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without treating your analysis, a quick tip on data sources:

This is an ADR. What are the reporting requirments of ADR's.

if the ADRs trade on U.S. securities exchanges (and they do), they are subject to similar reporting requirements under the securities laws. however, the reports of foreign issuers aren't on forms 10-K and 10-Q etc.

what you want to do is go right to the horse's mouth.

type in "natuzzi", and you'll see a few listings. the one you want is "natuzzi SPA", not "natuzzi industries SPA"

as you can see, NTZ filed their annual report on form 20-F on 2004/06/30, and they filed 2Q2004 results on form 6-K on 2004/9/10.

click the links to read the filings.

it's sometimes helpful to run through statistics from aggregators for screening purposes, but i would never trust yahoo's numbers for an actual purchase decision. these numbers are aggregated into generic categories, and therefore reclassified. errors or unhelpful interpretations occur not infrequently.

another advantage of looking at the actual filings, particularly audited annual reports, is that you can get some idea of how italian GAAP differs from the USA version. in international investing, there can sometimes be potential "gotchas" along these lines.

this sort of thing may be moving beyond the scope of the analytical tools covered in "intelligent investor", but it is perhaps worth mentioning.

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