olivLaw · European equity research
Italian Exhibition Group S.p.A. IEG.MI
Italy · Euronext Milan · ISIN IT0003411417 · Vertical: Listed companies from Italy
Italian Exhibition Group organises trade fair and congress events globally, with activity concentrated mainly in Italy. The group has been listed on Euronext Milan since 2019 and is updating its ESG strategy and Strategic Plan 2025-2030, which makes it relevant to examine how it manages impacts, risks and opportunities over 2025-2030.
At the close of 05 Nov 2026, Italian Exhibition Group S.p.A. (IEG.MI) stock was 14.25 EUR (−1.04% on the day), with market capitalisation 43.5 k EUR, P/E 13.6 on diluted EPS of 1.05 EUR over the last 12 months, dividend yield 9,819.05%, beta 0.37, 52-week range 7.90–17.75 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)
- 13.57 – 14.53
- in the upper half of the band · %B 0.71 · band width 6.8%
- SMA 50 / 200
- 15.17 / 13.52
- mixed trend
- MACD (12, 26, 9)
- -0.26 / -0.38
- 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 | −8.7% | −0.6% | −8.0 pp | — |
| 3 months | −19.7% | −4.2% | −15.6 pp | — |
| 6 months | +10.5% | +4.3% | +6.1 pp | — |
| Year to date | +62.3% | +7.5% | +54.8 pp | — |
| 1 year | +75.5% | +9.9% | +65.6 pp | −6.1% |
| 3 years | +405.3% | +49.8% | +355.5 pp | +7.7% |
| 5 years | +381.4% | +42.8% | +338.6 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 100 percentile of its own 2-quarter history (min 6.2, median 6.8, max 7.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 212.4 m | 250.0 m |
| Revenue YoY | unavailable | +17.7% |
| Net income | 12.7 m | 32.0 m |
| Net income YoY | unavailable | +152.2% |
| Diluted EPS | 0.41 | 1.05 |
| Diluted EPS YoY | unavailable | +153.3% |
| net % | 6.0% | 12.8% |
| Free cash flow | 39.1 m | 29.3 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 61.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 138.8 m EUR
- Total assets
- 396.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.74x
- ROE
- 26.0%
- ROA
- 8.4%
- FCF margin
- 11.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 212.4 m | 250.0 m | esef· 15 Apr 2025verified |
| Operating income | 25.6 m | 46.8 m | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 23.7 m | 17.7 m | esef· 15 Apr 2025verified |
| EBITDA | 49.3 m ≈ | 64.5 m ≈ | esef· 15 Apr 2025derived |
| Interest expense | 6.8 m | 7.3 m | esef· 15 Apr 2025verified |
| Pre-tax income | 20.6 m | 40.7 m | esef· 15 Apr 2025verified |
| Income tax | -7.4 m | -8.2 m | esef· 15 Apr 2025verified |
| Net income | 12.7 m | 32.0 m | esef· 15 Apr 2025verified |
| Diluted EPS | 0.41 | 1.05 | esef· 15 Apr 2025verified |
| Dividend per share | 0.00 | 1,399.21 | esef· 15 Apr 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 65.9 m | 61.6 m | esef· 15 Apr 2025verified |
| Receivables | 31.0 m | 36.8 m | esef· 15 Apr 2025verified |
| Inventories | 846.0 k | 915.0 k | esef· 15 Apr 2025verified |
| Current assets | 107.0 m | 111.0 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 196.6 m | 214.2 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 43.0 m | 48.4 m | esef· 15 Apr 2025verified |
| Total assets | 367.0 m | 396.5 m | esef· 15 Apr 2025verified |
| Accounts payable | 43.3 m | 52.6 m | esef· 15 Apr 2025verified |
| Current liabilities | 133.7 m | 150.6 m | esef· 15 Apr 2025verified |
| Equity | 106.9 m | 138.8 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 30.7 m | 3.1 k | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 48.6 m | 51.9 m | esef· 15 Apr 2025verified |
| Capex | 9.5 m | 22.6 m | esef· 15 Apr 2025verified |
| Free cash flow | 39.1 m ≈ | 29.3 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -14.2 m | -27.9 m | esef· 15 Apr 2025verified |
| Financing cash flow | -19.1 m | -28.3 m | esef· 15 Apr 2025verified |
| Dividends paid | 0 | 4.3 m | esef· 15 Apr 2025verified |
| Share repurchases | 446.0 k | 424.0 k | 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 weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 43.5 k EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · 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: 6.58 – 25,949.07 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E6.58 – 23.92 (Mid 13.88)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)19,029.32 – 25,949.07 (Mid 21,956.91)
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: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.8% | 72 (vs peers) | 12% |
| FCF conversion · Quality | 91.5% | 88 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.4x | 76 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 13.6x | 50 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 67,192.5% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 10,792.7% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 14.6% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet46/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality80/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation72/100 · 2/3 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
ITALIAN EXHIBITION GROUP S.P.A. (IEG.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 250.0 m EUR in 2024; YoY growth 17.7%; net margin 12.8%; ROE 26.3%.
The estimated value range is 9,517.95–12,986.50 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 10,985.39 EUR, the price of 14.25 EUR leaves a potential of 76,990.5% (value / price − 1) and a margin of safety of 99.9% (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 (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.8%
- FCF conversion: 91.5%
- Interest coverage: 6.4x
- FCF yield: 67,192.5%
- Shareholder yield (distributions): 10,792.7%
- Payout ratio (FCF): 14.6%
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.7x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| 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% |
| BC.MIBrunello Cucinelli S.p.a. | 6.2 m | 0.0 | 26.5% | 75,526.1% | 0.0% | −5% / +15% |
1- and 3-year price returns: for IEG.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 | 93,109.47 Total return 717,298% · Per year 717,298% | 163,858.57 Total return 1,234,255% · Per year 1,234,255% | 245,787.85 Total return 1,826,091% · Per year 1,826,091% |
| 3 years | 110,442.57 Total return 984,546% · Per year 2,043% | 216,702.95 Total return 1,813,945% · Per year 2,528% | 353,934.50 Total return 2,852,616% · Per year 2,956% |
| 5 years | 131,002.36 Total return 1,301,545% · Per year 565% | 286,589.66 Total return 2,580,585% · Per year 663% | 509,665.69 Total return 4,330,813% · Per year 746% |
- Exit P/E± 54,175.74
- Net margin± 37,923.02
- Annual revenue growth± 28,283.41
- Annual dilution± 3,186.60
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
Italian Exhibition Group organises trade fair and congress events globally, with activity concentrated mainly in Italy. The group has been listed on Euronext Milan since 2019 and is updating its ESG strategy and Strategic Plan 2025-2030, which makes it relevant to examine how it manages impacts, risks and opportunities over 2025-2030 1.
SWOT
Strengths
- The group has a multi-line business structure and a strong presence in Italy, where its main activity is concentrated 1.
- Management experience in the trade fair sector and participation in international industry bodies support relationships with the industry 1.
- Its own exhibition venues give control over the spaces where events take place 1.
Weaknesses
Opportunities
Risks
- Business interruptionhigh
Natural or accidental events, fires, floods or plant malfunctions could cause damage and venue unavailability 1.
- Cyber securitymedium
Cyber threats could affect data and IT system availability, even with protection measures in place 1.
- Dependence on key staffmedium
Losing managers or exhibition directors could affect product development and client relationships 1.
- Health and safety compliancemedium
Breaches of workplace health and safety rules could lead to significant sanctions and litigation 1.
- Sustainability reportinglow
Reporting procedures are being formalised for 2026, which could lead to inconsistencies in reported data 1.
Investment thesis
What would need to be true (bull case)
- If the 2025-2030 strategy and ESG update translate into execution, the group could consolidate its position as a trade fair organiser with diversified business lines 1.
- Investments in IT infrastructure and security could reduce operational and continuity risks 1.
- If its owned venues remain well maintained, the group could keep control over exhibition spaces and event quality 1.
What would break the thesis
- Geographic concentration in Italy could limit revenue diversification if the local market contracts 1.
- Dependence on key staff could become a problem if talent cannot be retained or attracted 1.
- If ESG objectives are not clearly linked to declared policies, the credibility of reporting could be affected 1.
What to watch
- Progress of the ESG Strategy 2025-2030 and the extension of the ESG incentive system2026
- Completion of the Unity project integrating IT infrastructure and network modernisation2026
- Formalisation of sustainability reporting procedures and internal controls2026
- Evolution of average headcount and of the transitional reporting arrangementsnext 10-K
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 IEG group is active in organising trade fair and congress events globally and operates through five business lines: organised events, hosted events, congress events, related services, and publishing, sporting and other events 1. The parent company operates mainly in Italy, where most of revenue and staff are concentrated 1. The company has been listed on the regulated market Euronext Milan since 19 June 2019 and follows the traditional administration and control model 1.
The governance structure includes the Shareholders' Meeting, the Board of Directors, the Board of Statutory Auditors and an external auditor 1. At 31/12/2025 the board had 10 members, of whom 3 held executive roles, and 60 percent of members were independent 1. The chairman and the chief executive have significant experience in the trade fair sector both nationally and internationally 1.
Segments
Organised and hosted events
The group runs its own shows and hosts third-party events in its exhibition venues, activities that form the core of the business model 1.
Congress events and related services
The congress line and related services complement the exhibition offer, using the group's own infrastructure and relationships with clients across represented industries 1.
Market context
The analysed source describes the group's activity in the trade fair and congress sector and mentions participation in international industry bodies, without giving a market size or market share estimate 1. The market is shaped by geographic presence, particularly in Italy, where most activity is concentrated 1.
Trends
- Cyber security riskstailwind
The group has strengthened its IT infrastructure and security measures, which could reduce exposure to cyber threats in an increasingly digital environment 1.
- Exposure to operational risksheadwind
Business interruption, venue unavailability and dependence on key staff remain relevant and could affect results if they materialise 1.
Competitive position
The provided source does not identify the group's competitors and does not compare its position with other trade fair operators 1. Therefore any competitive assessment would need additional sources.
- European trade fair organisers
The source names no competitors; the group could be compared with other trade fair organisers in Europe, but the analysed document does not support this comparison.
- Congress venue operators
For the congress line, competition could come from other congress centres, but the source does not identify them.
- Publishers and sports event organisers
For the publishing and sports lines there could be specialised competitors, but the source does not name them.
- Other operators with owned venues
The group manages its own venues; other operators with similar infrastructure could be competitors, without being identified in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Italian Exhibition Group 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.