olivLaw · European equity research
Borgosesia S.p.A. BO.MI
Italy · Euronext Milan · ISIN IT0003217335 · Vertical: Listed companies from Italy
Borgosesia is an Italian group operating as an alternative investor in real estate and non-performing loans, managing funds and securitisation vehicles for third-party investors. In 2024 the group extended its activity into direct property investment and distressed loan trading, while its net financial position worsened compared with the prior year.
At the close of 04 Nov 2026, Borgosesia S.p.A. (BO.MI) stock was 0.75 EUR (+0.00% on the day), with dividend yield 7.47%, beta 0.23, 52-week range 0.54–0.76 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)
- 52.5
- neutral
- Bollinger (20, 2)
- 0.73 – 0.77
- in the lower half of the band · %B 0.49 · band width 4.2%
- SMA 50 / 200
- 0.74 / 0.66
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.00 / 0.00
- 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% | −0.6% | +0.6 pp | — |
| 3 months | +5.3% | −4.2% | +9.5 pp | — |
| 6 months | +6.8% | +4.3% | +2.5 pp | — |
| Year to date | +33.9% | +7.5% | +26.4 pp | — |
| 1 year | +31.6% | +9.9% | +21.7 pp | −5.5% |
| 3 years | +19.0% | +49.8% | −30.8 pp | +8.9% |
| 5 years | +20.6% | +42.8% | −22.2 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 | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 7.0 m | 4.9 m | 2.5 m |
| Net income YoY | unavailable | −29.7% | −48.6% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 16.2 m | -13.6 m | -14.8 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 5.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 67.2 m EUR
- Total assets
- 200.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 3.9%
- ROA
- 1.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Gross profit | 15.8 m | 14.7 m | 17.3 m | esef· 07 May 2025verified |
| Operating income | 11.6 m | 9.5 m | 12.3 m | esef· 07 May 2025verified |
| Interest expense | 4.6 m | 5.6 m | 9.5 m | esef· 07 May 2025verified |
| Pre-tax income | 7.3 m | 6.1 m | 4.2 m | esef· 07 May 2025verified |
| Income tax | -889.0 k | 432.0 k | 152.0 k | esef· 07 May 2025verified |
| Net income | 7.0 m | 4.9 m | 2.5 m | esef· 07 May 2025verified |
| Dividend per share | — | 0.11 | 0.06 | esef· 07 May 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 7.7 m | 6.8 m | 5.8 m | esef· 07 May 2025verified |
| Receivables | 6.3 m | 9.6 m | 14.7 m | esef· 07 May 2025verified |
| Inventories | 21.8 m | 17.9 m | 21.8 m | esef· 07 May 2025verified |
| Total assets | 151.1 m | 180.1 m | 200.6 m | esef· 07 May 2025verified |
| Total liabilities | 88.1 m | 115.7 m | 133.5 m | esef· 07 May 2025verified |
| Equity | 63.0 m | 64.4 m | 67.2 m | esef· 07 May 2025verified |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 16.5 m | -12.7 m | -14.6 m | esef· 07 May 2025verified |
| Capex | 240.0 k | 935.0 k | 194.0 k | esef· 07 May 2025verified |
| Free cash flow | 16.2 m ≈ | -13.6 m ≈ | -14.8 m ≈ | esef· 07 May 2025derived |
| Investing cash flow | -28.1 m | -11.9 m | 917.0 k | esef· 07 May 2025verified |
| Financing cash flow | 7.0 m | 23.7 m | 12.7 m | esef· 07 May 2025verified |
| Dividends paid | 1.0 m | 1.1 m | 1.1 m | esef· 07 May 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
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
13% · 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: 0.76 – 1.04 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/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)0.76 – 1.04 (Mid 0.88)
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: 2 of at least 6; score weight coverage: 12.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -585.6% | 0 (on a fixed band) | 50% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 50% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| 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 sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 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
BORGOSESIA S.P.A. (BO.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 4.7%.
The estimated value range is 0.76–1.04 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.88 EUR, the price of 0.75 EUR leaves a potential of 17.2% (value / price − 1) and a margin of safety of 14.7% (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 (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- The price is below the estimated value range
What contradicts it
- FCF conversion: -585.6%
- Interest coverage: 1.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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 40 companies
Multiples and returns vs the median
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 BO.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
Borgosesia is an Italian group operating as an alternative investor in real estate and non-performing loans, managing funds and securitisation vehicles for third-party investors. In 2024 the group extended its activity into direct property investment and distressed loan trading, while its net financial position worsened compared with the prior year.
SWOT
Strengths
- The group runs an integrated alternative investment platform that combines fund management with proprietary investments in property and loans.
- Rental income grew in 2024, showing the ability to generate returns from acquired properties.
- The group has attracted co-investors in several transactions, which reduces direct exposure of its own equity.
Weaknesses
- The net financial position is negative and worsened versus the prior year, increasing reliance on external funding.
- Comprehensive income fell versus 2023 because of higher financial charges.
- Many assets are illiquid, and realising them depends on time and property market conditions.
Opportunities
- Lower interest rates could reduce debt costs and improve margins in coming periods.
- Expanding into distressed loan trading and restructuring could open new revenue sources.
- Turning the property portfolio into an open vehicle for third-party investors could increase assets under management.
Threats
- A weaker Italian property market could reduce asset values and returns on value-enhancement projects.
- Reliance on variable-rate debt exposes the group to further increases in financing costs.
- Competition from international investors could compress returns on loan portfolio purchases.
Risks
- Rising indebtednesshigh
The negative net financial position and the bond and commercial paper issuance could limit financial flexibility if income falls.
- Limited asset liquiditymedium
Real estate and loan investments can take a long time to realise, which could complicate debt repayment.
- Valuation riskmedium
Property fair value adjustments depend on assumptions about long-term interest rates, which may change.
- Related-party transactionsmedium
Acquiring a company owned by the reference shareholder could raise questions about terms and oversight.
- Regulatory risklow
The OneOSix acquisition is subject to Banca d'Italia authorisation, and delays or conditions could affect the plan.
Investment thesis
What would need to be true (bull case)
- If lower interest rates persist, the cost of debt could fall and improve group results.
- Rising rental income and a diversified platform could support growth in proprietary activity.
- If the group opens its property portfolio to third-party investors, assets under management could grow meaningfully.
What would break the thesis
- A negative net debt position and higher financial charges could weigh on profitability if income does not grow enough.
- Realising illiquid assets may take years, and delays could postpone reported results.
- If the Italian property market cools, property values could fall and affect fair-value results.
What to watch
- Development of the net financial position and financing costs2025
- Pace of value enhancement of properties acquired in 20242025
- Completion of the OneOSix acquisition after Banca d'Italia authorisation2025
- Growth of assets under management and fee incomenext 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
Borgosesia S.p.A. is a group that combines alternative investment management with direct investment in real estate and distressed loans. According to its 2024 annual report 1, assets under management stood at 78.61 million EUR at year end, spread across alternative investment funds, special purpose companies and securitisation vehicles. The group earns revenue from management fees, rents and asset realisation, and is controlled by a reference shareholder.
In 2024 the group reported a reclassified gross operating margin of 18,533 thousand EUR and a reclassified EBITDA of 14,209 thousand EUR 1, both up on the previous year, driven mainly by rental income. Total comprehensive income was 4,041 thousand EUR 1, below 2023, reflecting higher financial charges linked to debt taken on to buy properties.
Direct group investments, including consolidated ones regardless of co-investors, totalled 169.6 million EUR at 31 December 2024, of which about 139.7 million EUR in real estate 1. The consolidated net financial position was negative at 95,405 thousand EUR 1, and the group issued a bond listed on Euronext Access Milan, up to 30 million EUR.
Segments
Real estate
The real estate segment covers the purchase and value enhancement of properties, including an office building in Milan, a villa in Santa Margherita Ligure, a tourist village in Stintino and a farm estate in Tuscany. Direct property investment reached 17.3 million EUR in 2024 1, and rental income rose significantly.
Alternative
The Alternative segment comprises fund and securitisation management, distressed loan trading and involvement in debt restructuring. Investment in this segment was 1.5 million EUR in 2024 1, and the group signed a preliminary agreement to acquire the entire capital of a company specialised in non-performing loans.
Market context
Borgosesia operates in the Italian alternative investment market, where funds and specialised investors finance real estate projects and buy non-performing loans. Interest rate dynamics directly affect financing costs and property values; the group notes in its report an annual fall in Euribor of roughly 38 percent, which could bring cost savings in the current year 1.
Access to capital from third-party investors and demand for securitisation products are key factors for this segment. The group's model depends on attracting co-investors and realising property assets, and the distressed loan market remains active in Italy.
Trends
- Falling interest ratestailwind
A decline in Euribor could reduce the group's debt cost, since much of its borrowing is indexed to this rate, and could support property values.
- Shift toward proprietary modelmixed
Moving from managing for third parties to owning investments could increase the need for capital and external financing.
- Demand for niche real estatetailwind
Interest in value-add properties such as tourist villas and repurposed office buildings could support returns if the repositioning succeeds.
- Cost of financingheadwind
Higher debt and financial charges could weigh on net profit if rental income does not offset them.
Competitive position
Borgosesia competes with other alternative fund managers, non-performing loan servicers and real estate developers in Italy. Its edge lies in combining distressed loan expertise with property value enhancement and a network of co-investors.
In the Italian market, competition also comes from international investors specialised in non-performing loans, which can deploy larger amounts of capital. The annual report does not explicitly name competitors, so the relative position remains unclear from the source provided.
- Italian alternative fund managers
Firms managing real estate and credit funds for third-party investors, relevant to the group's business logic.
- Non-performing loan servicers
Players specialised in buying and recovering distressed loans, a field where Borgosesia is active through OneOSix.
- International distressed debt investors
Foreign funds that may compete for non-performing loan portfolios in Italy.
- Niche real estate developers
Companies repositioning hospitality and tourism properties, competing for the same assets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202407 May 2025
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Borgosesia S.p.A. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.