olivLaw · European equity research
Seri Industrial S.p.a. SERI.MI
Italy · Euronext Milan · ISIN IT0005283640 · Vertical: Listed companies from Italy
At the close of 06 Nov 2026, Seri Industrial S.p.a. (SERI.MI) stock was 2.27 EUR (+8.61% on the day), with market capitalisation 143.9 m EUR, P/E 10.1 on diluted EPS of 0.22 EUR over the last 12 months, beta 0.76, 52-week range 1.83–3.84 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.1
- neutral
- Bollinger (20, 2)
- 2.13 – 2.34
- in the upper half of the band · %B 0.67 · band width 9.7%
- SMA 50 / 200
- 2.29 / 2.47
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.04
- 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 | −0.9% | −0.2% | −0.7 pp | — |
| 3 months | −4.6% | −5.4% | +0.8 pp | — |
| 6 months | −6.6% | +4.4% | −11.0 pp | — |
| Year to date | −9.2% | +6.5% | −15.7 pp | — |
| 1 year | −14.2% | +10.0% | −24.1 pp | −7.1% |
| 3 years | −16.5% | +48.6% | −65.1 pp | +6.7% |
| 5 years | −76.8% | +41.4% | −118.2 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 5.9, median 8.5, max 11.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 166.3 m | 201.5 m | 279.0 m |
| Revenue YoY | unavailable | +21.2% | +38.4% |
| Net income | -12.0 m | 25.1 m | 14.2 m |
| Net income YoY | unavailable | unavailable | −43.4% |
| Diluted EPS | -0.23 | 0.45 | 0.22 |
| Diluted EPS YoY | unavailable | unavailable | −50.2% |
| net % | -7.2% | 12.5% | 5.1% |
| Free cash flow | 71.3 m | -43.9 m | -98.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 46.2 m EUR
- Financial debt
- 35.0 m EUR
- Net debt
- -11.1 m EUR
- Equity
- 170.2 m EUR
- Total assets
- 937.2 m EUR
- Debt / equity
- 0.21x
- Current ratio
- 1.04x
- ROE
- 8.7%
- ROA
- 1.7%
- FCF margin
- -35.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 166.3 m | 201.5 m | 279.0 m | esef· 12 May 2026verified |
| Operating income | -11.2 m | 31.8 m | 19.3 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 26.1 m | 33.4 m | 41.3 m | esef· 12 May 2026verified |
| EBITDA | 14.9 m ≈ | 65.2 m ≈ | 60.6 m ≈ | esef· 12 May 2026derived |
| Interest expense | 9.7 m | 11.6 m | 13.5 m | esef· 12 May 2026verified |
| Pre-tax income | -17.7 m | 22.4 m | 8.4 m | esef· 12 May 2026verified |
| Income tax | -6.5 m | -3.3 m | -7.5 m | esef· 12 May 2026verified |
| Net income | -12.0 m | 25.1 m | 14.2 m | esef· 12 May 2026verified |
| Diluted EPS | -0.23 | 0.45 | 0.22 | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 64.5 m | 46.6 m | 46.2 m | esef· 12 May 2026verified |
| Inventories | 74.4 m | 123.3 m | 126.9 m | esef· 12 May 2026verified |
| Current assets | 218.6 m | 373.5 m | 495.8 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 64.1 m | 190.7 m | 235.2 m | esef· 12 May 2026verified |
| Total assets | 443.0 m | 759.9 m | 937.2 m | esef· 12 May 2026verified |
| Long-term debt | 36.4 m | 62.4 m | 35.0 m | esef· 12 May 2026verified |
| Current liabilities | 134.8 m | 331.6 m | 478.9 m | esef· 12 May 2026verified |
| Equity | 130.3 m | 155.9 m | 170.2 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 49.9 m | 55.8 m | 63.4 m | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 76.4 m | 20.1 m | -36.3 m | esef· 12 May 2026verified |
| Capex | 5.1 m | 64.0 m | 62.2 m | esef· 12 May 2026verified |
| Free cash flow | 71.3 m ≈ | -43.9 m ≈ | -98.5 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -25.1 m | -25.0 m | -89.0 m | esef· 12 May 2026verified |
| Financing cash flow | -11.7 m | -13.0 m | 124.9 m | esef· 12 May 2026verified |
≈ 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: 46 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 143.9 m EUR
Key indicators
Coverage and freshness
Score by group
- Quality41
- Balance sheet39
- Valuation55
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: 1.42 – 9.00 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 · the base of the ratio is not positive
- Peers: EV/EBITDA5.45 – 9.00 (Mid 7.99)7 companies used · median multiple 8.2x · quartiles 5.5x – 9.2xASC.MI, AVIO.MI, BAN.MI, COM.MI, DEX.MI, DLG.MI, ELC.MI
- Peers: P/E1.42 – 5.10 (Mid 2.95)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 company pays no dividend: a dividend model needs an explicit initiation assumption
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 46/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.8% | 64 (vs peers) | 14% |
| Net margin · Quality | 5.1% | 44 (vs peers) | 9% |
| FCF conversion · Quality | -692.5% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.2x | 70 (vs peers) | 14% |
| Interest coverage · Balance sheet | 1.4x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.0x | 20 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 10.1x | 68 (vs peers) | 14% |
| EV/EBITDA · Valuation | 2.2x | 86 (vs peers) | 14% |
| FCF yield · Valuation | -68.4% | 0 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality41/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation55/100 · 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
SERI INDUSTRIAL S.P.A. (SERI.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 279.0 m EUR in 2025; YoY growth 38.4%; net margin 5.1%; ROE 8.8%; net debt/EBITDA -0.2x.
The estimated value range is 3.43–7.05 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 5.47 EUR, the price of 2.27 EUR leaves a potential of 141.0% (value / price − 1) and a margin of safety of 58.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 46/100, 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, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.2x
- EV/EBITDA: 2.2x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -692.5%
- Interest coverage: 1.4x
- Current ratio: 1.0x
- FCF yield: -68.4%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Shareholder yield (distributions), 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% / +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% |
| SERI.MISeri Industrial S.p.a. | 143.9 m | 10.1 | 8.8% | 5.1% | +38.4% | −17% / −25% |
| 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% |
| 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 SERI.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 | 1.48 Total return -35% · Per year -35% | 2.61 Total return 15% · Per year 15% | 3.92 Total return 73% · Per year 73% |
| 3 years | 1.76 Total return -22% · Per year -8% | 3.45 Total return 52% · Per year 15% | 5.64 Total return 148% · Per year 35% |
| 5 years | 2.09 Total return -8% · Per year -2% | 4.57 Total return 101% · Per year 15% | 8.12 Total return 258% · Per year 29% |
- Exit P/E± 0.86
- Net margin± 0.60
- Annual revenue growth± 0.45
- Annual dilution± 0.05
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.