olivLaw · European equity research
Fiera Milano S.p.a. FM.MI
Italy · Euronext Milan · ISIN IT0003365613 · Vertical: Listed companies from Italy
At the close of 06 Nov 2026, Fiera Milano S.p.a. (FM.MI) stock was 7.23 EUR (−0.28% on the day), with market capitalisation 514.4 m EUR, P/E 26.7 on diluted EPS of 0.27 EUR over the last 12 months, dividend yield 1.94%, beta 0.84, 52-week range 6.85–9.10 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.4
- neutral
- Bollinger (20, 2)
- 7.01 – 7.34
- in the upper half of the band · %B 0.67 · band width 4.6%
- SMA 50 / 200
- 7.39 / 7.84
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.07
- 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 | +0.1% | −0.2% | +0.3 pp | — |
| 3 months | −13.5% | −5.4% | −8.1 pp | — |
| 6 months | −5.1% | +4.4% | −9.5 pp | — |
| Year to date | −7.7% | +6.5% | −14.1 pp | — |
| 1 year | −6.1% | +10.0% | −16.1 pp | −7.1% |
| 3 years | +234.7% | +48.6% | +186.2 pp | +6.7% |
| 5 years | +98.4% | +41.4% | +56.9 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 2-quarter history (min 4.3, median 10.4, max 16.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 220.3 m | 283.8 m | 273.2 m |
| Revenue YoY | unavailable | +28.8% | −3.8% |
| Net income | -5.6 m | 45.5 m | 19.3 m |
| Net income YoY | unavailable | unavailable | −57.6% |
| Diluted EPS | -0.08 | 0.64 | 0.27 |
| Diluted EPS YoY | unavailable | unavailable | −57.5% |
| net % | -2.5% | 16.0% | 7.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 72.4 m EUR
- Financial debt
- 12.0 m EUR
- Net debt
- -60.5 m EUR
- Equity
- 157.1 m EUR
- Total assets
- 658.7 m EUR
- Debt / equity
- 0.08x
- Current ratio
- 0.77x
- ROE
- 12.6%
- ROA
- 2.7%
- 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 | 220.3 m | 283.8 m | 273.2 m | esef· 15 Apr 2025verified |
| Interest expense | 14.5 m | 14.4 m | 12.4 m | esef· 15 Apr 2025verified |
| Pre-tax income | -3.7 m | 36.0 m | 24.5 m | esef· 15 Apr 2025verified |
| Income tax | 2.1 m | 7.0 m | 5.4 m | esef· 15 Apr 2025verified |
| Net income | -5.6 m | 45.5 m | 19.3 m | esef· 15 Apr 2025verified |
| Diluted EPS | -0.08 | 0.64 | 0.27 | esef· 15 Apr 2025verified |
| Dividend per share | — | 0.00 | 0.14 | esef· 15 Apr 2025derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 82.0 m | 99.8 m | 72.4 m | esef· 15 Apr 2025verified |
| Receivables | 33.4 m | 40.6 m | 51.2 m | esef· 15 Apr 2025verified |
| Inventories | 3.1 m | 2.3 m | 7.8 m | esef· 15 Apr 2025verified |
| Current assets | 154.9 m | 182.3 m | 149.2 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 5.0 m | 11.5 m | 7.4 m | esef· 15 Apr 2025verified |
| Goodwill | 95.0 m | 95.0 m | 95.0 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 15.2 m | 12.2 m | 9.0 m | esef· 15 Apr 2025verified |
| Total assets | 717.0 m | 754.5 m | 658.7 m | esef· 15 Apr 2025verified |
| Short-term debt | 27.3 m | 27.5 m | 8.5 m | esef· 15 Apr 2025verified |
| Long-term debt | 60.9 m | 30.6 m | 3.5 m | esef· 15 Apr 2025verified |
| Current liabilities | 186.7 m | 223.9 m | 194.5 m | esef· 15 Apr 2025verified |
| Equity | 106.2 m | 148.4 m | 157.1 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 71.6 m | 71.3 m | 71.1 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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 514.4 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 1.71 – 6.15 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 · input data missing
- Peers: P/E1.71 – 6.15 (Mid 3.56)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)1.90 – 2.60 (Mid 2.20)
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.1% | 51 (vs peers) | 23% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 26.7x | 27 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.9% | 28 (on a fixed band) | 23% |
| 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· partial51/100 · 1/3 factors with a value
- Returns· partial28/100 · 1/2 factors with a value
- Valuation· partial27/100 · 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
FIERA MILANO S.P.A. (FM.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 273.2 m EUR in 2024; YoY growth -3.8%; net margin 7.1%; ROE 12.7%.
The estimated value range is 1.81–4.37 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 2.88 EUR, the price of 7.23 EUR leaves a potential of -60.2% (value / price − 1) and a margin of safety of -151.0% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 0.8x
- P/E (TTM): 26.7x
- Shareholder yield (distributions): 1.9%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| FM.MIFiera Milano S.p.a. | 514.4 m | 26.7 | 12.7% | 7.1% | −3.8% | −12% / +193% |
| 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% |
| 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 FM.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 | 3.92 Total return -44% · Per year -44% | 6.96 Total return -2% · Per year -2% | 10.52 Total return 48% · Per year 48% |
| 3 years | 3.20 Total return -52% · Per year -22% | 6.44 Total return -5% · Per year -2% | 10.78 Total return 56% · Per year 16% |
| 5 years | 2.61 Total return -58% · Per year -16% | 5.97 Total return -9% · Per year -2% | 11.05 Total return 64% · Per year 10% |
- Exit P/E± 1.61
- Net margin± 1.13
- Annual revenue growth± 1.01
- Annual dilution± 0.09
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
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 202302 Apr 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.