olivLaw · European equity research
Salvatore Ferragamo S.p.A. SFER.MI
Italy · Euronext Milan · ISIN IT0004712375 · Vertical: Listed companies from Italy
Salvatore Ferragamo S.p.A. is an Italian luxury group that designs and distributes footwear, leather goods and accessories, through its own store network and a wholesale channel. The 2024 annual report points to pressure from a slowing luxury market and a focus on repositioning the brand.
At the close of 05 Nov 2026, Salvatore Ferragamo S.p.A. (SFER.MI) stock was 6.70 EUR (+0.53% on the day), with market capitalisation 1.1 bn EUR, dividend yield 1.49%, beta 1.13, 52-week range 5.91–10.96 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)
- 44.6
- weak (30–45)
- Bollinger (20, 2)
- 5.97 – 7.39
- in the upper half of the band · %B 0.51 · band width 21.1%
- SMA 50 / 200
- 7.51 / 8.11
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.28 / -0.35
- 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 | −3.8% | −0.6% | −3.2 pp | — |
| 3 months | −34.0% | −4.2% | −29.9 pp | — |
| 6 months | −21.1% | +4.3% | −25.4 pp | — |
| Year to date | −18.7% | +7.5% | −26.2 pp | — |
| 1 year | −8.1% | +9.9% | −18.0 pp | −6.1% |
| 3 years | −44.0% | +49.8% | −93.8 pp | +7.7% |
| 5 years | −66.0% | +42.8% | −108.8 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.
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 1.2 bn | 1.0 bn |
| Revenue YoY | unavailable | −10.5% |
| Net income | 26.1 m | -68.1 m |
| Net income YoY | unavailable | −361.3% |
| Diluted EPS | 0.16 | -0.41 |
| Diluted EPS YoY | unavailable | −361.8% |
| net % | 2.3% | -6.6% |
| Free cash flow | 59.4 m | 109.3 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 238.2 m EUR
- Financial debt
- 113.3 m EUR
- Net debt
- -124.9 m EUR
- Equity
- 620.1 m EUR
- Total assets
- 1.7 bn EUR
- Debt / equity
- 0.18x
- Current ratio
- 1.58x
- ROE
- -10.1%
- ROA
- -3.9%
- FCF margin
- 10.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.2 bn | 1.0 bn | esef· 15 Apr 2025verified |
| Cost of revenue | 316.8 m | 295.1 m | esef· 15 Apr 2025verified |
| Gross profit | 839.4 m | 740.0 m | esef· 15 Apr 2025verified |
| Operating income | 72.0 m | -49.0 m | esef· 15 Apr 2025verified |
| Interest expense | 69.4 m | 64.7 m | esef· 15 Apr 2025verified |
| Pre-tax income | 45.6 m | -75.6 m | esef· 15 Apr 2025verified |
| Income tax | 19.3 m | -7.5 m | esef· 15 Apr 2025verified |
| Net income | 26.1 m | -68.1 m | esef· 15 Apr 2025verified |
| Diluted EPS | 0.16 | -0.41 | esef· 15 Apr 2025verified |
| Dividend per share | — | 0.10 | esef· 15 Apr 2025verified |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 269.0 m | 238.2 m | esef· 15 Apr 2025verified |
| Inventories | 298.3 m | 307.9 m | esef· 15 Apr 2025verified |
| Current assets | 788.7 m | 759.1 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 200.7 m | 205.6 m | esef· 15 Apr 2025verified |
| Goodwill | 6.7 m | 6.7 m | esef· 15 Apr 2025verified |
| Total assets | 1.8 bn | 1.7 bn | esef· 15 Apr 2025verified |
| Short-term debt | 80.1 m | 113.3 m | esef· 15 Apr 2025verified |
| Current liabilities | 440.2 m | 479.5 m | esef· 15 Apr 2025verified |
| Total liabilities | 1.1 bn | 1.1 bn | esef· 15 Apr 2025verified |
| Equity | 722.2 m | 620.1 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 166.0 m | 165.7 m | esef· 21 May 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 117.5 m | 170.6 m | esef· 15 Apr 2025verified |
| Capex | 58.1 m | 61.3 m | esef· 15 Apr 2025verified |
| Free cash flow | 59.4 m ≈ | 109.3 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -97.0 m | -85.9 m | esef· 15 Apr 2025verified |
| Financing cash flow | -150.1 m | -111.9 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
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · 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: 1.36 – 18.94 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)12.19 – 18.94 (Mid 14.74)WACC 8.1% · starting FCFF 163.7 m EUR · terminal value share of EV 74%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/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)1.36 – 1.85 (Mid 1.57)
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: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -8.0% | 0 (vs peers) | 29% |
| Net margin · Quality | -6.6% | 8 (vs peers) | 18% |
| 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 | -0.8x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.6x | 65 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.9% | 100 (on a fixed band) | 24% |
| 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 sheet26/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality3/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 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
SALVATORE FERRAGAMO S.P.A. (SFER.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.0 bn EUR in 2024; YoY growth -10.5%; net margin -6.6%; ROE -10.2%.
The estimated value range is 6.78–10.40 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 8.16 EUR, the price of 6.70 EUR leaves a potential of 21.8% (value / price − 1) and a margin of safety of 17.9% (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: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 9.9%
- The price is below the estimated value range
What contradicts it
- ROIC: -8.0%
- Net margin: -6.6%
- Interest coverage: -0.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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% / +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% |
| SFER.MISalvatore Ferragamo S.p.a. | 1.1 bn | — | -10.2% | -6.6% | −10.5% | −16% / −42% |
| 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% |
| 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 SFER.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
Salvatore Ferragamo S.p.A. is an Italian luxury group that designs and distributes footwear, leather goods and accessories, through its own store network and a wholesale channel. The 2024 annual report points to pressure from a slowing luxury market and a focus on repositioning the brand.
SWOT
Strengths
- The brand has a recognised luxury identity, and the strategic plan targets a modern and refined positioning 1.
- The company maintains an internal tax control system and was admitted to the Adempimento collaborativo regime, which strengthens predictability in its relationship with the authorities 1.
- Management of the high-value stages of the supply chain stays in-house, keeping control over prototyping and industrialisation of products 1.
Weaknesses
- Dependence on a few key figures and specialised technical know-how that is hard to replace quickly is an operational vulnerability 1.
- The own-store network has seen sales contraction, and in Asia there is a risk of losing key positions 1.
- Reliance on the wholesale channel exposes the company to the difficulties of US distributors 1.
Opportunities
- Consolidating the sales network, by defending key positions and opening new strategic points, could support a sales recovery 1.
- Leveraging artificial intelligence systems could improve processes, if AI governance is implemented effectively 1.
- A refreshed brand that creates an emotional bond with a wider audience could expand the customer base 1.
Threats
- A slowing luxury market and political instability can reduce demand for the group's products 1.
- The expansion of market leaders and rising competition can force store relocations and reduce access to premium customers 1.
- Cyber attacks and climate risks can disrupt operations, with financial and reputational impact 1.
Risks
- Slowdown in the luxury markethigh
Economic uncertainty and political instability can directly influence sales and the maintenance of premium positioning 1.
- Risk of relocating key Asian points of salemedium
Retail sales contraction and the expansion of market leaders can force the relocation of important stores 1.
- Difficulties of US distributorsmedium
Problems at large US department stores can lead to the loss of strategic partnerships in the wholesale channel 1.
- Cyber risksmedium
Attacks on IT systems can lead to system unavailability or data leaks, with economic and reputational losses 1.
- Loss of know-how and key peoplemedium
Dependence on people who are hard to replace and the shrinking of craft skills can affect prototyping and product industrialisation 1.
Investment thesis
What would need to be true (bull case)
- If the brand repositioning as modern luxury succeeds, the company could attract a wider audience and could support a sales recovery 1.
- Internal control of high-value stages and the cooperative tax regime could support operational efficiency over the long term 1.
- Plans to consolidate the network and improve store productivity could stabilise the performance of the retail channel 1.
What would break the thesis
- If the slowdown in the luxury market persists, demand and premium positioning could remain under pressure 1.
- Retail contraction and pressure in the US wholesale channel could reduce access to premium customers and strategic partners 1.
- Dependence on hard-to-replace specialists and cyber and climate risks could generate extra costs or disruptions 1.
What to watch
- Evolution of retail sales, especially in Asia, and of key points of sale in the network2025
- Performance of the wholesale channel and relations with large US department stores2025
- New management structure after the termination of the managing director's relationship2025
- Implementation of the AI governance model and the digital transformation plannext 10-K
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 group organises production almost entirely through specialised external workers, keeping in-house management of the highest-value stages of the supply chain. According to the 2024 annual report 1, the strategic plan rests on repositioning the brand as a synonym of modern and refined luxury.
Its core activity is the making of footwear and leather products, and the prototyping and industrialisation of products depend on specialist figures who are hard to replace 1. The company also runs a Tax Control Framework and joined the Italian Adempimento collaborativo regime, admitted in 2022 1.
The governance structure foresees a Board of Directors with a chairman and vice-chair from the founding family, while executive management is provided by a managing director 1. The report also mentions a consensual termination of the relationship with the managing director, effective from approval of the 2024 accounts 1.
Segments
Retail channel (own stores)
Sales through the group's own stores have been hit by contraction, and the Asian network is exposed to the risk of forced relocation of key points of sale as market leaders expand 1. The company has prepared plans to improve network performance and productivity 1.
Wholesale channel
Wholesale performance is affected by the difficulties of large US department stores, which could lead to the loss of strategic partnerships and reduced access to premium customers 1.
Market context
The 2024 annual report describes a broad slowdown in the luxury market, influenced in particular by regional dynamics, and economic uncertainty and political instability can reduce demand for luxury products 1. The macroeconomic and geopolitical backdrop is described as still marked by general instability 1.
Rising competition and pressure on the wholesale channel make the allocation of resources across distribution channels more complex 1. The company also noted the potential impact of climate change on assets and processes, which it analyses through a dedicated framework 1.
Trends
- Slowing luxury demandheadwind
The broad slowdown in the luxury market, with emphasis on regional dynamics, reduces demand and can affect sales and the premium positioning of the brand 1.
- Brand repositioningmixed
The strategic plan targets modern and refined luxury, designed to create an emotional bond with a wider audience, which could support demand if the strategy succeeds 1.
- Pressure in the US wholesale channelheadwind
The difficulties of large US department stores affect distribution partners and could reduce access to premium customers 1.
- Artificial intelligence and digitalisationmixed
In 2024 the company began a path to exploit artificial intelligence systems and adopt an AI governance model, alongside managing the risks of their improper use 1.
Competitive position
The 2024 annual report notes that the expansion of market leaders, particularly in Asia, can force the relocation of key points of sale, and rising competition also weighs on the wholesale channel 1. The source does not name competitors, so none are listed by name here.
- Market leaders in luxury retail (referred to generically)
The report describes the expansion of market leaders in general, without naming companies; no tickers are given.
- Large US department stores
The difficulties of these distributors affect the group's wholesale channel, but the source does not name them.
- Major luxury retailers in Asia
The risk of forced relocation of key Asian points of sale is linked to the expansion of these players, with no names given in the source.
- Premium wholesale partners
Loss of strategic partnerships with premium distributors is a risk mentioned, without their identification in the source.
News & filings
In the press
- Franck Muller, Ferragamo, Omega join Japan's summer of big luxury price hikesNikkei Asia · 30 Jun 2026 · RO
- Franck Muller, Fendi, Ferragamo join Japan's summer of big luxury price hikesNikkei Asia · 29 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202421 May 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Salvatore Ferragamo 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.