olivLaw · European equity research
Giglio Group S.p.A. OEC.MI
Italy · Euronext Milan · ISIN IT0005122400 · Vertical: Listed companies from Italy
Giglio Group is an Italian group offering e-commerce outsourcing services to brands, with a travel retail division and projects in NFT and metaverse. In 2022 the group narrowed its perimeter by selling low-margin business units, and in 2023 it adopted a new industrial plan, which makes its financial trajectory worth watching. Headcount fell to 60 employees at the end of 2022.
At the close of 04 Nov 2026, Giglio Group S.p.A. (OEC.MI) stock was 0.02 EUR (+0.00% on the day), with beta 0.54, 52-week range 0.01–0.19 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)
- 45.0
- neutral
- Bollinger (20, 2)
- 0.02 – 0.03
- in the lower half of the band · %B 0.50 · band width 37.6%
- SMA 50 / 200
- 0.03 / 0.10
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | unavailable | −0.6% | unavailable | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | −64.5% | +4.3% | −68.9 pp | — |
| Year to date | −80.5% | +7.5% | −88.0 pp | — |
| 1 year | −87.4% | +9.9% | −97.3 pp | −6.1% |
| 3 years | −96.0% | +49.8% | −145.8 pp | +7.7% |
| 5 years | −98.8% | +42.8% | −141.6 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 | 2021 | 2022 |
|---|---|---|
| Revenue | 38.2 m | 36.6 m |
| Revenue YoY | unavailable | −4.3% |
| Net income | -4.6 m | -2.1 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | 0.00 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -12.1% | -5.7% |
| Free cash flow | -3.2 m | -1.6 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 1.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- -4.3 m EUR
- Total assets
- 34.4 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.63x
- ROE
- unavailable
- ROA
- -6.0%
- FCF margin
- -4.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 38.2 m | 36.6 m | esef· 30 May 2023verified |
| Operating income | -3.2 m | -1.1 m | esef· 30 May 2023verified |
| Interest expense | 1.7 m | 1.1 m | esef· 30 May 2023verified |
| Pre-tax income | -4.8 m | -2.2 m | esef· 30 May 2023verified |
| Income tax | -191.0 k | -73.0 k | esef· 30 May 2023verified |
| Net income | -4.6 m | -2.1 m | esef· 30 May 2023verified |
| Diluted EPS | 0.00 | 0.00 | esef· 30 May 2023verified |
Balance sheet · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 2.5 m | 1.8 m | esef· 30 May 2023verified |
| Receivables | 9.9 m | 10.1 m | esef· 30 May 2023verified |
| Current assets | 16.9 m | 17.2 m | esef· 30 May 2023verified |
| Property, plant & equipment, net | 318.0 k | 205.0 k | esef· 30 May 2023verified |
| Goodwill | 13.4 m | 13.4 m | esef· 30 May 2023verified |
| Intangibles (excl. goodwill) | 2.9 m | 2.1 m | esef· 30 May 2023verified |
| Total assets | 35.4 m | 34.4 m | esef· 30 May 2023verified |
| Accounts payable | 10.9 m | 12.0 m | esef· 30 May 2023verified |
| Current liabilities | 26.7 m | 27.2 m | esef· 30 May 2023verified |
| Equity | -2.3 m | -4.3 m | esef· 30 May 2023verified |
Cash flow · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -3.2 m | -1.6 m | esef· 30 May 2023verified |
| Capex | 29.0 k | -8.0 k | esef· 30 May 2023verified |
| Free cash flow | -3.2 m ≈ | -1.6 m ≈ | esef· 30 May 2023derived |
| Investing cash flow | -2.8 m | -252.0 k | esef· 30 May 2023verified |
| Financing cash flow | 3.4 m | 1.2 m | esef· 30 May 2023verified |
≈ 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: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · 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 · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -5.7% | 8 (vs peers) | 38% |
| 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 | -1.0x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 25% |
| 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 | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 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
GIGLIO GROUP S.P.A. (OEC.MI). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 36.6 m EUR in 2022; YoY growth -4.3%; net margin -5.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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
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.
What contradicts it
- Net margin: -5.7%
- Interest coverage: -1.0x
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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% / +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 OEC.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
Giglio Group is an Italian group offering e-commerce outsourcing services to brands, with a travel retail division and projects in NFT and metaverse. In 2022 the group narrowed its perimeter by selling low-margin business units, and in 2023 it adopted a new industrial plan, which makes its financial trajectory worth watching. Headcount fell to 60 employees at the end of 2022.
SWOT
Strengths
- The group has experience in e-commerce outsourcing and a proprietary technology platform developed through eCommerce Outsourcing.
- Diversification across e-commerce, travel retail and digital projects offers several sources of activity.
- Exiting low-margin business units could improve the profitability of the remaining activity.
Weaknesses
- The parent company reported a loss for the year and its share capital was impaired, limiting financial flexibility.
- The group did not meet the financial covenants of its bond loan at the test date and needed a waiver.
- Team size fell considerably in 2022, which could affect execution capacity.
Opportunities
- Recovering consumption in China and growing digital commerce could support demand for the group's services.
- New contracts with brands and cruise fleets could expand the travel retail activity.
- A developing NFT and metaverse market could open new revenue sources for Giglio Meta.
Threats
- Persistent inflation and a slowing global economy could reduce client budgets and demand for services.
- Pressure on financial covenants and reliance on public guarantees could limit access to funding.
- Competition from specialised providers and brands' in-house solutions could reduce prices and margins.
Risks
- Financial and covenant riskhigh
The group obtained a waiver on the financial parameters of its bond loan, which could limit funding options if conditions do not improve.
- Payment obligationsmedium
The conciliation agreement with creditors provides for staggered payments that could strain liquidity.
- Client concentrationmedium
Revenues depend on contracts with a few brands, and losing a major client could affect results.
- Technology riskmedium
Constant investment in platforms and their maintenance could outpace revenues if demand falls.
- Macroeconomic riskmedium
The Ukraine conflict, the energy crisis and inflation could reduce consumption and investment across the sector.
Investment thesis
What would need to be true (bull case)
- If demand for e-commerce outsourcing keeps growing, the group could benefit from its technology platform and experience serving brands.
- Focusing on activities with better margins could improve profitability after the weaker branches were sold.
- If NFT and metaverse projects develop, Giglio Meta could open a new source of revenue.
What would break the thesis
- If inflation and economic uncertainty persist, clients could cut budgets for digital services.
- The parent's financial problems, including the loss for the year and the waiver, could limit its investment capacity.
- If NFT and metaverse projects do not generate significant revenue, development costs could remain a burden.
What to watch
- Evolution of the financial covenants of the bond loan2023
- Staggered payments to creditors under the conciliation agreement2023
- Results of Giglio Meta and launch of NFT projects2023
- Implementation of the new 2023-2027 industrial plannext 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 Giglio group, listed on the MTA-STAR segment of Borsa Italiana, operates mainly in its B2C E-commerce Service Provider division, supplying technology platforms and outsourcing services for partner brands. Through subsidiary eCommerce Outsourcing it develops its e-commerce platform, and through Salotto di Brera it runs travel retail, including on cruise ships. In January 2022 it opened the Giglio Meta business unit for metaverse and NFT projects, and in March 2022 it approved a 2022-2026 industrial plan, later replaced by the 2023-2027 plan 1.
In 2022 the group exited low-margin brands and sold the Incentive & Loyalty branch to Promotica S.p.A., a transaction that generated a capital gain of 1.344 million euros. The company says it is concentrating on its core business of full e-commerce outsourcing, digital transformation and new NFT and metaverse services 1.
The legal structure includes subsidiaries such as Salotto di Brera, Meta Revolution S.r.l. and eCommerce Outsourcing, while in 2022 Cloudfood S.r.l. and the stake in Giglio USA LLC were transferred. Financial conditions remained strained: the parent recorded a loss for the year and obtained a waiver on the financial covenants of its bond loan as of 31 December 2022 1.
Segments
E-commerce Service Provider (B2C)
This is the main division, providing technology platforms and operational services to brand clients. Client demand for technology updates requires constant investment in developing and maintaining the platforms, and the group tends to position itself as a technical and process partner rather than only a service provider 1.
Travel Retail (Salotto di Brera)
This activity grew organically as cruise tourism recovered and through framework agreements with cruise fleets. In December 2022 the subsidiary signed a lease for a business branch at the Caput Mundi The Mall shopping centre, which opened to the public in March 2023 1.
NFT and metaverse (Giglio Meta)
A business unit launched in 2022 for metaverse and NFT projects, through which the group aims to position itself in a segment it considers new. Results from this activity are still uncertain and were not quantified in the analysed report 1.
Market context
The e-commerce market has benefited from a cultural shift in which digital stores have grown steadily while physical retail slowed. Consumption could recover in China after the end of the zero-Covid policy, and the travel retail and tourism sector could benefit from savings accumulated during the pandemic 1.
Macroeconomic outlooks remain skewed to the downside, given the Russia-Ukraine conflict, the energy crisis and persistent inflation. The scenarios cited by the company range from weaker to better global growth, so demand for the group's services depends on how inflation and monetary policy evolve 1.
Trends
- Growth of digital commercetailwind
Online stores are strengthening their position against physical retail, which supports demand for e-commerce outsourcing.
- Recovery of cruise tourismtailwind
Rising cruise tourism supports the development of Salotto di Brera's travel retail activity.
- Inflation and tighter monetary policyheadwind
High inflation and the end of ultra-expansive monetary policies could reduce consumption and pressure brand clients.
- Investment in technology and NFTsmixed
Platform updates requested by clients and interest in NFTs and the metaverse could raise spending, with uncertain results.
Competitive position
The group competes in e-commerce outsourcing and technology platforms for retailers, where clients can choose between specialised providers and in-house solutions. The analysed source does not describe the competitive landscape in detail, so the company's relative position remains to be assessed from other sources.
The group's stated advantage is its experience in managing multiple brands and integrated technology projects, but the lack of a clear picture of market share makes direct comparison with competitors difficult.
- E-commerce outsourcing service providers
Companies offering platforms and operations for online brands; not identified in the analysed source.
- Brands' in-house e-commerce platforms
Brands developing their own solutions, reducing the need for outsourcing.
- Cruise ship travel retail operators
Companies running commercial activities on board ships, competing for the same contracts.
- Digital services and NFT firms
Firms active in NFT and metaverse projects, relevant to Giglio Meta.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202230 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Giglio Group S.p.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.