olivLaw · European equity research
Somec S.p.A. SOM.MI
Italy · Euronext Milan · ISIN IT0005329815 · Vertical: Listed companies from Italy
Somec is an Italian group that designs and builds complex structures for shipbuilding, civil facades and turnkey projects, with a strategy of diversification across three divisions. Its order backlog gives good visibility on medium- and long-term revenue, but prospects remain conditioned by the geopolitical context and demand in its reference markets.
At the close of 05 Nov 2026, Somec S.p.A. (SOM.MI) stock was 23.50 EUR (−2.08% on the day), with market capitalisation 166.5 k EUR, P/E 0.0 on diluted EPS of 680.00 EUR over the last 12 months, beta 0.44, 52-week range 12.40–27.50 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)
- 45.3
- neutral
- Bollinger (20, 2)
- 22.64 – 26.41
- in the lower half of the band · %B 0.23 · band width 15.4%
- SMA 50 / 200
- 23.04 / 19.38
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.31 / 0.58
- 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 | −5.2% | −0.6% | −4.6 pp | — |
| 3 months | +3.1% | −4.2% | +7.2 pp | — |
| 6 months | +30.6% | +4.3% | +26.2 pp | — |
| Year to date | +58.2% | +7.5% | +50.7 pp | — |
| 1 year | +61.0% | +9.9% | +51.0 pp | −6.1% |
| 3 years | −5.2% | +49.8% | −55.1 pp | +7.7% |
| 5 years | −34.5% | +42.8% | −77.4 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 100 percentile of its own 1-quarter history (min 0.0, median 0.0, max 0.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 371.0 m | 382.8 m | 370.0 m |
| Revenue YoY | unavailable | +3.2% | −3.3% |
| Net income | -11.6 m | -3.3 m | 4.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1,690.00 | -480.00 | 680.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -3.1% | -0.9% | 1.3% |
| Free cash flow | -2.1 m | 25.2 m | 33.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 47.7 m EUR
- Financial debt
- 77.7 m EUR
- Net debt
- 30.0 m EUR
- Equity
- 26.0 m EUR
- Total assets
- 280.4 m EUR
- Debt / equity
- 2.99x
- Current ratio
- 1.07x
- ROE
- 22.1%
- ROA
- 1.6%
- FCF margin
- 9.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 371.0 m | 382.8 m | 370.0 m | esef· 15 Apr 2026verified |
| Operating income | 153.0 k | 8.2 m | 16.7 m | esef· 15 Apr 2026verified |
| Interest expense | 15.0 m | 8.3 m | 6.6 m | esef· 15 Apr 2026verified |
| Pre-tax income | -11.2 m | 4.6 m | 12.1 m | esef· 15 Apr 2026verified |
| Income tax | -818.0 k | 5.1 m | 5.0 m | esef· 15 Apr 2026verified |
| Net income | -11.6 m | -3.3 m | 4.8 m | esef· 15 Apr 2026verified |
| Diluted EPS | -1,690.00 | -480.00 | 680.00 | esef· 15 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 47.0 m | 47.5 m | 47.7 m | esef· 15 Apr 2026verified |
| Current assets | 221.9 m | 223.0 m | 187.1 m | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 19.1 m | 18.0 m | 18.1 m | esef· 15 Apr 2026verified |
| Total assets | 329.1 m | 315.5 m | 280.4 m | esef· 15 Apr 2026verified |
| Accounts payable | 74.9 m | 80.0 m | 72.2 m | esef· 15 Apr 2026verified |
| Short-term debt | 97.8 m | 88.9 m | 38.6 m | esef· 15 Apr 2026verified |
| Long-term debt | 12.8 m | 7.3 m | 39.0 m | esef· 15 Apr 2026verified |
| Current liabilities | 247.8 m | 246.4 m | 174.1 m | esef· 15 Apr 2026verified |
| Total liabilities | 309.4 m | 297.8 m | 254.4 m | esef· 15 Apr 2026verified |
| Equity | 19.7 m | 17.7 m | 26.0 m | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 6.9 k | 6.9 k | 7.1 k | esef· 15 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 125.0 k | 27.4 m | 37.6 m | esef· 15 Apr 2026verified |
| Capex | 2.2 m | 2.3 m | 3.8 m | esef· 15 Apr 2026verified |
| Free cash flow | -2.1 m ≈ | 25.2 m ≈ | 33.8 m ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | -4.3 m | -5.3 m | -7.2 m | esef· 15 Apr 2026verified |
| Financing cash flow | -2.3 m | -22.7 m | -29.2 m | esef· 15 Apr 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: 166.5 k 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: 4,277.36 – 1,102,881.31 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)194,669.24 – 1,102,881.31 (Mid 502,579.37)WACC 2.9% · starting FCFF 37.7 m EUR · terminal value share of EV 95%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/E4,277.36 – 15,538.60 (Mid 9,013.91)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 | 15.9% | 86 (vs peers) | 20% |
| Net margin · Quality | 1.3% | 28 (vs peers) | 12% |
| FCF conversion · Quality | 701.0% | 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 | 2.5x | 16 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 0.0x | 100 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 20,286.2% | 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 sheet18/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation100/100 · 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
SOMEC SPA (SOM.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 370.0 m EUR in 2025; YoY growth -3.3%; net margin 1.3%; ROE 26.2%.
The estimated value range is 99,473.30–559,209.95 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 255,796.64 EUR, the price of 23.50 EUR leaves a potential of 1,088,396.3% (value / price − 1) and a margin of safety of 100.0% (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
- ROIC: 15.9%
- FCF conversion: 701.0%
- P/E (TTM): 0.0x
- FCF yield: 20,286.2%
- The price is below the estimated value range
What contradicts it
- Net margin: 1.3%
- Interest coverage: 2.5x
- Current ratio: 1.1x
- 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% |
| 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% |
| BC.MIBrunello Cucinelli S.p.a. | 6.2 m | 0.0 | 26.5% | 75,526.1% | 0.0% | −5% / +15% |
1- and 3-year price returns: for SOM.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 | 12.80 Total return -46% · Per year -46% | 22.72 Total return -3% · Per year -3% | 34.34 Total return 46% · Per year 46% |
| 3 years | 10.54 Total return -55% · Per year -23% | 21.22 Total return -10% · Per year -3% | 35.49 Total return 51% · Per year 15% |
| 5 years | 8.68 Total return -63% · Per year -18% | 19.83 Total return -16% · Per year -3% | 36.67 Total return 56% · Per year 9% |
- Exit P/E± 5.31
- Net margin± 3.71
- Annual revenue growth± 3.30
- Annual dilution± 0.31
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
Somec is an Italian group that designs and builds complex structures for shipbuilding, civil facades and turnkey projects, with a strategy of diversification across three divisions. Its order backlog gives good visibility on medium- and long-term revenue, but prospects remain conditioned by the geopolitical context and demand in its reference markets.
SWOT
Strengths
- Multi-year backlog with clients who have already secured project financing, giving good revenue visibility 1.
- Diversification across three divisions and their growing integration, with potential for organic growth 1.
- Lean organisational structure and positioning as partner for low-impact environmental projects 1.
Weaknesses
Opportunities
Risks
- Order cancellation or postponementhigh
There is no certainty that the backlog and the option backlog will generate the expected revenue, cash flows and margins in the planned timeframe, as cancellations, delays or reductions may occur 1.
- Macroeconomic and geopolitical riskhigh
Ongoing conflicts and high inflation could increase pressure on supply and margins 1.
- Currency riskmedium
The activity of US subsidiaries exposes the group to exchange rate fluctuations, a risk management considers mainly translational 1.
- Interest rate riskmedium
Some medium- and long-term financing carries a variable rate linked to Euribor, partly hedged with derivative instruments 1.
- Integration of acquisitionslow
Aligning acquired companies with group policies and standards could create operational difficulties 1.
Investment thesis
What would need to be true (bull case)
- A multi-year order portfolio and clients who have already secured financing offer rare visibility in the industry, which could support revenue if naval demand stays active 1.
- Integration of the three divisions could generate synergies and organic growth if cross-divisional activity keeps intensifying 1.
- Diversification into the civil segment, with a fragmented client base, could reduce dependence on a single market cycle 1.
What would break the thesis
- The risk of order cancellation or postponement could weigh on expected revenue and cash flows even with a solid backlog 1.
- Inflationary pressure and volatile raw material prices could compress margins if they are not passed on to prices 1.
- Exposure to geopolitical conflicts and logistics disruption could slow project execution and deliveries to clients 1.
What to watch
- Evolution of the backlog and new orders in the naval and civil divisions2026
- Evolution of margins under raw material and energy cost pressureQ1 2027
- Implementation of supply chain resilience and operating efficiency measures2027
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 Somec Group, with parent company Somec S.p.A., operates on a business to business model based on a multi-year backlog of projects for which clients have already secured financing 1. Activities are organised in three divisions, and their growing integration supports overall group growth 1. The source describes the organisational structure as very lean, which mitigates some operational risks 1.
The group has also grown through acquisitions, requiring newly acquired companies to adapt to group policies and control standards 1. The sustainability reporting for fiscal 2025 follows ESRS and covers the full consolidated perimeter 1.
Looking ahead, management states that the portfolio of orders, of growing quality and diversification, provides a good level of revenue visibility in the medium to long term, with operating performance reflecting positioning in shipbuilding, civil facades and complex turnkey projects 1.
Segments
Shipbuilding
The naval segment is one of the group's main markets, linked to orders from shipowners and shipbuilders. Client concentration is limited, as no shipowner weighs heavily in the backlog 1.
Civil facades and engineered systems
The civil division, including engineered systems for naval and civil architectures, is described as less exposed to backlog risks, owing to sector diversification and a highly fragmented client base 1.
Complex turnkey projects
The group also delivers complex turnkey projects, which positions it across shipbuilding, civil facades and complex projects and contributes to the overall outlook 1.
Market context
The reference market has, according to management, shown signs of vitality, reflected in higher orders announced by leading shipbuilders and in contracts already won by the company 1. Demand is described as generally sustained, with potential effects across all divisions 1.
The macroeconomic context remains marked by uncertainty: conflicts in the Middle East and between Russia and Ukraine have fuelled inflation, pressure on energy and raw material prices and disruption to international logistics 1.
Trends
- Rising naval orderstailwind
Growing orders from leading shipbuilders support the group's workload and revenue visibility in the coming years 1.
- Integration of divisionstailwind
Greater cross-divisional activity could support organic growth at group level 1.
- Inflation and raw material pricesheadwind
Swings in energy and raw material prices, together with global inflation, could weigh on margins and the supply chain 1.
- Monetary policy and interest ratesmixed
A possible tightening of central bank policy and rate dynamics could affect the cost of debt with a variable component 1.
Competitive position
The analysed source does not explicitly identify the group's competitors. Somec operates in niche segments — shipbuilding, civil facades and complex projects — where positioning rests on the integration of its three divisions and on its ability to deliver eco-efficient solutions, which management presents as an advantage versus leading North American players 1.
Diversification through acquisitions in new markets, geographies, products and services reduces dependence on one segment and is a strategy for handling competitive pressure 1.
- Leading North American clients in eco-efficient solutions
The source mentions the group's North American partners for research, development and delivery of low-impact solutions; they are not identified as direct competitors.
- Shipowners and shipbuilding clients
Final clients in the naval sector matter for backlog concentration; they are not competitors of the group.
- Other civil facade and turnkey project suppliers
The source does not name competing suppliers; this category reflects the general civil construction market.
- Suppliers of engineered systems for naval architectures
The source does not identify specific competitors for this business line.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Somec 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.