olivLaw · European equity research
EEMS Italia S.p.A. OPS.MI
Italy · Euronext Milan · ISIN IT0005577868 · Vertical: Listed companies from Italy
EEMS Italia is an Italian energy company that sells electricity and gas and develops renewable generation projects, listed on Euronext Milan. The company currently operates under significant uncertainty about its going concern, with a thin net equity after losses in 2024 and reliance on convertible bond financing and a new 2025-2028 industrial plan.
At the close of 04 Nov 2026, EEMS Italia S.p.A. (OPS.MI) stock was 0.10 EUR (+0.00% on the day), with beta 0.72, 52-week range 0.06–0.17 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)
- 40.8
- weak (30–45)
- Bollinger (20, 2)
- 0.08 – 0.14
- in the lower half of the band · %B 0.32 · band width 48.4%
- SMA 50 / 200
- 0.10 / 0.15
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | unavailable | −0.6% | unavailable | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | 0.0% | +4.3% | −4.3 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | −37.5% | +9.9% | −47.4 pp | −6.1% |
| 3 years | +1,011.1% | +49.8% | +961.3 pp | +7.7% |
| 5 years | −25.9% | +42.8% | −68.8 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 | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 1.3 m | 1.2 m | 649.0 k |
| Revenue YoY | unavailable | −8.0% | −47.4% |
| Net income | -2.3 m | -3.0 m | -3.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -168.3% | -244.6% | -548.2% |
| Free cash flow | -2.4 m | -2.3 m | -3.1 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 271.0 k EUR
- Financial debt
- 151.0 k EUR
- Net debt
- -120.0 k EUR
- Equity
- 242.0 k EUR
- Total assets
- 1.9 m EUR
- Debt / equity
- 0.62x
- Current ratio
- 0.76x
- ROE
- -266.7%
- ROA
- -120.8%
- FCF margin
- -484.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.3 m | 1.2 m | 649.0 k | esef· 18 Nov 2025verified |
| Operating income | — | -3.0 m | -3.5 m | esef· 18 Nov 2025verified |
| Interest expense | 143.0 k | 53.0 k | 44.0 k | esef· 18 Nov 2025verified |
| Pre-tax income | -2.3 m | -3.0 m | -3.6 m | esef· 18 Nov 2025verified |
| Income tax | 1.0 k | 0 | 0 | esef· 18 Nov 2025verified |
| Net income | -2.3 m | -3.0 m | -3.6 m | esef· 18 Nov 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.6 m | 1.5 m | 271.0 k | esef· 18 Nov 2025verified |
| Current assets | 3.2 m | 2.8 m | 1.2 m | esef· 18 Nov 2025verified |
| Property, plant & equipment, net | 36.0 k | 105.0 k | 7.0 k | esef· 18 Nov 2025verified |
| Goodwill | — | — | 0 | esef· 18 Nov 2025verified |
| Intangibles (excl. goodwill) | 19.0 k | 272.0 k | 5.0 k | esef· 18 Nov 2025verified |
| Total assets | 3.6 m | 4.0 m | 1.9 m | esef· 18 Nov 2025verified |
| Short-term debt | 1.1 m | 164.0 k | 151.0 k | esef· 18 Nov 2025verified |
| Current liabilities | 2.1 m | 1.4 m | 1.5 m | esef· 18 Nov 2025verified |
| Total liabilities | 2.1 m | 1.5 m | 1.7 m | esef· 18 Nov 2025verified |
| Equity | 1.5 m | 2.4 m | 242.0 k | esef· 18 Nov 2025verified |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.4 m | -2.3 m | -3.1 m | esef· 18 Nov 2025verified |
| Capex | 22.0 k | 9.0 k | 0 | esef· 18 Nov 2025verified |
| Free cash flow | -2.4 m ≈ | -2.3 m ≈ | -3.1 m ≈ | esef· 18 Nov 2025derived |
| Investing cash flow | -58.0 k | -304.0 k | 4.0 k | esef· 18 Nov 2025verified |
| Financing cash flow | 2.1 m | 2.5 m | 1.9 m | esef· 18 Nov 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: 4 of at least 6
- score weight coverage: 27.1% 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
27% · 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- 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: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -484.2% | 0 (vs peers) | 38% |
| Net margin · Quality | -548.2% | 0 (vs peers) | 23% |
| 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 | -79.8x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 15% |
| 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
- Quality0/100 · 2/3 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
EEMS ITALIA SPA (OPS.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 649.0 k EUR in 2024; YoY growth -47.4%; net margin -548.2%; ROE -266.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% 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
- ROIC: -484.2%
- Net margin: -548.2%
- Interest coverage: -79.8x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): 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 OPS.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
EEMS Italia is an Italian energy company that sells electricity and gas and develops renewable generation projects, listed on Euronext Milan. The company currently operates under significant uncertainty about its going concern, with a thin net equity after losses in 2024 and reliance on convertible bond financing and a new 2025-2028 industrial plan 1.
SWOT
Strengths
- The company has experience in energy trading and a mark-up based margin model that partly shields it from price volatility 1.
- The reference shareholder has supported the company financially through a reserved capital contribution in 2024 and 2025 1.
- The portfolio includes diversified assets, such as the hospitality investment and the telephony division, that could generate additional revenue 1.
Weaknesses
- Net equity is very thin after repeated losses, and the company falls under article 2446 of the Civil Code 1.
- Reliance on convertible bonds means ongoing dilution for shareholders and pressure on the share price 1.
- The company lacks the structure and financial capacity needed for utility-scale projects 1.
Opportunities
- The development of Renewable Energy Communities could open a market segment suited to the company's size 1.
- Rising demand for renewable energy and electrification of mobility could support long-term volumes 1.
- If the photovoltaic investment at Lago di Codana goes ahead, revenues could increase from 2027 1.
Threats
- Energy price volatility and geopolitical tensions could raise collateral requirements and limit sold volumes 1.
- Unilateral termination of an investment agreement with an investor could reduce access to financing 1.
- If actual performance deviates significantly from plan, the company could remain under article 2446 and could face liquidation procedures 1.
Risks
- Going concernhigh
Management acknowledges significant uncertainty about the going concern, linked to financial resources and delivery of the 2025-2028 plan 1.
- Capital below legal thresholdhigh
Thin net equity could oblige the company to take measures under the Civil Code if the loss is not reduced enough 1.
- Dilution from convertible bondshigh
Repeated conversions of bonds into shares could significantly reduce the current stake of existing shareholders 1.
- Energy prices and collateralmedium
Price increases may require larger cash deposits and guarantees, which the group might not be able to cover 1.
- Restrictive contract covenantsmedium
Covenants in the investment agreement limit borrowing and mergers or asset disposals 1.
Investment thesis
What would need to be true (bull case)
- If the 2025-2028 industrial plan is delivered, the company could regain financial balance and capture the CER segment 1.
- Continued support from the reference shareholder could provide the liquidity needed until planned investments are completed 1.
- Diversification into telephony and hospitality could generate income that reduces reliance on energy 1.
What would break the thesis
- If losses continue, net equity could become insufficient and the company could enter liquidation procedures 1.
- Continued dilution through conversions could reduce value for existing shareholders and deter investors 1.
- Telephony margins could stay thin if tariffs remain nearly identical to those of major operators 1.
What to watch
- Evolution of net equity and treatment of the 2024 loss2025
- Drawdowns under the POC and conversions into shares2025
- Investment in the photovoltaic plant at Lago di Codana2027
- Actual results compared with the 2025-2028 industrial plannext 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
EEMS Italia sells electricity and gas to end customers, applying a mark-up on purchase cost, a common practice in the sector 1. The group also develops photovoltaic projects and Renewable Energy Communities, and through subsidiary Pay Store, under the Ops Mobile brand, sells mobile telephony services and accessories 1. Fiscal 2024 was marked by restructured service contracts with shareholder GIR and a new industrial plan approved in October 2025 1.
The financial structure relies on a convertible bond programme (POC) with external investors, which was successively assigned among several entities and renewed through an agreement with Global Capital Investment International Ltd 1. The company carried out a share consolidation in March 2024 and published a supplement to its prospectus after new significant facts emerged 1.
The investment in Lago di Codana, which runs a hospitality business, and the photovoltaic plant planned from 2027 are presented by management as future income sources that could support the business plan 1.
Segments
Electricity and gas sales
This is the main segment, with margins set as a spread over purchase price. Management says a price increase should not affect the unit percentage margin, but volumes could fall if prices stay high for a long period 1.
Ops Mobile (Pay Store)
Subsidiary Pay Store sells mobile telephony services under the Ops Mobile brand. Tariffs are close to those of large operators, which could limit market penetration relative to forecasts 1.
Market context
The renewable energy market is growing, but large projects are favoured by PPA contracts and the authorisation process remains slow, which favours smaller operators that focus on plants under 1 MW and energy communities 1.
Electricity and gas prices are volatile and depend on geopolitical and macroeconomic factors that are hard to control. The high cost of storage systems limits the use of photovoltaic output 1.
Trends
- Renewable Energy Communitiesmixed
The new framework for CER could let small operators monetise renewable output, but the model is new and technically and legally complex 1.
- Growth of photovoltaicstailwind
Installed photovoltaic capacity grew significantly in 2024, pointing to expanding demand for renewable projects 1.
- Energy price volatilityheadwind
Price swings and geopolitical uncertainty could raise collateral and liquidity needs, potentially restricting commercial activity 1.
- Difficult access to creditheadwind
Small projects are not yet fully bankable, which makes external financing harder to obtain 1.
Competitive position
The company competes with energy operators of varying size in the power market and with large mobile providers in the Ops Mobile segment. The lack of a large-scale structure limits its ability to operate at utility scale 1.
In telephony, the tariffs offered are practically identical to those of major players, and management constantly monitors competitors' offers to respond promptly 1.
- Italian energy and telephony operators
The competitors mentioned in the sources are major players in Italian energy and telephony, with no US ticker identified in the source text.
- Large utility-scale operators
These operators have the financial capacity for utility-scale projects that EEMS Italia cannot currently support 1.
- Renewable project developers
Developers able to obtain PPA contracts have better access to stable long-term prices 1.
- Major mobile telephony providers
Pay Store competes with these companies through almost identical tariffs, which limits differentiation 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202418 Nov 2025
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / EEMS Italia 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.