olivLaw · European equity research
Sabaf S.p.A. SAB.MI
Italy · Euronext Milan · ISIN IT0001042610 · Vertical: Listed companies from Italy
Sabaf is an Italian manufacturer of components for household appliances, mainly gas components, hinges and electronics for ovens and hobs. The group reported revenue of 285.091 thousand euro in 2024 and is widening its range through acquisitions, which makes it relevant for analysing demand in the appliance industry.
At the close of 05 Nov 2026, Sabaf S.p.A. (SAB.MI) stock was 10.65 EUR (−0.93% on the day), with market capitalisation 133.2 m EUR, P/E 19.2 on diluted EPS of 0.55 EUR over the last 12 months, dividend yield 6.50%, beta 0.36, 52-week range 10.30–14.55 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)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 10.14 – 11.49
- in the lower half of the band · %B 0.38 · band width 12.5%
- SMA 50 / 200
- 11.21 / 12.65
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.20 / -0.23
- 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 | −4.9% | −0.6% | −4.3 pp | — |
| 3 months | −10.9% | −4.2% | −6.7 pp | — |
| 6 months | −25.0% | +4.3% | −29.3 pp | — |
| Year to date | −23.7% | +7.5% | −31.2 pp | — |
| 1 year | −23.9% | +9.9% | −33.8 pp | −6.1% |
| 3 years | −27.6% | +49.8% | −77.4 pp | +7.7% |
| 5 years | −62.0% | +42.8% | −104.8 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 2-quarter history (min 27.3, median 46.7, max 66.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 237.9 m | 285.1 m |
| Revenue YoY | unavailable | +19.8% |
| Net income | 3.1 m | 6.9 m |
| Net income YoY | unavailable | +123.3% |
| Diluted EPS | 0.26 | 0.55 |
| Diluted EPS YoY | unavailable | +110.6% |
| net % | 1.3% | 2.4% |
| Free cash flow | 23.1 m | 14.9 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 30.6 m EUR
- Financial debt
- 96.1 m EUR
- Net debt
- 65.4 m EUR
- Equity
- 173.7 m EUR
- Total assets
- 353.6 m EUR
- Debt / equity
- 0.55x
- Current ratio
- 1.62x
- ROE
- 4.0%
- ROA
- 1.9%
- FCF margin
- 5.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 237.9 m | 285.1 m | esef· 15 Apr 2025verified |
| Operating income | 11.1 m | 17.7 m | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 20.1 m | 22.9 m | esef· 15 Apr 2025verified |
| EBITDA | 31.1 m ≈ | 40.7 m ≈ | esef· 15 Apr 2025derived |
| Interest expense | 5.2 m | 4.7 m | esef· 15 Apr 2025verified |
| Pre-tax income | -6.0 k | 12.8 m | esef· 15 Apr 2025verified |
| Income tax | -3.4 m | 4.9 m | esef· 15 Apr 2025verified |
| Net income | 3.1 m | 6.9 m | esef· 15 Apr 2025verified |
| Diluted EPS | 0.26 | 0.55 | esef· 15 Apr 2025verified |
| Dividend per share | 0.00 | 0.69 | 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 | 36.4 m | 30.6 m | esef· 15 Apr 2025verified |
| Inventories | 62.0 m | 63.1 m | esef· 15 Apr 2025verified |
| Current assets | 177.0 m | 176.0 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 108.7 m | 105.5 m | esef· 15 Apr 2025verified |
| Total assets | 358.2 m | 353.6 m | esef· 15 Apr 2025verified |
| Short-term debt | 23.3 m | 33.2 m | esef· 15 Apr 2025verified |
| Long-term debt | 81.5 m | 62.9 m | esef· 15 Apr 2025verified |
| Current liabilities | 85.0 m | 108.7 m | esef· 15 Apr 2025verified |
| Equity | 170.4 m | 173.7 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 11.8 m | 12.5 m | esef· 24 Sept 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 39.9 m | 27.0 m | esef· 15 Apr 2025verified |
| Capex | 16.8 m | 12.1 m | esef· 15 Apr 2025verified |
| Free cash flow | 23.1 m ≈ | 14.9 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -16.9 m | -14.7 m | esef· 15 Apr 2025verified |
| Financing cash flow | -14.7 m | -16.8 m | esef· 15 Apr 2025verified |
| Dividends paid | 0 | 8.7 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: 59 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 133.2 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality55
- Returns91
- Balance sheet34
- Valuation69
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: 3.48 – 64.95 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)29.15 – 64.95 (Mid 40.72)WACC 6.2% · starting FCFF 17.8 m EUR · terminal value share of EV 83%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -27.1%
- Peers: EV/EBITDA13.13 – 25.49 (Mid 21.27)7 companies used · median multiple 8.1x · quartiles 5.6x – 9.4xASC.MI, AVIO.MI, BAN.MI, COM.MI, DEX.MI, DLG.MI, ELC.MI
- Peers: P/E3.48 – 12.66 (Mid 7.34)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)9.42 – 12.85 (Mid 10.87)
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 59/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.6% | 43 (vs peers) | 13% |
| Net margin · Quality | 2.4% | 31 (vs peers) | 8% |
| FCF conversion · Quality | 215.1% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.6x | 20 (vs peers) | 13% |
| Interest coverage · Balance sheet | 3.8x | 36 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.6x | 68 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 19.2x | 41 (vs peers) | 13% |
| EV/EBITDA · Valuation | 4.9x | 71 (vs peers) | 13% |
| FCF yield · Valuation | 11.2% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 6.5% | 93 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 58.1% | 88 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet34/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality55/100 · 3/3 factors with a value
- Returns91/100 · 2/2 factors with a value
- Valuation69/100 · 3/3 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
SABAF S.P.A. (SAB.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 285.1 m EUR in 2024; YoY growth 19.8%; net margin 2.4%; ROE 4.2%; net debt/EBITDA 1.6x.
The estimated value range is 11.27–19.17 EUR per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 16.07 EUR, the price of 10.65 EUR leaves a potential of 50.9% (value / price − 1) and a margin of safety of 33.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 59/100, 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
- FCF conversion: 215.1%
- EV/EBITDA: 4.9x
- FCF yield: 11.2%
- Shareholder yield (distributions): 6.5%
- Payout ratio (FCF): 58.1%
- The price is below the estimated value range
What contradicts it
- Net debt / EBITDA: 1.6x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
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% |
| SAB.MISabaf S.p.a. | 133.2 m | 19.2 | 4.2% | 2.4% | +19.8% | −23% / −27% |
| 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 SAB.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 | 6.96 Total return -30% · Per year -30% | 12.25 Total return 21% · Per year 21% | 18.37 Total return 80% · Per year 80% |
| 3 years | 8.25 Total return -8% · Per year -3% | 16.20 Total return 73% · Per year 20% | 26.45 Total return 175% · Per year 40% |
| 5 years | 9.79 Total return 19% · Per year 4% | 21.42 Total return 141% · Per year 19% | 38.09 Total return 311% · Per year 33% |
- Exit P/E± 4.05
- Net margin± 2.83
- Annual revenue growth± 2.11
- Annual dilution± 0.24
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
Sabaf is an Italian manufacturer of components for household appliances, mainly gas components, hinges and electronics for ovens and hobs. The group reported revenue of 285.091 thousand euro in 2024 1 and is widening its range through acquisitions, which makes it relevant for analysing demand in the appliance industry.
SWOT
Strengths
- Recognised global leadership in gas components, supported by in-house technological know-how and internal production of machinery and moulds 1.
- Production presence in all strategic geographic areas, which allows rapid reactions to macroeconomic changes 1.
- Complete range of components, which lets it retain customers among large manufacturers 1.
Weaknesses
- High concentration of sales on a small number of customers increases the risk of late payments or insolvency 1.
- Dependence on the gas components segment exposes the group to technological change in cooking 1.
- Some product lines are described as having low profitability, which may affect medium-term performance 1.
Opportunities
Risks
- Dependence on the appliance sectorhigh
The group's economic position is influenced by the macroeconomy, demand in mature markets and competition from alternative products 1.
- Currency exposuremedium
A significant part of sales is made in US dollars, and a depreciation of this currency could reduce competitiveness in the Americas 1.
- Customer concentrationmedium
Sales concentrated on a few large customers mean that late payments or the insolvency of one customer could have a significant impact 1.
- Raw material and energy costsmedium
Prices of aluminium, steel and brass, as well as energy costs, can fluctuate strongly and could affect margins if not passed on to customers 1.
- Geopolitical and Turkey exposurehigh
Turkey represents an important part of production, and geopolitical tensions or difficulties operating there could have serious effects 1.
Investment thesis
What would need to be true (bull case)
- Leadership in gas components, combined with a broad range and global production presence, could support market share if demand recovers 1.
- Integration of recent acquisitions in electronics and hinges could open cross-selling opportunities to existing customers 1.
- Commitment to induction could reduce dependence on gas cooking over the long term 1.
What would break the thesis
- If the shift to induction accelerates, the main segment could lose volume and strategic importance.
- Trade tariffs and uncertainty in the United States could pressure margins and growth plans.
- Customer concentration and their bargaining power could limit price increases and profitability.
What to watch
- Trend in volumes and orders from large appliance manufacturers, as an indicator of demand recoveryQ1 2027
- Impact of United States trade measures on costs and sales in North America2027
- Progress of diversification into induction and electronic components, in the next annual reportnext 10-K
- Evolution of margins in the lower-profitability segments and of the industrial plan2027
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 Sabaf group designs and manufactures components for household appliances, mainly for gas ovens and hobs. Its business model rests on a high degree of vertical integration and production sites close to its main markets, according to the 2024 annual report 1. Its customers are appliance manufacturers, and the group has no direct relationship with end users 1.
The range includes gas components, hinges, electronic components and, increasingly, components for induction cooking. The company has broadened its portfolio through acquisitions such as Okida, P.G.A. and MEC, which lets it offer customers a more complete package 1.
The geographic footprint includes plants in Europe, Turkey, North America, South America and Asia, which the company says reduces its exposure to trade tariffs 1.
Market context
The appliance market went through three years of weak demand, and the annual report points to a possible gradual recovery in volumes, supported by lower interest rates 1. The company also describes stagnating demand in mature markets such as Europe and the growing relevance of emerging markets 1.
Uncertainty remains high, especially because of new trade measures from the United States administration, whose effects are hard to anticipate 1.
Trends
- Gradual recovery in appliance demandtailwind
If lower interest rates stimulate consumption and residential investment, component volumes could follow this recovery 1.
- International trade tensionsmixed
Tariffs and new trade measures could affect exports and costs, although local production presence partly mitigates these risks 1.
- Shift toward induction cookingmixed
If induction gains share from gas cooking, demand for classic components could decline, while the group invests in this segment 1.
- Gas replacing biomass in emerging countriestailwind
Expansion of gas cooking in some emerging countries could open new opportunities, though zamak remains permitted in certain markets, which limits access to some segments 1.
Competitive position
The company faces competition from smaller component makers as well as from alternative products such as induction cooking 1. Sabaf argues that its scale, complete range and financial strength place it favourably against less structured competitors 1.
Customers have gained bargaining power after mergers and acquisitions in the industry, which could pressure component margins 1.
- Local appliance component makers
Smaller and less structured rivals, mentioned in the report, against which the company compares its scale advantages 1.
- Induction cooking technology providers
Alternative technology to classic gas cooking, treated as a market threat in the report 1.
- Large appliance groups
Main customers whose growing concentration gives them bargaining power, but also long-term contract partners 1.
- Component suppliers in Asia
Competition from lower-cost regions, mentioned indirectly through the discussion of emerging markets 1.
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 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Sabaf 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.