olivLaw · European equity research
Comer Industries S.p.A. COM.MI
Italy · Euronext Milan · ISIN IT0005246191 · Vertical: Listed companies from Italy
Comer Industries, headquartered in Reggiolo and listed on Euronext Milan, designs and manufactures advanced engineering systems and mechatronic solutions for power transmission, serving agricultural machinery, construction, wind energy and electric vehicles. The group has 2,924 employees and 11 production sites, and its report analyses transition climate risks such as CBAM explicitly.
At the close of 04 Nov 2026, Comer Industries S.p.A. (COM.MI) stock was 44.80 EUR (−1.10% on the day), with market capitalisation 1.3 bn EUR, P/E 19.1 on diluted EPS of 2.34 EUR over the last 12 months, dividend yield 2.79%, beta 0.40, 52-week range 36.50–56.00 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)
- 47.2
- neutral
- Bollinger (20, 2)
- 43.36 – 46.49
- in the lower half of the band · %B 0.46 · band width 7.0%
- SMA 50 / 200
- 46.10 / 47.07
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.23
- 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 | +3.7% | −1.5% | +5.2 pp | — |
| 3 months | −8.2% | −5.3% | −2.9 pp | — |
| 6 months | −8.4% | +4.7% | −13.1 pp | — |
| Year to date | −1.3% | +6.0% | −7.3 pp | — |
| 1 year | +21.4% | +8.2% | +13.2 pp | −5.8% |
| 3 years | +67.8% | +47.2% | +20.6 pp | +6.7% |
| 5 years | +34.9% | +41.8% | −6.9 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 8.9, median 9.1, max 13.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 942.4 m |
| Revenue YoY | unavailable | −1.1% | −23.0% |
| Net income | 90.7 m | 94.0 m | 67.2 m |
| Net income YoY | unavailable | +3.7% | −28.5% |
| Diluted EPS | 3.16 | 3.28 | 2.34 |
| Diluted EPS YoY | unavailable | +3.8% | −28.7% |
| net % | 7.3% | 7.7% | 7.1% |
| Free cash flow | 63.4 m | 165.0 m | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 89.5 m EUR
- Financial debt
- 120.6 m EUR
- Net debt
- 31.1 m EUR
- Equity
- 544.2 m EUR
- Total assets
- 1.1 bn EUR
- Debt / equity
- 0.22x
- Current ratio
- 1.68x
- ROE
- 12.8%
- ROA
- 5.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 942.4 m | esef· 15 Apr 2025verified |
| Operating income | 127.5 m | 144.4 m | 99.3 m | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 52.5 m | 60.6 m | 58.2 m | esef· 15 Apr 2025verified |
| EBITDA | 180.0 m ≈ | 205.0 m ≈ | 157.5 m ≈ | esef· 15 Apr 2025derived |
| Pre-tax income | 124.9 m | 129.2 m | 92.8 m | esef· 15 Apr 2025verified |
| Income tax | 34.2 m | 35.1 m | 25.5 m | esef· 15 Apr 2025verified |
| Net income | 90.7 m | 94.0 m | 67.2 m | esef· 15 Apr 2025verified |
| Diluted EPS | 3.16 | 3.28 | 2.34 | esef· 15 Apr 2025verified |
| Dividend per share | 0.50 | 0.75 | 1.25 | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 151.3 m | 68.3 m | 89.5 m | esef· 15 Apr 2025verified |
| Inventories | 244.9 m | 226.6 m | 177.2 m | esef· 15 Apr 2025verified |
| Current assets | 641.8 m | 529.6 m | 466.1 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 211.5 m | 234.3 m | 247.0 m | esef· 15 Apr 2025verified |
| Total assets | 1.2 bn | 1.2 bn | 1.1 bn | esef· 15 Apr 2025verified |
| Short-term debt | 51.6 m | 34.0 m | 45.8 m | esef· 15 Apr 2025verified |
| Long-term debt | 190.7 m | 64.6 m | 74.8 m | esef· 15 Apr 2025verified |
| Current liabilities | 351.5 m | 354.5 m | 276.9 m | esef· 15 Apr 2025verified |
| Equity | 443.9 m | 507.6 m | 544.2 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 28.7 m | 28.7 m | 28.7 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 94.1 m | 203.8 m | 110.4 m | esef· 15 Apr 2025verified |
| Capex | 30.7 m | 38.8 m | — | esef· 02 Apr 2024verified |
| Free cash flow | 63.4 m ≈ | 165.0 m ≈ | — | esef· 02 Apr 2024derived |
| Investing cash flow | -34.1 m | -41.0 m | -49.9 m | esef· 15 Apr 2025verified |
| Financing cash flow | 5.6 m | -196.0 m | -39.3 m | esef· 15 Apr 2025verified |
| Dividends paid | 14.3 m | 21.5 m | 35.8 m | esef· 15 Apr 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
Score: 66 / 100
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
The data is older than the freshness threshold.
Score by group
- Quality80
- Returns64
- Valuation54
- Balance sheet69
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: 14.84 – 65.78 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/EBITDA22.89 – 53.27 (Mid 47.19)6 companies used · median multiple 8.8x · quartiles 4.4x – 9.9xASC.MI, AVIO.MI, BAN.MI, DEX.MI, DLG.MI, ELC.MI
- Peers: P/E14.84 – 65.78 (Mid 31.09)20 companies used · median multiple 13.3x · quartiles 6.3x – 28.1xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI, ELN.MI
- Dividend discount (DDM)17.00 – 23.18 (Mid 19.62)
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
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.9% | 85 (vs peers) | 14% |
| Net margin · Quality | 7.1% | 51 (vs peers) | 8% |
| FCF conversion · Quality | 106.5% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.2x | 67 (vs peers) | 14% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 74 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 19.1x | 45 (vs peers) | 14% |
| EV/EBITDA · Valuation | 8.4x | 50 (vs peers) | 14% |
| FCF yield · Valuation | 5.6% | 70 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 2.8% | 40 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 50.1% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet69/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns64/100 · 2/2 factors with a value
- Valuation54/100 · 3/3 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
COMER INDUSTRIES S.P.A. (COM.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 942.4 m EUR in 2024; YoY growth -23.0%; net margin 7.1%; ROE 12.8%; net debt/EBITDA 0.2x.
The estimated value range is 17.00–53.27 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 31.09 EUR, the price of 44.80 EUR leaves a potential of -30.6% (value / price − 1) and a margin of safety of -44.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral 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
- ROIC: 12.9%
- FCF conversion: 106.5%
- Current ratio: 1.7x
- Payout ratio (FCF): 50.1%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage.
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 COM.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 | 23.95 Total return -45% · Per year -45% | 42.56 Total return -2% · Per year -2% | 64.40 Total return 47% · Per year 47% |
| 3 years | 19.02 Total return -52% · Per year -22% | 38.41 Total return -7% · Per year -2% | 64.40 Total return 53% · Per year 15% |
| 5 years | 15.10 Total return -58% · Per year -16% | 34.67 Total return -11% · Per year -2% | 64.40 Total return 60% · Per year 10% |
- Exit P/E± 9.60
- Net margin± 6.72
- Annual revenue growth± 6.07
- Annual dilution± 0.56
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
Comer Industries, headquartered in Reggiolo and listed on Euronext Milan, designs and manufactures advanced engineering systems and mechatronic solutions for power transmission, serving agricultural machinery, construction, wind energy and electric vehicles. The group has 2,924 employees and 11 production sites, and its report analyses transition climate risks such as CBAM explicitly.
SWOT
Strengths
- Declared world-leader position in transmission systems and a network of production sites on several continents.
- Integrated presence in production, aftermarket and sales, which supports customer relationships.
- Diversification across several industrial sectors, from agriculture to wind energy.
Weaknesses
- Dependence on investment by industrial customers, which can be cyclical.
- Exposure to the cost of certified renewable energy, which affects production costs.
- Need for large initial investments in low-emission technologies.
Opportunities
- Growth in electric vehicle transmissions could open new product lines.
- Demand for wind energy and decarbonisation solutions could support growth.
- Development of sustainability-related markets could create value for innovation.
Threats
- The CBAM could raise the cost of imports from outside the EU.
- Competition from regions with lower costs could reduce market share.
- Physical climate risks such as floods and heatwaves could disrupt production.
Risks
- CBAM costhigh
Introduction of the carbon border adjustment mechanism could raise costs for imported products, especially in the Net Zero scenario 1.
- Guarantee of Origin pricemedium
Fluctuations in the price of Guarantees of Origin could increase the cost of green energy procurement 1.
- Acute physical risksmedium
Floods, storms and fires could interrupt production at certain sites, according to the group's climate analysis 1.
- Chronic physical riskslow
Long-term heat stress and drought could change the production strategy across sites 1.
- Technology riskmedium
Failing to invest in efficient technologies could lead to a loss of market share over time 1.
Investment thesis
What would need to be true (bull case)
- The declared leadership position and diversification across several sectors could support revenue resilience.
- Growth in electric vehicle transmissions could add a new growth driver.
- If demand for decarbonisation solutions rises, the group could benefit from its technological position.
What would break the thesis
- The cyclicality of industrial investment could weigh on orders from agriculture and construction.
- CBAM and green-energy costs could erode margins if they cannot be passed on to customers.
- Competition from regions with lower costs could limit selling price increases.
What to watch
- Actual impact of CBAM on the group's imports2026
- Evolution of the Guarantee of Origin price2025
- Results in the electric vehicle transmissions segmentnext 10-K
- Update of the double materiality analysis and climate risks2026
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
Comer Industries, headquartered in Reggiolo (Reggio Emilia, Italy) and listed on Euronext Milan, is a world leader in designing and producing advanced engineering systems and mechatronic solutions for power transmission 1. The group was founded in 1970 and has 11 production sites, plus Aftermarket and commercial sites in several countries 1. At 31 December 2024 it had 2,924 employees 1.
Segments
Agricultural and construction machinery
The company produces power transmission systems for agricultural and construction machinery, one of the two main areas of activity described in the report 1.
Wind energy
The group is also active in wind energy, where it supplies transmission components 1.
Electric vehicle transmissions
Comer Industries also operates in transmissions for electric vehicles, a segment linked to the electrification of mobility 1.
Market context
The group's end markets are agricultural machinery, construction, wind energy and electric vehicles, all dependent on the investment cycles of industrial customers 1. The report mentions exposure to the price of Guarantees of Origin for renewable energy, showing that the energy market affects costs 1.
Trends
- Decarbonisation and the cost of green energyheadwind
Rising demand for renewable energy certified with Guarantees of Origin could increase procurement costs if the market expands quickly, according to the scenario considered in the report 1.
- EU CBAM mechanismheadwind
The Carbon Border Adjustment Mechanism, scheduled to start in 2026, could generate additional costs on the group's imports, especially in a Net Zero scenario 1.
- Electrification of transmissionstailwind
The development of transmissions for electric vehicles opens growth opportunities for the group's mechatronic solutions 1.
- Regulatory pressure from the Green Dealmixed
The regulatory framework linked to climate neutrality by 2050 could require investment in low-emission technologies, with a mixed effect on competitiveness 1.
Competitive position
The report does not explicitly name the group's competitors in the sources provided, so no competitors can be named with certainty. Comer Industries presents itself as a world leader in its field, and its competitiveness depends on its ability to adopt energy-efficient technologies, which implies large initial investments 1.
- Industrial power transmission system makers
Competition comes from power transmission system producers in the same sectors, not named in the source.
- Electric vehicle component suppliers
Potential competitors in electric vehicle transmissions, not named in the source.
- Vertically integrated agricultural machinery makers
Customers that could in-house transmission production, not named in the source.
- Asian competitors
Local companies in regions such as China or India, where the group has sites, not named in the source.
News & filings
In the press
- Comer says there’s a ‘big possibility’ Peltola won’t be seated if she winsThe Hill · 01 Nov 2026 · EN
- Rep. James Comer expands House investigation into prediction market insider tradingCNBC — Top News · 29 Sept 2026 · EN
- Qatarul avertizează că o eventuală blocare a Strâmtorii Bab el-Mandeb, o rută importantă pentru comer... - biziday.roBiziday.ro · 16 Sept 2026 · RO
- Comer expects McConnell to return with Senate after Labor DayThe Hill · 03 Sept 2026 · EN
- Lots of Heartburn Over The Anti-Weaponization Fund Says Rep. ComerBloomberg Markets · 08 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202302 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Comer Industries 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.