olivLaw · European equity research
Piquadro S.p.A. PQ.MI
Italy · Euronext Milan · ISIN IT0004240443 · Vertical: Listed companies from Italy
Piquadro is an Italian group of luxury leather goods and accessories, with the Piquadro, The Bridge and Lancel brands, selling through its own store network and intermediated channels. In the fiscal year ended 31 March 2022 the group reported group profit of 4.4 million EUR after a loss in the prior year, while investments rose sharply, pointing to a recovery in which profitability and financing remain under watch.
At the close of 06 Nov 2026, Piquadro S.p.A. (PQ.MI) stock was 2.32 EUR (+0.00% on the day), with market capitalisation 115.8 m EUR, P/E 26.1 on diluted EPS of 0.09 EUR over the last 12 months, dividend yield 0.00%, beta 0.22, 52-week range 2.24–3.08 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)
- 37.8
- weak (30–45)
- Bollinger (20, 2)
- 2.28 – 2.44
- in the lower half of the band · %B 0.27 · band width 6.7%
- SMA 50 / 200
- 2.43 / 2.58
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.04
- 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 | −4.1% | −0.2% | −4.0 pp | — |
| 3 months | −13.8% | −5.4% | −8.3 pp | — |
| 6 months | −9.0% | +4.4% | −13.4 pp | — |
| Year to date | −6.8% | +6.5% | −13.3 pp | — |
| 1 year | 0.0% | +10.0% | −10.0 pp | −7.1% |
| 3 years | +7.9% | +48.6% | −40.7 pp | +6.7% |
| 5 years | +24.1% | +41.4% | −17.4 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 1-quarter history (min 20.8, median 20.8, max 20.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 |
|---|---|---|
| Revenue | 113.5 m | 149.4 m |
| Revenue YoY | unavailable | +31.7% |
| Net income | -6.1 m | 4.4 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.12 | 0.09 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -5.4% | 3.0% |
| Free cash flow | 8.4 m | 19.8 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Mar 2022
- Cash
- 61.4 m EUR
- Financial debt
- 37.7 m EUR
- Net debt
- -23.8 m EUR
- Equity
- 59.1 m EUR
- Total assets
- 214.2 m EUR
- Debt / equity
- 0.64x
- Current ratio
- 1.67x
- ROE
- 7.8%
- ROA
- 2.1%
- FCF margin
- 13.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 113.5 m | 149.4 m | esef· 30 May 2023verified |
| Operating income | -4.7 m | 9.2 m | esef· 30 May 2023verified |
| Interest expense | 3.0 m | 2.8 m | esef· 30 May 2023verified |
| Pre-tax income | -6.9 m | 7.3 m | esef· 30 May 2023verified |
| Income tax | -1.1 m | 2.9 m | esef· 30 May 2023verified |
| Net income | -6.1 m | 4.4 m | esef· 30 May 2023verified |
| Diluted EPS | -0.12 | 0.09 | esef· 30 May 2023verified |
| Dividend per share | 0.00 | 0.00 | esef· 30 May 2023derived |
Balance sheet · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 57.2 m | 61.4 m | esef· 30 May 2023verified |
| Inventories | 36.2 m | 39.0 m | esef· 30 May 2023verified |
| Current assets | 126.2 m | 138.2 m | esef· 30 May 2023verified |
| Property, plant & equipment, net | 12.9 m | 15.0 m | esef· 30 May 2023verified |
| Goodwill | 4.7 m | 4.7 m | esef· 30 May 2023verified |
| Intangibles (excl. goodwill) | 2.4 m | 2.5 m | esef· 30 May 2023verified |
| Total assets | 203.0 m | 214.2 m | esef· 30 May 2023verified |
| Short-term debt | 9.9 m | 11.8 m | esef· 30 May 2023verified |
| Long-term debt | 30.2 m | 25.8 m | esef· 30 May 2023verified |
| Current liabilities | 70.2 m | 82.8 m | esef· 30 May 2023verified |
| Total liabilities | 148.0 m | 155.1 m | esef· 30 May 2023verified |
| Equity | 55.0 m | 59.1 m | esef· 30 May 2023verified |
| Shares outstanding at year end | 52.3 m | 49.9 m | esef· 30 May 2023derived |
Cash flow · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 10.7 m | 26.0 m | esef· 30 May 2023verified |
| Capex | 2.3 m | 6.1 m | esef· 30 May 2023verified |
| Free cash flow | 8.4 m ≈ | 19.8 m ≈ | esef· 30 May 2023derived |
| Investing cash flow | -2.7 m | -6.6 m | esef· 30 May 2023verified |
| Financing cash flow | -8.5 m | -16.2 m | esef· 30 May 2023verified |
| Dividends paid | 0 | 0 | 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
Score: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 115.8 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality75
- Returns40
- Balance sheet46
- Valuation62
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: 0.56 – 16.32 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)9.42 – 16.32 (Mid 11.87)WACC 7.2% · starting FCFF 21.5 m EUR · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.56 – 2.02 (Mid 1.17)20 companies used · median multiple 13.2x · quartiles 6.3x – 22.7xAC5.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)unavailable · the base of the ratio is not positive
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
Neutral profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.2% | 86 (vs peers) | 17% |
| Net margin · Quality | 3.0% | 33 (vs peers) | 10% |
| FCF conversion · Quality | 446.5% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.3x | 28 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.7x | 73 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 26.1x | 32 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 17.1% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet46/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality75/100 · 3/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation62/100 · 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
PIQUADRO S.P.A. (PQ.MI). Latest full fiscal year: 2022; data up to 2022-03-31.
Figures computed from the financial statements: revenue 149.4 m EUR in 2022; YoY growth 31.7%; net margin 3.0%; ROE 7.8%.
The estimated value range is 4.99–9.17 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 6.52 EUR, the price of 2.32 EUR leaves a potential of 181.1% (value / price − 1) and a margin of safety of 64.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.2%
- FCF conversion: 446.5%
- Current ratio: 1.7x
- FCF yield: 17.1%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 3.3x
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% / +72% |
| DIA.MIDiasorin S.p.a. | 4.4 bn | 29.0 | 9.2% | 13.0% | +0.8% | +34% / −5% |
| 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 | 30.5 | 8.5% | 3.8% | −0.6% | −7% / −57% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 19.0 | 12.8% | 7.1% | −23.0% | +10% / +67% |
| CMB.MICembre S.p.a. | 1.2 bn | 26.4 | 20.6% | 18.9% | +6.7% | +9% / +103% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −23% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 985.3 m | 10.6 | 23.5% | 41.0% | +1.8% | −3% / −22% |
| AVIO.MIAvio S.p.a. | 865.6 m | 85.1 | 2.1% | 1.8% | +21.5% | +16% / +283% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 800.3 m | 6.1 | 17.1% | 7.3% | +1.6% | +6% / +76% |
| ASC.MIAscopiave S.p.a. | 621.5 m | 17.3 | 4.2% | 17.5% | +13.4% | −12% / +27% |
| AC5.MIAcinque S.p.a. | 408.7 m | 19.4 | 4.1% | 3.6% | +0.2% | −7% / +7% |
| BAN.MIBasic Net S.p.a. | 350.2 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 320.4 m | 12.9 | 11.1% | 13.7% | +9.2% | −3% / +10% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 130.1 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 116.6 m | 11.5 | 18.5% | 10.2% | −1.3% | −27% / −33% |
| PQ.MIPiquadro S.p.a. | 115.8 m | 26.1 | 7.8% | 3.0% | +31.7% | −3% / +5% |
| ABT.MIAbitare In S.p.a. | 74.9 m | 272.0 | 0.4% | 0.4% | +39.8% | −7% / −48% |
| ELC.MIElica S.p.a. | 63.7 m | — | -7.8% | -2.2% | +1.9% | −35% / −49% |
| DEX.MIDexelance S.p.a. | 52.8 m | 3.0 | 11.0% | 5.4% | +12.6% | −61% / −77% |
| 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 | 5.1 | 10.9% | 3.8% | −2.5% | −5% / −11% |
| AEF.MIAeffe S.p.a. | 10.3 m | 0.5 | 21.9% | 7.7% | −21.3% | −58% / −86% |
1- and 3-year price returns: for PQ.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 | 1.52 Total return -35% · Per year -35% | 2.67 Total return 15% · Per year 15% | 4.00 Total return 73% · Per year 73% |
| 3 years | 1.80 Total return -22% · Per year -8% | 3.53 Total return 52% · Per year 15% | 5.76 Total return 148% · Per year 35% |
| 5 years | 2.13 Total return -8% · Per year -2% | 4.67 Total return 101% · Per year 15% | 8.30 Total return 258% · Per year 29% |
- Exit P/E± 0.88
- Net margin± 0.62
- Annual revenue growth± 0.46
- Annual dilution± 0.05
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
Piquadro is an Italian group of luxury leather goods and accessories, with the Piquadro, The Bridge and Lancel brands, selling through its own store network and intermediated channels. In the fiscal year ended 31 March 2022 the group reported group profit of 4.4 million EUR after a loss in the prior year, while investments rose sharply, pointing to a recovery in which profitability and financing remain under watch 1.
SWOT
Strengths
- A portfolio of three distinct brands and in-house control of design, production and distribution, which gives flexibility.
- Access to an own store network and multiple sales channels, which gives control over how products are presented.
- A pronounced focus on recycled materials and the PQ-BIOS line, a sustainable point of differentiation.
Weaknesses
- High net financial debt, largely tied to lease contracts because of the application of IFRS 16.
- Dependence on outsourced costs in dollars and wages in renminbi makes margins sensitive to currency.
- Shareholding concentrated in the founding family limits the liquidity of the shares.
Opportunities
- Expanding the DOS network and modernising existing stores could increase direct sales.
- Developing sustainable collections and partnerships with certified brands could attract new customers.
- Closer integration of the Lancel brand could generate product and distribution synergies.
Threats
- Geopolitical and economic volatility could reduce discretionary spending on luxury products.
- Swings in the dollar and renminbi exchange rates could compress margins.
- Competition in the luxury and accessories segment may pressure prices and promotional costs.
Risks
- Debt and lease obligationshigh
Net financial debt remains significant, and lease obligations affected by IFRS 16 could limit financial flexibility if sales decline.
- Currency exposuremedium
Costs in dollars and renminbi against euro revenues could affect net result, even though the group uses forward contracts for hedging.
- Shareholding concentrationmedium
Majority control exercised through the holding company may limit the influence of minority shareholders on strategic decisions.
- Dependence on luxury consumptionmedium
Demand for leather goods and accessories could fall in periods of economic uncertainty, affecting retail sales.
- Commercial credit risklow
A fragmented customer base and sales to resellers imply a risk of non-payment, although the group's history is considered limited.
Investment thesis
What would need to be true (bull case)
- If the return to profitability after the prior loss holds, the group could confirm that its vertically integrated and self-distributed model works.
- The position as a sustainable brand and the focus on recycled materials could attract customers willing to pay more for responsible products.
- The three-brand portfolio offers growth options, including through expanding Lancel and new collections.
What would break the thesis
- If net debt and lease obligations remain high, financial flexibility could be limited during periods of weak sales.
- Exposure to the dollar and renminbi could erode margins if exchange rates move unfavourably against the euro.
- Economic and geopolitical volatility could reduce demand for luxury products, directly affecting the store network.
What to watch
- Trend in margin and in the profit attributable to the group following the fiscal 2022 resultnext 10-K
- Level of net financial position and of lease obligationsnext 10-K
- Results of the DOS network and the effect of new stores2027
- Impact of dollar and renminbi exchange rates on costs2027
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 Piquadro group designs, produces and distributes leather goods, bags, backpacks and luggage under the Piquadro, The Bridge and Lancel brands, controlling all critical stages of the chain from ideation to distribution. The parent company Piquadro S.p.A. is listed on the Borsa Italiana, and its majority shareholder is Piquadro Holding S.p.A. with 68.37% of the capital 1. At 31 March 2022 the group had 1,027 staff, up from the prior year, most of them in retail and production 1.
Research and development is organised across the three brands and focuses on recycled materials, such as ECONYL, and on the sustainable PQ-BIOS product line, making sustainability a central element of the offer 1. In fiscal 2022 the group launched a sneaker collection with ACBC, a B Corp brand, extending its range beyond leather goods 1.
Investments in fiscal 2022 went to new DOS stores, to the Lancel headquarters in Paris and to new accounting management software, indicating a strategy of expanding the group's own retail network 1.
Segments
Piquadro
The group's main brand, known for bags, backpacks and accessories, with emphasis on the PQ-BIOS line made from recycled materials and the Corner20 collection 1.
The Bridge
Brand whose R&D is carried out in the subsidiary The Bridge S.p.A., with prototypes built in the in-house artisan workshop and new collections each season 1.
Lancel
French luxury brand acquired by the group, whose R&D is run by a team of specialists in Paris, with an atelier of craftsmen who build the prototypes 1.
Market context
The group sells to a fragmented base of leather goods and stationery retailers, international distributors and, through the DOS channel, final consumers, which could make revenues sensitive to luxury consumption cycles 1. Outsourced production costs are partly exposed to the US dollar, while the Chinese subsidiary's wages are paid in renminbi, making the result partly dependent on exchange rates 1.
The analysed sources contain no data on market share or the size of the global luxury leather goods market, so an assessment of competitive position must be supplemented with external sources.
Trends
- Sustainability and recycled materialstailwind
The group is expanding recycled materials and the PQ Recycled Index across products, which could support demand from environmentally conscious consumers.
- Expansion of the own store networktailwind
Investments in new DOS stores and in renovating existing ones point to growth through direct sales, which could lift margins if demand holds.
- Geopolitical and economic volatilityheadwind
The source cites geopolitical and economic volatility during the period, which could weigh on customers' discretionary spending.
- Dollar and renminbi exchange ratesmixed
Outsourced work is paid in dollars and Chinese wages in renminbi, making margins sensitive to currency swings, with a mixed effect depending on the direction of the rate.
Competitive position
The analysed source does not list direct competitors of the group, so they cannot be identified from the document. The international luxury leather goods market includes well-known players, but these names do not appear in the material provided.
The group's differentiation rests on combining three brands, in-house production control and an emphasis on recycled materials, a factor that could matter in competition with established luxury brands.
- Competitors not named in the source
The document provided does not identify competitors, so no firms with a US ticker are listed.
- Other luxury leather goods brands
Not named in the source; competitive analysis requires data from additional sources.
- Leather accessories manufacturers
Generic category with no names from the source, so no verified ticker.
- Sustainable footwear and accessories brands
The source mentions only the partnership with a B Corp brand, not direct competitors.
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 2022-03-31 (ESEF) · SEC / Piquadro S.p.A. · 31 Mar 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.