olivLaw · European equity research
Met.Extra Group S.p.A. MET.MI
Italy · Euronext Milan · ISIN IT0005481855 · Vertical: Listed companies from Italy
Met.Extra Group is an Italian company listed on Euronext Milan that processes and sells ferrous materials, with consolidated revenue of 39,233 thousand EUR in 2024, down 15% year on year. Its activity depends on a weak steel demand cycle, and the company ended 2024 with a reduced net debt position, which gives it some flexibility in a difficult cycle.
At the close of 05 Nov 2026, Met.Extra Group S.p.A. (MET.MI) stock was 2.30 EUR (−4.96% on the day), with market capitalisation 9.7 m EUR, P/E 4.8 on diluted EPS of 0.48 EUR over the last 12 months, dividend yield 2.01%, beta 0.51, 52-week range 1.52–2.80 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)
- 41.1
- weak (30–45)
- Bollinger (20, 2)
- 2.26 – 2.51
- in the lower half of the band · %B 0.15 · band width 10.4%
- SMA 50 / 200
- 2.42 / 2.17
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −8.0% | −0.6% | −7.4 pp | — |
| 3 months | −11.5% | −4.2% | −7.4 pp | — |
| 6 months | +25.7% | +4.3% | +21.3 pp | — |
| Year to date | +43.7% | +7.5% | +36.2 pp | — |
| 1 year | +22.3% | +9.9% | +12.4 pp | −6.1% |
| 3 years | −8.7% | +49.8% | −58.6 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
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 3.1, median 3.8, max 4.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 45.9 m | 39.2 m |
| Revenue YoY | unavailable | −14.6% |
| Net income | 2.5 m | 2.0 m |
| Net income YoY | unavailable | −18.6% |
| Diluted EPS | 0.59 | 0.48 |
| Diluted EPS YoY | unavailable | −18.6% |
| net % | 5.4% | 5.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.0 m EUR
- Financial debt
- 1.9 m EUR
- Net debt
- -1.1 m EUR
- Equity
- 29.1 m EUR
- Total assets
- 37.5 m EUR
- Debt / equity
- 0.07x
- Current ratio
- unavailable
- ROE
- 7.2%
- ROA
- 5.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 45.9 m | 39.2 m | esef· 24 Sept 2025verified |
| Cost of revenue | 37.0 m | 29.8 m | esef· 24 Sept 2025verified |
| Gross profit | 5.9 m | 5.3 m | esef· 24 Sept 2025verified |
| Operating income | 4.5 m | 3.8 m | esef· 24 Sept 2025verified |
| Interest expense | 335.0 k | 221.0 k | esef· 24 Sept 2025verified |
| Pre-tax income | 4.3 m | 3.7 m | esef· 24 Sept 2025verified |
| Income tax | 1.3 m | 1.2 m | esef· 24 Sept 2025verified |
| Net income | 2.5 m | 2.0 m | esef· 24 Sept 2025verified |
| Diluted EPS | 0.59 | 0.48 | esef· 24 Sept 2025verified |
| Dividend per share | 0.02 | 0.05 | esef· 24 Sept 2025derived |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 1.2 m | 3.0 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 6.2 m | 6.3 m | esef· 24 Sept 2025verified |
| Total assets | 35.8 m | 37.5 m | esef· 24 Sept 2025verified |
| Long-term debt | 3.3 m | 1.9 m | esef· 24 Sept 2025verified |
| Total liabilities | 9.0 m | 8.4 m | esef· 24 Sept 2025verified |
| Equity | 26.8 m | 29.1 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 4.2 m | 4.2 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
- indicators available: 5 of at least 6
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 9.7 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
40% · 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: 3.02 – 10.97 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 · input data missing
- Peers: P/E3.02 – 10.97 (Mid 6.36)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 aggregate0.63 – 0.86 (Mid 0.73)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: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.2% | 57 (vs peers) | 26% |
| Net margin · Quality | 5.1% | 44 (vs peers) | 16% |
| 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 | 17.3x | 100 (on a fixed band) | 16% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 4.8x | 86 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.0% | 29 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality52/100 · 2/3 factors with a value
- Returns· partial29/100 · 1/2 factors with a value
- Valuation· partial86/100 · 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
MET.EXTRA GROUP S.P.A. (MET.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 39.2 m EUR in 2024; YoY growth -14.6%; net margin 5.1%; ROE 7.7%.
The estimated value range is 3.02–10.97 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 6.36 EUR, the price of 2.30 EUR leaves a potential of 176.6% (value / price − 1) and a margin of safety of 63.9% (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 (indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 17.3x
- P/E (TTM): 4.8x
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 2.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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% |
| 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% |
| MET.MIMet.extra Group S.p.a. | 9.7 m | 4.8 | 7.7% | 5.1% | −14.6% | +17% / −14% |
1- and 3-year price returns: for MET.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 | 1.23 Total return -45% · Per year -45% | 2.19 Total return -3% · Per year -3% | 3.31 Total return 46% · Per year 46% |
| 3 years | 0.98 Total return -54% · Per year -23% | 1.97 Total return -9% · Per year -3% | 3.31 Total return 51% · Per year 15% |
| 5 years | 0.78 Total return -61% · Per year -17% | 1.78 Total return -14% · Per year -3% | 3.31 Total return 55% · Per year 9% |
- Exit P/E± 0.49
- Net margin± 0.35
- Annual revenue growth± 0.31
- Annual dilution± 0.03
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
Met.Extra Group is an Italian company listed on Euronext Milan that processes and sells ferrous materials, with consolidated revenue of 39,233 thousand EUR in 2024, down 15% year on year. Its activity depends on a weak steel demand cycle, and the company ended 2024 with a reduced net debt position, which gives it some flexibility in a difficult cycle 1.
SWOT
Strengths
- Two complementary business lines, with the Blend line clearly dominant and generating most of the revenue 1.
- A reduced net debt position at the end of 2024, with a significant drop from the previous year 1.
- Sustained profitability, with EBITDA stable as a share of revenue despite the sales contraction 1.
Weaknesses
Opportunities
- The expected recovery in steel consumption could support Blend line volumes in the coming period 1.
- Expanding sales in Europe, already begun on the Shreddering line, could reduce dependence on the Italian market 1.
- The new Novara headquarters could support operating efficiency if completed as planned 1.
Risks
- Dependence on the steel cyclehigh
Revenue depends on real steel consumption, which has fallen in recent years and for which the recovery is expected to be only moderate 1.
- Concentration on the Italian marketmedium
The Italian market share of revenue fell to 49% but remains large, and a local contraction could affect results 1.
- Energy costs and inflationmedium
Uncertainty over energy prices and inflation could affect operating costs and margins 1.
- Share liquiditylow
The concentrated shareholding and very low trading volumes can limit the liquidity of the shares in the market 1.
- Investment in the new headquarterslow
Work on the new Novara headquarters involves significant spending, and delays could affect the financial plan 1.
Investment thesis
What would need to be true (bull case)
- If the recovery in steel consumption materialises, Blend line volumes could return and support group revenue 1.
- Low net debt at the end of 2024 offers financial flexibility for investment and for getting through a difficult period 1.
- Diversification into foreign markets, already under way, could reduce dependence on the Italian market 1.
What to watch
- Revenue trend of the Blend line on the Italian market2025
- Completion of work on the new Novara headquarters2025
- Recovery of real steel consumption, per EUROFER forecasts2026
- Development of the net financial position and investment spendingnext annual report
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 Met.Extra Group processes and sells ferrous materials through two business lines: the Blend line, which prepares mixtures for steelworks, and the Shreddering line, which runs a shredding plant for metal materials from municipal waste-to-energy plants and authorised recovery consortia 1. The Blend line generated 36,448 thousand EUR of revenue in 2024 (93% of total), and the Shreddering line 2,785 thousand EUR (7%) 1. The company is controlled by Kyklos S.p.A., which holds 81.10% of the share capital 1.
In 2024 EBITDA was 5,301 thousand EUR, a margin of 13.3%, in line with the prior year, while net profit was 2,499 thousand EUR 1. Operating costs fell with volumes, according to the report, although service costs rose 28% 1. Investment was driven mainly by work on the new Novara headquarters 1.
By geography, sales in the Italian market fell 27% to 19,381 thousand EUR and represented 49% of revenue, against 58% in the previous year, while foreign market sales rose 2% 1. The company carried out no research and development activity in 2024 1.
Segments
Blend line
The Blend line is the main revenue source, at 36,448 thousand EUR in 2024, down 16% from 2023; recovered ferrous material is used in mixtures for steelworks 1. The decline was driven mainly by lower sales on the Italian market 1.
Shreddering line
The Shreddering line grew 8% in 2024 to 2,785 thousand EUR, helped partly by sales in Europe of 442 thousand EUR 1. Non-steel material is sold to third parties, and this is a smaller but growing line 1.
Sales by geography
The Italian market remained the main market but with a shrinking share, while Europe held its prior level with 19,410 thousand EUR of Blend revenue 1.
Market context
The group operates in the steel market, where real steel consumption fell in 2022, 2023 and 2024, with a moderate recovery forecast for 2025 and 2026 according to EUROFER as cited in the report 1. Demand remains weak because of economic uncertainty, inflation and energy prices, and consumption volumes are expected to stay below pre-pandemic levels 1.
For Met.Extra, the steel market trend directly affects the volumes of ferrous material it processes, so a delayed recovery could put pressure on revenue. The report gives no numerical guidance for the next year 1.
Trends
- Moderate steel demand recoverytailwind
The cited forecasts point to a modest rise in steel consumption in 2025 and 2026, which could support Blend line volumes if it materialises 1.
- Weak demand and industrial uncertaintyheadwind
Economic uncertainty, inflation and geopolitical tensions have kept demand low, which could limit sales volumes in the short term 1.
- Circular economy and recyclingmixed
Recycling ferrous materials from waste-to-energy plants and recovery consortia is a raw-material flow that does not depend solely on steel demand, which could provide stability 1.
- High energy costsheadwind
Energy prices, cited as a source of uncertainty, can affect the margins of a metal processor, so the effect on the company depends on how costs develop 1.
Competitive position
The annual report does not explicitly name competitors, but the group operates in ferrous material processing and trading, where steelworks suppliers and metal recyclers are the usual players 1. The company differentiates itself by integrating the chain from material recovery to sales to steelworks 1.
Its positioning in the Italian market, where sales share has shrunk, suggests local competitive pressure could be significant, while expansion in Europe remains limited 1.
- Local ferrous metal recyclers
Not identified in the report; they are Italian market players handling the same materials.
- Integrated European steelworks
They can produce in-house or buy ferrous materials from third parties, acting as both customers and indirect competitors.
- European metal waste processors
They operate on the same material flows, particularly in foreign markets.
- Secondary raw material traders
They broker ferrous materials between producers and steelworks, competing for the same volumes.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Met.Extra Group 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.