olivLaw · European equity research
Indel B S.p.A. INDB.MI
Italy · Euronext Milan · ISIN IT0005245508 · Vertical: Listed companies from Italy
Indel B is an Italian group that designs and manufactures refrigeration and air-conditioning systems for automotive, leisure time and marine applications, with customers across several markets. In fiscal 2025 the group reported consolidated revenues of 123.276 million euros and EBITDA of 12.535 million euros, in a context shaped by the Middle East conflict that broke out after year end.
At the close of 05 Nov 2026, Indel B S.p.A. (INDB.MI) stock was 20.00 EUR (+0.00% on the day), with market capitalisation 105.2 m EUR, P/E 5.3 on diluted EPS of 3.79 EUR over the last 12 months, dividend yield 4.13%, beta 0.15, 52-week range 17.30–20.70 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)
- 70.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 16.43 – 20.92
- in the upper half of the band · %B 0.80 · band width 24.0%
- SMA 50 / 200
- 18.65 / 19.29
- mixed trend
- MACD (12, 26, 9)
- 0.48 / 0.26
- 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 | +11.4% | −0.6% | +12.1 pp | — |
| 3 months | +2.6% | −4.2% | +6.7 pp | — |
| 6 months | +1.8% | +4.3% | −2.6 pp | — |
| Year to date | +3.4% | +7.5% | −4.2 pp | — |
| 1 year | +4.2% | +9.9% | −5.8 pp | −6.1% |
| 3 years | −14.5% | +49.8% | −64.4 pp | +7.7% |
| 5 years | −26.2% | +42.8% | −69.0 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 33 percentile of its own 3-quarter history (min 5.1, median 12.4, max 12.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 221.2 m | 199.6 m | 204.9 m |
| Revenue YoY | unavailable | −9.8% | +2.7% |
| Net income | 10.4 m | 10.7 m | 20.4 m |
| Net income YoY | unavailable | +2.1% | +91.5% |
| Diluted EPS | 1.94 | 1.83 | 3.79 |
| Diluted EPS YoY | unavailable | −5.7% | +107.1% |
| net % | 4.7% | 5.3% | 10.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 29.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 138.8 m EUR
- Total assets
- 237.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.31x
- ROE
- 15.5%
- ROA
- 9.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 221.2 m | 199.6 m | 204.9 m | esef· 29 Apr 2026verified |
| Operating income | 16.0 m | 15.4 m | 25.3 m | esef· 29 Apr 2026verified |
| Interest expense | 1.9 m | 1.3 m | 1.7 m | esef· 29 Apr 2026verified |
| Pre-tax income | 14.9 m | 14.8 m | 23.7 m | esef· 29 Apr 2026verified |
| Income tax | 4.3 m | 3.9 m | 3.4 m | esef· 29 Apr 2026verified |
| Net income | 10.4 m | 10.7 m | 20.4 m | esef· 29 Apr 2026verified |
| Diluted EPS | 1.94 | 1.83 | 3.79 | esef· 29 Apr 2026verified |
| Dividend per share | 800.21 | 0.85 | 0.83 | esef· 29 Apr 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 34.4 m | 16.2 m | 29.4 m | esef· 29 Apr 2026verified |
| Current assets | 141.6 m | 121.0 m | 137.2 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 44.1 m | 48.4 m | 47.6 m | esef· 29 Apr 2026verified |
| Goodwill | 7.1 m | 7.1 m | 18.3 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 10.6 m | 9.9 m | 26.6 m | esef· 29 Apr 2026verified |
| Total assets | 221.9 m | 203.8 m | 237.3 m | esef· 29 Apr 2026verified |
| Current liabilities | 70.1 m | 61.3 m | 59.4 m | esef· 29 Apr 2026verified |
| Equity | 127.1 m | 124.5 m | 138.8 m † | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 5.6 k | 5.4 m | 5.3 m | esef· 29 Apr 2026derived |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 33.4 m | 17.3 m | 14.4 m | esef· 29 Apr 2026verified |
| Investing cash flow | -7.3 m | -6.5 m | -14.6 m | esef· 29 Apr 2026verified |
| Financing cash flow | -9.0 m | -29.0 m | 13.5 m | esef· 29 Apr 2026verified |
| Dividends paid | 4.5 m | 4.6 m | 4.3 m | esef· 29 Apr 2026verified |
| Share repurchases | 553.0 k | 8.6 m | 664.0 k | esef· 29 Apr 2026verified |
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
05 Nov 2026Source: olivLaw, closing series
Market cap: 105.2 m EUR
Key indicators
Coverage and freshness
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: 23.84 – 86.60 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E23.84 – 86.60 (Mid 50.24)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)outside the aggregate11.22 – 15.30 (Mid 12.95)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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 | 10.0% | 67 (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 | 15.2x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 5.3x | 82 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.8% | 68 (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 sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial67/100 · 1/3 factors with a value
- Returns· partial68/100 · 1/2 factors with a value
- Valuation· partial82/100 · 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
INDEL B S.P.A. (INDB.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 204.9 m EUR in 2025; YoY growth 2.7%; net margin 10.0%; ROE 15.5%.
The estimated value range is 23.84–86.60 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 50.24 EUR, the price of 20.00 EUR leaves a potential of 151.2% (value / price − 1) and a margin of safety of 60.2% (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
- Interest coverage: 15.2x
- Current ratio: 2.3x
- P/E (TTM): 5.3x
- The price is below the estimated value range
What contradicts it
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.
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% / +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% |
| INDB.MIIndel B S.p.a. | 105.2 m | 5.3 | 15.5% | 10.0% | +2.7% | +5% / −18% |
| 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 INDB.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 | 11.88 Total return -37% · Per year -37% | 21.02 Total return 9% · Per year 9% | 31.69 Total return 64% · Per year 64% |
| 3 years | 11.11 Total return -35% · Per year -13% | 22.16 Total return 24% · Per year 7% | 36.73 Total return 101% · Per year 26% |
| 5 years | 10.39 Total return -33% · Per year -8% | 23.35 Total return 40% · Per year 7% | 42.58 Total return 143% · Per year 19% |
- Exit P/E± 5.54
- Net margin± 3.88
- Annual revenue growth± 3.24
- Annual dilution± 0.33
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
Indel B is an Italian group that designs and manufactures refrigeration and air-conditioning systems for automotive, leisure time and marine applications, with customers across several markets. In fiscal 2025 the group reported consolidated revenues of 123.276 million euros 1 and EBITDA of 12.535 million euros 1, in a context shaped by the Middle East conflict that broke out after year end 1.
SWOT
Strengths
- The group has a diversified industrial base across several markets and an international network of subsidiaries.
- Management considers the financial structure solid, with the ability to generate cash.
- Full integration of the marine activities gives greater control over that segment.
Weaknesses
- Dependence on a few large automotive and leisure customers raises exposure to losing contracts.
- Collection periods have lengthened, tying up working capital.
- Net indebtedness rose after the 2025 acquisitions, reducing financial flexibility.
Opportunities
- Consolidation in the marine segment could generate cost and sales synergies.
- Expanding the North American presence after the reorganisation of subsidiaries could improve efficiency.
- Developing products for electric vehicles could open new revenue channels.
Threats
- Currency volatility can affect margins and consolidated results.
- Geopolitical conflicts can disrupt supply chains and demand in target markets.
- Price pressure from automotive customers could limit margin growth.
Risks
- Customer concentrationhigh
A high share of trade receivables is tied to a few large customers, and losing one of them could significantly affect revenues.
- Currency riskmedium
Exposure to the US dollar and to local currencies in China and Brazil can influence margins and consolidated results.
- Higher indebtednessmedium
Higher net debt after the 2025 acquisitions could limit the capacity to finance future investment.
- Geopolitical conflictmedium
The effects of the Middle East conflict have not yet been quantified, and its evolution remains uncertain.
- Supplier dependencelow
Reliance on key suppliers of compressors and semi-finished goods could become a vulnerability if supply is interrupted.
Investment thesis
What would need to be true (bull case)
- If integration of the marine activities goes well, the group could benefit from a broader revenue base and better margins.
- Growth in adjusted EBITDA in fiscal 2025 shows the group's ability to improve operating performance.
- Management considers the financial structure solid, which could support investment in the period ahead.
What would break the thesis
- If large customers reduce orders, group revenues could fall quickly, given the high concentration.
- Higher indebtedness and longer collection periods could strain liquidity if sales slow down.
- Geopolitical conflicts and currency volatility could reduce margins if they are not offset by price adjustments.
What to watch
- Impact of the Middle East conflict on the group2026
- Integration of Indel Marine and its US subsidiary2026
- Trend in collection periods and customer concentrationnext 10-K
- Level of net indebtedness after new financingnext 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 Indel B group operates mainly in refrigeration, air-conditioning and thermal components, serving the automotive, leisure time and marine sectors. The annual report shows a group structure that includes several controlled companies, among them Autoclima S.p.A., Indel B Germany, Indel B France and Indel B Poland, as well as American and Brazilian subsidiaries 1. In 2025 the group bought the remaining 50% of Indel Webasto Marine S.r.l., taking full control of the marine business 1. Customer concentration is high, so performance depends on a few large partners in the automotive and leisure sectors 1.
Commercial activity runs across several continents, with subsidiaries in Europe, North America, Brazil and China, where components and semi-finished goods are also purchased 1. Managing working capital and currency exposure, especially against the US dollar, is a central part of the group's operating strategy 1.
Financially, the group recorded adjusted EBITDA growth in fiscal 2025 and management considers liquidity risk limited, despite higher net indebtedness after the June 2025 acquisition 1.
Segments
Automotive
The automotive segment covers climate and refrigeration systems for vehicles, produced through Autoclima and other group entities. The report explicitly notes the concentration of trade receivables on a small number of large customers, typical of the automotive market 1.
Leisure time and marine
The leisure time segment includes portable refrigerators and products for campers and boats. With full ownership of Indel Marine and its US subsidiary, the group has strengthened its presence in this segment 1.
Market context
The markets served by the group are characterised by a relatively small number of customers, which explains the high concentration of trade receivables 1. The average collection period rose to 73 days at 31 December 2025 from 64 days a year earlier 1, while the share of receivables from the top five customers fell to 26% 1.
The macroeconomic environment is shaped by currency volatility and geopolitical uncertainty, including the Middle East conflict, whose impact on the group management has not yet quantified 1.
Trends
- Consolidation in marinetailwind
Full ownership of Indel Marine and its US subsidiary from June 2025 could support revenue growth in the boat segment, if integration proceeds as planned 1.
- Pressure on purchase costsheadwind
Purchases of components and raw materials in USD or EUR, combined with local currency moves in China and Brazil, can cause temporary margin losses if selling prices are not adjusted quickly 1.
- Working capital dynamicsmixed
Lower inventories and trade payables changed the working capital structure, but average payment and collection periods moved in different directions, which could affect liquidity depending on sales pace 1.
- Geopolitical uncertaintyheadwind
The conflict that broke out at the end of February 2026 in the Middle East is treated as a non-adjusting subsequent event, and its effects on demand and supply chains remain unclear if tensions persist 1.
Competitive position
The annual report does not explicitly name the group's competitors. Based on the business structure, competition mainly comes from global makers of automotive thermal systems and from suppliers of refrigerators and marine and leisure cooling, although the sources do not name them.
Competitive position depends on vertical integration of production, on relationships with key suppliers such as Secop, now part of Nidec, and on the ability to keep large automotive customers 1.
- Global automotive thermal system suppliers
Direct competition in automotive climate control, not detailed in the official source.
- Portable refrigerator makers
Competition in the leisure time segment, with no names given in the report.
- Compressor suppliers
Partial dependency relationship rather than direct competition, according to the source.
- Marine system makers
Competition in boats, but competitors are not named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Indel B 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.