May 8th 18 When will Caltagirone Editore need to raise more cash? … Next Steps: My analysis shows us that Caltagirone Editore will still not need to come to market any time soon, at its current level of opex growth and cash reserves.

Simply Wall St -

Who Are Caltagirone Editore SpA's (BIT:CED) Major Shareholders?

In this analysis, my focus will be on developing a perspective on Caltagirone Editore SpA’s (BIT:CED) latest ownership structure, a less discussed, but important factor. … Insider Ownership I find insiders are another important group of stakeholders, who are directly involved in making key decisions related to the use of capital. … Thus, potential investors should look into these business relations and check how it can impact long-term shareholder returns.Next Steps: Although CED has a low level of overall institutional ownership, active hedge funds still have a significant stake in the company.

Simply Wall St -

Does Caltagirone Editore SpA (BIT:CED) Fall With The Market?

A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one. … See our latest analysis for Caltagirone Editore An interpretation of CED's beta Caltagirone Editore's beta of 0.63 indicates that the stock value will be less variable compared to the whole stock market. … CED’s beta indicates it is a stock that investors may find valuable if they want to reduce the overall market risk exposure of their stock portfolio.

Simply Wall St -

How Financially Strong Is Caltagirone Editore SpA (BIT:CED)?

Over the past year, CED has reduced its debt from €16.60M to €8.01M – this includes both the current and long-term debt. … With current liabilities at €55.91M, it appears that the company has been able to meet these commitments with a current assets level of €189.51M, leading to a 3.39x current account ratio. … BIT:CED Historical Debt Apr 12th 18 Is CED’s debt level acceptable?

Simply Wall St -

Did Caltagirone Editore SpA's (BIT:CED) Earnings Growth Outperform The Industry?

Assessing Caltagirone Editore SpA's (BIT:CED) performance as a company requires looking at more than just a years' earnings data. … Below, I will run you through a simple sense check to build perspective on how Caltagirone Editore is doing by comparing its most recent earnings with its historical trend, in addition to the performance of its media industry peers. … Check out our latest analysis for Caltagirone Editore Were CED's earnings stronger than its past performances and the industry?

Simply Wall St -

Company Info

Description

Caltagirone Editore SpA operates as a newspapers publishing company in Italy. The company publishes newspapers, including Il Messaggero, Il Mattino, Leggo, Il Gazzettino, Il Corriere Adriatico, and Nuovo Quotidiano di Puglia; and operates online versions of its titles through ilmessaggero.it, ilmattino.it, ilgazzettino.it, corriereadriatico.it, quotidianodipuglia.it, and leggo.it Websites. It also provides advertising agency services. Caltagirone Editore SpA was incorporated in 1999 and is headquartered in Rome, Italy.

Details
Name: Caltagirone Editore SpA
CED
Exchange: BIT
Founded: 1999
€116,935,336
106,790,262
Website: http://www.caltagironeeditore.com
Address: Caltagirone Editore SpA
Via Barberini, No. 28,
Rome,
Rome, 00187,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT CED Common Stock Borsa Italiana IT EUR 07. Jul 2000
LSE 0DXJ Common Stock London Stock Exchange GB EUR 07. Jul 2000
BATS-CHIXE CEDM Common Stock BATS 'Chi-X Europe' GB EUR 07. Jul 2000
Number of employees
Current staff
Staff numbers
627
Caltagirone Editore employees.
Industry
Publishing
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/11 20:42
End of day share price update: 2019/12/11 00:00
Last earnings filing: 2019/08/01
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


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.