olivLaw · European equity research
AEFFE S.p.A. AEF.MI
Italy · Euronext Milan · ISIN IT0001384590 · Vertical: Listed companies from Italy
AEFFE S.p.A. designs, produces and distributes luxury apparel lines (Alberta Ferretti, Moschino, Philosophy di Lorenzo Serafini), along with intimate apparel and beachwear, through wholesale and retail channels. Its relevance now lies in the 2025-2028 industrial plan and the updated sustainability strategy that set the group's direction.
At the close of 04 Nov 2026, AEFFE S.p.A. (AEF.MI) stock was 0.12 EUR (−0.83% on the day), with market capitalisation 11.7 m EUR, P/E 0.6 on diluted EPS of 0.20 EUR over the last 12 months, beta 0.42, 52-week range 0.10–0.38 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.7
- neutral
- Bollinger (20, 2)
- 0.09 – 0.15
- in the lower half of the band · %B 0.44 · band width 45.3%
- SMA 50 / 200
- 0.13 / 0.18
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.8% | +0.4% | −13.2 pp | — |
| 3 months | −26.5% | −3.3% | −23.3 pp | — |
| 6 months | −24.7% | +4.0% | −28.6 pp | — |
| Year to date | −64.7% | +8.1% | −72.8 pp | — |
| 1 year | −57.7% | +10.7% | −68.3 pp | −5.6% |
| 3 years | −85.2% | +50.1% | −135.3 pp | +9.9% |
| 5 years | −95.7% | +43.6% | −139.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 4.4, median 4.4, max 4.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 352.0 m | 318.6 m | 250.8 m |
| Revenue YoY | unavailable | −9.5% | −21.3% |
| Net income | -9.0 m | -32.1 m | 19.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.09 | -0.33 | 0.20 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2.6% | -10.1% | 7.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 20.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 98.1 m EUR
- Total assets
- 393.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 21.8%
- ROA
- 4.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 352.0 m | 318.6 m | 250.8 m | esef· 15 Apr 2025verified |
| Pre-tax income | -3.8 m | -37.9 m | 37.0 m | esef· 15 Apr 2025verified |
| Income tax | 5.3 m | -5.9 m | 17.5 m | esef· 15 Apr 2025verified |
| Net income | -9.0 m | -32.1 m | 19.3 m | esef· 15 Apr 2025verified |
| Diluted EPS | -0.09 | -0.33 | 0.20 | esef· 15 Apr 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 21.7 m | 14.6 m | 20.8 m | esef· 15 Apr 2025verified |
| Inventories | 116.7 m | 112.2 m | 89.2 m | esef· 15 Apr 2025verified |
| Current assets | 247.3 m | 221.4 m | — | esef· 02 Apr 2024verified |
| Property, plant & equipment, net | 61.3 m | 60.4 m | 57.4 m | esef· 15 Apr 2025verified |
| Total assets | 499.3 m | 464.1 m | 393.6 m | esef· 15 Apr 2025verified |
| Current liabilities | 206.9 m | 204.8 m | 133.8 m | esef· 15 Apr 2025verified |
| Equity | 109.8 m | 79.2 m | 98.1 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 98.3 m | 98.3 m | 98.6 m | esef· 15 Apr 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 11.7 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.72 – 5.51 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.72 – 5.51 (Mid 3.10)20 companies used · median multiple 15.8x · quartiles 8.8x – 28.1xAC5.MI, ACE.MI, ADB.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI, ELN.MI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.7% | 59 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 0.6x | 95 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial59/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial95/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AEFFE S.P.A. (AEF.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 250.8 m EUR in 2024; YoY growth -21.3%; net margin 7.7%; ROE 21.9%.
The estimated value range is 1.72–5.51 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.10 EUR, the price of 0.12 EUR leaves a potential of 2,501.8% (value / price − 1) and a margin of safety of 96.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 0.6x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.7 bn | 21.3 | 15.4% | 8.4% | +8.7% | +22% / +58% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +72% |
| DIA.MIDiasorin S.p.a. | 4.4 bn | 28.8 | 9.2% | 13.0% | +0.8% | +33% / −5% |
| CRL.MICarel Industries S.p.a. | 3.0 bn | 40.9 | 16.1% | 11.7% | +8.7% | +7% / +14% |
| AMP.MIAmplifon S.p.a. | 2.6 bn | 29.1 | 8.5% | 3.8% | −0.6% | −11% / −59% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 31.4 | 10.9% | 7.3% | +4.2% | +31% / +79% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.9 | 20.6% | 18.9% | +6.7% | +15% / +114% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 19.1 | 12.8% | 7.1% | −23.0% | +11% / +68% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.7 | 8.6% | 9.4% | +1.4% | −21% / −61% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 986.3 m | 10.6 | 23.5% | 41.0% | +1.8% | −3% / −22% |
| AVIO.MIAvio S.p.a. | 909.3 m | 89.4 | 2.1% | 1.8% | +21.5% | +22% / +302% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 799.2 m | 6.1 | 17.1% | 7.3% | +1.6% | +6% / +75% |
| ASC.MIAscopiave S.p.a. | 639.9 m | 17.9 | 4.2% | 17.5% | +13.4% | −9% / +31% |
| AC5.MIAcinque S.p.a. | 408.7 m | 19.4 | 4.1% | 3.6% | +0.2% | −7% / +7% |
| BAN.MIBasic Net S.p.a. | 345.1 m | — | -4.9% | -3.5% | +0.4% | −31% / +4% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 319.0 m | 12.8 | 11.1% | 13.7% | +9.2% | −3% / +10% |
| CAI.MICairo Communication S.p.a. | 290.6 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +29% |
| ECNL.MIAquafil S.p.a. | 130.1 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 119.8 m | 11.8 | 18.5% | 10.2% | −1.3% | −25% / −31% |
| ABT.MIAbitare In S.p.a. | 76.3 m | 277.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.0 m | — | -7.8% | -2.2% | +1.9% | −34% / −49% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 34.4 m | — | -29.2% | -3.8% | −0.7% | −11% / +102% |
| AEF.MIAeffe S.p.a. | 11.7 m | 0.6 | 21.9% | 7.7% | −21.3% | −52% / −84% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
1- and 3-year price returns: for AEF.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.06 Total return -47% · Per year -47% | 0.11 Total return -5% · Per year -5% | 0.17 Total return 44% · Per year 44% |
| 3 years | 0.05 Total return -58% · Per year -25% | 0.10 Total return -14% · Per year -5% | 0.17 Total return 44% · Per year 13% |
| 5 years | 0.04 Total return -66% · Per year -20% | 0.09 Total return -23% · Per year -5% | 0.17 Total return 44% · Per year 8% |
- Exit P/E± 0.03
- Net margin± 0.02
- Annual revenue growth± 0.02
- Annual dilution± 0.00
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AEFFE S.p.A. designs, produces and distributes luxury apparel lines (Alberta Ferretti, Moschino, Philosophy di Lorenzo Serafini), along with intimate apparel and beachwear, through wholesale and retail channels. Its relevance now lies in the 2025-2028 industrial plan and the updated sustainability strategy that set the group's direction 1.
SWOT
Strengths
- A portfolio of internationally recognised luxury brands and full control of the value chain.
- An own retail and franchising network that provides visibility and control over brand image.
- In-house industrial infrastructure in Italy supporting prototyping and quality control.
Weaknesses
- Dependence on external licensees for important categories such as footwear and eyewear.
- Concentration on a limited number of brands, which makes the group sensitive to each one's performance.
- High fixed costs of the own boutique network in periods of weaker demand.
Opportunities
- Expansion into the Far East, Middle East, Eastern Europe and Japan, where growth potential is higher.
- Development of travel retail and online channels to reach younger generations.
- Launch of sustainable and circular product lines in line with the sustainability plan.
Threats
- Volatility in luxury demand and rapid changes in consumer preferences.
- Compliance costs of environmental and social regulation, such as CSRD reporting.
- Geopolitical and trade risks that could affect export markets and supply chains.
Risks
- Dependence on licencesmedium
Revenues in some categories depend on contracts with external licensees, and changes in these partnerships could affect results.
- Volatile luxury demandhigh
A decline in luxury spending in key markets could reduce wholesale and retail sales.
- Exposure to Chinamedium
Direct management of distribution in China increases exposure to a single market with specific political and economic risks.
- Sustainability compliancemedium
New reporting obligations and animal-material policies could generate additional costs.
- Concentration on main brandshigh
If one of the key brands loses appeal, the impact on the whole group could be significant.
Investment thesis
What would need to be true (bull case)
- If expansion in Asia and travel retail follows the plan, growth could accelerate.
- Full control of the value chain could support margins and brand image.
- The 2025-2028 industrial plan could bring a clearer structure for growth and efficiency.
What would break the thesis
- If luxury demand weakens, the own boutique network could become a cost burden.
- Dependence on licensees could limit control over important categories.
- Sustainability and reporting costs could rise faster than revenues.
What to watch
- Delivery of boutique openings in China and expansion of travel retail2025
- Progress of the 2025-2028 industrial plan and its financial targets2025-2028
- Implementation of CSRD reporting and sustainability targets2026
- Results of the wholesale channel and main licenseesnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The AEFFE group covers the full chain, from prototypes and samples to sales, with production either in-house or outsourced 1. The main plant in San Giovanni in Marignano covers 55264 sq m, while Pollini operates a 39214 sq m site at Gatteo 1. Distribution runs through physical retail, direct online and wholesale, reaching 60 countries 1.
Segments
Monobrand retail
The retail network included 81 directly managed boutiques, mostly for the Moschino brand, while the franchising channel counted 66 boutiques 1.
Wholesale and licences
The wholesale channel includes multibrand stores, department stores and agent showrooms, while licences for footwear, eyewear, fragrances and accessories are granted to specialised partners such as Pollini, Safilo and Drops 1.
Market context
The group aims to strengthen its presence in mature markets and expand into high-potential regions such as the Far East, Middle East, Eastern Europe and Japan, while direct management of distribution in China could allow tighter control of brand image 1. Final customers are served omnichannel, and B2B relationships with selected retailers remain central in fashion and luxury 1.
Trends
- Volatility in luxury fashionheadwind
Fashion companies operate in an increasingly volatile environment with complex product, customer and market combinations, which calls for omnichannel management according to the report 1.
- Younger customer generationstailwind
Attention to new generations and new market scenarios could open growth opportunities if the group adapts products and digital channels 1.
- Sustainability and regulationmixed
CSRD reporting, Digital Product Passport and animal-material policies add compliance costs, but could strengthen brand reputation 1.
- Expansion in Asiatailwind
Faster penetration in Asia and travel retail could support growth if the plan for new openings in China is confirmed 1.
Competitive position
Aeffe competes in the luxury and niche fashion segment with other Italian and international houses, and its position depends on the strength of its licensed brands and its own boutique network 1.
The group's advantage lies in controlling the entire brand value chain, from product to communication, which gives it flexibility when markets change 1.
- Pollini
Licensee for footwear and accessories, and also a competitor in the luxury leather goods segment.
- Safilo
Licensee for Moschino eyewear, relevant as a partner and as a player in the luxury eyewear industry.
- Drops
Licensee for Moschino umbrellas, active in the luxury accessories niche.
- Lariseta
Licensee for scarves, gloves and ties, competing in the Italian luxury accessories segment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202302 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / AEFFE S.p.A. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.