olivLaw · European equity research
Gabetti Property Solutions S.p.A. GAB.MI
Italy · Euronext Milan · ISIN IT0005023038 · Vertical: Listed companies from Italy
Gabetti Property Solutions is an Italian real estate services group combining brokerage, franchising, consulting and general contracting for building renovation. Revenue grew in 2023, but the residential market contracted under higher interest rates, and legislative changes to renovation incentives remain a source of uncertainty.
At the close of 05 Nov 2026, Gabetti Property Solutions S.p.A. (GAB.MI) stock was 0.37 EUR (−3.41% on the day), with beta 0.22, 52-week range 0.31–0.67 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 50.6
- neutral
- Bollinger (20, 2)
- 0.33 – 0.39
- in the upper half of the band · %B 0.64 · band width 18.7%
- SMA 50 / 200
- 0.38 / 0.47
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | −2.6% | −0.6% | −2.0 pp | — |
| 3 months | +17.2% | −4.2% | +21.4 pp | — |
| 6 months | −31.3% | +4.3% | −35.7 pp | — |
| Year to date | −42.1% | +7.5% | −49.6 pp | — |
| 1 year | −43.6% | +9.9% | −53.5 pp | −5.5% |
| 3 years | −47.2% | +49.8% | −97.0 pp | +8.9% |
| 5 years | −83.6% | +42.8% | −126.4 pp | — |
Price returns, dividends excluded.
Quarterly results
unavailable
Balance sheet & financial health
Valuation
unavailable
Versus the vertical median
Listed companies from Italy · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| 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% |
| 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 GAB.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.
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
Gabetti Property Solutions is an Italian real estate services group combining brokerage, franchising, consulting and general contracting for building renovation. Revenue grew in 2023, but the residential market contracted under higher interest rates, and legislative changes to renovation incentives remain a source of uncertainty 1.
SWOT
Strengths
- Diversification across business lines, from brokerage to general contracting, reduces dependence on a single segment 1.
- Revenue growth in 2023 was supported by general contracting and by results ahead of budget at Gabetti Lab and Abaco 1.
- The Santandrea brand and the Gabetti network give positioning in the luxury and franchise segments 1.
Weaknesses
- Operating cash flow was negative in 2023 and below budget, due to the gap between payments to builders and receipts from tax credit assignment 1.
- The company has faced difficulties collecting receivables, especially in franchising, where balances are fragmented 1.
- Direct agency suffered from the market contraction and from the strategy change in the Santandrea division, with related investments 1.
Opportunities
- The need to renovate a large part of the Italian housing stock could support long-term demand for the group's services 1.
- Investor interest in income residential and new living formats could open new business lines 1.
- Acquisitions and partnerships, such as Voxel and Ruralset, could extend geographic and technical coverage 1.
Threats
- Legislative changes to renovation tax incentives could abruptly reduce renovation volumes, as the company is exposed to regulatory uncertainty 1.
- High interest rates and reduced mortgage lending could continue to weigh on residential transactions 1.
- Rising competition and technological pressure could erode margins across all business lines 1.
Risks
- Regulatory uncertaintyhigh
Changes to renovation incentive rules could create extra costs or difficulties in generating revenue, particularly in general contracting 1.
- Cash flow in general contractinghigh
The company had a significant absorption of operating cash and depends on credit lines and tax credit assignment to finance the activity 1.
- Goodwill impairmentmedium
Goodwill could be impaired if targets are not met, with negative effects on the economic and equity position 1.
- Credit riskmedium
Collections from franchising and general contracting have been difficult, and a market deterioration could increase losses 1.
- Real estate market cyclicalitymedium
A negative trend in sectors or mortgage demand could affect the group's results 1.
Investment thesis
What would need to be true (bull case)
- If renovation of buildings remains a long-term priority, general contracting could continue to support revenue growth.
- Diversification across several business lines could cushion declines in residential brokerage.
- A rate reduction in the second half of 2024 could revive transactions and mortgage lending.
What would break the thesis
- If the tax regime for renovation incentives remains unstable, work volumes could drop sharply.
- Negative cash flow could require additional financing, which could strain the balance sheet.
- If the residential market keeps contracting, brokerage and franchising could deepen the revenue decline.
What to watch
- Development of general contracting revenue after the tax step-down expires2025
- Operating cash flow trend and use of credit linesnext 10-K
- Changes to renovation tax incentive rules2025
- ECB rate path and mortgage lending volumes2024
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 Gabetti group operates across the real estate services chain: direct brokerage through Gabetti Agency in corporate, portfolio, residential and luxury segments (Santandrea), the Gabetti Franchising retail network, technical services through Abaco Team, consulting through Patrigest and general contracting through Gabetti Lab, GLab Costruzioni and Voxel. Operating revenue reached 193.1 million EUR in 2023, up 27% 1. The group also covers credit brokerage via Monety and insurance brokerage via Assicurare 1.
The company presents the diversification of its business lines as a way to mitigate operating result risk, though it cannot fully exclude fluctuations 1. In 2023 general contracting was decisive for revenue growth, while Agency and Corporate Services stayed broadly flat 1.
From April 2023 the group announced its intention to focus its franchise network on a single Gabetti brand, and in October 2023 the acquisition of Voxel, a general contractor active across Italy, was completed 1.
Segments
Real Estate Network Services
This line includes franchising, general contracting and financial referral. Revenue rose 41% in 2023, mainly from general contracting, while core franchising revenue also grew after the deconsolidation of Professionecasa and Grimaldi 1.
Agency and Corporate Services
Revenue in 2023 was broadly in line with the prior year, after a strong fourth quarter partly recovered the shortfall in the first nine months. Patrigest and Abaco grew, offsetting the decline in direct agency 1.
Market context
Non-residential segments diverged: commercial transactions rose 4.5% while productive-sector transactions fell 3.8%, and the Milan office take-up dropped 16% 1.
Trends
- Interest rates and mortgage lendingheadwind
Higher ECB rates reduced mortgage volumes for homes and could slow residential transactions in the short term if rates stay elevated 1.
- Possible rate cuts in 2024tailwind
The company mentions a possible rate reduction in the second half of 2024 that could support transactions if it materialises 1.
- Energy renovation and Superbonusmixed
The step-down to 70% for 2024 and 65% for 2025 reduces renovation volumes for condominiums, while EU green-building rules could create demand over the medium term 1.
- Investor interest in income residentialtailwind
The company expects investors to pay more attention to income residential and new living formats such as co-living and senior living 1.
Competitive position
Gabetti operates in a fragmented market of estate agencies, franchise networks and general contractors, where competition has increased with technology and more demanding clients 1. The company differentiates itself through full coverage of the services chain and the Santandrea brand in the luxury segment 1.
Retailers that fail to adapt to omnichannel and digital apps risk losing continuity and profitability, which makes technology investment a condition of competitiveness 1.
- Compass, Inc.COMP
The source provided does not name competitors; listed as an example of a US residential brokerage, with no data taken from the source.
- Anywhere Real Estate Inc.HOUS
The source provided does not name competitors; listed as an example of a US real estate franchise network, with no data taken from the source.
- Douglas Elliman Inc.DOUG
The source provided does not name competitors; listed as an example of a US residential brokerage, with no data taken from the source.
- Jones Lang LaSalle IncorporatedJLL
The source provided does not name competitors; listed as an example of a corporate real estate adviser, with no data taken from the source.
News & filings
In the press
No news in our archive over the last 180 days.
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Gabetti Property Solutions S.p.A. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.