olivLaw · European equity research
Tesmec S.p.A. TES.MI
Italy · Euronext Milan · ISIN IT0004585243 · Vertical: Listed companies from Italy
Tesmec is an Italian group that designs and manufactures equipment for building and maintaining power lines, railway networks and energy infrastructure. In 2025 the parent company's EBITDA rose, but net debt climbed to 75,588 thousand EUR, making the financial structure a point to watch.
At the close of 05 Nov 2026, Tesmec S.p.A. (TES.MI) stock was 0.38 EUR (−5.19% on the day), with P/E 0.1 on diluted EPS of 3.00 EUR over the last 12 months, beta 1.02, 52-week range 0.11–0.57 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)
- 36.7
- weak (30–45)
- Bollinger (20, 2)
- 0.39 – 0.48
- below the lower band · %B -0.04 · band width 21.9%
- SMA 50 / 200
- 0.46 / 0.30
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.01
- 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 | −30.2% | −0.6% | −29.5 pp | — |
| 3 months | −8.6% | −4.2% | −4.4 pp | — |
| 6 months | +146.2% | +4.3% | +141.8 pp | — |
| Year to date | +140.0% | +7.5% | +132.5 pp | — |
| 1 year | +236.8% | +9.9% | +226.9 pp | −6.1% |
| 3 years | +231.0% | +49.8% | +181.2 pp | +7.7% |
| 5 years | +228.2% | +42.8% | +185.4 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 0.1, median 0.1, max 0.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 236.0 m | 239.5 m | 257.6 m |
| Revenue YoY | unavailable | +1.5% | +7.5% |
| Net income | -3.0 m | -5.2 m | 1.7 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -5.00 | -9.00 | 3.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1.3% | -2.2% | 0.7% |
| Free cash flow | -347.0 k | 10.6 m | 34.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 40.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 73.7 m EUR
- Total assets
- 402.4 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.18x
- ROE
- 2.2%
- ROA
- 0.4%
- FCF margin
- 13.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 236.0 m | 239.5 m | 257.6 m | esef· 07 Apr 2026verified |
| Operating income | 13.0 m | 20.4 m | 19.5 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 19.8 m | 20.7 m | 21.0 m | esef· 07 Apr 2026verified |
| EBITDA | 32.8 m ≈ | 41.1 m ≈ | 40.5 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 19.7 m | 22.0 m | 23.2 m | esef· 07 Apr 2026verified |
| Pre-tax income | -1.5 m | 3.8 m | -215.0 k | esef· 07 Apr 2026verified |
| Income tax | -1.2 m | 3.6 m | 2.2 m | esef· 07 Apr 2026verified |
| Net income | -3.0 m | -5.2 m | 1.7 m | esef· 07 Apr 2026verified |
| Diluted EPS | -5.00 | -9.00 | 3.00 | esef· 07 Apr 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 | 53.7 m | 29.6 m | 40.6 m | esef· 07 Apr 2026verified |
| Receivables | 45.6 m | 55.4 m | 61.1 m | esef· 07 Apr 2026verified |
| Inventories | 110.6 m | 96.1 m | 87.7 m | esef· 07 Apr 2026verified |
| Current assets | 283.3 m | 270.0 m | 264.2 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 45.1 m | 34.2 m | 37.4 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 39.3 m | 42.2 m | 46.4 m | esef· 07 Apr 2026verified |
| Total assets | 440.1 m | 424.0 m | 402.4 m | esef· 07 Apr 2026verified |
| Accounts payable | 82.8 m | 79.9 m | 103.8 m | esef· 07 Apr 2026verified |
| Current liabilities | 228.1 m | 213.5 m | 223.0 m | esef· 07 Apr 2026verified |
| Total liabilities | 361.9 m | 346.3 m | 328.6 m | esef· 07 Apr 2026verified |
| Equity | 78.2 m | 77.6 m | 73.7 m | esef· 07 Apr 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 11.9 m | 16.1 m | 48.4 m | esef· 07 Apr 2026verified |
| Capex | 12.2 m | 5.5 m | 14.1 m | esef· 07 Apr 2026verified |
| Free cash flow | -347.0 k ≈ | 10.6 m ≈ | 34.3 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -44.3 m | -26.0 m | -18.6 m | esef· 07 Apr 2026verified |
| Financing cash flow | 38.0 m | -3.6 m | -18.4 m | esef· 07 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
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
33% · 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: 18.87 – 68.55 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E18.87 – 68.55 (Mid 39.77)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: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.7% | 26 (vs peers) | 19% |
| FCF conversion · Quality | 2,027.1% | 100 (on a fixed band) | 19% |
| 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) | 19% |
| Current ratio · Balance sheet | 1.2x | 32 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 0.1x | 95 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet13/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial95/100 · 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
TESMEC SPA (TES.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 257.6 m EUR in 2025; YoY growth 7.5%; net margin 0.7%; ROE 2.3%.
The estimated value range is 18.87–68.55 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 39.77 EUR, the price of 0.38 EUR leaves a potential of 10,256.1% (value / price − 1) and a margin of safety of 99.0% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 2,027.1%
- P/E (TTM): 0.1x
- The price is below the estimated value range
What contradicts it
- Net margin: 0.7%
- Interest coverage: 0.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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 TES.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
Scenarios are not available. input data missing
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
Tesmec is an Italian group that designs and manufactures equipment for building and maintaining power lines, railway networks and energy infrastructure. In 2025 the parent company's EBITDA rose, but net debt climbed to 75,588 thousand EUR, making the financial structure a point to watch.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Loss of value on work in progresshigh
On multi-year contracts, actual costs may differ from bid estimates, which could reduce profits or produce losses on individual orders 1.
- Customer concentrationhigh
A small number of public customers and grid operators means changes to investment plans or framework agreements could have a significant impact 1.
- Supply price volatilitymedium
The price of steel and other raw materials can be volatile due to hard-to-predict factors, and the company cannot exclude an impact on results 1.
- Litigation and tax auditsmedium
Ongoing court proceedings and two tax audits could have reputational and financial effects if the outcomes are unfavourable 1.
- Unquantified climate risklow
The company has not yet developed a model to quantify climate risks on its financial position, which leaves exposure uncertain 1.
Investment thesis
What would need to be true (bull case)
- If the 2025 EBITDA growth is maintained, the company could show more efficient management of contracts and costs 1.
- Demand linked to the energy transition and grid modernisation could expand the volume of long-term orders 1.
- The reduction of working capital relative to sales points to better discipline over operating assets 1.
What would break the thesis
- Rising net debt and short-term financial debt could limit financial flexibility if revenue declines 1.
- Dependence on a few public customers means budget delays could quickly affect activity 1.
- The risk of losses on multi-year contracts and cost pressure could reduce margins if they are not compensated 1.
What to watch
- Trend in net debt and the structure of financial debt2026
- Results of multi-year contracts and any price adjustments agreed with customers2026
- Outcome of the ongoing tax audits and court proceedings2026
- Impact of the transposition of Directive 2026/470 on reporting obligations2026
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 Tesmec group operates mainly in the Railway and Energy sectors, with products for power-line stringing, trenchers and automation solutions. The parent Tesmec S.p.A. earns most revenue from selling stringing machines and trenchers 1. The company applies ESRS standards for sustainability reporting and deconsolidated Groupe Marais in 2025 after OT Engineering came to hold 50% of its capital 1.
Working capital relative to revenue fell to 12.6% in 2025 from 15.9% in 2024, partly due to lower trade payables 1. Fixed assets rose slightly, mainly through the stake in Tesmec Automation S.r.l. resulting from partial conversion of a loan into capital reserves 1.
The company has a Board of Directors of 10 members, 5 of them independent, appointed by the April 2025 shareholders' meeting for the 2027 financial year 1. Strategic management is held by the chairman and two chief executive officers, concentrating operational responsibility at top level 1.
Segments
Railway
The railway segment depends on a small number of customers, usually a single national network manager per country, which makes contracts sensitive to public investment plans 1.
Energy
The energy segment, including Energy-Automation, serves national grid operators and large utilities, and the stringing business supported the growth of the parent's operating result in 2025 1.
Market context
The market for power-grid and railway equipment is shaped by public orders and long-term investment, giving visibility but also dependence on budget timing and regulatory decisions 1.
Rising energy and raw material costs and logistics difficulties affect margins; the situation in the Persian Gulf added uncertainty for supply 1.
Trends
- Energy transitiontailwind
Decarbonisation, electrification and digitalisation shape the company's strategy and could open demand for grid maintenance and modernisation equipment 1.
- Sustainability regulationmixed
The move to CSRD and ESRS reporting adds compliance costs, and changes to size thresholds could alter the company's obligations in coming years 1.
- Supply costsheadwind
Volatile steel and other raw material prices could compress margins if they cannot be passed on to customers through contract adjustments 1.
- Technology developmenttailwind
Research and development for the stringing range and maintenance services is partly supported by tax credits, which may help product differentiation 1.
Competitive position
The available sources do not name competitors or tickers; competition appears linked to the ability to win public contracts on the basis of technical and economic offers 1.
Winning contracts depends on offer quality and the price risk assumed, and losing a tender or delayed awards can directly affect activity volume 1.
- Regional stringing equipment makers
The sources do not name specific competitors; their presence could affect public tenders in Italy and other countries.
- Railway machinery producers
Competition in the railway segment seems tied to a small number of national customers, without named competitors in the source.
- Grid automation suppliers
The Energy-Automation division could face competition from suppliers of digital solutions for networks.
- Electrical infrastructure contractors
Some contractors could be both customers and competitors depending on the project.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Tesmec 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.