olivLaw · European equity research
VALSOIA S.P.A. (Valsoia - Bontà e Salute - S.p.A.) VLS.MI
Italy · Euronext Milan · ISIN IT0001018362 · Vertical: Listed companies from Italy
VALSOIA S.P.A. produces and distributes plant-based foods and beverages, ice creams, spreads and health-oriented products under its own brands and through third-party distribution. Revenue in 2025 was about 117.9 million EUR, and the company is investing in expanding its Serravalle Sesia plant, a project that could affect margins and production flexibility.
At the close of 05 Nov 2026, VALSOIA S.P.A. (Valsoia - Bontà e Salute - S.p.A.) (VLS.MI) stock was 10.65 EUR (+0.47% on the day), with market capitalisation 115.4 m EUR, P/E 14.4 on diluted EPS of 0.74 EUR over the last 12 months, dividend yield 3.55%, beta 0.19, 52-week range 10.00–11.05 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)
- 58.1
- strong (55–70)
- Bollinger (20, 2)
- 10.09 – 10.78
- in the upper half of the band · %B 0.81 · band width 6.7%
- SMA 50 / 200
- 10.41 / 10.39
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.08 / 0.05
- 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 | +2.9% | −0.6% | +3.5 pp | — |
| 3 months | +3.9% | −4.2% | +8.1 pp | — |
| 6 months | +3.4% | +4.3% | −0.9 pp | — |
| Year to date | −2.7% | +7.5% | −10.3 pp | — |
| 1 year | −2.7% | +9.9% | −12.7 pp | −6.1% |
| 3 years | +27.1% | +49.8% | −22.8 pp | +7.7% |
| 5 years | −23.4% | +42.8% | −66.2 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 1-quarter history (min 14.8, median 14.8, max 14.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 117.9 m |
| Revenue YoY | unavailable |
| Net income | 8.0 m |
| Net income YoY | unavailable |
| Diluted EPS | 0.74 |
| Diluted EPS YoY | unavailable |
| net % | 6.8% |
| Free cash flow | -3.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 92.6 m EUR
- Total assets
- 138.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.25x
- ROE
- unavailable
- ROA
- 5.8%
- FCF margin
- -3.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 117.9 m | esef· 07 Apr 2026verified |
| Operating income | 11.0 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 3.0 m | esef· 07 Apr 2026verified |
| EBITDA | 14.0 m ≈ | esef· 07 Apr 2026derived |
| Pre-tax income | 11.4 m | esef· 07 Apr 2026verified |
| Income tax | 3.4 m | esef· 07 Apr 2026verified |
| Net income | 8.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.74 | esef· 07 Apr 2026verified |
| Dividend per share | 0.38 | esef· 07 Apr 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 13.2 m | esef· 07 Apr 2026verified |
| Inventories | 10.9 m | esef· 07 Apr 2026verified |
| Current assets | 41.4 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 35.1 m | esef· 07 Apr 2026verified |
| Goodwill | 18.5 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 26.6 m | esef· 07 Apr 2026verified |
| Total assets | 138.5 m | esef· 07 Apr 2026verified |
| Current liabilities | 33.1 m | esef· 07 Apr 2026verified |
| Equity | 92.6 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 10.8 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | 6.8 m | esef· 07 Apr 2026verified |
| Capex | 10.7 m | esef· 07 Apr 2026verified |
| Free cash flow | -3.9 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -8.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | -2.0 m | esef· 07 Apr 2026verified |
| Dividends paid | 4.1 m | esef· 07 Apr 2026verified |
| Share repurchases | 349.5 k | 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
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 115.4 m EUR
Key indicators
Coverage and freshness
Score by group
42% · 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: 4.65 – 16.89 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/E4.65 – 16.89 (Mid 9.80)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)5.15 – 7.02 (Mid 5.94)
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: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.8% | 51 (vs peers) | 15% |
| FCF conversion · Quality | -48.1% | 0 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 38 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 14.4x | 50 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -3.3% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 3.9% | 55 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial38/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality26/100 · 2/3 factors with a value
- Returns· partial55/100 · 1/2 factors with a value
- Valuation28/100 · 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
VALSOIA S.P.A. (IN FORMA ESTESA "VALSOIA - BONTA' E SALUTE - S.P.A." O IN SIGLA ANCHE "V.B.S. S.P.A.") (VLS.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 117.9 m EUR in 2025; net margin 6.8%; ROE 8.8%.
The estimated value range is 4.90–11.95 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 7.87 EUR, the price of 10.65 EUR leaves a potential of -26.1% (value / price − 1) and a margin of safety of -35.4% (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: 41.7% 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
- FCF conversion: -48.1%
- FCF yield: -3.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, 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% |
| VLS.MIValsoia S.p.a. (in Forma Estesa "valsoia - Bonta' E Salute - S.p.a." O In Sigla Anche "v.b.s. S.p.a.") | 115.4 m | 14.4 | 8.8% | 6.8% | unavailable | 0% / +24% |
| 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 VLS.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
VALSOIA S.P.A. produces and distributes plant-based foods and beverages, ice creams, spreads and health-oriented products under its own brands and through third-party distribution. Revenue in 2025 was about 117.9 million EUR 1, and the company is investing in expanding its Serravalle Sesia plant, a project that could affect margins and production flexibility.
SWOT
Strengths
- Brand recognition and a high market share in the plant-based segment are important assets for the company.
- The financial position is solid, with a positive adjusted net financial position at year end.
- Diversification across two divisions and several sales channels reduces exposure to a single segment.
Weaknesses
- Core commodity lines declined in Italy, showing volume sensitivity to price pressure.
- Dependence on a few retail purchasing groups gives them strong bargaining power.
- Some products are made by third parties, which gives less control over quality and deliveries.
Opportunities
- Expanding the Serravalle Sesia plant could bring flexibility, quality control and better margins once operational.
- Growth in exports and alternative sales channels could offset weakness in the Italian market.
- Investment in advertising and research could strengthen the brands over the long term.
Threats
- Rising raw material costs could reduce margins if they cannot be fully passed on in prices.
- Risks of contamination or accidental presence of genetically modified organisms could lead to product withdrawals.
- Termination of third-party distribution contracts could negatively affect results.
Risks
- Product contamination riskhigh
Even with strict controls, accidental contamination by external agents or genetically modified organisms could lead to product withdrawals and sanctions, and food consumption could trigger damage claims 1.
- Dependence on purchasing groupsmedium
Trade terms are negotiated by a few groups with strong bargaining power; ending relations with one of them could affect results 1.
- Dependence on third parties and logisticsmedium
Interruptions at third-party plants or distribution centres could affect deliveries and results, especially without quick alternatives 1.
- Currency risklow
Purchases from the United States are made in dollars, and the Swedish subsidiary uses the Swedish krona as functional currency; fluctuations could affect consolidated results 1.
- Environmental and safety risksmedium
Incidents at plants related to worker safety or the environment cannot be excluded and could have financial and reputational consequences 1.
Investment thesis
What would need to be true (bull case)
- If plant-based and health brands keep growing in volume and the plant expansion brings better margins, the company could benefit from higher profitability.
- A positive adjusted net financial position gives flexibility for investment in capacity and marketing.
- Growth in the Loriana and Diete.Tic brands shows some lines can offset weakness in others in the portfolio.
What would break the thesis
- If raw material cost pressure persists and cannot be passed on in prices, margins could be squeezed.
- Declines in commodity lines in Italy could continue if consumers reduce spending on basic products.
- Dependence on a few purchasing groups and third parties limits bargaining power and control over the supply chain.
What to watch
- Volume trends in commodity lines in Italy2026
- Start of internal production at Serravalle Sesiasecond half 2026
- Application of new price lists for Santa Rosa jamsearly 2026
- Development of fruit and other raw material costs2026
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 group operates in two divisions: Health Food, covering the Valsoia Bontà e Salute, Vitasoya and Naturattiva brands and accounting for 58.1% of revenue 1, and Traditional Food, with brands such as Santa Rosa, Diete.Tic, Loriana, Vallè and Haagen Dazs, accounting for 40.5% 1. Products of third-party brands make up 9.4% 1.
Production takes place mainly at Serravalle Sesia, where the useful production area is being doubled, and at Laze in Slovenia through the subsidiary Kele&Kele d.o.o. 1. The company also relies on third-party producers and logistics centres for distribution.
Segments
Market context
Trends
- Demand for plant-based and health productstailwind
Core lines such as ice creams and almond and oat drinks grew in volume, suggesting consumer interest in plant-based alternatives could support sales 1.
- Pressure from supply costsheadwind
Rising fruit and other raw material costs forced the company to limit orders for some products and renegotiate prices, which could reduce volumes if the pressure continues 1.
- Diversified sales channelstailwind
Sales through channels such as food service, traditional retail, vending and e-commerce grew in Italy, reducing dependence on large retail chains 1.
- Concentration of retail buyersmixed
Trade terms are negotiated by a few purchasing groups with strong bargaining power; a dispute with one of them could affect results 1.
Competitive position
The company competes in the plant-based and health food segment, relying on brand recognition and its distribution network in modern retail 1. The source text does not name direct competitors; competitive position is described in terms of market share and brand strength 1.
- Private-label brands of large retail chains
The source does not name direct competitors but refers to pressure from purchasing groups on trade terms.
- Plant-based ice cream and dairy alternative producers
The plant-based segment is referenced as the market where the company measures its share, without naming other players.
- Plant-based hazelnut spread producers
The plant-based hazelnut spread is described as competing with a well-known iconic brand, with no further details in the source.
- Third-party brand suppliers
The company also distributes products of other brands, showing a partnership relationship as well as competition.
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
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / VALSOIA S.P.A. (Valsoia - Bontà e Salute - 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.