olivLaw · European equity research
FINE FOODS & PHARMACEUTICALS N.T.M. S.P.A. FF.MI
Italy · Euronext Milan · ISIN IT0005215329 · Vertical: Listed companies from Italy
Fine Foods & Pharmaceuticals N.T.M. S.p.A. develops and manufactures for third parties dietary supplements, nutraceuticals and medicines, with a portfolio of over 2,000 products and an established client base. Its relevance now lies in cost pressures on raw materials and energy, geopolitical risks and dependence on a few main clients.
At the close of 05 Nov 2026, FINE FOODS & PHARMACEUTICALS N.T.M. S.P.A. (FF.MI) stock was 6.10 EUR (−3.17% on the day), with market capitalisation 150.2 m EUR, P/E 14.9 on diluted EPS of 0.41 EUR over the last 12 months, dividend yield 2.28%, beta 0.49, 52-week range 6.10–11.85 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)
- 29.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 6.15 – 6.70
- below the lower band · %B -0.08 · band width 8.6%
- SMA 50 / 200
- 7.01 / 8.64
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.21 / -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 | −13.1% | −0.6% | −12.5 pp | — |
| 3 months | −26.3% | −4.2% | −22.2 pp | — |
| 6 months | −28.6% | +4.3% | −32.9 pp | — |
| Year to date | −36.3% | +7.5% | −43.8 pp | — |
| 1 year | −34.7% | +9.9% | −44.6 pp | −6.1% |
| 3 years | −20.5% | +49.8% | −70.3 pp | +7.7% |
| 5 years | −65.7% | +42.8% | −108.6 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 0 percentile of its own 2-quarter history (min 22.7, median 23.0, max 23.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 252.9 m | 245.1 m | 253.5 m |
| Revenue YoY | unavailable | −3.1% | +3.4% |
| Net income | -3.5 m | 8.2 m | 10.1 m |
| Net income YoY | unavailable | unavailable | +23.8% |
| Diluted EPS | -0.14 | 0.33 | 0.41 |
| Diluted EPS YoY | unavailable | unavailable | +24.2% |
| net % | -1.4% | 3.3% | 4.0% |
| Free cash flow | 411.9 k | 12.0 m | -2.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 38.9 m EUR
- Financial debt
- 85.5 m EUR
- Net debt
- 46.6 m EUR
- Equity
- 134.2 m EUR
- Total assets
- 280.0 m EUR
- Debt / equity
- 0.64x
- Current ratio
- 1.75x
- ROE
- 7.6%
- ROA
- 3.9%
- FCF margin
- -1.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 252.9 m | 245.1 m | 253.5 m | esef· 07 Apr 2026verified |
| Operating income | 1.1 m | 14.6 m | 16.4 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 21.2 m | 15.8 m | 18.0 m | esef· 07 Apr 2026verified |
| EBITDA | 22.3 m ≈ | 30.4 m ≈ | 34.4 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 5.0 m | 3.5 m | 3.0 m | esef· 07 Apr 2026verified |
| Pre-tax income | -1.9 m | 11.8 m | 13.6 m | esef· 07 Apr 2026verified |
| Income tax | 1.7 m | 3.7 m | 3.5 m | esef· 07 Apr 2026verified |
| Net income | -3.5 m | 8.2 m | 10.1 m | esef· 07 Apr 2026verified |
| Diluted EPS | -0.14 | 0.33 | 0.41 | esef· 07 Apr 2026verified |
| Dividend per share | 0.10 | 0.12 | 0.14 | esef· 07 Apr 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 19.0 m | 19.2 m | 38.9 m | esef· 07 Apr 2026verified |
| Inventories | 42.5 m | 31.9 m | 35.0 m | esef· 07 Apr 2026verified |
| Current assets | 111.4 m | 96.4 m | 117.4 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 106.9 m | 126.1 m | 144.2 m | esef· 07 Apr 2026verified |
| Goodwill | 11.5 m | 11.5 m | 11.5 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 1.6 m | 1.6 m | 1.9 m | esef· 07 Apr 2026verified |
| Total assets | 241.5 m | 242.6 m | 280.0 m | esef· 07 Apr 2026verified |
| Short-term debt | 55.3 m | 18.4 m | 12.8 m | esef· 07 Apr 2026verified |
| Long-term debt | 9.7 m | 35.0 m | 72.7 m | esef· 07 Apr 2026verified |
| Current liabilities | 101.4 m | 70.7 m | 67.2 m | esef· 07 Apr 2026verified |
| Equity | 126.9 m | 132.1 m | 134.2 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 25.2 m | 24.7 m | 24.6 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 18.5 m | 45.9 m | 31.8 m | esef· 07 Apr 2026verified |
| Capex | 18.1 m | 33.9 m | 34.6 m | esef· 07 Apr 2026verified |
| Free cash flow | 411.9 k ≈ | 12.0 m ≈ | -2.9 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | 45.9 m | -31.6 m | -35.8 m | esef· 07 Apr 2026verified |
| Financing cash flow | -55.7 m | -14.1 m | 23.8 m | esef· 07 Apr 2026verified |
| Dividends paid | 2.5 m | 2.9 m | 3.4 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: 41 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 150.2 m EUR
Key indicators
Coverage and freshness
Score by group
- Quality34
- Returns33
- Balance sheet49
- Valuation43
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: 1.89 – 11.32 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 · the base of the ratio is not positive
- Peers: EV/EBITDA6.00 – 11.32 (Mid 9.50)7 companies used · median multiple 8.1x · quartiles 5.6x – 9.4xASC.MI, AVIO.MI, BAN.MI, COM.MI, DEX.MI, DLG.MI, ELC.MI
- Peers: P/E2.58 – 9.37 (Mid 5.43)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.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)1.89 – 2.58 (Mid 2.18)
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 41/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.0% | 50 (vs peers) | 13% |
| Net margin · Quality | 4.0% | 41 (vs peers) | 8% |
| FCF conversion · Quality | -28.4% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.4x | 30 (vs peers) | 13% |
| Interest coverage · Balance sheet | 5.4x | 60 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.7x | 79 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 14.9x | 50 (vs peers) | 13% |
| EV/EBITDA · Valuation | 5.7x | 71 (vs peers) | 13% |
| FCF yield · Valuation | -1.9% | 0 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 2.3% | 33 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet49/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality34/100 · 3/3 factors with a value
- Returns· partial33/100 · 1/2 factors with a value
- Valuation43/100 · 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
"FINE FOODS & PHARMACEUTICALS N.T.M. S.P.A." (FF.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 253.5 m EUR in 2025; YoY growth 3.4%; net margin 4.0%; ROE 7.6%; net debt/EBITDA 1.4x.
The estimated value range is 2.58–9.37 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 5.43 EUR, the price of 6.10 EUR leaves a potential of -10.9% (value / price − 1) and a margin of safety of -12.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 41/100, 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, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
- EV/EBITDA: 5.7x
What contradicts it
- FCF conversion: -28.4%
- Net debt / EBITDA: 1.4x
- FCF yield: -1.9%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, 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% |
| 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% |
| FF.MI"fine Foods & Pharmaceuticals N.t.m. S.p.a." | 150.2 m | 14.9 | 7.6% | 4.0% | +3.4% | −36% / −23% |
| 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 FF.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 | 3.57 Total return -40% · Per year -40% | 6.31 Total return 6% · Per year 6% | 9.51 Total return 59% · Per year 59% |
| 3 years | 3.39 Total return -39% · Per year -15% | 6.75 Total return 18% · Per year 6% | 11.18 Total return 93% · Per year 24% |
| 5 years | 3.22 Total return -39% · Per year -9% | 7.22 Total return 31% · Per year 6% | 13.14 Total return 132% · Per year 18% |
- Exit P/E± 1.69
- Net margin± 1.18
- Annual revenue growth± 0.98
- Annual dilution± 0.10
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
Fine Foods & Pharmaceuticals N.T.M. S.p.A. develops and manufactures for third parties dietary supplements, nutraceuticals and medicines, with a portfolio of over 2,000 products and an established client base. Its relevance now lies in cost pressures on raw materials and energy, geopolitical risks and dependence on a few main clients 1.
SWOT
Strengths
- The group has consolidated relationships with a large number of clients, a broad product range and a system of quality and health and safety certifications 1.
- Investments in cogeneration and photovoltaic plants partly reduce dependence on volatile energy prices 1.
- The product liability insurance policy provides substantial coverage for risks linked to product quality 1.
Weaknesses
- Revenues are concentrated on a few main clients, and contracts do not always guarantee minimum quantities 1.
- Substitution of suppliers is limited especially in the pharmaceutical sector, increasing exposure to supply interruptions 1.
- Retaining specialised technical staff is difficult, and turnover of qualified personnel can affect operations 1.
Opportunities
- Extending ISO certifications to all plants and diversifying into cosmetics could strengthen the market position 1.
- Integrating acquisitions through M&A can diversify the client base and reduce revenue concentration 1.
- Adapting to sustainability and supply-chain due diligence requirements could open access to clients demanding high ESG standards 1.
Risks
- Concentration of revenues on main clientshigh
Losing one of the main clients could significantly affect revenues, and contracts do not guarantee minimum volumes 1.
- Cost and availability of energyhigh
Energy prices are volatile and high relative to historical levels, with potential impact on operating costs 1.
- Supply of raw materials and packagingmedium
Shortages of virgin raw materials and packaging can raise costs and delay production, especially where suppliers are hard to replace 1.
- Wage claims over changing timemedium
Some former employees have requested wage differences for time spent changing in locker rooms; the group reached settlements for existing cases and is evaluating negotiations with trade unions 1.
- Risks linked to use of artificial intelligencelow
Unauthorised use of generative AI tools may lead to loss of confidential data, and the group is evaluating measures such as an internal policy and training 1.
Investment thesis
What would need to be true (bull case)
- If the group maintains its client relationships and passes cost increases on, its base of durable contracts could support revenues over the medium term 1.
- Investments in renewable energy and cogeneration could reduce margin sensitivity to energy price shocks 1.
- Diversification through acquisitions and dilution of client concentration could improve revenue stability in the future 1.
What would break the thesis
- If a major client reduces orders, the impact on revenues could be rapid, since contracts do not require minimum quantities 1.
- Persistent pressure on energy and raw material costs could reduce margins if prices cannot be passed on to clients 1.
- Wage litigation and regulatory risks could generate additional costs and affect reputation 1.
What to watch
- Evolution of energy costs and the impact of Middle East conflicts on operations2026
- Status of negotiations with trade unions on employee changing time and any new reimbursement claims2026
- Results of ESG risk assessments of suppliers and updates of ESG requirements2026
- Completion of the UNI PdR 125 gender equality certification and adaptation to the EU pay transparency directive2026
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 Fine Foods group develops and manufactures for third parties dietary supplements, nutraceuticals and medicines. According to the annual report for the year ended 31 December 2025, the group has consolidated and continuing relationships with more than 130 clients, operates 148 production lines across several plants, produces 2,107 SKUs and employs 839 people 1. The activity also includes a cosmetics division, acquired through M&A 1.
The business model rests on contract manufacturing, in which the client orders formulas and volumes while the group ensures compliance with good manufacturing practice. The group states that products undergo rigorous analysis before release and holds quality certifications, including ISO 45001 and ISO 14001 1.
The operating structure includes several sites, among them Zingonia-Verdellino, Brembate and Trenzano, and activity is organised into business units dedicated to nutraceuticals, pharmaceuticals and cosmetics 1.
Segments
Nutra
The Nutra division produces dietary supplements and nutraceuticals for clients in the food and health industries. The report notes that exposure to geopolitical conflicts affects this unit in particular through possible order cancellations for products exported to war zones 1.
Pharma
The pharmaceutical division manufactures medicines for third parties, a sector where substituting suppliers is limited, and where authorisation of production by health authorities is a key element of the activity 1.
Cosmetics
The cosmetics division was integrated through an acquisition and, according to the report, contributes to diluting the concentration of revenues on main clients, although the group presents it as part of its growth strategy 1.
Market context
The group operates in contract manufacturing of nutraceuticals, pharmaceuticals and cosmetics, with strict GMP compliance requirements and certifications. The report shows that pressures on energy and raw material costs, such as palm oil, coffee and natural extracts, are factors that can affect margins in this context 1.
Demand depends on clients' decisions to outsource production and on the evolution of European rules on sustainability and AI. The report flags that these rules may impose additional adaptation costs if new requirements arise for the supply chain 1.
Trends
- Energy cost and price volatilityheadwind
The report describes energy costs as high relative to historical levels, with high volatility. The group installed cogeneration units and photovoltaic plants, which could reduce exposure, but the impact of recent events in the Middle East could not yet be estimated 1.
- Shortage of raw materialsmixed
Shortages of virgin raw materials and packaging materials can increase purchasing costs and delay production. The group can pass raw material price increases on to clients and keeps stocks of continuously used raw materials 1.
- European rules on AI and due diligencemixed
EU Regulation 2024/1689 on artificial intelligence and supply-chain due diligence obligations create new compliance requirements. The group considers that adapting to these rules could reduce reputational risks, but it involves investment in policies and training 1.
- Geopolitical tensionsheadwind
The Russia-Ukraine conflict and Middle East tensions may lead to cancelled export orders in affected areas. The report says the group's exposure in the regions concerned is limited, but the evolution of these conflicts is constantly monitored 1.
Competitive position
The annual report does not explicitly name competitors. The market for contract manufacturers of nutraceuticals and pharmaceuticals is however contested by other European producers, and the group notes that replacing suppliers and clients can be difficult in certain areas 1.
The competitive strengths described by the group include quality certifications, the large number of production lines and durable client relationships, which reduce the risk of losing contracts 1.
- European contract manufacturers of nutraceuticals and pharmaceuticals
The report does not name competitors; this category reflects the general contract manufacturing market.
- Private-label dietary supplement producers
Indirect competition for clients ordering products from their own portfolios, with no names given in the source.
- Suppliers of natural ingredients and raw materials
The sources do not identify specific companies, but mention pressure on raw material prices.
- Cosmetics companies with contract production
Possible competition in the cosmetics division, not explicitly identified in the report.
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 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / FINE FOODS & PHARMACEUTICALS N.T.M. 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.