olivLaw · European equity research
SIT S.p.A. SIT.MI
Italy · Euronext Milan · ISIN IT0005262149 · Vertical: Listed companies from Italy
SIT S.p.A. is an Italian industrial group listed on Euronext Milan, active in heating, ventilation and gas and water metering. Revenue grew in 2025 on the back of dollar sales, and the group is reorienting its portfolio from traditional gas boilers toward heat pumps and controlled ventilation as the domestic gas market contracts. Total revenue reached 319096 kEUR.
At the close of 05 Nov 2026, SIT S.p.A. (SIT.MI) stock was 1.87 EUR (−5.56% on the day), with market capitalisation 35.2 m EUR, P/E 34.0 on diluted EPS of 0.06 EUR over the last 12 months, beta 0.62, 52-week range 1.87–2.95 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)
- 25.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.99 – 2.59
- below the lower band · %B -0.20 · band width 26.2%
- SMA 50 / 200
- 2.38 / 2.48
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.05
- 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 | −20.4% | −0.6% | −19.8 pp | — |
| 3 months | −28.1% | −4.2% | −23.9 pp | — |
| 6 months | −29.2% | +4.3% | −33.5 pp | — |
| Year to date | −29.4% | +7.5% | −36.9 pp | — |
| 1 year | −35.1% | +9.9% | −45.0 pp | −6.1% |
| 3 years | −12.2% | +49.8% | −62.1 pp | +7.7% |
| 5 years | −83.5% | +42.8% | −126.3 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 0.7, median 24.4, max 48.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 326.3 m | 299.5 m | 319.1 m |
| Revenue YoY | unavailable | −8.2% | +6.5% |
| Net income | -23.4 m | -31.6 m | 1.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.96 | 1.29 | 0.06 |
| Diluted EPS YoY | unavailable | unavailable | −95.8% |
| net % | -7.2% | -10.6% | 0.3% |
| Free cash flow | -10.0 m | 24.4 m | 20.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.6 m EUR
- Financial debt
- 86.6 m EUR
- Net debt
- 74.9 m EUR
- Equity
- 102.2 m EUR
- Total assets
- 370.5 m EUR
- Debt / equity
- 0.85x
- Current ratio
- 1.25x
- ROE
- 1.0%
- ROA
- 0.3%
- FCF margin
- 6.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 326.3 m | 299.5 m | 319.1 m | esef· 12 May 2026verified |
| Operating income | -25.2 m | -11.5 m | 11.3 m | esef· 12 May 2026verified |
| Interest expense | 7.8 m | 10.7 m | 6.4 m | esef· 12 May 2026verified |
| Pre-tax income | -31.3 m | -20.7 m | 4.8 m | esef· 12 May 2026verified |
| Income tax | -7.9 m | 10.9 m | 3.5 m | esef· 12 May 2026verified |
| Net income | -23.4 m | -31.6 m | 1.0 m | esef· 12 May 2026verified |
| Diluted EPS | -0.96 | 1.29 | 0.06 | esef· 12 May 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.7 m | 14.0 m | 11.6 m | esef· 12 May 2026verified |
| Receivables | 63.5 m | 60.3 m | 62.3 m | esef· 12 May 2026verified |
| Inventories | 83.3 m | 72.3 m | 76.1 m | esef· 12 May 2026verified |
| Current assets | 180.1 m | 165.0 m | 164.4 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 105.3 m | 95.2 m | — | esef· 24 Sept 2025verified |
| Goodwill | 70.9 m | 63.3 m | 63.3 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 50.8 m | 47.0 m | 40.9 m | esef· 12 May 2026verified |
| Total assets | 429.2 m | 386.8 m | 370.5 m | esef· 12 May 2026verified |
| Accounts payable | 66.9 m | 66.9 m | 65.9 m | esef· 12 May 2026verified |
| Short-term debt | 50.8 m | 19.4 m | 29.2 m | esef· 12 May 2026verified |
| Long-term debt | 58.2 m | 76.6 m | 57.3 m | esef· 12 May 2026verified |
| Current liabilities | 148.7 m | 125.9 m | 132.0 m | esef· 12 May 2026verified |
| Total liabilities | 286.1 m | 285.4 m | 268.4 m | esef· 12 May 2026verified |
| Equity | 143.1 m | 101.4 m | 102.2 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 24.3 m | 24.4 m | 18.8 m | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 8.1 m | 34.2 m | 27.2 m | esef· 12 May 2026verified |
| Capex | 18.1 m | 9.8 m | 7.1 m | esef· 12 May 2026verified |
| Free cash flow | -10.0 m ≈ | 24.4 m ≈ | 20.2 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -23.0 m | -16.0 m | -11.3 m | esef· 12 May 2026verified |
| Financing cash flow | 927.0 k | -12.2 m | -18.2 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 weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 35.2 m EUR
Key indicators
Coverage and freshness
Score by group
52% · 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: 0.35 – 73.72 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)27.61 – 73.72 (Mid 40.64)WACC 5.4% · starting FCFF 25.5 m EUR · terminal value share of EV 85%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/E0.35 – 1.26 (Mid 0.73)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)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
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.3% | 43 (vs peers) | 20% |
| Net margin · Quality | 0.3% | 23 (vs peers) | 12% |
| FCF conversion · Quality | 1,949.2% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.8x | 4 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.2x | 37 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 34.0x | 14 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 57.3% | 100 (on a fixed band) | 16% |
| 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 sheet17/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality53/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation52/100 · 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
SIT S.P.A. (SIT.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 319.1 m EUR in 2025; YoY growth 6.5%; net margin 0.3%; ROE 1.0%.
The estimated value range is 13.98–37.49 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 20.69 EUR, the price of 1.87 EUR leaves a potential of 1,006.2% (value / price − 1) and a margin of safety of 91.0% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 1,949.2%
- FCF yield: 57.3%
- The price is below the estimated value range
What contradicts it
- Net margin: 0.3%
- Interest coverage: 1.8x
- P/E (TTM): 34.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| 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% |
| SIT.MISit S.p.a. | 35.2 m | 34.0 | 1.0% | 0.3% | +6.5% | −29% / −28% |
| 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 SIT.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 | 1.13 Total return -40% · Per year -40% | 1.99 Total return 7% · Per year 7% | 3.00 Total return 60% · Per year 60% |
| 3 years | 1.14 Total return -39% · Per year -15% | 2.26 Total return 21% · Per year 7% | 3.73 Total return 99% · Per year 26% |
| 5 years | 1.15 Total return -38% · Per year -9% | 2.57 Total return 37% · Per year 7% | 4.64 Total return 148% · Per year 20% |
- Exit P/E± 0.57
- Net margin± 0.40
- Annual revenue growth± 0.32
- Annual dilution± 0.03
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
SIT S.p.A. is an Italian industrial group listed on Euronext Milan, active in heating, ventilation and gas and water metering. Revenue grew in 2025 on the back of dollar sales, and the group is reorienting its portfolio from traditional gas boilers toward heat pumps and controlled ventilation as the domestic gas market contracts 1. Total revenue reached 319096 kEUR 1.
SWOT
Strengths
- Close integration with global OEM customers, with plants near them and coordinated production planning 1.
- Environmental certifications and product-level carbon footprint measurement, used in new product development 1.
- Technology already present in the portfolio for heat pumps and ventilation, which reduces development risk 1.
Weaknesses
Opportunities
Risks
- Energy transition riskhigh
If regulation accelerates, the plan to reduce gas-related sales could prove insufficient, affecting Heating & Ventilation volumes 1.
- Currency riskmedium
Revenue and costs are denominated in several currencies; an unfavourable euro movement could affect results even with existing hedges 1.
- Raw material price riskmedium
The rise in copper and aluminium toward the end of 2025 could have a negative impact if the trend continues 1.
- Interest rate risklow
A rise in variable rates could increase financing costs, although part of the debt is hedged at fixed rates 1.
- Physical climate and cyber riskmedium
Extreme weather events and cyber attacks could affect business continuity, and the group applies mitigation measures 1.
Investment thesis
What would need to be true (bull case)
- If growth in heat pumps and ventilation materialises, the group could offset the decline in boilers with new products built on existing technology 1.
- Utility investment in smart meters could provide sustained demand for the Metering division over the long term 1.
- Close relationships with global OEM customers and environmental certifications could support the group's competitive position 1.
What would break the thesis
- If the gas transition accelerates faster than the plan, revenue from traditional products could fall more sharply than expected 1.
- Rising metal prices and exchange rate volatility could compress margins during periods when pass-through to customers is delayed 1.
- Sustainability investments were limited in earlier years, which could slow the pace of adaptation to new requirements 1.
What to watch
- Trend in demand for gas boilers in Europe and pace of regulatory transition2026
- Evolution of copper and aluminium prices and their pass-through to customers2026
- Execution of the 2026-2030 industrial plan for heat pumps and ventilation2026-2030
- Any changes in US rules for gas-fuelled applications and recovery of the US marketnext 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 SIT group operates in two main divisions: Heating & Ventilation, which produces components and systems for heating and ventilation appliances, and Metering, which develops smart meters for gas and water 1. SIT works with OEM customers, global makers of final equipment, and integrates its operations with theirs, with plants located near them 1. The group holds ISO 14001 environmental certifications for its main sites and tracks product carbon footprint 1.
Revenue in 2025 was earned mainly in euro, but a significant share came from the US dollar, which grew in 2025 1. Raw material purchases are also largely in euro, yet dollar purchases rose, making the group sensitive to exchange rates 1. Financial debt is entirely in euro, and a significant part is hedged with interest rate swaps or fixed rates 1.
The 2026-2030 industrial plan incorporates the expected decline of the domestic gas heating market and the growth of new segments such as heat pumps, controlled mechanical ventilation and cooker hood ventilation 1. The group is also developing components for biomethane and hydrogen combustion control and new families of smart meters 1.
Segments
Market context
Management expects the domestic gas heating market in Europe to shrink as decarbonisation rules advance, but considers that combustion demand will remain in commercial applications 1. In the US, the plan assumes a market recovery, as restrictive rules for gas-fuelled applications do not yet appear to be emerging 1. The EU regulatory framework has been clarified, and decarbonisation targets now refer to total home emissions rather than to the appliance type 1.
The metering market is supported by utility investment in digitalisation and network renewal 1. Costs of raw materials, especially copper and aluminium, rose toward the end of 2025 and in the first months of 2026, and the impact on customers passes through with a delay 1.
Trends
- Declining demand for gas boilersheadwind
The industrial plan foresees a reduction in sales of traditional gas heating products, which could weigh on Heating & Ventilation volumes if the transition accelerates 1.
- Growth in heat pumps and ventilationtailwind
Heat pump and controlled mechanical ventilation segments are considered growing, and the group is investing in technologies already present in its portfolio 1.
- Digitalisation of gas and water networkstailwind
Utility investment in smart meters supports demand for the Metering division 1.
- Volatile raw material pricesheadwind
Recent rises in copper and aluminium prices could erode margins if they cannot be passed on quickly to customers, with a time lag 1.
Competitive position
The provided source does not identify the group's competitors in detail nor offer a comparative analysis of market shares. Management describes the relationship with OEM customers as a competitive advantage based on operational integration and plant proximity 1.
SIT's advantage could remain in its ability to respond quickly to demand changes through coordination with large customers, if these relationships hold 1. Direct competition cannot be assessed with the available sources.
- Major heating OEM manufacturers, the group's key customers
These are key customers rather than direct competitors; the source names no other competitors.
- Smart meter makers serving the utility sector
The source mentions utilities as beneficiaries of investment without naming sector competitors.
- Heat pump component manufacturers
Competition is not detailed in the source and should be checked in further documents.
- Global range hood ventilation suppliers
The source names no competitors in this segment, although it cites it as a growth direction.
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 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SIT S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.