BSP // Bending Spoons S.p.A.

DES <GO> NASDAQ RQD COCKPIT → CIK 0002004711 ↗

Technology • Computer Software: Programming Data Processing

$45.52 ▼ -1.26 (-2.69%)

MKT CAP: $32.49B • VOL: 1.65M

52W L $30 52W H $60

ALTMAN Z

3.87 SAFE

PIOTROSKI

8 / 9

BSP // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 76/100 [B+] (+0 PT) • UNCHANGED AS OF 2026-11-02

ROARABLE B+

RQD CONFIDENCE

76 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Buy — Very Good Cash & Smart-Money Inflow

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

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02 INSTITUTIONAL TAPE & TREND

Whale & Options Flow

16 / 20

STRONG

52W RANGE 57% • VS 200D +18.7% • RSI 57.2

03 SEC XBRL CAPITAL ALLOCATION

Insider & Capital Conviction

16 / 20

STRONG

FCF YIELD +4% • P/E 18.2x • F-SCORE 8/9

04 FRED 90D r-MATRIX

Macro Regime Fit

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05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON BSP)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▲ BULLISH // MACRO TAILWIND SCORE (96/100)SIFTER 05 // TRUE NET LIQUIDITY BETA

SEVERITY: 94/100 Z-SCORE: +6.10σ

BSP Exhibits 6.00x True Net Liquidity Elasticity as Fed-TGA-RRP Prints $5,746B

TRUE NET LIQUIDITY

$5,746B (-0.64% 4W)

NET LIQUIDITY ELASTICITY

6.00x BETA (r=-0.20)

MACRO TAILWIND SCORE

96 / 100

[GEEK DESK FORENSIC NOTE // FRED WALCL - TGA - RRP × 5Y BETA]

FRED Fed Assets (WALCL)US Treasury TGA (WTREGEN) + ON RRPICE BofA High-Yield OAS + 5Y Equity Beta

Wall Street's True Net Liquidity Index (WALCL minus Treasury General Account WTREGEN minus Overnight RRP) stands at $5,745.73B (-0.64% 4-week RoC; High-Yield OAS +2 bps). Rolling 5-year regression assigns Bending Spoons S.p.A. (BSP) a 6.00x Net Liquidity beta (r = -0.20), placing it in the top decile of liquidity-sensitive equities. Current plumbing translates to a deterministic Macro Tailwind Score of 96/100.

BSP // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +12.40%▲ ASCENDING CHANNEL

2026-11-02O $47.02H $47.02L $45.52C $45.52VOL 1.71M

RES: $64.30SUP: $32.08SMA50: $40.70SMA200: $39.40

BSP // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

ACCUMULATE CONVICTION: 60/100

BEAR 0

100 BULL

Bending Spoons S.p.A. (BSP) exhibits 45.0% gross margins and 14.9% return on invested capital within Technology (Computer Software: Programming Data Processing), balanced against a 14.9x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 45.0% gross profitability converts into 21.1% operating margin and 14.9% ROIC, outpacing sector cost of capital.

ROIC: 14.9% // GM: 45.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +22.0% paired with 3.99% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +22.0% // FCF YLD: 3.99%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.87 and Piotroski F-Score of 8/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.87 // F-SCORE: 8/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 21.7x trailing P/E (18.2x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 21.7x // EV/EBITDA: 14.9x

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $45.52 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Computer Software: Programming Data Processing require continuous execution to defend 16.4% net margins.

NET MARGIN: 16.4% // D/E: 0.39x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 18.2x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.17).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 21.7x

FORWARD P/E 18.2x

EV / EBITDA 14.9x

FCF YIELD 3.99%

GROSS MARGIN —

OPERATING MARGIN 21.1%

NET MARGIN 16.4%

ROIC % 14.9%

REV GROWTH YOY +22.0%

DILUTED EPS TTM $2.15

DEBT / EQUITY 0.39x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 57.2

5Y EQUITY BETA 1.17

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // BSPPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $41.65

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for BSP & activate live FRED threshold breach alerts.

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