olivLaw · European equity research
B&C Speakers S.p.A. BEC.MI
Italy · Euronext Milan · ISIN IT0001268561 · Vertical: Listed companies from Italy
B&C Speakers designs and manufactures loudspeakers and drivers for professional audio, with plants in Italy, the United States and China. Revenue was broadly flat in fiscal 2025, but the margin contracted and net profit fell sharply, which makes the evolution of orders and production capacity relevant for the coming period.
At the close of 04 Nov 2026, B&C Speakers S.p.A. (BEC.MI) stock was 11.00 EUR (+0.92% on the day), with market capitalisation 119.8 m EUR, P/E 11.8 on diluted EPS of 0.93 EUR over the last 12 months, dividend yield 9.07%, beta 0.53, 52-week range 10.60–15.55 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)
- 44.8
- weak (30–45)
- Bollinger (20, 2)
- 10.75 – 11.57
- in the lower half of the band · %B 0.30 · band width 7.3%
- SMA 50 / 200
- 11.24 / 11.89
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.01
- MACD below 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 | −4.3% | −3.3% | −1.1 pp | — |
| 6 months | −6.0% | +4.0% | −9.9 pp | — |
| Year to date | −27.6% | +8.1% | −35.7 pp | — |
| 1 year | −27.9% | +10.7% | −38.6 pp | −5.6% |
| 3 years | −28.6% | +50.1% | −78.7 pp | +9.9% |
| 5 years | −19.1% | +43.6% | −62.7 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 33 percentile of its own 3-quarter history (min 10.4, median 14.3, max 16.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 94.0 m | 100.4 m | 99.1 m |
| Revenue YoY | unavailable | +6.8% | −1.3% |
| Net income | 14.0 m | 17.8 m | 10.1 m |
| Net income YoY | unavailable | +27.2% | −43.1% |
| Diluted EPS | 1.28 | 1.62 | 0.93 |
| Diluted EPS YoY | unavailable | +26.6% | −42.6% |
| net % | 14.9% | 17.7% | 10.2% |
| Free cash flow | 17.2 m | 10.7 m | 11.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 14.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 54.4 m EUR
- Total assets
- 91.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 3.31x
- ROE
- 18.5%
- ROA
- 11.3%
- FCF margin
- 11.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 94.0 m | 100.4 m | 99.1 m | esef· 07 Apr 2026verified |
| Cost of revenue | 59.3 m | 63.3 m | 63.0 m | esef· 07 Apr 2026verified |
| Gross profit | 34.7 m ≈ | 37.1 m ≈ | 36.1 m ≈ | esef· 07 Apr 2026derived |
| Operating income | 19.5 m | 19.0 m | 16.2 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 2.2 m | 2.7 m | 2.9 m | esef· 07 Apr 2026verified |
| EBITDA | 21.7 m ≈ | 21.8 m ≈ | 19.2 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 1.7 m | 1.5 m | 3.0 m | esef· 07 Apr 2026verified |
| Pre-tax income | 19.0 m | 19.2 m | 14.6 m | esef· 07 Apr 2026verified |
| Income tax | 5.1 m | 1.4 m | 4.5 m | esef· 07 Apr 2026verified |
| Net income | 14.0 m | 17.8 m | 10.1 m | esef· 07 Apr 2026verified |
| Diluted EPS | 1.28 | 1.62 | 0.93 | esef· 07 Apr 2026verified |
| Dividend per share | 0.59 | 0.70 | 1.00 | esef· 07 Apr 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 14.6 m | 9.3 m | 14.0 m | esef· 07 Apr 2026verified |
| Inventories | 27.6 m | 30.0 m | 29.3 m | esef· 07 Apr 2026verified |
| Current assets | 71.7 m | 70.9 m | 75.6 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 3.9 m | 5.1 m | 5.9 m | esef· 07 Apr 2026verified |
| Goodwill | 2.3 m | 2.3 m | 2.3 m | esef· 07 Apr 2026verified |
| Total assets | 86.3 m | 87.3 m | 91.3 m | esef· 07 Apr 2026verified |
| Current liabilities | 26.9 m | 21.8 m | 22.8 m | esef· 07 Apr 2026verified |
| Equity | 46.2 m | 55.2 m | 54.4 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 10.9 m | 11.0 m | 10.9 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 18.3 m | 13.0 m | 13.0 m | esef· 07 Apr 2026verified |
| Capex | 1.1 m | 2.2 m | 2.0 m | esef· 07 Apr 2026verified |
| Free cash flow | 17.2 m ≈ | 10.7 m ≈ | 11.0 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -434.0 k | -2.4 m | -2.1 m | esef· 07 Apr 2026verified |
| Financing cash flow | -11.4 m | -15.7 m | -6.1 m | esef· 07 Apr 2026verified |
| Dividends paid | 6.5 m | 7.7 m | 10.9 m | esef· 07 Apr 2026verified |
| Share repurchases | — | 1.5 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 weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 119.8 m EUR
Key indicators
Coverage and freshness
Score by group
52% · 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: 5.90 – 26.14 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/E5.90 – 26.14 (Mid 14.69)20 companies used · median multiple 15.8x · quartiles 6.3x – 28.1xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.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)13.56 – 18.50 (Mid 15.65)
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: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.2% | 69 (vs peers) | 12% |
| FCF conversion · Quality | 108.5% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.4x | 60 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 11.8x | 64 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.2% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 10.3% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 98.8% | 30 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality85/100 · 2/3 factors with a value
- Returns72/100 · 2/2 factors with a value
- Valuation80/100 · 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
B&C SPEAKERS S.P.A. (BEC.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 99.1 m EUR in 2025; YoY growth -1.3%; net margin 10.2%; ROE 18.5%.
The estimated value range is 9.73–22.32 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 15.17 EUR, the price of 11.00 EUR leaves a potential of 37.9% (value / price − 1) and a margin of safety of 27.5% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 108.5%
- Current ratio: 3.3x
- FCF yield: 9.2%
- Shareholder yield (distributions): 10.3%
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, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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 BEC.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 | 6.13 Total return -38% · Per year -38% | 10.86 Total return 7% · Per year 7% | 16.40 Total return 59% · Per year 59% |
| 3 years | 5.28 Total return -35% · Per year -13% | 10.59 Total return 21% · Per year 7% | 17.66 Total return 92% · Per year 24% |
| 5 years | 4.55 Total return -31% · Per year -7% | 10.33 Total return 35% · Per year 6% | 19.00 Total return 127% · Per year 18% |
- Exit P/E± 2.65
- Net margin± 1.85
- Annual revenue growth± 1.61
- Annual dilution± 0.16
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
B&C Speakers designs and manufactures loudspeakers and drivers for professional audio, with plants in Italy, the United States and China. Revenue was broadly flat in fiscal 2025, but the margin contracted and net profit fell sharply, which makes the evolution of orders and production capacity relevant for the coming period.
SWOT
Strengths
- Product customisation and technical development capability keep OEM customers loyal and support operating margins.
- Financial structure is solid, with high operating cash generation and very low net debt.
- Industrial presence on three continents, including plants in Italy, the United States and China, offers flexibility.
Weaknesses
- Dependence on a few OEM customers without long-term contracts can make orders volatile.
- Operating margin contracted in 2025 and net profit fell considerably from the prior year.
- Reliance on single suppliers for cones and voice coils limits flexibility if supply is interrupted.
Opportunities
- Growth in the Asian market, supported by the Chinese subsidiary and new product lines, could offset weakness in Europe.
- Developing online sales for new product families could open new distribution channels.
- Resumption of projects postponed by European customers could reactivate unused production capacity.
Threats
- Geopolitical uncertainty and international conflicts could indirectly reduce demand for end products.
- Entry of new competitors or vertical integration by customers could erode the competitive position.
- Currency and raw material price swings, such as neodymium or aluminium, could affect margins.
Risks
- Customer concentrationhigh
Most revenue comes from OEM customers without binding contracts; a fall in demand or late payments could affect results.
- Supplier dependencehigh
Critical transducer components are hard to replace quickly, and purchasing is based on individual orders without long-term contracts.
- Currency riskmedium
Sales and purchases in foreign currency expose the group to exchange rate swings that can affect results reported in euro.
- Raw material costsmedium
Prices of neodymium, ferrite, steel and aluminium can vary, and increases could reduce margins.
Investment thesis
What would need to be true (bull case)
- If OEM demand recovers and postponed projects resume, existing production capacity could quickly lift revenue and margins.
- Growth in the Asian market, through the Chinese subsidiary and new products, could reduce dependence on Europe.
- A low debt balance sheet and strong operating cash generation could give the group flexibility for investment or new projects.
What would break the thesis
- If OEM customers keep postponing projects, production capacity could stay underused and margins could keep falling.
- Entry of new competitors or vertical integration by customers could reduce market share and bargaining power.
- Falling net profit and high non-recurring costs could point to persistent pressure on profitability.
What to watch
- Trend of new orders against revenue2026
- Recovery of the EBITDA margin toward prior-year levels2026
- Contribution of the Chinese subsidiary and new product lines to group revenue2026
- Any long-term contracts with OEM customers or diversification of suppliersnext 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 B&C Speakers group, based in Italy, designs and makes loudspeakers, high-frequency drivers and acoustic systems, selling mainly to OEM customers. Consolidated revenue was 99.1 million EUR in 2025, slightly down on the previous year 1. The group has production lines in Italy (Vallina and Reggio Emilia), in the United States (Eminence Speakers LLC) and in China (Dongguan), and had 383 employees at 31 December 2025 1.
The business model rests on highly customised products for OEM customers, which creates a high level of customer loyalty but also a dependence on a few key clients without long-term contracts 1. The company buys critical components such as cones and voice coils from external suppliers that are hard to replace quickly 1.
In 2025 the company kept investing in research and development and launched new product families, including for the Eastern market, with relatively moderate capital spending on plants 1. The group also holds a solid financial position, with very low net financial debt at year end 1.
Segments
OEM acoustic components
Customised loudspeakers and drivers supplied to audio system manufacturers, which account for the main part of group revenue 1.
Eminence brand
Loudspeakers produced in the United States and China under the Eminence brand, with a separate contribution to production capacity and distribution 1.
Export by region
Sales are spread across Europe, North America, Asia and Pacific, with different trends in each area in 2025 1.
Market context
The company operates in the international market for acoustic components, where OEM customers reduce or postpone projects when end-market demand is uncertain. In 2025 revenue was affected by the exchange rate effect on dollar sales; at constant exchange rates it would have been broadly unchanged 1.
Geopolitical conflicts and pressure on energy and transport costs affect demand and the supply chain, although the group considers its direct exposure to Russia, Ukraine and the Middle East to be limited 1.
Trends
- OEM customers postponing projectsheadwind
Some strategic customers in Europe postponed the launch of large projects, which limited use of production capacity and diluted operating leverage; if uncertainty persists, the effect could continue.
- Growth in Asiatailwind
The Chinese subsidiary supported group growth through a stronger proprietary distribution platform and early positive results from new product lines aimed at the Eastern market.
- Exchange ratesheadwind
The weaker dollar penalised sales denominated in dollars, reducing revenue reported in euro; the effect depends on future exchange rate movements.
- Cost pressure and online sales investmentmixed
Commercial and general costs rose noticeably, partly due to product launches and legal actions to protect know-how, costs management describes as largely non-recurring.
Competitive position
The annual report flags the risk that new Italian or foreign competitors could enter the market and affect medium- to long-term results. It also notes that loudspeaker system producers could decide to make transducers in-house, which would reduce demand for the group's components 1.
- Loudspeaker system makers producing transducers in-house
The risk named in the report is that some OEM customers could vertically integrate driver production, reducing demand for the external supplier.
- New Italian or foreign entrants
The entry of new players could change the competitive balance and price pressure, as the report warns.
- Global acoustic component suppliers
The report does not describe individual competitors but mentions sector-wide pressure; no other names appear in the source.
- Other professional audio loudspeaker makers
The source does not list competing companies, so none are identified with a ticker.
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 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / B&C Speakers 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.