olivLaw · European equity research
Italian Wine Brands S.p.A. IWB.MI
Italy · Euronext Milan · ISIN IT0005075764 · Vertical: Listed companies from Italy
Italian Wine Brands is the largest listed exporter of Italian wine, with a portfolio of proprietary brands and an asset-light model built on in-house oenologists and marketing. The group reported a record Adjusted EBITDA in 2024, while Italian wine exports remain exposed to trade tensions and softer consumption.
At the close of 05 Nov 2026, Italian Wine Brands S.p.A. (IWB.MI) stock was 14.68 EUR (+0.00% on the day), with beta 0.26, 52-week range 14.68–22.00 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)
- 21.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 14.62 – 15.35
- in the lower half of the band · %B 0.09 · band width 4.9%
- SMA 50 / 200
- 16.19 / 18.52
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.40 / -0.45
- 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 | −5.5% | −0.6% | −4.9 pp | — |
| 3 months | −21.9% | −4.2% | −17.7 pp | — |
| 6 months | −26.5% | +4.3% | −30.8 pp | — |
| Year to date | −31.4% | +7.5% | −38.9 pp | — |
| 1 year | −33.0% | +9.9% | −42.9 pp | −6.1% |
| 3 years | −18.4% | +49.8% | −68.3 pp | +7.7% |
| 5 years | −66.5% | +42.8% | −109.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 204.3 m | 313.2 m | 429.1 m | 401.9 m |
| Revenue YoY | unavailable | +53.3% | unavailable | −6.3% |
| Net income | 14.2 m | 14.5 m | 16.3 m | 22.3 m |
| Net income YoY | unavailable | +2.4% | unavailable | +37.0% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | 6.9% | 4.6% | 3.8% | 5.6% |
| Free cash flow | 14.1 m | 5.8 m | 39.2 m | 40.6 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 59.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 226.5 m EUR
- Total assets
- 499.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.2%
- ROA
- 4.3%
- FCF margin
- 10.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 204.3 m | 313.2 m | 429.1 m | 401.9 m | esef· 15 Apr 2025verified |
| Operating income | 18.2 m | 22.9 m | 27.4 m | 35.8 m | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 4.0 m | 6.9 m | 12.0 m | 10.0 m | esef· 15 Apr 2025verified |
| EBITDA | 22.2 m ≈ | 29.9 m ≈ | 39.3 m ≈ | 45.8 m ≈ | esef· 15 Apr 2025derived |
| Interest expense | 1.4 m | 4.5 m | 9.3 m | 6.9 m | esef· 15 Apr 2025verified |
| Pre-tax income | 17.0 m | 19.0 m | 19.6 m | 30.8 m | esef· 15 Apr 2025verified |
| Income tax | 2.8 m | 4.4 m | 3.1 m | 8.2 m | esef· 15 Apr 2025verified |
| Net income | 14.2 m | 14.5 m | 16.3 m | 22.3 m | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2020 | 2021 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 33.4 m | 59.1 m | 70.9 m | 59.5 m | esef· 15 Apr 2025verified |
| Inventories | 25.5 m | 77.9 m | 78.6 m | 65.3 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 15.1 m | 50.1 m | 51.8 m | 40.9 m | esef· 15 Apr 2025verified |
| Goodwill | 68.3 m | 181.1 m | 216.0 m | 216.0 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 34.0 m | 36.0 m | 38.8 m | 38.5 m | esef· 15 Apr 2025verified |
| Total assets | 222.1 m | 501.1 m | 537.1 m | 499.6 m | esef· 15 Apr 2025verified |
| Equity | 104.5 m | 160.0 m | 209.5 m | 226.5 m | esef· 15 Apr 2025verified |
Cash flow · EUR
| Line | 2020 | 2021 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 15.8 m | 8.6 m | 43.5 m | 42.3 m | esef· 15 Apr 2025verified |
| Capex | 1.7 m | 2.8 m | 4.3 m | 1.7 m | esef· 15 Apr 2025verified |
| Free cash flow | 14.1 m ≈ | 5.8 m ≈ | 39.2 m ≈ | 40.6 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -16.4 m | -152.7 m | -7.6 m | -5.0 m | esef· 15 Apr 2025verified |
| Financing cash flow | 1.4 m | 169.8 m | -26.0 m | -48.7 m | esef· 15 Apr 2025verified |
| Dividends paid | 739.8 k | 4.8 m | 944.9 k | 4.7 m | esef· 15 Apr 2025verified |
| Share repurchases | 1.7 m | 52.4 k | 984.7 k | 1.7 m | 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
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
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/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
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: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.6% | 46 (vs peers) | 20% |
| FCF conversion · Quality | 181.8% | 100 (on a fixed band) | 20% |
| Revenue CAGR 3Y · Growth | 8.7% | 72 (on a fixed band) | 27% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.2x | 57 (on a fixed band) | 20% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 11.6% | 100 (on a fixed band) | 13% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial57/100 · 1/3 factors with a value
- Growth· partial72/100 · 1/2 factors with a value
- Quality73/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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 WINE BRANDS S.P.A. O IN FORMA ABBREVIATA IWB SPA (IWB.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 401.9 m EUR in 2024; YoY growth -6.3%; net margin 5.6%; ROE 10.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 181.8%
- Revenue CAGR 3Y: 8.7%
- Payout ratio (FCF): 11.6%
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, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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 IWB.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
Scenarios are not available. input data missing
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 Wine Brands is the largest listed exporter of Italian wine, with a portfolio of proprietary brands and an asset-light model built on in-house oenologists and marketing. The group reported a record Adjusted EBITDA in 2024, while Italian wine exports remain exposed to trade tensions and softer consumption.
SWOT
Strengths
- Asset-light model with no owned vineyards, in-house oenologists blending wines and high-margin proprietary brands.
- Stable cash generation, reported as within a range of 50 to 55 percent of Adjusted EBITDA 1.
- Leading position among listed Italian wine exporters, with a broad brand portfolio across all categories.
Weaknesses
- Reliance on bulk wine bought in Italy exposes costs to harvest and supplier fluctuations.
- Financial debt remains significant, and interest costs required effort to reduce.
- Exposure to exchange rates through intercompany relations with the US subsidiary may affect results.
Opportunities
- The EU-Mercosur free trade agreement could lower duties on Italian exports to South America.
- Rising demand for premium, organic, vegan or natural wines could support Top Brand margins.
- Emerging markets in Eastern Europe and Canada could open new volumes if the trend continues.
Threats
- Additional US tariffs could hit one of the group's main markets.
- Falling wine consumption in Europe and inflationary pressure could weaken demand for mid-range wines.
- Alcohol consumption rules and higher excise duties could reduce volumes in several countries.
Risks
- US tariffshigh
If additional duties on Italian wine are applied, exports to the group's largest market could fall significantly 1.
- Climate and harvest riskmedium
Possible effects of climate change on Italian production could force the group to source bulk wine from other countries, affecting agreements with customers 1.
- Debt and covenantsmedium
Financing contracts contain clauses that may allow lenders to demand early repayment, creating pressure on liquidity 1.
- Currencymedium
Intercompany relations with the US subsidiary expose the group to euro-dollar fluctuations, and the effect could be significant if the dollar strengthens 1.
- Liquidity and reliance on external fundinglow
The group partly relies on revocable short-term credit lines, and their withdrawal could strain cash flows 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- US tariffs could cut a significant share of group exports if applied in the announced form.
- Falling consumption in traditional markets such as Germany and France could continue and weigh on volumes.
- Debt remains high, and if financing conditions worsen, financial flexibility could decline.
What to watch
- Evolution of US tariffs on Italian wine and impact on exports to the US2025
- Quarterly results and guidance for Adjusted EBITDA and Top Brand marginsQ1 2026
- Debt level and cash generated relative to Adjusted EBITDA2026
- Publication of the first sustainability report and decarbonisation strategyfirst half 2025
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 IWB group, based in Italy, sells mainly through proprietary brand portfolios across wholesale, Ho.re.ca and direct-to-consumer channels via Giordano Vini S.p.A. Consolidated revenue for 2024 was 401.9 million euro 1, and Adjusted EBITDA reached 50.4 million euro 1. The asset-light model, with no owned vineyards, relies on oenologists blending bulk wine bought in Italy and on marketing.
The group reorganised its legal structure in 2024: IWB Italia S.p.A. merged several companies and the B2B branch of Giordano Vini, which became purely commercial and B2C-focused. Production is concentrated in three owned wineries at Calmasino, Montebello and Cetona, while the closure of the Alba plant and the sale of the Torricella cellar aimed at industrial synergies 1.
Recent strategy focuses on Top Brands, defined by a margin above 45 percent, seen as the main driver of revenue and margin growth 1. The company also launched new products such as Rirò Toscana Rosso IGT and still Prosecco for the US 1.
Segments
B2B wholesale and Ho.re.ca
The main segment, run by IWB Italia S.p.A., serves distributors and restaurants with proprietary brands. Top Brand margins rose significantly in 2024, supporting the B2B part of the group 1.
Direct-to-consumer sales
Giordano Vini S.p.A. sells directly to end customers through direct mailing, teleselling and web, offering personalised delivery and complementary Italian food products 1.
Export
Exports are supported by subsidiaries such as Enovation Brands Inc. in the US and IWB UK Ltd. in the United Kingdom, where new labelling rules require the exporter to be indicated 1.
Market context
Italian wine exports, according to the report, were expected to exceed 8 billion euro in 2024, with growth above 4 percent 1. Sparkling wines, especially Prosecco, drive the growth, while traditional markets such as Germany and France declined 1.
Domestic and foreign demand shows a shift toward premium wines, but consumption falls in some segments. Interest in no-alcohol wines is rising, and the aperitif is becoming the main moment of alcohol consumption 1.
Trends
- US tariffsheadwind
Additional duties announced on Italian wine could reduce exports to the US significantly, and the impact could be cushioned if the dollar stays strong or sparkling wines benefit from lower rates 1.
- Sparkling wine growthtailwind
Italian sparkling wine exports grew strongly, and demand could continue into 2027 if the trend holds 1.
- Emerging marketsmixed
Growth in Eastern Europe, Brazil and Canada could offset declines in mature markets if these trends consolidate 1.
- Inflation and excise dutiesheadwind
Inflation weighs on purchasing power for mid-range wines, and higher excise duties in Russia and the United Kingdom add pressure on prices 1.
Competitive position
The wine market is described as fragmented, and the group presents itself as one of the most important aggregation platforms in the sector 1. Competition comes from Italian and French producers competing in the same export channels.
The analysed source does not identify US-listed competitors. The companies mentioned as references are European or private entities for which no US ticker has been confirmed.
- French sparkling wine producers
They compete in sparkling wine exports, where the source notes a decline in France's share in favour of Italy 1.
- Spanish producers
They are cited as gaining share in Japan, especially in sparkling wines 1.
- Australian producers
They gained share in the Chinese market after the removal of super-tariffs, according to the source 1.
- European distributors and importers
Competition in traditional markets such as Germany is described as strained by falling consumption 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202130 May 2023
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Italian Wine Brands 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.