olivLaw · European equity research
Seco S.p.a. IOT.MI
Italy · Euronext Milan · ISIN IT0005438046 · Vertical: Listed companies from Italy
At the close of 09 Nov 2026, Seco S.p.a. (IOT.MI) stock was 4.79 EUR (+12.59% on the day), with market capitalisation 348.3 m EUR, dividend yield 0.00%, beta 1.00, 52-week range 2.33–4.79 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.9
- strong (55–70)
- Bollinger (20, 2)
- 4.05 – 4.78
- above the upper band · %B 1.00 · band width 16.6%
- SMA 50 / 200
- 4.31 / 3.28
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.06 / 0.06
- MACD below 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 | +9.9% | +1.9% | +8.0 pp | — |
| 3 months | +38.5% | −3.8% | +42.2 pp | — |
| 6 months | +73.7% | +6.7% | +67.0 pp | — |
| Year to date | +63.3% | +8.5% | +54.8 pp | — |
| 1 year | +47.9% | +13.0% | +34.9 pp | −5.2% |
| 3 years | +33.4% | +49.9% | −16.5 pp | +6.7% |
| 5 years | −44.4% | +44.6% | −89.0 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.
Fiscal years
| Fiscal year | 2020 | 2021 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 76.1 m | 112.3 m | 183.5 m | 197.6 m |
| Revenue YoY | unavailable | +47.5% | unavailable | +7.7% |
| Net income | 4.0 m | 4.1 m | -21.0 m | -2.7 m |
| Net income YoY | unavailable | +2.7% | unavailable | unavailable |
| Diluted EPS | 0.00 | 0.06 | 0.00 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | 5.3% | 3.7% | -11.5% | -1.4% |
| Free cash flow | 8.9 m | 11.6 m | 13.4 m | 30.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 66.7 m EUR
- Financial debt
- 10.3 m EUR
- Net debt
- -56.4 m EUR
- Equity
- 294.5 m EUR
- Total assets
- 486.1 m EUR
- Debt / equity
- 0.03x
- Current ratio
- 2.86x
- ROE
- -0.9%
- ROA
- -0.6%
- FCF margin
- 15.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 76.1 m | 112.3 m | 183.5 m | 197.6 m | esef· 07 Apr 2026verified |
| Operating income | 7.3 m | 9.5 m | -15.6 m | 10.2 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 5.5 m | 9.2 m | 30.0 m | 24.3 m | esef· 07 Apr 2026verified |
| EBITDA | 12.8 m ≈ | 18.7 m ≈ | 14.4 m ≈ | 34.6 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 472.0 k | 1.4 m | 8.5 m | 10.1 m | esef· 07 Apr 2026verified |
| Pre-tax income | 6.1 m | 7.6 m | -16.6 m | 1.9 m | esef· 07 Apr 2026verified |
| Income tax | 626.0 k | 1.1 m | 1.1 m | 1.4 m | esef· 07 Apr 2026verified |
| Net income | 4.0 m | 4.1 m | -21.0 m | -2.7 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.00 | 0.06 | 0.00 | 0.00 | esef· 07 Apr 2026verified |
| Dividend per share | 0.00 | 0.00 | — | — | esef· 30 May 2023derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2020 | 2021 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 23.7 m | 58.8 m | 72.6 m | 66.7 m | esef· 07 Apr 2026verified |
| Inventories | 31.4 m | 61.7 m | — | — | esef· 30 May 2023verified |
| Current assets | 81.8 m | 167.1 m | 188.9 m | 185.1 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 13.3 m | 16.8 m | 17.3 m | 22.6 m | esef· 07 Apr 2026verified |
| Goodwill | 7.1 m | 148.5 m | 157.1 m | 157.1 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 13.0 m | 56.4 m | 102.4 m | 101.3 m | esef· 07 Apr 2026verified |
| Total assets | 118.4 m | 403.5 m | 490.9 m | 486.1 m | esef· 07 Apr 2026verified |
| Short-term debt | 8.5 m | 11.5 m | 10.2 m | 10.3 m | esef· 07 Apr 2026verified |
| Current liabilities | 36.4 m | 79.0 m | 66.0 m | 64.6 m | esef· 07 Apr 2026verified |
| Equity | 51.0 m | 163.0 m | 291.7 m | 294.5 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 766.2 k | 72.8 m | — | — | esef· 30 May 2023derived |
Cash flow · EUR
| Line | 2020 | 2021 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 10.2 m | 13.6 m | 18.5 m | 39.8 m | esef· 07 Apr 2026verified |
| Capex | 1.3 m | 2.0 m | 5.1 m | 9.1 m | esef· 07 Apr 2026verified |
| Free cash flow | 8.9 m ≈ | 11.6 m ≈ | 13.4 m ≈ | 30.8 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -13.5 m | -143.8 m | -20.2 m | -26.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | 10.8 m | 164.7 m | -18.1 m | -12.9 m | esef· 07 Apr 2026verified |
| Dividends paid | 0 | 0 | 3.0 m | 61.0 k | esef· 07 Apr 2026verified |
| Share repurchases | 0 | 3.7 m | 0 | 0 | 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: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
09 Nov 2026Source: olivLaw, closing series
Market cap: 348.3 m EUR
Key indicators
Coverage and freshness
Score by group
- Returns40
- Valuation68
- Balance sheet65
- Quality25
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: 3.37 – 13.41 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)8.84 – 13.41 (Mid 10.59)WACC 8.4% · starting FCFF 39.3 m EUR · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -27.6%
- Peers: EV/EBITDA3.37 – 5.65 (Mid 4.68)7 companies used · median multiple 8.2x · quartiles 5.5x – 10.3xASC.MI, AVIO.MI, BAN.MI, COM.MI, DEX.MI, DLG.MI, ELC.MI
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
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 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.7% | 29 (vs peers) | 16% |
| Net margin · Quality | -1.4% | 18 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.6x | 90 (vs peers) | 16% |
| Interest coverage · Balance sheet | 1.0x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 8.4x | 43 (vs peers) | 16% |
| FCF yield · Valuation | 8.8% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 0.2% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet65/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality25/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation68/100 · 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
SECO S.P.A. (IOT.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 197.6 m EUR in 2025; YoY growth 7.7%; net margin -1.4%; ROE -1.0%; net debt/EBITDA -1.6x.
The estimated value range is 6.10–9.53 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 7.63 EUR, the price of 4.79 EUR leaves a potential of 59.5% (value / price − 1) and a margin of safety of 37.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, 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. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -1.6x
- Current ratio: 2.9x
- FCF yield: 8.8%
- Payout ratio (FCF): 0.2%
- The price is below the estimated value range
What contradicts it
- ROIC: 3.7%
- Net margin: -1.4%
- Interest coverage: 1.0x
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM).
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. | 6.9 bn | 21.7 | 15.4% | 8.4% | +8.7% | +25% / +62% |
| 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 | 28.6 | 9.2% | 13.0% | +0.8% | +32% / −6% |
| CRL.MICarel Industries S.p.a. | 3.0 bn | 40.5 | 16.1% | 11.7% | +8.7% | +6% / +13% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 30.0 | 8.5% | 3.8% | −0.6% | −8% / −58% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.8 | 12.8% | 7.1% | −23.0% | +9% / +65% |
| CMB.MICembre S.p.a. | 1.2 bn | 26.2 | 20.6% | 18.9% | +6.7% | +9% / +102% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.5 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 981.0 m | 10.5 | 23.5% | 41.0% | +1.8% | −3% / −22% |
| AVIO.MIAvio S.p.a. | 932.3 m | 91.6 | 2.1% | 1.8% | +21.5% | +25% / +313% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 805.6 m | 6.1 | 17.1% | 7.3% | +1.6% | +7% / +77% |
| ASC.MIAscopiave S.p.a. | 610.7 m | 17.0 | 4.2% | 17.5% | +13.4% | −13% / +25% |
| AC5.MIAcinque S.p.a. | 408.7 m | 19.4 | 4.1% | 3.6% | +0.2% | −7% / +7% |
| BAN.MIBasic Net S.p.a. | 348.4 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| IOT.MISeco S.p.a. | 348.3 m | — | -1.0% | -1.4% | +7.7% | +72% / +48% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.0 m | 13.0 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 291.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +29% |
| ECNL.MIAquafil S.p.a. | 130.7 m | — | -3.2% | -0.9% | −3.9% | −0% / −52% |
| BEC.MIB&C Speakers S.p.a. | 119.3 m | 11.8 | 18.5% | 10.2% | −1.3% | −26% / −31% |
| ABT.MIAbitare In S.p.a. | 81.8 m | 297.0 | 0.4% | 0.4% | +39.8% | +1% / −43% |
| ELC.MIElica S.p.a. | 63.7 m | — | -7.8% | -2.2% | +1.9% | −35% / −49% |
| DEX.MIDexelance S.p.a. | 53.8 m | 3.0 | 11.0% | 5.4% | +12.6% | −61% / −77% |
| CLE.MIClass Editori S.p.a. | 34.7 m | — | -29.2% | -3.8% | −0.7% | −10% / +103% |
| CLF.MICaleffi - S.p.a. | 11.5 m | 5.1 | 10.9% | 3.8% | −2.5% | −5% / −11% |
| 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 IOT.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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 202507 Apr 2026
- Annual report 202130 May 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.