olivLaw · European equity research
CEMBRE S.p.A. CMB.MI
Italy · Euronext Milan · ISIN IT0001128047 · Vertical: Listed companies from Italy
CEMBRE is an Italian industrial group listed on Euronext Milan that designs and manufactures tools and equipment for electrical connection, including battery-powered tools. Its 2025 annual report shows high return on sales and a solid financial structure, which makes the company relevant to investors following the electrical connection industry.
At the close of 04 Nov 2026, CEMBRE S.p.A. (CMB.MI) stock was 77.20 EUR (−0.90% on the day), with market capitalisation 1.3 bn EUR, P/E 27.9 on diluted EPS of 2.77 EUR over the last 12 months, dividend yield 2.44%, beta 0.61, 52-week range 59.40–98.00 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)
- 37.6
- weak (30–45)
- Bollinger (20, 2)
- 74.23 – 86.38
- in the lower half of the band · %B 0.24 · band width 15.1%
- SMA 50 / 200
- 82.68 / 79.92
- mixed trend
- MACD (12, 26, 9)
- -1.70 / -1.50
- 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 | −9.2% | +0.4% | −9.6 pp | — |
| 3 months | −6.4% | −3.3% | −3.2 pp | — |
| 6 months | −11.2% | +4.0% | −15.1 pp | — |
| Year to date | +13.2% | +8.1% | +5.1 pp | — |
| 1 year | +25.5% | +10.7% | +14.8 pp | −5.8% |
| 3 years | +136.1% | +50.1% | +86.0 pp | +6.7% |
| 5 years | +180.7% | +43.6% | +137.1 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 15.3, median 16.5, max 24.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 223.8 m | 231.6 m | 247.2 m |
| Revenue YoY | unavailable | +3.5% | +6.7% |
| Net income | 40.8 m | 42.6 m | 46.6 m |
| Net income YoY | unavailable | +4.3% | +9.5% |
| Diluted EPS | 2.43 | 2.53 | 2.77 |
| Diluted EPS YoY | unavailable | +4.1% | +9.5% |
| net % | 18.2% | 18.4% | 18.9% |
| Free cash flow | 31.7 m | 19.0 m | 33.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 20.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 233.1 m EUR
- Total assets
- 300.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.92x
- ROE
- 20.6%
- ROA
- 16.3%
- FCF margin
- 13.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 223.8 m | 231.6 m | 247.2 m | esef· 07 Apr 2026verified |
| Operating income | 54.0 m | 52.8 m | 59.8 m | esef· 07 Apr 2026verified |
| Interest expense | 354.0 k | 630.0 k | 598.0 k | esef· 07 Apr 2026verified |
| Pre-tax income | 53.8 m | 52.7 m | 59.2 m | esef· 07 Apr 2026verified |
| Income tax | 13.0 m | 10.1 m | 12.5 m | esef· 07 Apr 2026verified |
| Net income | 40.8 m | 42.6 m | 46.6 m | esef· 07 Apr 2026verified |
| Diluted EPS | 2.43 | 2.53 | 2.77 | esef· 07 Apr 2026verified |
| Dividend per share | 1.40 | 1.80 | 1.88 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 20.9 m | 13.5 m | 20.4 m | esef· 07 Apr 2026verified |
| Inventories | 68.7 m | 73.8 m | 76.5 m | esef· 07 Apr 2026verified |
| Current assets | 139.0 m | 142.4 m | 155.9 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 90.3 m | 108.6 m | 120.3 m | esef· 07 Apr 2026verified |
| Goodwill | 4.6 m | 4.6 m | 4.6 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 4.7 m | 4.9 m | 4.9 m | esef· 07 Apr 2026verified |
| Total assets | 249.2 m | 273.2 m | 300.5 m | esef· 07 Apr 2026verified |
| Current liabilities | 32.8 m | 41.2 m | 53.3 m | esef· 07 Apr 2026verified |
| Total liabilities | 43.5 m | 53.5 m | 67.4 m | esef· 07 Apr 2026verified |
| Equity | 205.7 m | 219.7 m | 233.1 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 16.8 m | 16.8 m | 16.8 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 44.8 m | 47.2 m | 56.2 m | esef· 07 Apr 2026verified |
| Capex | 13.2 m | 28.2 m | 23.1 m | esef· 07 Apr 2026verified |
| Free cash flow | 31.7 m ≈ | 19.0 m ≈ | 33.1 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -14.4 m | -29.5 m | -21.9 m | esef· 07 Apr 2026verified |
| Financing cash flow | -24.6 m | -25.3 m | -26.9 m | esef· 07 Apr 2026verified |
| Dividends paid | 23.5 m | 30.2 m | 31.6 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: 1.3 bn 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: 17.57 – 64.12 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/E17.57 – 64.12 (Mid 36.80)20 companies used · median multiple 13.3x · quartiles 6.3x – 23.1xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI, ELN.MI
- Dividend discount (DDM)25.57 – 34.87 (Mid 29.50)
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 | 18.9% | 85 (vs peers) | 12% |
| FCF conversion · Quality | 70.9% | 58 (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 | 100.0x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 27.9x | 32 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.5% | 32 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 2.4% | 35 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 95.6% | 35 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality72/100 · 2/3 factors with a value
- Returns35/100 · 2/2 factors with a value
- Valuation32/100 · 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
CEMBRE S.P.A. (CMB.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 247.2 m EUR in 2025; YoY growth 6.7%; net margin 18.9%; ROE 20.6%.
The estimated value range is 21.57–49.49 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 33.15 EUR, the price of 77.20 EUR leaves a potential of -57.1% (value / price − 1) and a margin of safety of -132.9% (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
- Net margin: 18.9%
- Interest coverage: 100.0x
- Current ratio: 2.9x
What contradicts it
- The price is above the estimated value range
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 CMB.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 | 46.66 Total return -38% · Per year -38% | 82.41 Total return 9% · Per year 9% | 124.01 Total return 64% · Per year 64% |
| 3 years | 47.36 Total return -33% · Per year -12% | 93.91 Total return 30% · Per year 9% | 154.86 Total return 111% · Per year 28% |
| 5 years | 48.06 Total return -28% · Per year -6% | 107.01 Total return 53% · Per year 9% | 193.39 Total return 170% · Per year 22% |
- Exit P/E± 23.48
- Net margin± 16.43
- Annual revenue growth± 13.21
- Annual dilution± 1.38
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
CEMBRE is an Italian industrial group listed on Euronext Milan that designs and manufactures tools and equipment for electrical connection, including battery-powered tools. Its 2025 annual report shows high return on sales and a solid financial structure, which makes the company relevant to investors following the electrical connection industry. 1
SWOT
Strengths
- Solid financial position, with high profitability and liquidity indicators, according to the 2025 annual report.
- Focus on innovation and on the product range, supported by constant investment in intangible resources.
- Limited currency exposure, thanks to the predominant use of euro in transactions.
Weaknesses
- Dependence on copper as the main raw material, with prices rising in the latter part of 2025.
- Governance structure with a limited number of independent directors, according to the report.
- Activity concentrated in a single domain, which limits revenue diversification.
Opportunities
- Growing use of electricity as a motive force could expand demand for battery tools.
- Continued development of the product range could open new markets through foreign subsidiaries.
- The transition to a low-emission economy could favour products with electric power.
Threats
- Trade policy uncertainty and international tariffs could affect supply chains.
- Copper price volatility could reduce margins if costs cannot be passed on to customers.
- Weak macroeconomic conditions could slow demand, as the report's warnings suggest.
Risks
- Copper pricehigh
Copper is the dominant raw material, and rising quotations could compress the company's margins.
- Macroeconomic uncertaintymedium
Factors such as GDP growth, consumer and business confidence and interest rates could affect demand, according to the report.
- Trade policymedium
Tariffs and trade negotiations could generate uncertainty, although the report does not anticipate relevant effects for the group.
- Climate riskslow
Physical and transition climate risks could influence the usability and useful life of investments.
- Integrity and reputationlow
Unlawful conduct by employees could lead to reputational loss and sanctions, although a prevention model is in place.
Investment thesis
What would need to be true (bull case)
- High return on sales and solid liquidity could give the company room to manoeuvre in periods of uncertainty.
- The shift towards battery tools could expand demand for the group's range, if continuous innovation keeps pace.
- Limited currency exposure and a balanced financial structure could support the stability of results.
What would break the thesis
- Dependence on copper and its price trend could hurt margins if costs cannot be passed on.
- Macroeconomic uncertainty and trade policy could slow demand in certain markets.
- Concentration of activity in a single domain could limit the ability to offset any market slowdown.
What to watch
- Trend in copper quotations and impact on margins2026
- Development of demand for battery-powered tools2026
- Effects of international trade policy on supply chains2026
- Renewal and extension of the product range in foreign subsidiariesnext 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 CEMBRE group operates in electrical connection, with a business model centred on innovation, a broad product range and attention to process quality. The report 1 describes its value chain, from extraction and processing of raw materials through production, sales, customer support and outbound logistics. The predominant raw material is copper, whose price is monitored constantly.
The company states that it continuously develops its own range and invests in its intangible resources, such as human capital, know-how and relationships with customers and suppliers. According to the report 1, an important part of the offering now consists of battery-powered tools with performance comparable to combustion-engine machines.
The governance structure is traditional, with a Board of Directors, a Board of Statutory Auditors and an independent external auditor. The company has subsidiaries in several countries, and most transactions are carried out in euro, which reduces currency exposure, according to the report 1.
Segments
Tools and equipment for electrical connection
The main segment includes tools and equipment for electrical connection, including battery models whose performance approaches that of combustion-engine equipment, according to the report 1.
Customer service and logistics
The group's activity also includes sales, customer support and outbound logistics, as part of the value chain described in the report 1.
Market context
CEMBRE operates in the electrical connection market, where the report 1 notes a growing use of electricity as a motive force, which could favour the company. Macroeconomic uncertainty, trade tariffs and the copper price nonetheless shape the context in which the group operates.
The company states that, despite uncertainty about demand, it relies on its equity strength and competitiveness, which could support adaptation to changing scenarios, according to the report 1.
Trends
- Electrification of toolstailwind
The growing number of battery tools, whose performance approaches that of combustion-engine models, could strengthen demand for the company's range, according to the report 1.
- Copper priceheadwind
Copper remains the main raw material, and rising quotations in the second half of 2025 could pressure margins if they cannot be passed on in prices, as the report 1 suggests.
- International trade tensionsmixed
US tariffs and uncertainty in global trade policy create a volatile context, although the report 1 does not foresee relevant effects on the group's specific market.
- Transition to a low-emission economymixed
The company believes its business model and products will remain attractive during the energy transition, but physical and transition climate risks remain difficult to estimate, according to the report 1.
Competitive position
The report 1 does not explicitly identify the group's competitors. The company maintains its position through continuous innovation, range extension and targeted commercial policies through its foreign subsidiaries.
The competitive advantages mentioned include production technology and periodic renewal of machinery. Competitors can, however, only be identified from other sources, not from the texts provided.
- Competitors not named in the source
The report 1 does not name the group's direct competitors, so none can be listed here.
- Producers of battery-powered tools
The segment of battery-powered electric tools is mentioned as a market trend, without details on competitors.
- Suppliers of combustion-engine equipment
The report compares battery tool performance with combustion-engine equipment, without naming producers.
- Other producers of connection components
The text gives no information about other industry players, so no verifiable names come from the source.
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 / CEMBRE 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.