olivLaw · European equity research
B.F. S.p.A. BFG.MI
Italy · Euronext Milan · ISIN IT0005187460 · Vertical: Listed companies from Italy
B.F. S.p.A. is an Italian agro-industrial group combining agricultural production, food processing under the 'Le Stagioni d'Italia' brand, supply of goods and services to agriculture through the CAI network, and seed genetics. The group is reorganising its businesses under a new industrial plan, in a context of volatile agricultural prices and high production costs.
At the close of 05 Nov 2026, B.F. S.p.A. (BFG.MI) stock was 7.70 EUR (−0.52% on the day), with beta 0.05, 52-week range 4.00–9.96 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)
- 51.0
- neutral
- Bollinger (20, 2)
- 6.80 – 9.10
- in the lower half of the band · %B 0.39 · band width 28.9%
- SMA 50 / 200
- 7.10 / 5.28
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.10 / 0.21
- 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 | +0.8% | −0.6% | +1.4 pp | — |
| 3 months | +55.6% | −4.2% | +59.7 pp | — |
| 6 months | +54.6% | +4.3% | +50.3 pp | — |
| Year to date | +82.5% | +7.5% | +75.0 pp | — |
| 1 year | +76.6% | +9.9% | +66.7 pp | −6.1% |
| 3 years | +116.3% | +49.8% | +66.4 pp | +7.7% |
| 5 years | +117.5% | +42.8% | +74.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 1.3 bn | 1.4 bn | 1.6 bn |
| Revenue YoY | unavailable | +6.5% | +15.4% |
| Net income | 1.2 m | 10.4 m | 11.2 m |
| Net income YoY | unavailable | +782.9% | +8.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 0.1% | 0.7% | 0.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 375.8 m EUR
- Financial debt
- 419.2 m EUR
- Net debt
- 43.4 m EUR
- Equity
- 1.2 bn EUR
- Total assets
- 2.6 bn EUR
- Debt / equity
- 0.34x
- Current ratio
- 1.30x
- ROE
- 1.0%
- ROA
- 0.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.3 bn | 1.4 bn | 1.6 bn | esef· 12 May 2026verified |
| Gross profit | 1.4 bn | 1.5 bn | 1.7 bn | esef· 12 May 2026verified |
| Operating income | 29.9 m | 46.6 m | 53.6 m | esef· 12 May 2026verified |
| Interest expense | 28.8 m | 38.0 m | 37.1 m | esef· 12 May 2026verified |
| Pre-tax income | 4.8 m | 19.3 m | 25.7 m | esef· 12 May 2026verified |
| Income tax | 609.0 k | 6.0 m | 10.3 m | esef· 12 May 2026verified |
| Net income | 1.2 m | 10.4 m | 11.2 m | esef· 12 May 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 346.4 m | 267.8 m | 375.8 m | esef· 12 May 2026verified |
| Inventories | 287.8 m | 282.0 m | 297.7 m | esef· 12 May 2026verified |
| Current assets | 1.0 bn | 1.1 bn | 1.3 bn | esef· 12 May 2026verified |
| Property, plant & equipment, net | 552.4 m | 608.3 m | 620.8 m | esef· 12 May 2026verified |
| Goodwill | 64.0 m | 100.1 m | 70.7 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 165.9 m | 166.3 m | 186.7 m | esef· 12 May 2026verified |
| Total assets | 2.1 bn | 2.3 bn | 2.6 bn | esef· 12 May 2026verified |
| Short-term debt | 186.1 m | 227.3 m | 224.0 m | esef· 12 May 2026verified |
| Long-term debt | 121.8 m | 167.9 m | 195.2 m | esef· 12 May 2026verified |
| Current liabilities | 793.6 m | 906.8 m | 1.0 bn | esef· 12 May 2026verified |
| Equity | 948.0 m | 1.0 bn | 1.2 bn | esef· 12 May 2026verified |
Cash flow · EUR
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
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
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: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.7% | 15 (vs peers) | 38% |
| Net margin · Quality | 0.7% | 26 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.4x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.3x | 42 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet17/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality19/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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.F. S.P.A. (BFG.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.6 bn EUR in 2025; YoY growth 15.4%; net margin 0.7%; ROE 1.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- ROIC: 2.7%
- Net margin: 0.7%
- Interest coverage: 1.4x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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% |
| 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 BFG.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
Scenarios are not available. input data missing
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.F. S.p.A. is an Italian agro-industrial group combining agricultural production, food processing under the 'Le Stagioni d'Italia' brand, supply of goods and services to agriculture through the CAI network, and seed genetics. The group is reorganising its businesses under a new industrial plan, in a context of volatile agricultural prices and high production costs.
SWOT
Strengths
- Vertical integration from farm production to packaged product, with a recognised own brand in organised retail.
- Control of the CAI network, which supplies goods and services to the farming world.
- Presence in seed genetics through Kaiima, in a growing Brazilian market.
Weaknesses
- Dependence on volatile commodity prices and weather conditions.
- High production and energy costs that compress margins.
- Exposure to floating interest rates on medium and long-term debt.
Opportunities
- Growing demand for non-food seeds used in advanced biofuels.
- Wider supply-chain product range and pasta export growth through acquisitions.
- Rising interest in agricultural Africa and rural development programmes.
Threats
- Acute and chronic climate risks that can affect productivity and infrastructure.
- Intense competition and price pressure in seed and input segments.
- Geopolitical tensions that can disrupt supply of fertilisers and feed.
Risks
- Commodity price volatilityhigh
Prices of wheat, maize and soy can vary widely, which could hit margins if the contracting strategy does not offset them.
- Physical climate riskshigh
Drought, heatwaves, floods and storms can affect estates, warehouses and the supply chain.
- Transition risksmedium
Investments in renewable energy and low-emission technologies can be costly, and their return depends on policy and prices.
- Interest ratesmedium
A rise in EURIBOR could increase the cost of floating-rate financing, although hedging instruments partly reduce exposure.
- Dependence on foreign suppliersmedium
Supply of materials from conflict areas may be interrupted, affecting fertiliser and feed costs.
Investment thesis
What would need to be true (bull case)
- If supply-chain integration and the 'Le Stagioni d'Italia' brand support steadier margins, the group could benefit from demand for traceable Italian products.
- Rising demand for biofuel seeds could open long-term contracts with energy partners.
- If pasta acquisitions integrate effectively, export growth could support revenue expansion.
What would break the thesis
- If commodity prices remain volatile, margins could be squeezed across several divisions at once.
- If climate risks intensify, estate productivity could fall and costs could rise.
- If interest rates stay high, the cost of debt could limit the group's investment capacity.
What to watch
- Margin trends in the agro-industrial division and the effect of the Pastificio Fabianelli acquisition2026
- CAI results and progress of the reorganisation under the new industrial plan2026
- Fertiliser price trends and Middle East supply risks2026
- Impact of financial costs on net indebtedness and EBITDAnext 10-K
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.F. group is organised into several business areas, from agricultural production on its own estates to processing raw materials into pasta, couscous, rice and pulses sold to organised retail. Control of CAI and its subsidiaries strengthens supply of goods and services to the farming world, while integration with Bonifiche Ferraresi supports the concept of supply chain and horizontal integration. The acquisition of Pastificio Fabianelli extended the pasta offer, including for export markets.
Segments
Agro-Industrial sector
Transforms raw agricultural produce into packaged products under the 'Le Stagioni d'Italia' brand and private label for organised retail, with traceability across the full life cycle. The range was extended with bakery, frozen, precooked, couscous and biscuit products.
Estate crop production
Crop plans on the estates are linked to processing activity, with cereals, forage, oilseeds and olives among the main crops. Area sown in the first harvest rose in 2025 compared with 2024.
Genetics and seeds
CAI's subsidiary Kaiima, indirectly controlled through SIS, works in seed genetics, production and marketing in the state of Bahia in Brazil, in a seed market valued above 6 bn USD.
Market context
Cattle prices rose sharply in 2025, with young bulls up about 25% from the third quarter of 2024, while domestic beef demand is slowing because of high prices, favouring pork and poultry. The farm supplies sector shows signs of consolidation, with crop protection products growing in value, seeds rising moderately and machinery held back by costs and expensive credit.
The dairy market stayed relatively stable, with high farm-gate milk prices and rising Italian cheese exports, but domestic demand for dairy fell. In fertilisers, a modest recovery in value is tied to risks in the Middle East that affect nitrogen and sulphur supply.
Trends
- Rising cattle pricesmixed
High prices for young bulls and cows reduce imports of live animals and raise costs for processors, but could benefit meat producers. Demand for beef is contracting.
- Seeds for biofuelstailwind
Demand for castor and other non-food seeds is growing because of advanced biofuels, which could open new long-term contracts for the group.
- Energy and transport costsheadwind
Production costs remain above pre-2020 levels, compressing margins in several agricultural segments even though partial normalisation is under way.
- Geopolitical tensionsheadwind
Conflicts in the Middle East and between Russia and Ukraine can affect prices of fertilisers, urea and feed, with impact on supply and margins.
Competitive position
The group competes in agri-food and seed markets with Italian and international companies active in supplying agricultural inputs, plant genetics and food processing. Its advantage lies in supply chain integration, from field to shelf, and in control of the CAI network.
- Bonifiche Ferraresi
Company within the same group, with farming activity that complements the processing business.
- International seed operators
Global plant genetics companies active in the Brazilian and African markets.
- Pasta and bakery producers
Italian processors competing for shelf space in organised retail.
- Crop protection and fertiliser distributors
Local and European farm input operators competing on price and services.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / B.F. 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.