olivLaw · European equity research
RATTI S.P.A. SOCIETA' BENEFIT RAT.MI
Italy · Euronext Milan · ISIN IT0004724107 · Vertical: Listed companies from Italy
Ratti S.p.A. Società Benefit is an Italian textile group that produces and sells printed, plain and yarn-dyed fabrics, together with accessories and ties, and holds benefit-corporation status pursuing environmental and social goals. In 2023 the group reported a net financial position of minus 10.4 million EUR and a net working capital of 21.5 million EUR, amid competitive pressure and rising energy and raw-material costs. The data come from the company's 2023 annual report.
At the close of 05 Nov 2026, RATTI S.P.A. SOCIETA' BENEFIT (RAT.MI) stock was 0.99 EUR (+0.00% on the day), with market capitalisation 26.2 m EUR, P/E 14.1 on diluted EPS of 0.07 EUR over the last 12 months, dividend yield 10.46%, beta 0.28, 52-week range 0.96–1.50 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)
- 42.8
- weak (30–45)
- Bollinger (20, 2)
- 0.96 – 1.04
- in the lower half of the band · %B 0.35 · band width 8.5%
- SMA 50 / 200
- 1.04 / 1.18
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- 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 | −4.4% | −0.6% | −3.7 pp | — |
| 3 months | −6.2% | −4.2% | −2.0 pp | — |
| 6 months | −12.8% | +4.3% | −17.2 pp | — |
| Year to date | −32.5% | +7.5% | −40.0 pp | — |
| 1 year | −32.5% | +9.9% | −42.5 pp | −6.1% |
| 3 years | −63.8% | +49.8% | −113.6 pp | +7.7% |
| 5 years | −73.2% | +42.8% | −116.1 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 0 percentile of its own 3-quarter history (min 30.5, median 32.0, max 38.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 78.5 m | 88.6 m | 92.1 m |
| Revenue YoY | unavailable | +12.9% | +4.0% |
| Net income | 2.9 m | 2.7 m | -1.8 m |
| Net income YoY | unavailable | −9.2% | −168.9% |
| Diluted EPS | 0.11 | 0.10 | 0.07 |
| Diluted EPS YoY | unavailable | −9.1% | −30.0% |
| net % | 3.7% | 3.0% | -2.0% |
| Free cash flow | -15.0 k | -1.4 m | -702.0 k |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 17.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 58.6 m EUR
- Total assets
- 119.7 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.80x
- ROE
- -3.0%
- ROA
- -1.4%
- FCF margin
- -0.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 78.5 m | 88.6 m | 92.1 m | esef· 10 Apr 2024verified |
| Operating income | 4.0 m | 3.3 m | -1.7 m | esef· 10 Apr 2024verified |
| Interest expense | 601.0 k | 1.6 m | 1.9 m | esef· 10 Apr 2024verified |
| Pre-tax income | 3.8 m | 2.8 m | -2.6 m | esef· 10 Apr 2024verified |
| Income tax | 871.0 k | 224.0 k | -786.0 k | esef· 10 Apr 2024verified |
| Net income | 2.9 m | 2.7 m | -1.8 m | esef· 10 Apr 2024verified |
| Diluted EPS | 0.11 | 0.10 | 0.07 | esef· 10 Apr 2024verified |
| Dividend per share | 0.00 | 0.10 | — | esef· 30 May 2023derived |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 42.8 m | 35.4 m | 17.9 m | esef· 10 Apr 2024verified |
| Receivables | 18.9 m | 18.4 m | 14.8 m | esef· 10 Apr 2024verified |
| Inventories | 23.5 m | 33.0 m | 33.1 m | esef· 10 Apr 2024verified |
| Current assets | 85.5 m | 88.1 m | 66.9 m | esef· 10 Apr 2024verified |
| Property, plant & equipment, net | 41.2 m | 41.4 m | 39.8 m | esef· 10 Apr 2024verified |
| Intangibles (excl. goodwill) | 4.0 m | 5.3 m | 7.0 m | esef· 10 Apr 2024verified |
| Total assets | 136.0 m | 140.3 m | 119.7 m | esef· 10 Apr 2024verified |
| Accounts payable | 24.3 m | 29.7 m | 27.0 m | esef· 10 Apr 2024verified |
| Current liabilities | 36.9 m | 49.8 m | 37.1 m | esef· 10 Apr 2024verified |
| Total liabilities | 73.3 m | 76.9 m | 61.2 m | esef· 10 Apr 2024verified |
| Equity | 62.7 m | 63.5 m | 58.6 m | esef· 10 Apr 2024verified |
| Shares outstanding at year end | 26.6 m | 26.6 m | — | esef· 10 Apr 2024derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.2 m | 3.2 m | 3.0 m | esef· 10 Apr 2024verified |
| Capex | 5.3 m | 4.6 m | 3.7 m | esef· 10 Apr 2024verified |
| Free cash flow | -15.0 k ≈ | -1.4 m ≈ | -702.0 k ≈ | esef· 10 Apr 2024derived |
| Investing cash flow | -6.3 m | -5.9 m | -4.5 m | esef· 10 Apr 2024verified |
| Financing cash flow | -11.2 m | -4.7 m | -15.9 m | esef· 10 Apr 2024verified |
| Dividends paid | 0 | 2.7 m | 2.7 m | esef· 10 Apr 2024verified |
≈ 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: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 26.2 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · 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: 0.44 – 1.91 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 · 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/E0.44 – 1.60 (Mid 0.93)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)1.40 – 1.91 (Mid 1.62)
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: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -2.0% | 18 (vs peers) | 15% |
| 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 | -0.9x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.8x | 84 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 14.1x | 50 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.7% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 10.5% | 100 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet33/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial18/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation28/100 · 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
"RATTI S.P.A. SOCIETA' BENEFIT" O IN FORMA ABBREVIATA "RATTI S.P.A. SB" (RAT.MI). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 92.1 m EUR in 2023; YoY growth 4.0%; net margin -2.0%; ROE -3.0%.
The estimated value range is 0.92–1.75 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.27 EUR, the price of 0.98 EUR leaves a potential of 29.1% (value / price − 1) and a margin of safety of 22.6% (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: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.8x
- Shareholder yield (distributions): 10.5%
What contradicts it
- Net margin: -2.0%
- Interest coverage: -0.9x
- FCF yield: -2.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| RAT.MI"ratti S.p.a. Societa' Benefit" O In Forma Abbreviata "ratti S.p.a. Sb" | 26.2 m | 14.1 | -3.0% | -2.0% | +4.0% | −33% / −64% |
| 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 RAT.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Ratti S.p.A. Società Benefit is an Italian textile group that produces and sells printed, plain and yarn-dyed fabrics, together with accessories and ties, and holds benefit-corporation status pursuing environmental and social goals. In 2023 the group reported a net financial position of minus 10.4 million EUR and a net working capital of 21.5 million EUR, amid competitive pressure and rising energy and raw-material costs. The data come from the company's 2023 annual report.
SWOT
Strengths
- Exclusive licensee position for accessories and fabrics for luxury fashion houses, and a range of products certified for sustainability.
- Vertical integration across fabric production, printing and garment making through dedicated subsidiaries.
- An internal laboratory accredited for product performance and quality testing.
Weaknesses
- Production capacity is concentrated in a single company, increasing dependence on one site.
- Negative net financial position at year-end 2023, with net working capital declining.
- Exposure to energy and textile raw-material prices, partly not recoverable through pricing.
Opportunities
- Growing demand for sustainable and certified textiles could support the premium segment.
- Development of the circular economy through Second Life Fibers could open new revenue sources.
- Benefit-corporation status may support closer ties with customers and partners sensitive to sustainability.
Threats
- Competition from East Asia, especially China, could reduce prices and margins in price-sensitive segments.
- Failure to renew licence contracts with fashion houses could seriously affect operations.
- Changes in environmental or climate standards could require extra investment and raise costs.
Risks
- Licence renewalhigh
The report warns that failing to renew licence contracts with luxury houses could have significant negative effects on operations and financial position.
- Financial covenant clauseshigh
Some medium and long-term loans require compliance with financial indicators; a breach of one could allow the bank to demand early repayment.
- Energy and raw-material costsmedium
Sharp swings in energy and raw-material prices could affect results, as part of any increase may not be recoverable.
- Exchange-rate and interest-rate movementsmedium
Exposure to the US dollar and to variable interest rates is managed with derivatives, but remains a market risk.
- Dependence on specialised staffmedium
Losing a significant number of niche know-how professionals could affect the group's prospects and results.
Investment thesis
What would need to be true (bull case)
- If the luxury licensee position holds, the group could benefit from the premium segment, which is less price-sensitive.
- Vertical integration and recent technology investment could support production efficiency and quality.
- Sustainability commitments and benefit-corporation status could attract customers and partners focused on responsibility.
What would break the thesis
- Competitive pressure from East Asia could keep reducing prices and margins in some segments.
- A negative net financial position and a decline in net working capital could limit financial flexibility.
- Dependence on licences and on a single production site could amplify the impact of any disruption.
What to watch
- Trend of the net financial position and compliance with bank covenants2024
- Renewal of licence contracts with luxury fashion houses2024
- Progress of the Second Life Fibers circular-economy project2024
- Evolution of energy and textile raw-material costs2024
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 Ratti group produces printed, plain and yarn-dyed fabrics for clothing, accessories, ties and furnishings, with production capacity concentrated in the parent Ratti S.p.A. SB. Subsidiaries in Tunisia and Romania make textile accessories, samples and catalogues, and printing services for the parent. Ratti S.p.A. operates as an exclusive licensee for accessories and fabrics for luxury fashion houses, according to the report.
The company adopted benefit-corporation status in May 2022, which led to adding common-benefit purposes on environment, responsible textile products and innovation to its bylaws. The annual report says the group integrates sustainability into its strategy and runs circular-economy projects through Second Life Fibers, which is still in start-up.
At 31 December 2023 the group had 752 employees, up from the prior year mainly through the Tunisian subsidiaries. Research, development and quality activities include an internal laboratory accredited for product performance testing.
Segments
Fabrics and industrial production
The core segment covers printed, plain and yarn-dyed fabrics for clothing, accessories and furnishings, produced mainly by the parent Ratti S.p.A. SB. Investments of 4.0 million EUR in 2023 targeted weaving renewal, energy optimisation systems and printing machinery.
Accessories and garments
The Tunisian subsidiaries Creomoda and La Maison des Accessoires make textile accessories and produce samples and catalogues, and their headcount grew in 2023.
Circular economy
Second Life Fibers manages textile waste and secondary raw materials, but the report describes it as in start-up, with commercial relations with the rest of the group still not significant.
Market context
The report describes the textile and apparel sector as increasingly contested by producers from East Asia, especially China, which have gained share in price-sensitive segments. The luxury segment, where the group operates through exclusive licences, has felt this pressure to a lesser extent.
According to the report, the post-pandemic drop in competitor revenues could increase pressure on prices and margins and could favour consolidation in the sector. Critical mass, quality and service levels are named as success factors over the long term.
Trends
- Rising energy and raw-material costsheadwind
The report notes that energy, gas and textile raw materials (cotton, silk, wool) are significant costs, and a sharp rise could affect results, only part of it being passable down the chain.
- More restrictive monetary policymixed
Higher interest rates set by the European Central Bank could raise the cost of financing, the group holding fixed and variable-rate debt partly hedged with derivatives.
- Green and digital transitiontailwind
The report stresses that the green and digital transition will involve companies in the coming years, and the group has integrated sustainability into its strategy, with certified products and recycling projects.
- Demand for more sustainable consumptionmixed
New, more sustainable consumption patterns could shape demand, but may also create opportunities for the group's certified products and its recycling and repair initiatives.
Competitive position
The main competitors named in the report are producers from East Asia, especially China, and other Italian and French luxury fashion houses. The report does not name competitors listed on US exchanges.
The report says size, quality and service levels will become decisive, and competitive pressure could push operators toward consolidation. The group relies on exclusive luxury licences and integrated production in Italy.
- Textile producers in East Asia (notably China)
Price competition that has gained share in price-sensitive segments, according to the report.
- Italian and French luxury fashion houses
Luxury segment in which the group operates under licences, feeling less price pressure.
- Other textile operators in the Como district
Traditional operators of the Como silk district, mentioned in the risk analysis.
- Larger operators in the sector
The report indicates that size and critical mass will matter in future, without naming specific competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202310 Apr 2024
- Annual report 202230 May 2023
- Annual report 202230 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / RATTI S.P.A. SOCIETA' BENEFIT · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.