olivLaw · European equity research
PLC S.p.A. PLC.MI
Italy · Euronext Milan · ISIN IT0005339160 · Vertical: Listed companies from Italy
PLC S.p.A. is an Italian group that carries out EPC works for renewable energy plants, develops generation projects and provides operation and maintenance services. In 2024 the group reported total operating revenues of 86.464 migliaia EUR and an EBITDA of 9.685 migliaia EUR, in a context where grid connection and revamping demand remains solid.
At the close of 05 Nov 2026, PLC S.p.A. (PLC.MI) stock was 3.08 EUR (+0.00% on the day), with market capitalisation 79.3 m EUR, P/E 7.0 on diluted EPS of 0.44 EUR over the last 12 months, dividend yield 2.29%, beta 0.22, 52-week range 1.94–3.76 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)
- 52.3
- neutral
- Bollinger (20, 2)
- 3.05 – 3.10
- in the upper half of the band · %B 0.54 · band width 1.6%
- SMA 50 / 200
- 3.07 / 2.85
- uptrend (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 | 0.0% | −0.6% | +0.6 pp | — |
| 3 months | −0.6% | −4.2% | +3.5 pp | — |
| 6 months | −15.2% | +4.3% | −19.5 pp | — |
| Year to date | +35.7% | +7.5% | +28.2 pp | — |
| 1 year | +38.1% | +9.9% | +28.2 pp | −6.1% |
| 3 years | +138.8% | +49.8% | +88.9 pp | +7.7% |
| 5 years | +35.1% | +42.8% | −7.7 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 50 percentile of its own 2-quarter history (min 4.0, median 30.4, max 56.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 65.3 m | 85.2 m |
| Revenue YoY | unavailable | +30.5% |
| Net income | 762.0 k | 11.3 m |
| Net income YoY | unavailable | +1,387.5% |
| Diluted EPS | 0.03 | 0.44 |
| Diluted EPS YoY | unavailable | +1,366.7% |
| net % | 1.2% | 13.3% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 17.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 22.9 m EUR
- Total assets
- 66.9 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.28x
- ROE
- 63.8%
- ROA
- 15.3%
- 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 | 65.3 m | 85.2 m | esef· 15 Apr 2025verified |
| Operating income | 2.0 m | 7.5 m | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 1.5 m | 2.1 m | esef· 15 Apr 2025verified |
| EBITDA | 3.6 m ≈ | 9.6 m ≈ | esef· 15 Apr 2025derived |
| Interest expense | 539.0 k | 414.0 k | esef· 15 Apr 2025verified |
| Income tax | -1.2 m | 2.5 m | esef· 15 Apr 2025verified |
| Net income | 762.0 k | 11.3 m | esef· 15 Apr 2025verified |
| Diluted EPS | 0.03 | 0.44 | esef· 15 Apr 2025verified |
| Dividend per share | 0.00 | 0.07 | esef· 15 Apr 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 10.0 m | 17.7 m | esef· 15 Apr 2025verified |
| Inventories | 6.2 m | 6.7 m | esef· 15 Apr 2025verified |
| Current assets | 49.0 m | 49.4 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 6.5 m | 7.1 m | esef· 15 Apr 2025verified |
| Goodwill | 4.8 m | 4.7 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 3.8 m | 3.8 m | esef· 15 Apr 2025verified |
| Total assets | 81.2 m | 66.9 m | esef· 15 Apr 2025verified |
| Current liabilities | 49.2 m | 38.6 m | esef· 15 Apr 2025verified |
| Equity | 12.6 m | 22.9 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 25.4 m | 25.8 m | esef· 21 May 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: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 79.3 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 2.77 – 10.05 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.77 – 10.05 (Mid 5.83)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 aggregate0.96 – 1.31 (Mid 1.11)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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 13.3% | 74 (vs peers) | 19% |
| 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 | 18.2x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.3x | 40 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 7.0x | 73 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.3% | 33 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial74/100 · 1/3 factors with a value
- Returns· partial33/100 · 1/2 factors with a value
- Valuation· partial73/100 · 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
PLC S.P.A. (PLC.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 85.2 m EUR in 2024; YoY growth 30.5%; net margin 13.3%; ROE 63.9%.
The estimated value range is 2.77–10.05 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.83 EUR, the price of 3.08 EUR leaves a potential of 89.4% (value / price − 1) and a margin of safety of 47.2% (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: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 13.3%
- Interest coverage: 18.2x
- P/E (TTM): 7.0x
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, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| PLC.MIPLC S.p.a. | 79.3 m | 7.0 | 63.9% | 13.3% | +30.5% | +51% / +110% |
| 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 PLC.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 | 2.01 Total return -33% · Per year -33% | 3.54 Total return 18% · Per year 18% | 5.31 Total return 76% · Per year 76% |
| 3 years | 2.39 Total return -16% · Per year -6% | 4.68 Total return 61% · Per year 17% | 7.65 Total return 160% · Per year 37% |
| 5 years | 2.83 Total return 4% · Per year 1% | 6.19 Total return 119% · Per year 17% | 11.02 Total return 281% · Per year 31% |
- Exit P/E± 1.17
- Net margin± 0.82
- Annual revenue growth± 0.61
- Annual dilution± 0.07
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
PLC S.p.A. is an Italian group that carries out EPC works for renewable energy plants, develops generation projects and provides operation and maintenance services. In 2024 the group reported total operating revenues of 86.464 migliaia EUR 1 and an EBITDA of 9.685 migliaia EUR 1, in a context where grid connection and revamping demand remains solid.
SWOT
Strengths
- Rising operating margin in the construction segment and a solid backlog with contracted works into the first half of 2026 1.
- Vertical integration from development to O&M, which stabilises revenues through the recurring part of the business 1.
- Improved net financial position in 2024 after disposals and dividend distribution 1.
Weaknesses
- Development revenues are lumpy, as they are recognised when special purpose companies are sold, while costs are incurred upfront 1.
- The size of the perimeter has been reduced after disposals, limiting the contribution of some former activities 1.
- Reliance on a few large construction orders makes results sensitive to the execution schedule 1.
Opportunities
Threats
- Supply chain delays for transformers and other critical equipment could affect deadlines 1.
- Trade tensions and possible US tariffs on the EU could affect the Italian economy and the supply chain 1.
- An active dispute over an insurance claim on wind parks has an uncertain outcome, although the company decided to appeal to the Court of Cassation 1.
Risks
- Supply chainmedium
Delays in critical equipment could extend execution timelines and pressure margins.
- Insurance disputemedium
The active litigation with the insurer over wind parks has no certain outcome, and cost recovery could remain incomplete.
- Development timingmedium
Authorisation processes take a long time, and development revenues could be delayed if sales are postponed.
- Tariff policy and incentiveshigh
Changes in the regulatory framework or in the timing of FER decrees could reduce demand for new orders.
- International trade tensionslow
If US tariffs on the EU expand, effects on the Italian economy and the supply chain could be relevant.
Investment thesis
What would need to be true (bull case)
- If construction and services backlog converts into revenue on time, the margin gains seen in 2024 could continue.
- The incentive framework and PNRR funds could generate new orders, supporting medium-term growth.
- A stronger net financial position offers flexibility for project execution and selective investment.
What would break the thesis
- If supply chain delays persist, construction margins could fall back to lower levels.
- Development revenues remain irregular, and a delay in sales could reduce results in a given year.
- If new decrees or connection standards are delayed, the current pipeline might not quickly translate into orders.
What to watch
- Achievement of the 2025 EBITDA guidance2025
- Evolution of construction and services backlognext half-year report
- Outcome of the Court of Cassation appeal in the insurance dispute2025
- New Industrial Plan and strategy for BESS and 36 kV connections2026
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 PLC group operates in renewable energy in Italy through three main operating segments: engineering and construction, development and services. Through its subsidiary PLC System S.r.l., the group acts as general contractor (EPC) for generation plants from renewable sources and electrical infrastructure connecting to high and medium voltage grids 1. In 2024 the company disposed of several holdings, including Schmack Biogas S.r.l. and Tirreno S.r.l., reducing the consolidated perimeter 1.
The business model integrates the value chain: project development up to authorisation, EPC construction and then long-term operation and maintenance. When development projects reach the 'ready to build' stage, the group assesses whether to build and manage them in-house or sell them 1. This structure gives recurring service revenues that stabilise results, while development revenues remain concentrated at the time of selling the special purpose companies 1.
The financial position improved in 2024: net financial debt moved to a larger positive position, supported by segment performance and the Schmack Biogas disposal 1. Net working capital realigned as revamping and repowering orders of PLC Service S.r.l. progressed 1.
Segments
Engineering and Construction
The engineering and construction segment generated revenues of 42.378 migliaia EUR and an EBITDA of 8.188 migliaia EUR in 2024, with margins above historical levels 1. Construction backlog stood at about 85 million EUR at 31 December 2024, to be executed in 2025 and the first half of 2026 1.
Services
The services segment (O&M, revamping and repowering) generated revenues of 43.983 migliaia EUR and an EBITDA of 7.274 migliaia EUR in 2024 1. Services backlog was about 36 million EUR at 31 December 2024 1.
Development
The development segment has a pipeline of about 65 MW at the report date, with wind and photovoltaic projects in authorisation and an early-stage BESS project 1. In 2024 the normalised operating margin was negative, a result considered ordinary for an activity with long authorisation processes 1.
Market context
The group operates mainly in the Italian market, where the incentive framework for renewable energy is described by the company as favourable, with PNRR contributions for contracted works and FER 2 and FER X 'transitorio' decrees that could support new orders in the short term 1. In the medium term, uncertainties about new storage technologies (BESS) and new 36 kV connection standards could influence the market 1.
Supply chains remain a risk factor, especially for critical equipment such as transformers, whose delivery times could slow execution 1. The company considers that it has no direct exposure to the conflicts in Ukraine and the Middle East 1.
Trends
- Renewable incentives and PNRRtailwind
The regulatory framework and PNRR funds support works in progress and could generate new backlog in the coming period 1.
- Revamping and repowering of solar parksmixed
Growing modernisation works on existing plants support the services segment, although 2024 volumes were partly considered non-ordinary 1.
- Supply chain delaysheadwind
Delivery times for critical equipment could affect the construction schedule 1.
- New technologies and connection standardsmixed
The introduction of BESS storage and new connection standards creates opportunities, but also uncertainty about the time to market maturity 1.
Competitive position
The group competes with other EPC contractors and O&M providers operating in Italy and Europe for renewable energy and electrical infrastructure projects. The analysed sources do not explicitly name competitors, so the list below rests only on the categories described in the report.
The company describes the competitive environment as highly contested and rapidly evolving, requiring the group to react quickly to maintain margins 1.
- Italian renewable EPC contractors
Competitors for plant and substation construction works; not named in the source.
- O&M service providers for wind and solar parks
Competitors in plant maintenance and monitoring, where PLC is active with control rooms.
- Renewable project developers
Competitors for projects in authorisation and for site acquisition.
- BESS storage operators
Possible competitors in electrochemical storage, a technology at an early stage for the group.
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 202415 Apr 2025
- Annual report 202421 May 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / PLC 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.