olivLaw · European equity research
BasicNet S.p.A. BAN.MI
Italy · Euronext Milan · ISIN IT0001033700 · Vertical: Listed companies from Italy
BasicNet is an Italian group that owns and licenses sports and lifestyle brands such as K-Way, Kappa, Superga, Briko, Sebago, Woolrich and Sundek, through a network of commercial licensees and production centres. It is currently reorganising its Italian operations by moving activities to Turin, and for fiscal 2025 it proposes a dividend of 0.16 EUR per share.
At the close of 05 Nov 2026, BasicNet S.p.A. (BAN.MI) stock was 4.76 EUR (+0.85% on the day), with market capitalisation 348.0 m EUR, dividend yield 2.14%, beta 0.81, 52-week range 4.62–7.62 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)
- 42.6
- weak (30–45)
- Bollinger (20, 2)
- 4.54 – 5.09
- in the lower half of the band · %B 0.40 · band width 11.5%
- SMA 50 / 200
- 5.26 / 6.40
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.19
- 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 | −9.8% | +0.4% | −10.2 pp | — |
| 3 months | −28.0% | −3.3% | −24.7 pp | — |
| 6 months | −31.2% | +4.0% | −35.2 pp | — |
| Year to date | −36.4% | +8.1% | −44.5 pp | — |
| 1 year | −31.9% | +10.7% | −42.6 pp | −4.8% |
| 3 years | +10.7% | +50.1% | −39.4 pp | +10.1% |
| 5 years | −5.0% | +43.6% | −48.6 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 332.8 m | 346.8 m | 348.3 m |
| Revenue YoY | unavailable | +4.2% | +0.4% |
| Net income | 24.4 m | 0 | -12.1 m |
| Net income YoY | unavailable | −100.0% | unavailable |
| Diluted EPS | 0.49 | 0.54 | -0.17 |
| Diluted EPS YoY | unavailable | +9.0% | −130.9% |
| net % | 7.3% | 0.0% | -3.5% |
| Free cash flow | 35.5 m | 42.2 m | 3.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 51.1 m EUR
- Financial debt
- 78.2 m EUR
- Net debt
- 27.1 m EUR
- Equity
- 322.1 m EUR
- Total assets
- 850.2 m EUR
- Debt / equity
- 0.24x
- Current ratio
- 1.22x
- ROE
- -4.9%
- ROA
- -1.8%
- FCF margin
- 0.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 332.8 m | 346.8 m | 348.3 m | esef· 07 Apr 2026verified |
| Cost of revenue | 187.4 m | 194.1 m | 185.0 m | esef· 07 Apr 2026verified |
| Gross profit | 145.4 m | 152.7 m | 163.3 m | esef· 07 Apr 2026verified |
| Operating income | 41.1 m | 42.1 m | 6.0 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 17.0 m | 18.9 m | 23.3 m | esef· 07 Apr 2026verified |
| EBITDA | 58.1 m ≈ | 61.1 m ≈ | 29.3 m ≈ | esef· 07 Apr 2026derived |
| Pre-tax income | 32.6 m | 36.7 m | 738.0 k | esef· 07 Apr 2026verified |
| Income tax | 8.2 m | 11.5 m | 8.4 m | esef· 07 Apr 2026verified |
| Net income | 24.4 m | 0 | -12.1 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.49 | 0.54 | -0.17 | esef· 07 Apr 2026verified |
| Dividend per share | 0.18 | — | 0.10 | esef· 07 Apr 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 32.0 m | 28.2 m | 51.1 m | esef· 07 Apr 2026verified |
| Inventories | 112.2 m | 108.4 m | 159.6 m | esef· 07 Apr 2026verified |
| Current assets | 247.6 m | 245.4 m | 380.7 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 55.4 m | 56.8 m | 62.4 m | esef· 07 Apr 2026verified |
| Goodwill | 43.2 m | 43.7 m | 107.9 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 69.3 m | 71.8 m | 117.5 m | esef· 07 Apr 2026verified |
| Total assets | 460.8 m | 467.7 m | 850.2 m | esef· 07 Apr 2026verified |
| Short-term debt | 85.4 m | 90.8 m | — | esef· 24 Sept 2025verified |
| Long-term debt | 39.2 m | 28.2 m | 78.2 m | esef· 07 Apr 2026verified |
| Current liabilities | 193.7 m | 201.6 m | 311.6 m | esef· 07 Apr 2026verified |
| Total liabilities | 296.0 m | 297.4 m | 528.0 m | esef· 07 Apr 2026verified |
| Equity | 164.8 m | 170.3 m | 322.1 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 49.6 m | — | 73.1 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 39.6 m | 49.2 m | 13.8 m | esef· 07 Apr 2026verified |
| Capex | 4.1 m | 7.0 m | 10.6 m | esef· 07 Apr 2026verified |
| Free cash flow | 35.5 m ≈ | 42.2 m ≈ | 3.2 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -18.4 m | -16.7 m | -121.9 m | esef· 07 Apr 2026verified |
| Financing cash flow | -33.8 m | -44.8 m | 133.2 m | esef· 07 Apr 2026verified |
| Dividends paid | 9.0 m | 7.4 m | 7.4 m | esef· 07 Apr 2026verified |
| Share repurchases | 2.5 m | 14.4 m | 14.4 m | esef· 07 Apr 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: 22 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 348.0 m EUR
Key indicators
Coverage and freshness
Score by group
- Balance sheet34
- Valuation5
- Returns54
- Quality10
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: 1.39 – 3.07 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/EBITDA1.39 – 3.07 (Mid 2.90)6 companies used · median multiple 8.1x · quartiles 4.4x – 8.6xASC.MI, AVIO.MI, COM.MI, DEX.MI, DLG.MI, ELC.MI
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)1.39 – 1.89 (Mid 1.60)
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
Unattractive profile · Score 22/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.6% | 8 (vs peers) | 17% |
| Net margin · Quality | -3.5% | 13 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.9x | 33 (vs peers) | 17% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 35 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 12.8x | 0 (vs peers) | 17% |
| FCF yield · Valuation | 0.9% | 11 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 6.3% | 90 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 234.8% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet34/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality10/100 · 2/3 factors with a value
- Returns54/100 · 2/2 factors with a value
- Valuation5/100 · 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
BASIC NET S.P.A. (BAN.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 348.3 m EUR in 2025; YoY growth 0.4%; net margin -3.5%; ROE -4.9%; net debt/EBITDA 0.9x.
The estimated value range is 1.39–2.48 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 2.25 EUR, the price of 4.76 EUR leaves a potential of -52.8% (value / price − 1) and a margin of safety of -111.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 22/100, methodological classification: unattractive 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
- Shareholder yield (distributions): 6.3%
What contradicts it
- ROIC: 1.6%
- Net margin: -3.5%
- EV/EBITDA: 12.8x
- FCF yield: 0.9%
- Payout ratio (FCF): 234.8%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, P/E (TTM).
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 BAN.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
BasicNet is an Italian group that owns and licenses sports and lifestyle brands such as K-Way, Kappa, Superga, Briko, Sebago, Woolrich and Sundek, through a network of commercial licensees and production centres. It is currently reorganising its Italian operations by moving activities to Turin, and for fiscal 2025 it proposes a dividend of 0.16 EUR per share 1.
SWOT
Strengths
- A diverse portfolio of brands with recognition in the sports and lifestyle segment, supported by an extensive licensee network.
- A proprietary system for monitoring licensees and checking production.
Weaknesses
- Dependence on licensee performance, which can be affected by local economic conditions.
- Exposure to currency fluctuations, mainly the US dollar.
- Seasonality that affects procurement and the cash cycle.
Opportunities
- Integrating Woolrich and Sundek could bring production and distribution synergies.
- Developing digital and direct channels could strengthen customer relationships.
- Selective growth in higher-potential markets could open new revenue sources.
Threats
- Geopolitical tensions and regional conflicts can affect global trade flows.
- Stricter sustainability regulation could raise product costs.
- Reputational risk linked to working conditions at production centres.
Risks
- Licensee riskhigh
If licensees are unsuitable or face financial difficulties, the royalty flow could temporarily decline.
- Currency riskmedium
Transactions in foreign currency may affect margins if hedging is insufficient.
- Seasonal liquidity riskmedium
Seasonality can create gaps between payments to suppliers and receipts from customers.
- Reputational risk in the supply chainhigh
Breaches of labour or environmental rules at producers could damage brand image.
- Tax and legal litigation riskmedium
Litigation across several jurisdictions is hard to estimate, and costs could exceed expectations.
Investment thesis
What would need to be true (bull case)
- If the integration of Woolrich and Sundek delivers the expected synergies, the company could strengthen its position in the lifestyle market.
- If the buyback programme and the proposed dividend are sustained, shareholders could benefit from steady returns.
What would break the thesis
- If the geopolitical environment worsens, demand in major markets could decline.
- Dependence on licensees and production centres can create risks that are hard to control.
- Restructuring costs in Italy could exceed estimates if the number of departures rises.
What to watch
- Progress of the transfer of activities to Turin and the collective dismissal procedure2026
- Payment of the proposed dividend of 0.16 EUR per shareApril 2026
- Results of the Woolrich and Sundek integration2026
- Renewal of the share buyback authorisation2026 AGM
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 BasicNet group develops, manages and monetises a portfolio of sports and casual apparel and footwear brands, including K-Way, Kappa, Superga, Briko and Sebago 1. The business model is licence-based: commercial licensees distribute products in their territories, while Sourcing Centers handle manufacturing, so the group does not directly hold every stage. Revenue mainly comes from royalties, sourcing commissions and sales of finished products 1. The group has recently integrated the Woolrich and Sundek brands, a process that requires gradual organisational effort 1.
The company invests in research and development along three lines: product design, proprietary software linking the network companies, and brand promotion through marketing 1. Governance and internal control are described in the corporate governance report, and BasicAudit checks licensee compliance 1.
Beyond operations, BasicNet runs a programme to buy back its own shares, holding 6,252,000 treasury shares at the report date 1. The company said it intends to renew the authorisation for this programme in 2026 1.
Segments
Sourcing and production
Sourcing Centers are selected on quality, volume and financial soundness, and the group limits dependence on any single producer 1. Revenue from this activity comes from commissions charged to these centres 1.
Direct and digital sales
The strategy the company describes includes strengthening direct and digital channels and selective development in markets with higher potential 1.
Market context
The sports and lifestyle apparel and footwear market is geographically wide, and the group is present in many countries, which reduces the risk of concentration in one region 1. The source notes that seasonal effects influence procurement and the cash cycle 1.
The company trades mainly in US dollars and is exposed to currency movements, which it hedges through forward contracts and foreign-currency cash flows 1.
Trends
- Macroeconomic and geopolitical uncertaintyheadwind
Fiscal 2026 opens in a context of high uncertainty, with possible effects of international tensions on markets and trade flows 1. The effect on the group could be negative if demand falls.
- Restructuring and integration of Woolrich and Sundekmixed
The recent integration of the Woolrich and Sundek brands may bring industrial and distribution synergies, if the process is managed gradually 1.
- Sustainability policy and regulationmixed
Stricter rules on emissions, waste and circularity may impose tougher product requirements, with variable impact 1. They could generate costs but also opportunities for more sustainable products.
- Focus on direct and digital channelstailwind
Developing digital and direct channels may support sales and customer loyalty, if investments are effective 1.
Competitive position
The analysed source does not explicitly identify the group's direct competitors, so the competitor list below is limited to what the reporting documents make available. The company's edge comes from the diversity of its brand portfolio and its licensee network 1.
Competition in the sports and lifestyle brand market rests on design, brand perception and the ability to select suitable licensees in each territory 1. The company says the main risk is choosing unsuitable licensees 1.
- Competitors not named in source
The source does not name competitors, so none can be identified from the document.
- Other sports apparel producers
General category implied, with no names given in the source.
- Apparel retail chains
Retailers are customers, not competitors named in the source.
- Local competing licensees
Local competition depends on licensees in each country, with no names given.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / BasicNet S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.