olivLaw · European equity research
Unidata S.p.A. UD.MI
Italy · Euronext Milan · ISIN IT0005573065 · Vertical: Listed companies from Italy
Unidata is an Italian telecommunications operator that builds fibre optic networks, grants IRU rights to other operators and offers retail services. In 2024 it rebalanced its activity towards the Retail line, while infrastructure works for the Unifiber project remained a significant source of revenue, at 18868799 EUR.
At the close of 05 Nov 2026, Unidata S.p.A. (UD.MI) stock was 2.96 EUR (−5.58% on the day), with P/E 10.6 on diluted EPS of 0.28 EUR over the last 12 months, beta 0.46, 52-week range 2.70–3.47 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)
- 30.7
- weak (30–45)
- Bollinger (20, 2)
- 3.04 – 3.29
- below the lower band · %B -0.32 · band width 8.0%
- SMA 50 / 200
- 3.24 / 3.05
- mixed trend
- MACD (12, 26, 9)
- -0.03 / -0.02
- 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 | −6.8% | −0.6% | −6.1 pp | — |
| 3 months | −0.7% | −4.2% | +3.5 pp | — |
| 6 months | +3.5% | +4.3% | −0.8 pp | — |
| Year to date | +2.4% | +7.5% | −5.1 pp | — |
| 1 year | +1.4% | +9.9% | −8.6 pp | −6.1% |
| 3 years | −17.8% | +49.8% | −67.6 pp | +7.7% |
| 5 years | −41.7% | +42.8% | −84.6 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 0 percentile of its own 2-quarter history (min 10.6, median 13.5, max 16.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 51.3 m | 93.3 m | 101.3 m |
| Revenue YoY | unavailable | +81.6% | +8.6% |
| Net income | 7.5 m | 6.7 m | 8.6 m |
| Net income YoY | unavailable | −10.8% | +27.8% |
| Diluted EPS | unavailable | 0.24 | 0.28 |
| Diluted EPS YoY | unavailable | unavailable | +16.7% |
| net % | 14.6% | 7.2% | 8.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 4.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 73.0 m EUR
- Total assets
- 186.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.75x
- ROE
- 12.4%
- ROA
- 4.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 51.3 m | 93.3 m | 101.3 m | esef· 15 Apr 2025verified |
| Operating income | 10.7 m | 12.3 m | 15.9 m | esef· 15 Apr 2025verified |
| Interest expense | 361.3 k | 3.0 m | 3.1 m | esef· 15 Apr 2025verified |
| Pre-tax income | 10.7 m | 9.2 m | 12.4 m | esef· 15 Apr 2025verified |
| Income tax | 3.1 m | 2.5 m | 3.8 m | esef· 15 Apr 2025verified |
| Net income | 7.5 m | 6.7 m | 8.6 m | esef· 15 Apr 2025verified |
| Diluted EPS | — | 0.24 | 0.28 | esef· 15 Apr 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 12.5 m | 12.9 m | 4.9 m | esef· 15 Apr 2025verified |
| Inventories | 4.2 m | 3.4 m | 2.5 m | esef· 15 Apr 2025verified |
| Current assets | 44.7 m | 44.9 m | 43.6 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 39.0 m | 59.9 m | 61.8 m | esef· 15 Apr 2025verified |
| Goodwill | 0 | 37.5 m | 37.5 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 421.2 k | 17.4 m | 16.4 m | esef· 15 Apr 2025verified |
| Total assets | 101.6 m | 183.9 m | 186.2 m | esef· 15 Apr 2025verified |
| Current liabilities | 35.9 m | 94.9 m | 57.9 m | esef· 15 Apr 2025verified |
| Total liabilities | 101.6 m | 183.9 m | — | esef· 02 Apr 2024verified |
| Equity | 36.9 m | 64.6 m | 73.0 m | esef· 15 Apr 2025verified |
Cash flow · EUR
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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 1.76 – 6.40 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/E1.76 – 6.40 (Mid 3.71)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 · input data missing
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.4% | 62 (vs peers) | 23% |
| 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 | 5.1x | 55 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 10.6x | 64 (vs peers) | 38% |
| 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 sheet33/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial62/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial64/100 · 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
UNIDATA S.P.A. (UD.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 101.3 m EUR in 2024; YoY growth 8.6%; net margin 8.4%; ROE 12.4%.
The estimated value range is 1.76–6.40 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.71 EUR, the price of 2.96 EUR leaves a potential of 25.4% (value / price − 1) and a margin of safety of 20.3% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 0.8x
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, 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 UD.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
Unidata is an Italian telecommunications operator that builds fibre optic networks, grants IRU rights to other operators and offers retail services. In 2024 it rebalanced its activity towards the Retail line, while infrastructure works for the Unifiber project remained a significant source of revenue, at 18868799 EUR 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Regulatory riskhigh
Changes in the regulatory framework could raise costs or limit access to services needed for the business 1.
- Credit riskmedium
A portion of trade receivables has been overdue for a long time, which can affect cash flows 1.
- Liquidity riskmedium
Bank debt with near-term maturities requires refinancing or sufficient cash generation 1.
- Technology riskmedium
IT and ICT systems are exposed to failures, and continuity investments must be maintained 1.
- Related-party transactionslow
The volume of operations with entities controlled by shareholders or under joint control may raise transparency questions 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Trend in receivables overdue more than 120 daysnext annual report
- Growth pace of the Retail line compared with Infrastructure2025
- Outcome of the AI.FER project and PNRR projects2026
- Evolution of the AGCOM regulatory framework2025
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 Unidata Group organises its activity into two lines: Retail, which is growing in weight, and Infrastructure, which includes the granting of IRU rights over the fibre optic network built by the company 1. The Infrastructure line includes revenues from IRU, design and maintenance of the vertical network, of 6564006 EUR in 2024, as well as works for Unifiber, of 18868799 EUR 1. Sales of materials to System suppliers, net of repurchase cost, are reported separately and amounted to 374697 EUR at 31 December 2024 1.
After the acquisition of the TWT Group in 2023, the company unified its organisation chart, CRM system, financial reporting and general ledger, so that the Group is managed as a single entity 1. The company also carries out research and development activities in projects funded under the PNRR, particularly in artificial intelligence applied to water networks and LoRaWAN IoT technology 1.
The company has close ties with related parties: Unifiber, jointly controlled with the CEBF fund, Unitirreno Submarine Network, Unihold and Cliofiber 1. These relationships involve commercial and leasing flows that should be tracked to understand dependence on a few partners.
Segments
Retail line
The Retail line grew in 2024, in line with the Group's strategy to favour this line over infrastructure 1. The company unified its product portfolio to offer clients a single commercial offer.
Market context
The Italian telecommunications sector is heavily regulated, with rules on licences, competition, interconnection and prices 1. In 2024 the market recorded growing volumes but a steeper tariff contraction 1. Interventions by AGCOM could change the conditions of access to services, which could affect the company's margins.
The company operates almost exclusively in the domestic market, and its currency exposure is minimal 1. Competition comes from larger groups and specialised operators with superior resources 1.
Trends
- IoT networks and artificial intelligencetailwind
Developing artificial intelligence models on IoT time series applied to water networks could open new services for utilities and public administrations 1.
- PNRR fundingmixed
The Rome Technopole and Sprint projects, funded under the PNRR, support research activity, but their limited duration makes the effect temporary 1.
- Evolving regulationheadwind
Changes in the European and national regulatory framework may introduce new costs or alter access conditions to networks 1.
- Consolidation of fibre networkstailwind
Demand for fibre optic networks and IRU concessions could remain solid, but it depends on operator investment and the pace of works 1.
Competitive position
Unidata competes with larger companies and industrial groups, as well as specialised operators that may have superior resources for market positioning 1. Customer loyalty in the geographic area of activity and innovative service offering are the company's main arguments 1.
The analysed source does not name competitors, so a comparison with US-listed players cannot be made on the basis of this document.
- Larger companies and industrial groups
Competitors described generically in the report, with larger size and superior resources, without named identification.
- Specialised operators
Competitors focused on specific telecommunications segments, mentioned generically in the report.
- Dominant operators
Players whose dominant position could benefit from regulatory changes, according to the report.
- Fibre network operators
Partners and clients that take IRU rights, an activity that can also be competitive.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202302 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Unidata 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.