olivLaw · European equity research
Ascopiave S.p.a. ASC.MI
Italy · Euronext Milan · ISIN IT0004093263 · Vertical: Listed companies from Italy
At the close of 04 Nov 2026, Ascopiave S.p.a. (ASC.MI) stock was 2.97 EUR (+0.85% on the day), with market capitalisation 639.9 m EUR, P/E 17.9 on diluted EPS of 0.17 EUR over the last 12 months, dividend yield 4.74%, beta 0.24, 52-week range 2.62–3.90 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.4
- strong (55–70)
- Bollinger (20, 2)
- 2.72 – 3.04
- in the upper half of the band · %B 0.77 · band width 10.9%
- SMA 50 / 200
- 2.78 / 3.14
- mixed trend
- MACD (12, 26, 9)
- 0.06 / 0.05
- 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 | +11.9% | −1.5% | +13.4 pp | — |
| 3 months | +3.5% | −5.3% | +8.8 pp | — |
| 6 months | −12.5% | +4.7% | −17.2 pp | — |
| Year to date | −10.2% | +6.0% | −16.2 pp | — |
| 1 year | −8.3% | +8.2% | −16.5 pp | −5.6% |
| 3 years | +33.6% | +47.2% | −13.6 pp | +6.7% |
| 5 years | −18.2% | +41.8% | −60.0 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 3-quarter history (min 13.5, median 15.9, max 16.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 163.7 m | 180.8 m | 205.0 m |
| Revenue YoY | unavailable | +10.5% | +13.4% |
| Net income | 32.7 m | 36.2 m | 35.8 m |
| Net income YoY | unavailable | +10.8% | −1.0% |
| Diluted EPS | 0.15 | 0.17 | 0.17 |
| Diluted EPS YoY | unavailable | +10.6% | −0.6% |
| net % | 20.0% | 20.0% | 17.5% |
| Free cash flow | 73.3 m | -19.7 m | 85.2 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 34.2 m EUR
- Financial debt
- 229.8 m EUR
- Net debt
- 195.6 m EUR
- Equity
- 857.8 m EUR
- Total assets
- 1.5 bn EUR
- Debt / equity
- 0.27x
- Current ratio
- 1.64x
- ROE
- 4.2%
- ROA
- 2.5%
- FCF margin
- 41.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 163.7 m | 180.8 m | 205.0 m | esef· 15 Apr 2025verified |
| Operating income | 31.9 m | 46.0 m | 51.6 m | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 46.0 m | 48.2 m | 51.8 m | esef· 15 Apr 2025verified |
| EBITDA | 77.9 m ≈ | 94.2 m ≈ | 103.4 m ≈ | esef· 15 Apr 2025derived |
| Interest expense | 6.2 m | 14.0 m | 14.9 m | esef· 15 Apr 2025verified |
| Pre-tax income | 38.0 m | 41.6 m | 49.3 m | esef· 15 Apr 2025verified |
| Income tax | 7.0 m | 5.0 m | 12.8 m | esef· 15 Apr 2025verified |
| Net income | 32.7 m | 36.2 m | 35.8 m | esef· 15 Apr 2025verified |
| Diluted EPS | 0.15 | 0.17 | 0.17 | esef· 15 Apr 2025verified |
| Dividend per share | 0.17 | 0.13 | 0.14 | esef· 15 Apr 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 76.9 m | 52.1 m | 34.2 m | esef· 15 Apr 2025verified |
| Inventories | 7.3 m | 8.3 m | 7.0 m | esef· 15 Apr 2025verified |
| Current assets | 249.8 m | 185.5 m | 351.1 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 138.4 m | 156.5 m | 161.9 m | esef· 15 Apr 2025verified |
| Goodwill | 61.3 m | 61.7 m | 61.7 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 698.4 m | 704.6 m | 725.7 m | esef· 15 Apr 2025verified |
| Total assets | 1.6 bn | 1.5 bn | 1.5 bn | esef· 15 Apr 2025verified |
| Long-term debt | 178.5 m | 204.1 m | 229.8 m | esef· 15 Apr 2025verified |
| Current liabilities | 417.4 m | 246.1 m | 214.7 m | esef· 15 Apr 2025verified |
| Total liabilities | 761.2 m | 607.7 m | 594.5 m | esef· 15 Apr 2025verified |
| Equity | 886.4 m | 854.3 m | 857.8 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 216.3 m | 216.6 m | 215.8 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 98.5 m | 6.1 m | 101.2 m | esef· 15 Apr 2025verified |
| Capex | 25.2 m | 25.8 m | 16.0 m | esef· 15 Apr 2025verified |
| Free cash flow | 73.3 m ≈ | -19.7 m ≈ | 85.2 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -83.3 m | 49.1 m | -67.6 m | esef· 15 Apr 2025verified |
| Financing cash flow | 19.1 m | -80.0 m | -51.5 m | esef· 15 Apr 2025verified |
| Dividends paid | 35.8 m | 28.5 m | 30.3 m | esef· 15 Apr 2025verified |
≈ 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: 58 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 639.9 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality64
- Returns81
- Valuation70
- Balance sheet23
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: 1.05 – 14.59 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)7.93 – 14.59 (Mid 10.31)WACC 7.2% · starting FCFF 96.2 m EUR · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -28.7%
- Peers: EV/EBITDA1.22 – 3.84 (Mid 3.38)6 companies used · median multiple 8.9x · quartiles 4.4x – 9.9xAVIO.MI, BAN.MI, COM.MI, DEX.MI, DLG.MI, ELC.MI
- Peers: P/E1.05 – 4.67 (Mid 2.21)20 companies used · median multiple 13.3x · quartiles 6.3x – 28.1xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.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)1.91 – 2.61 (Mid 2.21)
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
Neutral profile · Score 58/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.7% | 31 (vs peers) | 13% |
| Net margin · Quality | 17.5% | 82 (vs peers) | 8% |
| FCF conversion · Quality | 237.7% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.9x | 0 (vs peers) | 13% |
| Interest coverage · Balance sheet | 3.5x | 30 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.6x | 70 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 17.9x | 50 (vs peers) | 13% |
| EV/EBITDA · Valuation | 8.1x | 67 (vs peers) | 13% |
| FCF yield · Valuation | 13.3% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 4.7% | 68 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 35.6% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet23/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality64/100 · 3/3 factors with a value
- Returns81/100 · 2/2 factors with a value
- Valuation70/100 · 3/3 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
ASCOPIAVE S.P.A. (ASC.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 205.0 m EUR in 2024; YoY growth 13.4%; net margin 17.5%; ROE 4.2%; net debt/EBITDA 1.9x.
The estimated value range is 1.57–4.26 EUR per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 2.79 EUR, the price of 2.96 EUR leaves a potential of -5.8% (value / price − 1) and a margin of safety of -6.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 58/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 17.5%
- FCF conversion: 237.7%
- FCF yield: 13.3%
- Payout ratio (FCF): 35.6%
What contradicts it
- Net debt / EBITDA: 1.9x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
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 ASC.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 | 1.91 Total return -32% · Per year -32% | 3.36 Total return 19% · Per year 19% | 5.04 Total return 77% · Per year 77% |
| 3 years | 2.20 Total return -13% · Per year -4% | 4.32 Total return 64% · Per year 18% | 7.07 Total return 162% · Per year 38% |
| 5 years | 2.53 Total return 9% · Per year 2% | 5.55 Total return 122% · Per year 17% | 9.90 Total return 281% · Per year 31% |
- Exit P/E± 1.08
- Net margin± 0.76
- Annual revenue growth± 0.57
- Annual dilution± 0.06
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
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
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.