olivLaw · European equity research
Emak S.p.A. EM.MI
Italy · Euronext Milan · ISIN IT0001237053 · Vertical: Listed companies from Italy
Emak is an Italian group that designs and sells outdoor power equipment, including tools for gardening and green-space care, with net revenue of about 601.9 million EUR in 2024. Profitability fell in the same year and net debt remains high, so the trend in margins deserves close attention.
At the close of 06 Nov 2026, Emak S.p.A. (EM.MI) stock was 0.77 EUR (−0.26% on the day), with market capitalisation 127.1 m EUR, P/E 22.1 on diluted EPS of 0.04 EUR over the last 12 months, dividend yield 5.95%, beta 0.42, 52-week range 0.76–0.99 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)
- 45.8
- neutral
- Bollinger (20, 2)
- 0.76 – 0.79
- in the upper half of the band · %B 0.51 · band width 3.8%
- SMA 50 / 200
- 0.80 / 0.86
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −2.2% | −0.6% | −1.5 pp | — |
| 3 months | −10.3% | −4.2% | −6.2 pp | — |
| 6 months | −13.4% | +4.3% | −17.8 pp | — |
| Year to date | −16.3% | +7.5% | −23.8 pp | — |
| 1 year | −20.6% | +9.9% | −30.5 pp | −7.1% |
| 3 years | −17.7% | +49.8% | −67.5 pp | +6.7% |
| 5 years | −63.5% | +42.8% | −106.4 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 67 percentile of its own 3-quarter history (min 6.3, median 9.4, max 25.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 605.7 m | 566.3 m | 601.9 m |
| Revenue YoY | unavailable | −6.5% | +6.3% |
| Net income | 30.3 m | 19.1 m | 5.8 m |
| Net income YoY | unavailable | −37.0% | −69.8% |
| Diluted EPS | 0.19 | 0.12 | 0.04 |
| Diluted EPS YoY | unavailable | −36.8% | −70.1% |
| net % | 5.0% | 3.4% | 1.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 69.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 280.3 m EUR
- Total assets
- 715.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.12x
- ROE
- 2.0%
- ROA
- 0.8%
- 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 | 605.7 m | 566.3 m | 601.9 m | esef· 15 Apr 2025verified |
| Operating income | 46.8 m | 37.2 m | 24.4 m | esef· 15 Apr 2025verified |
| Interest expense | 8.6 m | 17.8 m | 18.1 m | esef· 15 Apr 2025verified |
| Pre-tax income | 44.1 m | 25.4 m | 10.5 m | esef· 15 Apr 2025verified |
| Income tax | 12.9 m | 5.5 m | 4.0 m | esef· 15 Apr 2025verified |
| Net income | 30.3 m | 19.1 m | 5.8 m | esef· 15 Apr 2025verified |
| Diluted EPS | 0.19 | 0.12 | 0.04 | esef· 15 Apr 2025verified |
| Dividend per share | 0.08 | 0.05 | 0.05 | esef· 15 Apr 2025derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 86.5 m | 75.7 m | 69.2 m | esef· 15 Apr 2025verified |
| Receivables | 119.7 m | 121.9 m | 133.6 m | esef· 15 Apr 2025verified |
| Inventories | 234.0 m | 234.7 m | 251.7 m | esef· 15 Apr 2025verified |
| Current assets | 452.8 m | 444.6 m | 465.3 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 82.5 m | 86.0 m | 93.2 m | esef· 15 Apr 2025verified |
| Goodwill | 71.2 m | 72.6 m | 67.2 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 24.5 m | 29.2 m | 32.5 m | esef· 15 Apr 2025verified |
| Total assets | 679.1 m | 688.0 m | 715.5 m | esef· 15 Apr 2025verified |
| Accounts payable | 109.3 m | 109.8 m | 128.1 m | esef· 15 Apr 2025verified |
| Current liabilities | 199.6 m | 210.8 m | 219.4 m | esef· 15 Apr 2025verified |
| Equity | 277.0 m | 283.7 m | 280.3 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 163.6 m | 163.0 m | 164.4 m | esef· 15 Apr 2025derived |
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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 127.1 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 0.22 – 0.85 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/E0.22 – 0.80 (Mid 0.46)20 companies used · median multiple 13.2x · quartiles 6.3x – 22.7xAC5.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, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI
- Dividend discount (DDM)0.63 – 0.85 (Mid 0.72)
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: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.0% | 28 (vs peers) | 19% |
| 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 | 1.3x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 22.1x | 32 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.0% | 85 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial28/100 · 1/3 factors with a value
- Returns· partial85/100 · 1/2 factors with a value
- Valuation· partial32/100 · 1/3 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
"EMAK S.P.A." (EM.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 601.9 m EUR in 2024; YoY growth 6.3%; net margin 1.0%; ROE 2.1%.
The estimated value range is 0.42–0.82 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 0.59 EUR, the price of 0.77 EUR leaves a potential of -23.5% (value / price − 1) and a margin of safety of -30.8% (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: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
- Shareholder yield (distributions): 6.0%
What contradicts it
- Net margin: 1.0%
- Interest coverage: 1.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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% / +72% |
| DIA.MIDiasorin S.p.a. | 4.4 bn | 29.0 | 9.2% | 13.0% | +0.8% | +34% / −5% |
| 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 | 30.5 | 8.5% | 3.8% | −0.6% | −7% / −57% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 19.0 | 12.8% | 7.1% | −23.0% | +10% / +67% |
| CMB.MICembre S.p.a. | 1.2 bn | 26.4 | 20.6% | 18.9% | +6.7% | +9% / +103% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −23% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 985.3 m | 10.6 | 23.5% | 41.0% | +1.8% | −3% / −22% |
| AVIO.MIAvio S.p.a. | 865.6 m | 85.1 | 2.1% | 1.8% | +21.5% | +16% / +283% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 800.3 m | 6.1 | 17.1% | 7.3% | +1.6% | +6% / +76% |
| ASC.MIAscopiave S.p.a. | 621.5 m | 17.3 | 4.2% | 17.5% | +13.4% | −12% / +27% |
| AC5.MIAcinque S.p.a. | 408.7 m | 19.4 | 4.1% | 3.6% | +0.2% | −7% / +7% |
| BAN.MIBasic Net S.p.a. | 350.2 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 320.4 m | 12.9 | 11.1% | 13.7% | +9.2% | −3% / +10% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 130.1 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| EM.MI"emak S.p.a." | 127.1 m | 22.1 | 2.1% | 1.0% | +6.3% | −16% / −19% |
| BEC.MIB&C Speakers S.p.a. | 116.6 m | 11.5 | 18.5% | 10.2% | −1.3% | −27% / −33% |
| ABT.MIAbitare In S.p.a. | 74.9 m | 272.0 | 0.4% | 0.4% | +39.8% | −7% / −48% |
| ELC.MIElica S.p.a. | 63.7 m | — | -7.8% | -2.2% | +1.9% | −35% / −49% |
| DEX.MIDexelance S.p.a. | 52.8 m | 3.0 | 11.0% | 5.4% | +12.6% | −61% / −77% |
| 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 | 5.1 | 10.9% | 3.8% | −2.5% | −5% / −11% |
| AEF.MIAeffe S.p.a. | 10.3 m | 0.5 | 21.9% | 7.7% | −21.3% | −58% / −86% |
1- and 3-year price returns: for EM.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 | 0.47 Total return -36% · Per year -36% | 0.82 Total return 11% · Per year 11% | 1.24 Total return 66% · Per year 66% |
| 3 years | 0.47 Total return -29% · Per year -11% | 0.93 Total return 35% · Per year 11% | 1.53 Total return 118% · Per year 30% |
| 5 years | 0.47 Total return -21% · Per year -5% | 1.05 Total return 63% · Per year 10% | 1.90 Total return 182% · Per year 23% |
- Exit P/E± 0.23
- Net margin± 0.16
- Annual revenue growth± 0.13
- Annual dilution± 0.01
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
Emak is an Italian group that designs and sells outdoor power equipment, including tools for gardening and green-space care, with net revenue of about 601.9 million EUR in 2024. Profitability fell in the same year and net debt remains high, so the trend in margins deserves close attention. 1
SWOT
Strengths
- Broad outdoor power equipment range and a customer base diversified over time, backed by steady investment in innovation.
- Experience and recognition in the segment of tools for gardening and green-space care.
- Flexible production capacity that allows a quick response to demand changes.
Weaknesses
- Low profitability in the latest year, with net profit down from the previous year.
- High net debt relative to equity.
- Dependence on a few large customers without contracts that set minimum volumes.
Opportunities
- Growing demand for battery-powered products, if the shift toward cleaner solutions continues.
- Expansion into emerging markets, where growth potential exists.
- Development of e-commerce channels to reach consumers directly.
Threats
- Geopolitical tensions and customs duties that can change costs and market access.
- Fluctuating prices of raw materials and energy.
- Adverse weather that can reduce sales of some product categories.
Risks
- Dependence on major customershigh
Losing or reducing orders from large customers could affect results, since there are no minimum purchase commitments.
- Raw material pricesmedium
Swings in copper, steel, aluminium and plastics could pressure margins, and the lack of hedging instruments increases exposure.
- Geopolitical risksmedium
Conflicts, sanctions and customs duties may limit access to certain markets and raise costs.
- Weather dependencelow
Season and weather can change demand for gardening tools abruptly.
- Goodwill recoverabilitymedium
Acquisitions may not deliver the expected benefits, which could lead to accounting impairment.
Investment thesis
What would need to be true (bull case)
- If the shift toward battery-powered products accelerates, the group could benefit from its investments in innovation already made.
- Lower costs and better efficiency could bring margins back toward earlier levels.
- Diversifying the customer base and expanding into new markets could reduce dependence on a small number of buyers.
What would break the thesis
- If profitability keeps falling, high net debt could limit the group's financial flexibility.
- Pressure from raw material and energy costs could stay high, squeezing margins.
- Competition and changing buying behaviour could reduce the group's market share.
What to watch
- Trend in EBITDA margin and net profit2025
- Level of net debt and ratio to equitynext 10-K
- Launch and sales of battery-powered products2025
- Relationship with major customers and diversification of the customer base2025
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 Emak group is organised around outdoor power equipment and products for green-space care, with 2527 employees at the end of 2024. The company develops its range through steady investment in research and development, including solutions with electric batteries. 1
In 2024 net revenue rose to 601.9 million EUR, while EBITDA before non-recurring items was 62.2 million EUR, or 10.1% of revenue. Net profit fell to 6.5 million EUR from 19.9 million EUR the year before. 1
The financial structure remains dependent on debt: net financial position stood at 210 million EUR on 31 December 2024, with a ratio to equity of 0.75. The company says it monitors geopolitical and raw-material supply risks, including copper, steel and aluminium. 1
Segments
Outdoor power equipment
The main segment covers tools for gardening and green-space care, where demand depends on weather and consumer trends. The company says it can adjust production quickly to respond to changes in demand. 1
Battery-powered products
New battery-powered products are a development priority, and the company has set internal targets for launching them on schedule. This direction relates to the shift toward cleaner solutions and technological innovation. 1
Market context
The group operates in several countries, and international expansion into emerging markets is part of its strategy, with risks tied to rapid changes in economic and regulatory conditions, including customs duties. Sanctions restricting access to some Eastern European markets remain a risk factor. 1
Demand for gardening equipment is sensitive to season and weather, and buying behaviour is shifting with the growth of e-commerce. The company tracks these trends to adapt its product range. 1
Trends
- Electrification of equipmenttailwind
Demand for battery-powered tools could grow, and the group is investing in this direction. If the transition accelerates, its innovation lead could support its market position. 1
- E-commerce and buying behaviourmixed
Changes in how consumers buy could affect traditional sales channels, and the group says it tracks these trends to renew its range. 1
- Geopolitical tensions and international tradeheadwind
Regional conflicts, customs duties and sanctions can change costs and market access, which may affect group results. 1
- Raw material and energy costsheadwind
Prices of copper, steel, aluminium and plastics can fluctuate significantly, and the group does not use price hedging instruments, relying instead on supply contracts. Cost pressure can affect margins. 1
Competitive position
Emak competes in the outdoor power equipment market with manufacturers offering similar tools for gardening and green-space care. Its position depends on innovation, distribution reach and the ability to respond quickly to demand changes. 1
The group depends on a few significant customers without contracts that set minimum volumes, so losing a major customer could affect results. Diversifying the customer base is a stated objective. 1
- Outdoor power equipment manufacturers
Producers offering similar tools for gardening and green-space care, referred to in the source as part of the general competitive environment.
- Battery tool manufacturers
Firms active in electric solutions that compete with the group's battery-powered products.
- Distributors and retail chains
Channels that influence buying behaviour and selling prices, with an impact on the group's position.
- E-commerce platforms
Digital channels that change how consumers buy outdoor power equipment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
- Annual report 202302 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Emak 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.