olivLaw · European equity research
I Grandi Viaggi S.p.A. IGV.MI
Italy · Euronext Milan · ISIN IT0005108219 · Vertical: Listed companies from Italy
I Grandi Viaggi is an Italian tour operator that combines sale of travel packages with operating its own hotel and village properties, mainly in Sicily, Sardinia and outside Europe. In the first months of fiscal 2025 total sales volume grew +19.37% versus the prior-year period, but management warns that geopolitical tensions could reduce discretionary holiday spending, and its stated aim is financial balance. The company closed fiscal 2024 with total revenue of 61,263 thousand EUR (see the anchored figures above).
At the close of 05 Nov 2026, I Grandi Viaggi S.p.A. (IGV.MI) stock was 1.91 EUR (+2.47% on the day), with market capitalisation 97.9 m EUR, P/E 31.8 on diluted EPS of 0.06 EUR over the last 12 months, dividend yield 0.00%, beta 0.59, 52-week range 1.76–2.82 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.4
- strong (55–70)
- Bollinger (20, 2)
- 1.76 – 1.92
- in the upper half of the band · %B 0.93 · band width 8.8%
- SMA 50 / 200
- 1.82 / 2.12
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 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 | +5.9% | −0.6% | +6.5 pp | — |
| 3 months | −0.3% | −4.2% | +3.9 pp | — |
| 6 months | −20.1% | +4.3% | −24.4 pp | — |
| Year to date | −26.1% | +7.5% | −33.6 pp | — |
| 1 year | −7.0% | +9.9% | −16.9 pp | −6.1% |
| 3 years | +150.8% | +49.8% | +100.9 pp | +7.7% |
| 5 years | +88.7% | +42.8% | +45.9 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 12.7, median 15.4, max 18.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 33.3 m | 53.0 m | 61.3 m | 67.2 m |
| Revenue YoY | unavailable | +59.1% | +15.5% | +9.7% |
| Net income | -1.5 m | -177.0 k | 2.7 m | 3.1 m |
| Net income YoY | unavailable | unavailable | unavailable | +13.1% |
| Diluted EPS | -0.03 | 0.00 | 0.06 | 0.06 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | 0.0% |
| net % | -4.4% | -0.3% | 4.4% | 4.6% |
| Free cash flow | 2.7 m | 1.7 m | 938.0 k | 9.2 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Oct 2024
- Cash
- 14.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 71.3 m EUR
- Total assets
- 104.7 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.14x
- ROE
- 4.4%
- ROA
- 3.1%
- FCF margin
- 13.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 33.3 m | 53.0 m | 61.3 m | 67.2 m | esef· 24 Sept 2025verified |
| Operating income | -1.6 m | 311.0 k | 3.3 m | 4.6 m | esef· 24 Sept 2025verified |
| Depreciation & amortisation | 4.2 m | 2.8 m | 2.6 m | 2.6 m | esef· 24 Sept 2025verified |
| EBITDA | 2.6 m ≈ | 3.1 m ≈ | 5.9 m ≈ | 7.2 m ≈ | esef· 24 Sept 2025derived |
| Interest expense | 406.0 k | 1.3 m | 466.0 k | 1.4 m | esef· 24 Sept 2025verified |
| Pre-tax income | -1.6 m | -371.0 k | 3.3 m | 4.0 m | esef· 24 Sept 2025verified |
| Income tax | -234.0 k | -232.0 k | 477.0 k | 732.0 k | esef· 24 Sept 2025verified |
| Net income | -1.5 m | -177.0 k | 2.7 m | 3.1 m | esef· 24 Sept 2025verified |
| Diluted EPS | -0.03 | 0.00 | 0.06 | 0.06 | esef· 24 Sept 2025verified |
| Dividend per share | 0.00 | — | — | — | esef· 30 May 2023derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 26.3 m | 13.8 m | 12.6 m | 14.8 m | esef· 24 Sept 2025verified |
| Inventories | 246.0 k | 313.0 k | 379.0 k | 381.0 k | esef· 24 Sept 2025verified |
| Current assets | 30.4 m | 20.6 m | 18.4 m | 25.1 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 59.1 m | 57.8 m | 58.1 m | 59.8 m | esef· 24 Sept 2025verified |
| Total assets | 99.7 m | 99.7 m | 96.8 m | 104.7 m | esef· 24 Sept 2025verified |
| Current liabilities | 20.1 m | 20.5 m | 18.4 m | 22.0 m | esef· 24 Sept 2025verified |
| Total liabilities | 35.5 m | 35.0 m | 29.1 m | 33.4 m | esef· 24 Sept 2025verified |
| Equity | 64.3 m | 64.7 m | 67.6 m | 71.3 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 48.9 m | — | 45.4 m | 51.4 m | esef· 24 Sept 2025derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 4.2 m | 3.1 m | 3.8 m | 10.7 m | esef· 24 Sept 2025verified |
| Capex | 1.5 m | 1.4 m | 2.9 m | 1.6 m | esef· 24 Sept 2025verified |
| Free cash flow | 2.7 m ≈ | 1.7 m ≈ | 938.0 k ≈ | 9.2 m ≈ | esef· 24 Sept 2025derived |
| Investing cash flow | -1.6 m | -1.4 m | -3.0 m | -7.5 m | esef· 24 Sept 2025verified |
| Financing cash flow | -2.6 m | -14.2 m | -1.9 m | -1.1 m | esef· 24 Sept 2025verified |
| Dividends paid | 0 | 0 | — | — | esef· 30 May 2023verified |
≈ 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
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 97.9 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
50% · 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: 0.38 – 1.37 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.38 – 1.37 (Mid 0.80)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.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
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
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: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.6% | 44 (vs peers) | 13% |
| FCF conversion · Quality | 297.9% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 26.3% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.2x | 26 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.1x | 29 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 31.8x | 14 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.4% | 100 (on a fixed band) | 17% |
| 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 sheet27/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality72/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation52/100 · 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
I GRANDI VIAGGI S.P.A. (IGV.MI). Latest full fiscal year: 2024; data up to 2024-10-31.
Figures computed from the financial statements: revenue 67.2 m EUR in 2024; YoY growth 9.7%; net margin 4.6%; ROE 4.6%.
The estimated value range is 0.38–1.37 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.80 EUR, the price of 1.91 EUR leaves a potential of -58.3% (value / price − 1) and a margin of safety of -139.6% (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 (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 297.9%
- Revenue CAGR 3Y: 26.3%
- FCF yield: 9.4%
What contradicts it
- Interest coverage: 3.2x
- Current ratio: 1.1x
- P/E (TTM): 31.8x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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. | 6.8 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% |
| 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% |
| IGV.MII Grandi Viaggi S.p.a. | 97.9 m | 31.8 | 4.6% | 4.6% | +9.7% | −12% / +144% |
| 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 IGV.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 | 1.25 Total return -35% · Per year -35% | 2.19 Total return 15% · Per year 15% | 3.29 Total return 73% · Per year 73% |
| 3 years | 1.48 Total return -22% · Per year -8% | 2.90 Total return 52% · Per year 15% | 4.73 Total return 148% · Per year 35% |
| 5 years | 1.75 Total return -8% · Per year -2% | 3.83 Total return 101% · Per year 15% | 6.82 Total return 258% · Per year 29% |
- Exit P/E± 0.72
- Net margin± 0.51
- Annual revenue growth± 0.38
- Annual dilution± 0.04
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
I Grandi Viaggi is an Italian tour operator that combines sale of travel packages with operating its own hotel and village properties, mainly in Sicily, Sardinia and outside Europe. In the first months of fiscal 2025 total sales volume grew +19.37% versus the prior-year period, but management warns that geopolitical tensions could reduce discretionary holiday spending, and its stated aim is financial balance. The company closed fiscal 2024 with total revenue of 61,263 thousand EUR (see the anchored figures above).
SWOT
Strengths
- Owned tourism facilities in Sicily and Sardinia, with ISO 14001 certification for villages, giving control over quality and costs.
- Liquidity available at the end of fiscal 2024 and moderate long-term financial liabilities.
- Insurance cover for customers and staff, including pandemic-related risks, placed with a leading insurer.
Weaknesses
- Dependence on a short tourist season, which concentrates revenue and costs into a limited period.
- Total revenue declined in fiscal 2024 compared with the prior year, showing sensitivity to consumer demand.
- Net profitability is modest relative to sales volume, leaving little margin for cost shocks.
Opportunities
- Growing demand for extra-European destinations and in the tour operator segment could offset weaker national sales.
- The higher customer count at the start of fiscal 2025 could support loyalty and repeat sales.
- Public support for insolvency cover could reduce financial risk for smaller operators in the sector.
Threats
- Current geopolitical conflicts could reduce voluntary holiday spending, especially on premium destinations.
- Competition from online platforms and integrated operators could squeeze margins and market share.
- Regulatory changes on seasonal staff contracts could raise labour costs.
Risks
- Exposure to seasonalityhigh
Concentration of sales in a short season could amplify the effect of a weak period on annual results.
- Demand sensitive to geopolitical tensionshigh
Management warns that 2025 results depend on conflicts whose effects cannot be predicted, which could reduce holiday sales.
- Reliance on temporary staffmedium
Large-scale fixed-term hiring exposes the group to labour availability risk and regulatory changes.
- Thin net marginsmedium
Modest net profitability could be quickly affected by cost increases or lower tariffs.
- Environmental and operational risk at facilitieslow
Technical installations at villages are subject to inspections, and the group has set aside no specific provisions for environmental risks, leaving room for unforeseen costs.
Investment thesis
What would need to be true (bull case)
- If extra-European sales keep their pace, the group could recover revenue lost in 2024.
- Owned structures and environmental certifications could support margins better than operators relying entirely on third-party suppliers.
- Growth in the customer count at the start of fiscal 2025 could point to an expanding customer base.
What would break the thesis
- If geopolitical tensions persist, voluntary holiday spending could fall, particularly for premium packages.
- Total revenue declined in fiscal 2024 and net profitability remains modest, leaving little safety margin.
- Dependence on a short season could turn a weak summer into losses that are hard to offset in the rest of the year.
What to watch
- Trend in extra-European destination sales and total sales volumeQ1 2025
- Customer count and tour operator sales after the summer season2025
- Liquidity and financial liabilities in the next annual reportnext 10-K
- Effect of geopolitical conflicts on premium holiday demand, as commented by management2025
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 I Grandi Viaggi group operates as a tour operator and as owner-operator of tourism facilities, including hotels and villages, with its registered office in Milan. As a tour operator group, revenue comes from selling stays and travel packages, both in its own destinations and in those marketed from third parties. The parent company directs and coordinates its Italian subsidiaries, and the Sicilian village structures are ISO 14001 certified 1.
Activity is typically seasonal, so the group relies largely on fixed-term staff. The business model combines fixed costs tied to owned facilities with variable costs for tourist services and agency commissions. The company held a small number of treasury shares and reported no atypical or unusual transactions in fiscal 2024 1.
Segments
Tour operator and marketed villages
Packages sold for marketed destinations, including third-party villages, generated sales of 4.2 million EUR in the period to 13 January 2025, against 2.8 million in the prior period 1.
Owned tourism facilities
Stays in owned facilities outside Europe are the most dynamic component, with extra-European sales of 6.0 million EUR at the same date versus 5.2 million a year earlier, while national destination sales eased slightly from 2.2 to 2.1 million EUR 1.
Market context
The Italian organised tourism market is oriented toward customers buying seasonal packages, and demand depends on disposable income and confidence in travel. Management notes that economic forecasts for 2025 are affected by ongoing conflicts whose outcomes cannot be predicted, which could reduce voluntary holiday spending 1. Customer numbers rose from 4,782 to 5,228 in the period to 13 January 2025, a sign of demand but not a guarantee for the full year.
The company's market share is not available in the analysed report, so comparison with competitors rests mainly on the operating data the group discloses. Luxury or discretionary travel segments could be more sensitive to rising living costs than basic packages.
Trends
- Geopolitical tensions and discretionary spendingheadwind
Management states that current conflicts reduce propensity to spend on discretionary items, and in this context the group's objective is financial balance. If tensions persist, premium holiday sales could slow.
- Growing demand for extra-European destinationstailwind
Sales on owned destinations outside Europe rose in the first months of fiscal 2025, indicating solid demand for long-haul products 1.
- Seasonality and temporary staffingmixed
The seasonal nature of tourism requires large-scale fixed-term hiring, which makes staff costs more flexible but also more exposed to demand swings and labour regulation.
- Public support for travel agenciestailwind
Contributions from the 39 million fund of the Ministry of Tourism supported operators for insolvency and liability cover, and the company received small amounts from this scheme 1. The effect is limited but contributes to sector stability.
Competitive position
Competition includes both Italian and European tour operators selling similar packages and integrated operators that control their own hotels. The group's differentiation comes from owned structures in Sicily, Sardinia and extra-European destinations, which could provide control over quality and costs.
For a smaller player, competitive pressure shows up in pricing and in the ability to finance the season. The report offers no quantitative comparison with competitors, so relative position remains unclear from the documents provided.
- Italian tour operators
Direct competitors in organised packages and villages, with comparable cost structures and regional reach.
- Hotel chains and integrated resort operators
Players competing for the same customers through owned properties, but with greater scale and diversified portfolios.
- Online travel platforms
Competition through price comparison and direct booking, which could reduce reliance on traditional agencies.
- International tour operators with extra-European reach
Competition on long-haul destinations, where the group's owned facilities offer an advantage.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202230 May 2023
Sources
- [1] Annual report, fiscal year ended 2024-10-31 (ESEF) · SEC / I Grandi Viaggi S.p.A. · 31 Oct 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.