olivLaw · European equity research
AbitareIn S.p.A. ABT.MI
Italy · Euronext Milan · ISIN IT0005445280 · Vertical: Listed companies from Italy
AbitareIn S.p.A. is a Milan-based group that develops and sells real estate, mainly residential projects, through many subsidiaries wholly or majority owned. The annual report for the year ended 30 September 2025 shows an extended group structure with numerous subsidiaries and a business model based on real estate initiatives at different stages.
At the close of 05 Nov 2026, AbitareIn S.p.A. (ABT.MI) stock was 2.76 EUR (−0.36% on the day), with market capitalisation 76.0 m EUR, P/E 276.0 on diluted EPS of 0.01 EUR over the last 12 months, dividend yield 13.06%, beta 0.29, 52-week range 2.58–3.08 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)
- 50.7
- neutral
- Bollinger (20, 2)
- 2.65 – 2.84
- in the upper half of the band · %B 0.57 · band width 7.0%
- SMA 50 / 200
- 2.79 / 2.81
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -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 | 0.0% | +0.4% | −0.4 pp | — |
| 3 months | −2.1% | −3.3% | +1.1 pp | — |
| 6 months | +6.2% | +4.0% | +2.2 pp | — |
| Year to date | −2.6% | +8.1% | −10.7 pp | — |
| 1 year | −0.9% | +10.7% | −11.6 pp | −4.8% |
| 3 years | −45.5% | +50.1% | −95.5 pp | +10.1% |
| 5 years | −67.3% | +43.6% | −110.9 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 67 percentile of its own 3-quarter history (min 6.8, median 20.8, max 286.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 116.3 m | 74.8 m | 104.6 m |
| Revenue YoY | unavailable | −35.7% | +39.8% |
| Net income | 24.3 m | 5.8 m | 384.0 k |
| Net income YoY | unavailable | −76.2% | −93.4% |
| Diluted EPS | 0.87 | 0.20 | 0.01 |
| Diluted EPS YoY | unavailable | −77.0% | −95.0% |
| net % | 20.9% | 7.7% | 0.4% |
| Free cash flow | 94.1 m | -25.1 m | -36.6 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- unavailable EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 111.1 m EUR
- Total assets
- 368.9 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.78x
- ROE
- 0.3%
- ROA
- 0.1%
- FCF margin
- -35.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 116.3 m | 74.8 m | 104.6 m | esef· 08 Jan 2026verified |
| Operating income | 32.6 m | 15.4 m | 9.9 m | esef· 08 Jan 2026verified |
| Interest expense | 10.6 m | 8.3 m | 8.7 m | esef· 08 Jan 2026verified |
| Pre-tax income | 25.1 m | 10.1 m | 1.8 m | esef· 08 Jan 2026verified |
| Income tax | 969.9 k | 4.5 m | 1.6 m | esef· 08 Jan 2026verified |
| Net income | 24.3 m | 5.8 m | 384.0 k | esef· 08 Jan 2026verified |
| Diluted EPS | 0.87 | 0.20 | 0.01 | esef· 08 Jan 2026verified |
| Dividend per share | 0.00 | 0.36 | — | esef· 07 Jan 2025derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Inventories | 169.8 m | 219.5 m | 260.7 m | esef· 08 Jan 2026verified |
| Current assets | 245.0 m | 263.7 m | 300.0 m | esef· 08 Jan 2026verified |
| Property, plant & equipment, net | 27.5 m | 34.8 m | 62.0 m | esef· 08 Jan 2026verified |
| Intangibles (excl. goodwill) | 2.3 m | 2.0 m | 1.8 m | esef· 08 Jan 2026verified |
| Total assets | 279.1 m | 307.9 m | 368.9 m | esef· 08 Jan 2026verified |
| Current liabilities | 47.5 m | 40.5 m | 108.1 m | esef· 08 Jan 2026verified |
| Total liabilities | 169.5 m | 197.0 m | 257.8 m | esef· 08 Jan 2026verified |
| Equity | 109.7 m | 111.0 m | 111.1 m | esef· 08 Jan 2026verified |
| Shares outstanding at year end | 26.7 m | 27.5 m | — | esef· 07 Jan 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 94.9 m | -24.3 m | -36.4 m | esef· 08 Jan 2026verified |
| Capex | 750.2 k | 746.8 k | 166.3 k | esef· 08 Jan 2026verified |
| Free cash flow | 94.1 m ≈ | -25.1 m ≈ | -36.6 m ≈ | esef· 08 Jan 2026derived |
| Investing cash flow | -15.1 m | -8.3 m | -28.0 m | esef· 08 Jan 2026verified |
| Financing cash flow | -83.2 m | 17.5 m | 55.6 m | esef· 08 Jan 2026verified |
| Dividends paid | 0 | 9.9 m | 0 | esef· 08 Jan 2026verified |
| Share repurchases | 1.1 m | 4.0 m | 0 | esef· 08 Jan 2026verified |
≈ 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 76.0 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · 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: 0.06 – 6.69 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/E0.06 – 0.27 (Mid 0.13)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)4.90 – 6.69 (Mid 5.66)
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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.4% | 23 (vs peers) | 13% |
| FCF conversion · Quality | -9,527.4% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.1x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 276.0x | 0 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -48.2% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality12/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation0/100 · 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
ABITARE IN S.P.A. (ABT.MI). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 104.6 m EUR in 2025; YoY growth 39.8%; net margin 0.4%; ROE 0.4%.
The estimated value range is 2.48–3.48 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 2.90 EUR, the price of 2.76 EUR leaves a potential of 4.9% (value / price − 1) and a margin of safety of 4.7% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.8x
What contradicts it
- Net margin: 0.4%
- FCF conversion: -9,527.4%
- Interest coverage: 1.1x
- P/E (TTM): 276.0x
- FCF yield: -48.2%
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| 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 ABT.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 | 2.52 Total return -8% · Per year -8% | 4.43 Total return 61% · Per year 61% | 6.64 Total return 141% · Per year 141% |
| 3 years | 2.98 Total return 10% · Per year 3% | 5.86 Total return 114% · Per year 29% | 9.56 Total return 249% · Per year 52% |
| 5 years | 3.54 Total return 31% · Per year 6% | 7.74 Total return 184% · Per year 23% | 13.77 Total return 404% · Per year 38% |
- Exit P/E± 1.46
- Net margin± 1.02
- Annual revenue growth± 0.76
- Annual dilution± 0.09
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
AbitareIn S.p.A. is a Milan-based group that develops and sells real estate, mainly residential projects, through many subsidiaries wholly or majority owned. The annual report for the year ended 30 September 2025 shows an extended group structure with numerous subsidiaries and a business model based on real estate initiatives at different stages.1
SWOT
Strengths
- The group structure is extensive and most subsidiaries are wholly owned, giving operational control over projects.
- Presence in several vehicles, including SIINQ, allows diversification of how real estate assets are held.
- A well-documented accounting policy for inventory and revenue offers transparency on when profits are recognised.
Weaknesses
- Revenue depends on signing contracts and construction progress, making results sensitive to timing.
- The large number of companies in the group can make the structure complex for investors to follow.
- With a 71.20% stake in the SIINQ companies, part of the earnings belongs to minority shareholders.
Opportunities
- Urban developments in Milan could offer new land and projects if the residential market remains active.
- SIINQ vehicles could attract investment if their tax and dividend regime remains attractive.
- Disposals of stakes, such as the one in Abitare In Development 7, could release capital for new initiatives.
Threats
- A fall in demand or prices in Milan could reduce the realisable value of inventory.
- Rising financing costs could affect margins, especially for projects under development.
- Delays in obtaining contracts or in construction could postpone revenue recognition.
Risks
- Dependence on sales timinghigh
Revenue recognition depends on signing preliminary and final contracts, and delays can move results into other periods.1
- Inventory value riskhigh
Inventory is valued at the lower of cost and estimated realisable value, and a fall in prices could require write-downs.1
- Complexity of the group structuremedium
The large number of subsidiaries and SIINQ vehicles makes consolidation and control more difficult, with a risk of errors or misreading of results.1
- Effects of IFRS 16 leasingmedium
Lease contracts increase liabilities recognised on the balance sheet, which could limit financial flexibility in periods of pressure.1
- Minority interestslow
For partly owned companies, losses can exceed the minority share of equity, which can create negative balances for minority interests.1
Investment thesis
What would need to be true (bull case)
- If the Milan residential market remains solid, projects already at an advanced stage could bring steady revenue to the group.
- A structure of wholly owned subsidiaries can offer flexibility in managing projects and resources.
- Disposals of stakes could release capital for new investments if they are completed at favourable values.
What would break the thesis
- If demand in Milan falls, the value of inventory could be reduced and revenue could slow.
- The group's complexity and dependence on contracts can make results difficult for investors to forecast.
- Financing costs and lease obligations could limit margins and flexibility in difficult periods.
What to watch
- Progress of preliminary and final sale contracts signed for projects under wayNext annual report
- Inventory value and any write-downs2026
- Results of the SIINQ companies and their contribution to the group2026
- Effect of the disposal of the Abitare In Development 7 stake on available capitalNext 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
AbitareIn S.p.A. is headquartered in Milan, via degli Olivetani 10/12, and fully consolidates a large number of limited liability companies, most held at 100%, plus two SIINQ companies (Homizy Siiq S.p.A., Deametra Siinq S.r.l., Smartcity Siinq S.r.l.) controlled through Homizy Siiq S.p.A. at 71.20%.1 According to the notes, sales revenue is recognised according to the progress of real estate initiatives and whether preliminary or final sale contracts exist.1 In 2025 the entire stake in Abitare In Development 7 S.r.l. was sold, and it left the consolidation scope on 18 September 2025.1
The business model combines land acquisition, development and sale of real estate units, and inventory (rimanenze) accounting follows the phases of these initiatives: acquisition cost for land not yet under development, and the percentage of completion method for units sold under preliminary contracts.1 This approach means reported results depend on the timing of contract signing and construction progress.1
The group also uses holding-level structures for financing: financial costs borne by the holding Abitare In S.p.A. were capitalised in fiscal 2025, with an effect considered not material, and comparative data were not restated.1
Segments
Residential development in Milan
Most companies in the perimeter are based in Milan and carry project-related names (for example Abitare In Maggiolina S.r.l., Lambrate Twin Palace S.r.l., Milano City Village S.r.l.), indicating a geographic focus on urban residential development.1
Investments through SIINQ
Through Homizy Siiq S.p.A. and its subsidiaries, the group holds SIINQ vehicles that own and develop property, with a 71.20% stake in the subsidiaries.1 The notes in this extract do not detail their contribution to results, but the structure points to a real estate investment component distinct from classic development.1
Market context
The sources provided do not include data on the size of the Italian real estate market or the group's market share, so these aspects cannot be assessed from the document analysed. The group's activity is however linked to the Milan residential market, where most operating subsidiaries are concentrated.1
Demand and prices in the urban residential segment directly influence the timing of sales and the realisable value of inventory, reflected in the valuation policy at the lower of cost and estimated realisable value, which depends on market trends.1
Trends
- Urban development in Milanmixed
Many group companies carry the names of neighbourhoods or urban projects, suggesting that city developments are a central part of the strategy, and the evolution of this segment could matter a great deal for the group.1
- Financing through capitalised costsmixed
Capitalisation of financial costs by the holding in fiscal 2025 changes how financing expenses are recognised; the effect was considered immaterial, but the change shows attention to how project financing is accounted for.1
- Application of IFRS 16 and lease rulesheadwind
Lease contracts are recognised on the balance sheet as right-of-use assets and financial liabilities, which increases the visibility of group obligations and may influence the capital structure.1
- Timing of sale contractsheadwind
Revenue recognition depends on signing preliminary and final contracts; delays in signing could shift revenue into later periods if projects do not meet the IFRS 15 conditions.1
Competitive position
The documents analysed do not explicitly name the group's competitors, so they cannot be identified from the sources. Comparison with other Milan real estate developers would require additional sources, such as other companies' reports or market data.
The group's competitive position could depend on its ability to complete projects in Milan, its access to land and the financing structure through SIINQ vehicles, aspects that are not quantified in the available extract.
- Residential real estate developers in Milan
Direct competitors are not named in the sources analysed; identifying them would require additional documents.
- Other Italian SIINQ companies
The group operates through SIINQ vehicles, so rivals in the same tax regime could exist, but the sources do not list them.
- Real estate funds investing in Milan
Institutional investors holding urban property may compete for the same land and assets, without being named in the document.
- Regional developers in Lombardy
Companies active in the same region could compete for projects, but they are not identified in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202508 Jan 2026
- Annual report 202407 Jan 2025
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / AbitareIn S.p.A. · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.