olivLaw · European equity research
Orsero S.p.A. ORS.MI
Italy · Euronext Milan · ISIN IT0005138703 · Vertical: Listed companies from Italy
The Orsero group operates in fruit and vegetable distribution and in reefer shipping, with activities in Central America, South America and the Mediterranean. For fiscal 2024 the group reported a consolidated net profit of 27680 thousand euro, in a context where USD/euro currency volatility and transport costs remain important factors to watch.
At the close of 05 Nov 2026, Orsero S.p.A. (ORS.MI) stock was 13.80 EUR (−2.82% on the day), with market capitalisation 233.1 m EUR, P/E 8.8 on diluted EPS of 1.57 EUR over the last 12 months, dividend yield 434.78%, beta 0.50, 52-week range 13.80–19.65 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)
- 34.1
- weak (30–45)
- Bollinger (20, 2)
- 13.96 – 15.09
- below the lower band · %B -0.15 · band width 7.7%
- SMA 50 / 200
- 15.40 / 16.22
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.32 / -0.30
- 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 | −8.5% | −0.6% | −7.8 pp | — |
| 3 months | −14.9% | −4.2% | −10.8 pp | — |
| 6 months | −16.8% | +4.3% | −21.1 pp | — |
| Year to date | −25.1% | +7.5% | −32.6 pp | — |
| 1 year | −22.1% | +9.9% | −32.0 pp | −6.1% |
| 3 years | −7.2% | +49.8% | −57.1 pp | +7.7% |
| 5 years | +43.7% | +42.8% | +0.9 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 3-quarter history (min 6.1, median 7.1, max 8.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 1.2 bn | 1.5 bn | 1.6 bn |
| Revenue YoY | unavailable | +28.8% | +2.0% |
| Net income | 32.3 m | 47.3 m | 26.8 m |
| Net income YoY | unavailable | +46.5% | −43.3% |
| Diluted EPS | 1.87 | 2.75 | 1.57 |
| Diluted EPS YoY | unavailable | +47.2% | −42.9% |
| net % | 2.7% | 3.1% | 1.7% |
| Free cash flow | 28.3 m | 63.6 m | 24.9 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 85.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 256.4 m EUR
- Total assets
- 686.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.21x
- ROE
- 10.8%
- ROA
- 4.0%
- FCF margin
- 1.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.2 bn | 1.5 bn | 1.6 bn | esef· 15 Apr 2025verified |
| Cost of revenue | 1.1 bn | 1.4 bn | 1.4 bn | esef· 15 Apr 2025verified |
| Gross profit | 118.9 m | 171.5 m | 146.9 m | esef· 15 Apr 2025verified |
| Operating income | 39.9 m | 64.9 m | 44.0 m | esef· 15 Apr 2025verified |
| Pre-tax income | 36.1 m | 56.1 m | 37.1 m | esef· 15 Apr 2025verified |
| Income tax | 3.7 m | 8.0 m | 9.4 m | esef· 15 Apr 2025verified |
| Net income | 32.3 m | 47.3 m | 26.8 m | esef· 15 Apr 2025verified |
| Diluted EPS | 1.87 | 2.75 | 1.57 | esef· 15 Apr 2025verified |
| Dividend per share | 0.32 | 35.00 | 60.00 | esef· 15 Apr 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 68.8 m | 90.1 m | 85.4 m | esef· 15 Apr 2025verified |
| Inventories | 47.4 m | 53.1 m | 54.5 m | esef· 15 Apr 2025verified |
| Current assets | 266.4 m | 314.4 m | 325.2 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 164.0 m | 184.8 m | 188.3 m | esef· 15 Apr 2025verified |
| Goodwill | 48.2 m | 127.4 m | 127.4 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 10.0 m | 10.4 m | 10.4 m | esef· 15 Apr 2025verified |
| Total assets | 522.0 m | 670.5 m | 686.3 m | esef· 15 Apr 2025verified |
| Current liabilities | 200.0 m | 247.2 m | 268.5 m | esef· 15 Apr 2025verified |
| Equity | 201.5 m | 238.5 m | 256.4 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 17.3 m | 17.1 m | 16.9 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 54.9 m | 75.2 m | 49.9 m | esef· 15 Apr 2025verified |
| Capex | 26.6 m | 11.5 m | 25.0 m | esef· 15 Apr 2025verified |
| Free cash flow | 28.3 m ≈ | 63.6 m ≈ | 24.9 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -31.1 m | -63.1 m | -27.3 m | esef· 15 Apr 2025verified |
| Financing cash flow | -10.0 m | 9.2 m | -27.4 m | esef· 15 Apr 2025verified |
| Dividends paid | 5.6 m | 6.3 m | 11.9 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
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 233.1 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
46% · 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: 9.87 – 1,112.73 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/E9.87 – 35.85 (Mid 20.80)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)816.00 – 1,112.73 (Mid 941.54)
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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.7% | 28 (vs peers) | 14% |
| FCF conversion · Quality | 93.0% | 90 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 34 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 8.8x | 73 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.7% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 5.1% | 73 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 47.6% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial34/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality59/100 · 2/3 factors with a value
- Returns84/100 · 2/2 factors with a value
- Valuation85/100 · 2/3 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
ORSERO S.P.A. (ORS.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.6 bn EUR in 2024; YoY growth 2.0%; net margin 1.7%; ROE 10.9%.
The estimated value range is 412.93–574.29 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 481.17 EUR, the price of 13.80 EUR leaves a potential of 3,386.7% (value / price − 1) and a margin of safety of 97.1% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 93.0%
- P/E (TTM): 8.8x
- FCF yield: 10.7%
- Shareholder yield (distributions): 5.1%
- Payout ratio (FCF): 47.6%
- The price is below the estimated value range
What contradicts it
- Net margin: 1.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
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% |
| ORS.MIOrsero S.p.a. | 233.1 m | 8.8 | 10.9% | 1.7% | +2.0% | −21% / −17% |
| 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% |
1- and 3-year price returns: for ORS.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 | 8.04 Total return -33% · Per year -33% | 14.23 Total return 15% · Per year 15% | 21.46 Total return 70% · Per year 70% |
| 3 years | 7.41 Total return -21% · Per year -7% | 14.80 Total return 43% · Per year 13% | 24.56 Total return 123% · Per year 31% |
| 5 years | 6.83 Total return -10% · Per year -2% | 15.39 Total return 73% · Per year 12% | 28.11 Total return 185% · Per year 23% |
- Exit P/E± 3.70
- Net margin± 2.59
- Annual revenue growth± 2.18
- Annual dilution± 0.22
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
The Orsero group operates in fruit and vegetable distribution and in reefer shipping, with activities in Central America, South America and the Mediterranean. For fiscal 2024 the group reported a consolidated net profit of 27680 thousand euro, in a context where USD/euro currency volatility and transport costs remain important factors to watch.
SWOT
Strengths
- Diversified presence across several countries in the Mediterranean Europe, which softens margin volatility in distribution.
- Financing structure predominantly at fixed rates, reducing exposure to reference rate movements.
- Vertical integration by combining distribution with owned reefer sea transport.
Weaknesses
- High exposure to the US dollar for banana purchases, with margin risk on sudden movements.
- Results with seasonal swings and volatility in the import and shipping activities.
- Reliance on earn-outs and seller commitments from recent acquisitions for management continuity.
Opportunities
- A lower share of bananas in the portfolio could reduce currency exposure over the medium term.
- Further distribution acquisitions could widen geographic reach if integration remains effective.
- Demand for sustainable supply chains could favour operators with verified practices.
Threats
- Currency or political shocks in the Central and South American sourcing countries.
- Rising fuel costs and reefer sea freight rates.
- Changes in tax, customs or environmental rules that could increase compliance burdens.
Risks
- USD/euro exposurehigh
The report indicates that significant or sudden changes in the USD/euro rate could have immediate negative effects on the economic situation, and the risk is considered of high relevance.
- Volatility of resultsmedium
Swings in fruit campaigns and in the shipping segment could reduce margins and results over short periods.
- Early repayment clausesmedium
Financing contracts include covenants and cross default clauses, and failure to comply could force early repayment with significant effects.
- Fleet maintenancemedium
Dry-docking and spare parts costs could rise, and delays in supply could affect vessel operations.
- Tax and transfer pricing riskslow
The group is subject to tax and customs audits, and changes in the interpretation of legislation could generate additional burdens.
Investment thesis
What would need to be true (bull case)
- If the recent acquisitions integrate well and distribution margins remain stable, the group could benefit from a more diversified revenue base.
- A debt structure predominantly at fixed rates could protect results from increases in reference rates.
- Vertical integration with an owned fleet could support control of transport costs over the medium term.
What would break the thesis
- If the dollar moves quickly against the euro, margins in banana distribution could be seriously affected.
- Volatility in the shipping segment and rising fuel costs could compress results.
- Dependence on acquisitions and earn-outs could create pressure if the performance of acquired companies declines.
What to watch
- Evolution of the USD/euro rate and effectiveness of currency hedges2025
- Shipping segment results and reefer freight rates2025
- Progress of integration of acquired companies and expiry of seller commitments2025-2026
- Next annual report and any changes to financing covenantsnext 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 Orsero group runs two main segments: fresh produce distribution, which imports and sells on wholesale markets in southern Europe, and shipping, through the subsidiary Cosiarma dedicated to reefer sea transport. The group pursues growth through acquisitions, and in fiscal 2024 investments totalled 38944 thousand euro, including IFRS 16 right-of-use assets for container leases. The annual report indicates that external growth remains central, with management committed to integrating acquired companies.
Segments
Distribution
The distribution segment buys goods, mainly bananas and pineapples, in US dollars and sells them in euro on markets in southern Europe. The report notes that margins in this segment are affected by import volatility and factors the group cannot fully control, while diversification across several countries helps stabilise results.
Shipping
The shipping segment, through Cosiarma, operates reefer transport and shows higher volatility linked to sea freight rates, fuel prices and operational events at ports. The group partly hedged fuel costs through BAF clauses and derivatives, and the charter of a fifth vessel changed the length of the transport cycle.
Market context
The European fruit market, where Orsero distributes produce through wholesale markets and retail chains, is shaped by consumer demand, seasonality of fruit campaigns and macroeconomic conditions. The group's exposure to imports from outside Europe and to reefer transport means that supply sources in Central and South America are relevant to market prospects.
Trends
- USD/euro currency volatilityheadwind
Many European retail chains request fixed annual prices for bananas, and the group buys this product at fixed prices in dollars. If the USD/euro rate moves sharply, the impact on margins could be significant, which is why the group pursues a lower share of bananas and expanded currency hedging.
- Sea transport and fuel costsmixed
Reefer freight rates and fuel prices directly influence the shipping segment. Fuel adjustment clauses and derivative hedges partly soften these fluctuations but do not eliminate them completely.
- Consolidation through acquisitionsmixed
The external growth strategy brought acquisitions of distribution companies, which could strengthen industrial margin stability if integration goes well. Many deals, however, include seller commitment periods and earn-out payments, adding dependence on future performance.
- Environmental and sustainability regulationmixed
Environmental rules and sustainability reporting requirements raise compliance and vessel maintenance costs, but they may also support demand for operators that can demonstrate responsible supply chain practices.
Competitive position
Orsero competes in European fruit distribution with other importers and wholesale distributors, and in reefer transport with specialised operators. The annual report does not detail its positioning against competitors, so the comparison remains limited to what the official document provides.
- Fresh Del Monte ProduceFDP
Competitor in sourcing and distributing fresh fruit on international markets, including bananas and pineapples.
- Dole plcDOLE
Global fresh produce operator active in production, transport and marketing.
- Reefer transport operators
Specialised refrigerated sea transport companies against which the shipping segment is compared on rates and reliability.
- Local wholesale distributors in Europe
Regional companies operating on Mediterranean wholesale markets where the group has stands and sales points.
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 202302 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Orsero 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.