olivLaw · European equity research
Itway S.p.A. ITW.MI
Italy · Euronext Milan · ISIN IT0003057624 · Vertical: Listed companies from Italy
Itway is an Italian IT group active in cyber security, data science and industrial safety, combining proprietary solutions with international technology partnerships. In 2024 the group reported a modest consolidated profit after a loss the year before, while its 2025-2028 industrial plan depends on a capital increase of up to 5 million euros at subsidiary 4Science.
At the close of 06 Nov 2026, Itway S.p.A. (ITW.MI) stock was 0.70 EUR (+2.64% on the day), with market capitalisation 7.5 m EUR, P/E 11.7 on diluted EPS of 0.06 EUR over the last 12 months, beta 0.49, 52-week range 0.68–1.42 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)
- 28.3
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.72 – 0.85
- below the lower band · %B -0.12 · band width 17.1%
- SMA 50 / 200
- 0.85 / 1.02
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.03
- 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 | −12.5% | −0.2% | −12.3 pp | — |
| 3 months | −22.4% | −5.4% | −17.0 pp | — |
| 6 months | −34.3% | +4.4% | −38.7 pp | — |
| Year to date | −47.0% | +6.5% | −53.4 pp | — |
| 1 year | −50.9% | +10.0% | −60.8 pp | −7.1% |
| 3 years | −60.6% | +48.6% | −109.2 pp | +6.7% |
| 5 years | −71.8% | +41.4% | −113.2 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 0 percentile of its own 2-quarter history (min 12.6, median 15.5, max 18.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 41.2 m | 43.7 m | 47.4 m | 56.7 m |
| Revenue YoY | unavailable | +6.0% | +8.4% | +19.7% |
| Net income | 1.3 m | -403.0 k | -275.0 k | 641.0 k |
| Net income YoY | unavailable | −131.0% | unavailable | unavailable |
| Diluted EPS | 0.15 | -0.04 | -0.03 | 0.06 |
| Diluted EPS YoY | unavailable | −126.7% | unavailable | unavailable |
| net % | 3.2% | -0.9% | -0.6% | 1.1% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 13.4 m EUR
- Total assets
- 46.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.09x
- ROE
- 4.9%
- ROA
- 1.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 41.2 m | 43.7 m | 47.4 m | 56.7 m | esef· 24 Sept 2025verified |
| Operating income | 2.0 m | 1.5 m | -562.0 k | 1.3 m | esef· 24 Sept 2025verified |
| Interest expense | 474.0 k | 470.0 k | 672.0 k | 960.0 k | esef· 24 Sept 2025verified |
| Pre-tax income | 2.0 m | -362.0 k | -481.0 k | 508.0 k | esef· 24 Sept 2025verified |
| Income tax | 707.0 k | -14.0 k | -151.0 k | 43.0 k | esef· 24 Sept 2025verified |
| Net income | 1.3 m | -403.0 k | -275.0 k | 641.0 k | esef· 24 Sept 2025verified |
| Diluted EPS | 0.15 | -0.04 | -0.03 | 0.06 | esef· 24 Sept 2025verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 951.0 k | 2.3 m | 2.1 m | 1.2 m | esef· 24 Sept 2025verified |
| Inventories | 211.0 k | 468.0 k | 836.0 k | 617.0 k | esef· 24 Sept 2025verified |
| Current assets | 25.8 m | 28.4 m | 25.6 m | 30.3 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 899.0 k | 879.0 k | 897.0 k | 1.2 m | esef· 24 Sept 2025verified |
| Goodwill | 1.8 m | 1.8 m | 1.8 m | 3.4 m | esef· 24 Sept 2025verified |
| Intangibles (excl. goodwill) | 2.7 m | 3.6 m | 4.9 m | 6.2 m | esef· 24 Sept 2025verified |
| Total assets | 37.0 m | 39.7 m | 39.1 m | 46.8 m | esef· 24 Sept 2025verified |
| Current liabilities | 22.6 m | 22.0 m | 22.2 m | 27.7 m | esef· 24 Sept 2025verified |
| Total liabilities | 26.9 m | 26.3 m | 26.4 m | 33.4 m | esef· 24 Sept 2025verified |
| Equity | 10.1 m | 13.4 m | 12.7 m | 13.4 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 8.7 m | 10.1 m | 9.2 m | 10.7 m | esef· 24 Sept 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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 7.5 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · 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: 0.38 – 1.36 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.38 – 1.36 (Mid 0.79)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)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.1% | 28 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 11.2% | 93 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | -26.3% | 0 (on a fixed band) | 19% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 11.7x | 59 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet10/100 · 2/3 factors with a value
- Growth47/100 · 2/2 factors with a value
- Quality· partial28/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial59/100 · 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
ITWAY S.P.A. (ITW.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 56.7 m EUR in 2024; YoY growth 19.7%; net margin 1.1%; ROE 5.3%.
The estimated value range is 0.38–1.36 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.79 EUR, the price of 0.70 EUR leaves a potential of 12.8% (value / price − 1) and a margin of safety of 11.3% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 11.2%
What contradicts it
- Net margin: 1.1%
- EPS CAGR 3Y: -26.3%
- Interest coverage: 1.3x
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), 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% |
| 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% |
| ITW.MIItway S.p.a. | 7.5 m | 11.7 | 5.3% | 1.1% | +19.7% | −48% / −59% |
1- and 3-year price returns: for ITW.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 | 0.44 Total return -37% · Per year -37% | 0.78 Total return 11% · Per year 11% | 1.17 Total return 67% · Per year 67% |
| 3 years | 0.49 Total return -30% · Per year -11% | 0.96 Total return 37% · Per year 11% | 1.58 Total return 125% · Per year 31% |
| 5 years | 0.54 Total return -23% · Per year -5% | 1.19 Total return 70% · Per year 11% | 2.13 Total return 204% · Per year 25% |
- Exit P/E± 0.24
- Net margin± 0.17
- Annual revenue growth± 0.13
- Annual dilution± 0.01
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
Itway is an Italian IT group active in cyber security, data science and industrial safety, combining proprietary solutions with international technology partnerships. In 2024 the group reported a modest consolidated profit after a loss the year before, while its 2025-2028 industrial plan depends on a capital increase of up to 5 million euros at subsidiary 4Science 1.
SWOT
Strengths
- Diversified portfolio of proprietary solutions and technology partnerships with market leaders in cyber security.
- Positive consolidated result in 2024 after a loss the previous year, pointing to an operational recovery.
- Technical skills in open source and security certifications, including NOSI, which open access to public contracts.
Weaknesses
- Overdue debts at the end of 2024, some under instalment plans, which require a settlement effort.
- Negative total net financial position, which limits flexibility in financing investment.
- Operational efficiency temporarily reduced by the rapid integration of new staff.
Opportunities
- Growing demand for OT security and NIS2 compliance, which could open new contracts.
- Growth potential for ICOY and the Data Science business unit if the capital increase succeeds.
- Extension of the SOC and NOC managed service offer to public administration clients.
Threats
- Dependence on external financing and on the success of the capital increase at 4Science.
- Competition from large providers of cloud security and managed services.
- Global economic uncertainty and trade tensions that could slow clients' investment decisions.
Risks
- Financing and overdue debtshigh
The group has overdue debts and depends on the capital increase at 4Science and on new loans to support the 2025-2028 plan. If these sources do not materialise, the plan could be delayed.
- Business continuitymedium
The going-concern basis depends on executing the industrial plan, and management applied the continuity principle while acknowledging dependence on external factors.
- Geopolitical tensions and supply chainmedium
An Israeli supplier and risks linked to conflicts and tariffs could affect costs or deliveries.
- Interest rateslow
Some bank loans carry variable rates and the group has not used hedging instruments, which could expose results to rising interest rates.
- Earn-out and put & call agreementsmedium
Additional payments linked to Seacom depend on EBITDA thresholds that were not reached, and exercising the option on the residual stake could create new financial obligations.
Investment thesis
What would need to be true (bull case)
- If the capital increase at 4Science goes through and revenue growth in cyber security continues, the group could ease its financial pressure and benefit from demand generated by NIS2.
- The positive 2024 result and the portfolio of technology partnerships could support a gradual recovery in operational efficiency.
- NOSI certification opens access to public contracts with higher classification, which could diversify the client base.
What would break the thesis
- If the capital increase fails, overdue debts and the negative financial position could limit the group's ability to fund growth.
- Operational efficiency that remains low and higher personnel costs could pressure margins in the coming period.
- Competition from larger players and geopolitical tensions could slow the expected growth.
What to watch
- Regularizarea datoriilor scadente conform planului industrial2025-2028
- Completion of the capital increase of up to 5 million euros at 4ScienceMay 2025
- Revenue trend of the Cyber Security and Cyber Safety business units against plan estimates2025
- Settlement of overdue debts according to the industrial plan2025-2028
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 Itway group, based in Italy, offers IT services and products, and in 2024 reported a consolidated result of 465 thousand euros, compared with a loss in 2023 1. Activities are organised in business units dedicated to cyber security, workplace safety and data science. The acquisition of Seacom, with a staff of 34, brought skills in open source architectures and security services for public administration 1.
The group structure includes Itway S.p.A. as parent company and subsidiaries such as 4Science, active in data science, and Seacom, a benefit company with open source expertise that obtained NOSI certification in December 2024 1. The average number of employees was 124 in 2024, and at year end 138, up 57% from the previous year 1.
The company has started a process to settle overdue debts and intends to finance development through the capital increase at 4Science and possibly through new bank loans 1.
Segments
Cyber security & Cyber Resiliency
The cyber security business unit offers the Itway Cyber Security & Resiliency 360 suite, with managed services and partnerships with Zscaler, Quest Software, Storvix and Radiflow to protect IT and OT environments 1.
Cyber Safety
The Cyber Safety business unit rests on the proprietary ICOY product aimed at workplace protection, and management reported rising orders in the first quarter of 2025 1.
Data Science
The Data Science business unit is centred on 4Science and its subsidiaries, which are in the scale-up phase and could attract outside investors through the planned capital increase 1.
Market context
The cyber security market benefits from the digitalisation of industry and the convergence of IT and OT systems, which exposes infrastructure to attacks 1. The European NIS2 directive, applicable from October 2024, imposes new security obligations on a wide range of public and private entities, which can create demand for compliance services 1. The company positions itself as a partner for this adaptation, but the size of the specific market is not indicated in the source.
Trade tensions linked to customs tariffs and geopolitical conflicts are cited by management as risks to the global economy and to group activity, which it is monitoring 1.
Trends
- Digitalisation of industrial systemstailwind
The spread of Industrial IoT and the integration of IT and OT increase the attack surface, which could support demand for Itway OT protection solutions such as EdgeCYBER 1.
- NIS2 directivetailwind
The security obligations introduced by NIS2 from October 2024 could generate demand for consulting and managed services from companies that must comply 1.
- Geopolitical tensions and tariffsheadwind
The conflicts in Ukraine and the Middle East and uncertainty over tariffs could affect the global economy and supply chain, including an Israeli supplier with links to the US 1.
- Personnel costs and efficiencymixed
Rapid staff growth temporarily reduced operational efficiency, as senior staff are busy training new hires, but management expects improvement in the short to medium term 1.
Competitive position
Itway competes in the Italian and European markets for IT services and security with managed service providers and systems integrators. The analysed source does not name competitors, so the competitive position is described on the basis of its partnership portfolio and proprietary products 1.
The group's stated advantage lies in the combination of technology partnerships, consulting capacity, local presence and internal innovation, which management considers the engine of growth 1.
- ZscalerZS
Provider of cloud Zero Trust platforms, a partner of Itway in its security suite; the source does not describe a direct competitive position.
- Quest Software
Company offering management and protection of hybrid environments, a partner of Itway for Active Directory recovery, which may also compete in the backup segment.
- Radiflow
Company providing security for ICS/SCADA networks, named by Itway as a partner rather than a direct rival.
- Storvix
Italian backup and disaster recovery company, a partner of Itway in the same data protection area.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202230 May 2023
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Itway S.p.A. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.