olivLaw · European equity research
EQUITA GROUP S.P.A. EQUI.MI
Italy · Euronext Milan · ISIN IT0005312027 · Vertical: Listed companies from Italy
EQUITA GROUP is an Italian financial brokerage and advisory firm active in market trading, investment banking and alternative asset management. Net revenues reached €87.5 million in 2023, and prospects for M&A and IPO activity in 2024 are described with caution, tied to lower interest rates.
At the close of 05 Nov 2026, EQUITA GROUP S.P.A. (EQUI.MI) stock was 6.10 EUR (+0.49% on the day), with market capitalisation 288.1 m EUR, P/E 18.5 on diluted EPS of 0.33 EUR over the last 12 months, dividend yield 5.90%, beta 0.53, 52-week range 5.31–6.44 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)
- 59.7
- strong (55–70)
- Bollinger (20, 2)
- 5.89 – 6.10
- above the upper band · %B 1.01 · band width 3.4%
- SMA 50 / 200
- 5.94 / 5.86
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.02
- 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 | +1.3% | −0.6% | +2.0 pp | — |
| 3 months | +2.5% | −4.2% | +6.7 pp | — |
| 6 months | +3.0% | +4.3% | −1.3 pp | — |
| Year to date | −2.7% | +7.5% | −10.2 pp | — |
| 1 year | +7.0% | +9.9% | −2.9 pp | −5.5% |
| 3 years | +68.5% | +49.8% | +18.7 pp | +8.9% |
| 5 years | +60.1% | +42.8% | +17.3 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 100 percentile of its own 2-quarter history (min 11.2, median 11.3, max 11.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 21.5 m | 15.2 m | 16.1 m |
| Net income YoY | unavailable | −29.1% | +5.3% |
| Diluted EPS | unavailable | 0.32 | 0.33 |
| Diluted EPS YoY | unavailable | unavailable | +3.1% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 37.2 m | -20.3 m | 26.3 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 130.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 108.6 m EUR
- Total assets
- 379.7 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 15.1%
- ROA
- 4.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 29.2 m | 24.0 m | 23.6 m | esef· 02 Apr 2024verified |
| Income tax | 7.1 m | 6.7 m | 6.9 m | esef· 02 Apr 2024verified |
| Net income | 21.5 m | 15.2 m | 16.1 m | esef· 02 Apr 2024verified |
| Diluted EPS | — | 0.32 | 0.33 | esef· 02 Apr 2024verified |
| Dividend per share | — | 0.35 | 0.36 | esef· 02 Apr 2024derived |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 136.1 m | 107.9 m | 130.5 m | esef· 02 Apr 2024verified |
| Property, plant & equipment, net | 5.2 m | 4.1 m | — | esef· 30 May 2023verified |
| Goodwill | 24.2 m | 24.2 m | 24.2 m | esef· 02 Apr 2024verified |
| Total assets | 315.6 m | 399.5 m | 379.7 m | esef· 02 Apr 2024verified |
| Equity | 99.3 m | 104.3 m | 108.6 m | esef· 02 Apr 2024verified |
| Shares outstanding at year end | — | 46.2 m | 47.2 m | esef· 02 Apr 2024derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 37.5 m | -20.0 m | 29.8 m | esef· 02 Apr 2024verified |
| Capex | 266.0 k | 245.6 k | 3.5 m | esef· 02 Apr 2024verified |
| Free cash flow | 37.2 m ≈ | -20.3 m ≈ | 26.3 m ≈ | esef· 02 Apr 2024derived |
| Investing cash flow | -336.5 k | -285.6 k | -4.1 m | esef· 02 Apr 2024verified |
| Financing cash flow | -8.4 m | -12.4 m | -12.4 m | esef· 02 Apr 2024verified |
| Dividends paid | 9.2 m | 16.4 m | 17.0 m | esef· 02 Apr 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 288.1 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · 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: 2.11 – 8.90 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/E2.11 – 8.90 (Mid 4.43)21 companies used · median multiple 13.4x · quartiles 6.4x – 27.0xAC5.MI, ACE.MI, ADB.MI, AEF.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)4.89 – 6.67 (Mid 5.65)
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: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 163.7% | 100 (on a fixed band) | 18% |
| 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 | 18.5x | 48 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.1% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 5.9% | 84 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 64.6% | 79 (on a fixed band) | 12% |
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· partial100/100 · 1/3 factors with a value
- Returns82/100 · 2/2 factors with a value
- Valuation71/100 · 2/3 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
EQUITA GROUP S.P.A. (EQUI.MI). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: ROE 15.1%.
The estimated value range is 3.50–7.79 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 5.04 EUR, the price of 6.10 EUR leaves a potential of -17.4% (value / price − 1) and a margin of safety of -21.0% (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: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 163.7%
- FCF yield: 9.1%
- Shareholder yield (distributions): 5.9%
- Payout ratio (FCF): 64.6%
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, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Listed companies from Italy · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for EQUI.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
Scenarios are not available. input data missing
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
EQUITA GROUP is an Italian financial brokerage and advisory firm active in market trading, investment banking and alternative asset management. Net revenues reached €87.5 million in 2023 1, and prospects for M&A and IPO activity in 2024 are described with caution, tied to lower interest rates.
SWOT
Strengths
- A well-established position in the Italian capital market, with presence across three complementary business areas.
- Diversification across trading, investment banking and asset management, which reduces dependence on a single market cycle.
- A visible role in the EGM IPO market, where the company was active in 2023 1.
Weaknesses
- Revenues are concentrated in a few divisions, and investment banking declined in 2023 1.
- Dependence on Italian M&A volumes makes revenues sensitive to market cycles.
- Relatively small scale compared with international banks limits access to very large transactions.
Opportunities
- Lower interest rates could reactivate leveraged M&A, especially for private equity funds.
- The pipeline of listings on EGM and the main market could generate new advisory mandates.
- Consumer and industrial Made in Italy segments could bring mid-market transactions.
Threats
- A new episode of banking instability could again undermine investor confidence.
- Geopolitical tensions could increase volatility and postpone transactions.
- International competition for large transactions could reduce the company's market share.
Risks
- Volatility of M&A revenueshigh
Investment banking revenues depend on the number and size of transactions, which declined in 2023 1. A further decline could affect results.
- Dependence on the Italian marketmedium
The group's activity is concentrated in Italy, which exposes the company to the national economy and banking system.
- Directional trading riskmedium
Proprietary market positions can generate losses in periods of high volatility, and revenues in this area rose sharply in 2023 1.
- Interest rate riskmedium
A restrictive monetary policy kept financing costs high, which slowed leveraged transactions 1.
- Geopolitical risklow
Instability in the Middle East and the war in Ukraine could revive risk aversion in markets.
Investment thesis
What would need to be true (bull case)
- If lower interest rates are confirmed, M&A and IPO activity could recover, and the existing pipeline could convert into higher revenues.
- Diversification across three divisions could stabilise revenues even when one segment weakens.
- Growth in the alternative asset management division could bring more predictable recurring revenues.
What would break the thesis
- If large transactions remain rare, investment banking could continue to decline.
- Dependence on the Italian market could limit growth if the national economy slows.
- A new financial shock could reduce investor confidence and trading volumes.
What to watch
- Evolution of investment banking revenuesQ1 2025
- Number of IPOs and M&A transactions on the Italian market2025
- ECB policy rates and their impact on financing costs2025
- Proposed dividend and profit distribution policynext 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 EQUITA Group operates in three business areas: Global Markets, Investment Banking and Alternative Asset Management 1. The company provides brokerage, trading and advisory services to institutional investors and companies active in the Italian capital market. The 2023 annual report shows net revenues of €87.5 million 1.
Segments
Global Markets
Global Markets generated revenues of €40.9 million in 2023, up 10% from the prior year 1. Its Sales & Trading and Client Driven & Market Making sub-lines evolved differently, while directional trading rose sharply compared with 2022 1.
Market context
The Italian market was volatile in 2023, after the failures of regional banks in the United States and Credit Suisse, while 34 IPOs took place on EGM, raising over €1.5 billion 1. M&A slowed, with 1,219 transactions in Italy and €28 billion of value 1. The pipeline of announced but unfinalised deals stood at around €40 billion at year end 1.
Trends
- Lower interest rates in 2024tailwind
Central banks began to anticipate a cut in reference rates, which could ease access to credit and revive leveraged acquisitions 1. If this assumption holds, M&A and IPO activity could benefit.
- Slowdown in large M&A dealsheadwind
Large transactions shrank in 2023, and the value of M&A in Italy fell 68% from 2022 1. This limits investment banking revenues.
- IPO dynamics on EGMmixed
The EGM segment attracted many listings in 2023, suggesting a pipeline of listings for the following years 1. The pace of these listings, however, depends on financing conditions.
- Volatility and geopolitical uncertaintymixed
Tensions in the Middle East and the war in Ukraine kept uncertainty high on markets, which affects trading volumes 1.
Competitive position
The company competes with other investment houses and investment banks active in the Italian capital market and in the mid-market segment. The sources provided do not name competitors, so the analysis remains limited to the general environment described in the report 1.
- Italian brokerage and investment banking houses
Direct competition in trading, IPOs and M&A advisory in Italy, with a similar presence in the mid-market segment.
- International investment banks active in Italy
Competition for large M&A and equity placements, where international firms have scale advantages.
- Private equity funds
They act both as clients and as rivals in acquisitions, and their financing capacity influences M&A volumes.
- Alternative asset management firms
They compete for capital raised for alternative funds, where track record drives investor retention.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202302 Apr 2024
- Annual report 202230 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / EQUITA GROUP S.P.A. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.