olivLaw · European equity research
Tamburi Investment Partners S.p.A. TIP.MI
Italy · Euronext Milan · ISIN IT0003153621 · Vertical: Listed companies from Italy
Tamburi Investment Partners is an Italian holding investment company that holds minority and control stakes in industrial, luxury, technology and services companies. Its 2025 annual report shows a group with consolidated revenues of 187.9 million EUR, growing but with a profile that depends heavily on the value of its stakes and on market conditions, and 2025 results were affected by gains and by difficulties at some companies.
At the close of 05 Nov 2026, Tamburi Investment Partners S.p.A. (TIP.MI) stock was 9.03 EUR (−0.99% on the day), with market capitalisation 1.5 bn EUR, P/E 20.5 on diluted EPS of 0.44 EUR over the last 12 months, dividend yield 1.78%, beta 0.74, 52-week range 7.55–10.26 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)
- 54.5
- neutral
- Bollinger (20, 2)
- 8.58 – 9.18
- in the upper half of the band · %B 0.75 · band width 6.7%
- SMA 50 / 200
- 9.01 / 9.02
- mixed trend
- MACD (12, 26, 9)
- 0.02 / -0.03
- 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 | +2.0% | −0.6% | +2.7 pp | — |
| 3 months | −8.4% | −4.2% | −4.2 pp | — |
| 6 months | +3.3% | +4.3% | −1.0 pp | — |
| Year to date | −1.7% | +7.5% | −9.3 pp | — |
| 1 year | +6.5% | +9.9% | −3.4 pp | −6.1% |
| 3 years | +11.1% | +49.8% | −38.8 pp | +7.7% |
| 5 years | −13.0% | +42.8% | −55.8 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.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 18.2, median 20.9, max 36.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.5 m | 1.1 m | 2.6 m |
| Revenue YoY | unavailable | −25.7% | +142.9% |
| Net income | 85.3 m | 38.2 m | 73.1 m |
| Net income YoY | unavailable | −55.2% | +91.3% |
| Diluted EPS | 0.51 | 0.23 | 0.44 |
| Diluted EPS YoY | unavailable | −54.9% | +91.3% |
| net % | 5,808.6% | 3,505.4% | 2,761.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.5 bn EUR
- Total assets
- 2.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.61x
- ROE
- 4.9%
- ROA
- 3.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.5 m | 1.1 m | 2.6 m | esef· 07 Apr 2026verified |
| Operating income | -35.4 m | -23.3 m | -28.6 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 404.9 k | 423.7 k | 425.2 k | esef· 07 Apr 2026verified |
| EBITDA | -35.0 m ≈ | -22.9 m ≈ | -28.2 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 19.3 m | 15.3 m | 22.0 m | esef· 07 Apr 2026verified |
| Pre-tax income | 89.1 m | 41.7 m | 55.2 m | esef· 07 Apr 2026verified |
| Income tax | -820.6 k | 341.2 k | 459.6 k | esef· 07 Apr 2026verified |
| Net income | 85.3 m | 38.2 m | 73.1 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.51 | 0.23 | 0.44 | esef· 07 Apr 2026verified |
| Dividend per share | 0.13 | 0.15 | 0.16 | esef· 07 Apr 2026derived |
≈ 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 | 4.9 m | 3.6 m | 4.4 m | esef· 07 Apr 2026verified |
| Current assets | 39.7 m | 37.4 m | 56.8 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 132.6 k | 128.2 k | 97.7 k | esef· 07 Apr 2026verified |
| Goodwill | 9.8 m | 9.8 m | 9.8 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 19.0 k | 32.7 k | 41.3 k | esef· 07 Apr 2026verified |
| Total assets | 1.9 bn | 1.9 bn | 2.1 bn | esef· 07 Apr 2026verified |
| Current liabilities | 379.6 m | 151.6 m | 93.2 m | esef· 07 Apr 2026verified |
| Total liabilities | 478.4 m | 476.3 m | 575.5 m | esef· 07 Apr 2026verified |
| Equity | 1.4 bn | 1.5 bn | 1.5 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 167.2 m | 166.2 m | 162.5 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -15.5 m | -18.0 m | -21.5 m | esef· 07 Apr 2026verified |
| Investing cash flow | 87.1 m | 56.3 m | -1.2 m | esef· 07 Apr 2026verified |
| Financing cash flow | -56.6 m | -48.4 m | 5.6 m | esef· 07 Apr 2026verified |
| Dividends paid | 21.7 m | 24.8 m | 26.2 m | esef· 07 Apr 2026verified |
| Share repurchases | 20.4 m | 11.5 m | 24.5 m | esef· 07 Apr 2026verified |
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: 1.5 bn EUR
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: 2.19 – 10.05 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 · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.77 – 10.05 (Mid 5.83)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)2.19 – 2.99 (Mid 2.53)
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 | 2,761.3% | 97 (vs peers) | 19% |
| 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 | -1.3x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 20.5x | 36 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.5% | 49 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial97/100 · 1/3 factors with a value
- Returns· partial49/100 · 1/2 factors with a value
- Valuation· partial36/100 · 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
TAMBURI INVESTMENT PARTNERS S.P.A. IN VIA BREVE T.I.P. S.P.A. OV VERO TIP S.P.A. (TIP.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.6 m EUR in 2025; YoY growth 142.9%; net margin 2,761.3%; ROE 5.1%.
The estimated value range is 2.48–6.52 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 4.18 EUR, the price of 9.03 EUR leaves a potential of -53.7% (value / price − 1) and a margin of safety of -116.0% (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
- Net margin: 2,761.3%
What contradicts it
- Interest coverage: -1.3x
- Current ratio: 0.6x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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% |
| TIP.MITamburi Investment Partners S.p.a. In Via Breve T.i.p. S.p.a. Ov Vero Tip S.p.a. | 1.5 bn | 20.5 | 5.1% | 2,761.3% | +142.9% | −1% / +6% |
| 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% |
1- and 3-year price returns: for TIP.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 | 6.03 Total return -32% · Per year -32% | 10.62 Total return 20% · Per year 20% | 15.93 Total return 79% · Per year 79% |
| 3 years | 7.16 Total return -16% · Per year -5% | 14.05 Total return 63% · Per year 18% | 22.94 Total return 163% · Per year 38% |
| 5 years | 8.49 Total return 4% · Per year 1% | 18.58 Total return 120% · Per year 17% | 33.03 Total return 285% · Per year 31% |
- Exit P/E± 3.51
- Net margin± 2.46
- Annual revenue growth± 1.83
- Annual dilution± 0.21
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
Tamburi Investment Partners is an Italian holding investment company that holds minority and control stakes in industrial, luxury, technology and services companies. Its 2025 annual report shows a group with consolidated revenues of 187.9 million EUR, growing but with a profile that depends heavily on the value of its stakes and on market conditions, and 2025 results were affected by gains and by difficulties at some companies.
SWOT
Strengths
- Diversified portfolio across industry, luxury, technology and services, with known stakes and solid ties with reference shareholders.
- Balance sheet with meaningful liquidity and treasury shares that support the dividend policy.
- Many portfolio companies report, according to management, solid balance sheets and experienced managers.
Weaknesses
- Reported profit is influenced by equity-method accounting and realised gains from transactions, which makes profit hard to compare over time.
- Landi Renzo's financial difficulties, with a crisis procedure and breached covenants, show the risk of exposure to companies in distress.
- Dependence on realising stakes to generate revenue and cash flow.
Opportunities
- A possible Vianova listing could provide an exit route and a way to realise the stake.
- Acquisition opportunities in a period of economic tension, which management sees as possible for many existing stakes.
- Participation in the Amplifon-GN Hearing transaction, if completed, could add a valuable new stake.
Threats
- Economic slowdown and inflation could reduce stake values and the ability of companies to invest.
- A weak listing market limits exits and can delay realising investments.
- Other portfolio companies could fall into difficulty, as happened with Landi Renzo.
Risks
- Dependence on stake valueshigh
Asset value depends on market prices and on how stakes are accounted for, which can lead to large swings in results.
- Exposure to Landi Renzohigh
The company is in a negotiated crisis procedure with breached covenants, and TIP has stakes linked to its investment.
- Concentration in a few stakesmedium
A few large stakes account for a significant share of portfolio value.
- Macroeconomic riskmedium
Inflation, energy prices and a possible recession can affect all portfolio companies.
- Share liquiditylow
Traded volumes can be low, making it difficult to sell stakes without affecting the price.
Investment thesis
What would need to be true (bull case)
- If stakes in industry and technology keep growing, portfolio value could support growth in net asset value.
- A successful Vianova listing could realise a visible gain on a major stake.
- The dividend policy and treasury share programme can support shareholder confidence.
What would break the thesis
- If the listing market does not improve, realising stakes could remain delayed.
- The Landi Renzo situation shows that stakes can lose value quickly in difficult conditions.
- Reported profit can be volatile and depends on non-recurring gains.
What to watch
- Progress of the Landi Renzo procedure and any value-realisation transactions2026
- Completion of the Amplifon-GN Hearing transaction and TIP's participation in equityend 2026
- Possible Vianova listing2026
- Half-year results and trend in net asset value2026
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
TIP operates as a holding investor, with a portfolio that includes direct stakes in companies such as Azimut|Benetti, Beta Utensili, Clubitaly, Vianova and Apoteca Natura, as well as minority stakes in Bending Spoons through StarTIP. Consolidated revenues reached 187.9 million EUR in 2025 1, and Ebitda was about 40.3 million 1. Group profit, however, is largely tied to realising stakes and to equity-method accounting rather than to the group's own operating business alone.
Market context
TIP operates in the market for investments in private companies and minority stakes in Italy and Europe. The report notes that capital flows have shifted from the US toward Europe, but investments in small and mid caps remain modest and IPOs are still weak 1. Middle East tensions and energy prices add uncertainty for the economic environment in which portfolio companies operate 1.
Trends
- Slow return of IPOsmixed
The listing market remains weak, which limits exits from holding investments. If listings recover, TIP could more easily realise stakes, particularly in Vianova, where a possible listing is discussed.
- Capital rotation toward Europetailwind
Investment flows have moved from the US toward Europe, which could support the value of TIP's European stakes.
- Geopolitical uncertainty and energy pricesheadwind
Conflicts in the Middle East and higher oil prices can affect margins of portfolio companies and slow investment.
- Consolidation in hearing caremixed
Amplifon's agreement to acquire GN Hearing shows a consolidation trend, and TIP has expressed interest in participating in the equity part of the transaction.
Competitive position
TIP competes with other Italian holding companies and private equity funds for deals and access to quality companies. Its edge lies in its network among leading industrial families and its ability to provide sizeable minority capital.
- Exor
Italian holding with stakes in industry and finance, active in similar holding-style investments
- CIR
Italian holding with industrial and media stakes, a competitor for holding-style deals
- Investor AB
Swedish holding with a diversified portfolio, a model comparable to TIP's
- 3i Group
British private equity investor, competing for minority and control investments
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 202507 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Tamburi Investment Partners 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.