olivLaw · European equity research
Vincenzo Zucchi S.p.A. ZUC.MI
Italy · Euronext Milan · ISIN IT0005395071 · Vertical: Listed companies from Italy
Vincenzo Zucchi S.p.A. is an Italian home textiles group operating through the Bassetti and Descamps brands and a network of directly managed stores in Italy, France and Germany. The group closed 2023 with a small profit but high net financial debt, which puts the reorganisation and the continuity of financing at the centre of attention. The Descamps subsidiary reported revenue of 53,718 thousand EUR.
At the close of 05 Nov 2026, Vincenzo Zucchi S.p.A. (ZUC.MI) stock was 0.38 EUR (−1.04% on the day), with market capitalisation 9.6 m EUR, P/E 3.4 on diluted EPS of 0.11 EUR over the last 12 months, dividend yield 31.08%, beta 0.22, 52-week range 0.38–0.91 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)
- 36.8
- weak (30–45)
- Bollinger (20, 2)
- 0.37 – 0.43
- in the lower half of the band · %B 0.14 · band width 15.1%
- SMA 50 / 200
- 0.48 / 0.60
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -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 | −9.5% | −0.6% | −8.9 pp | — |
| 3 months | −37.2% | −4.2% | −33.0 pp | — |
| 6 months | −37.7% | +4.3% | −42.0 pp | — |
| Year to date | −54.2% | +7.5% | −61.7 pp | — |
| 1 year | −57.3% | +9.9% | −67.2 pp | −6.1% |
| 3 years | −80.8% | +49.8% | −130.7 pp | +7.7% |
| 5 years | −85.3% | +42.8% | −128.2 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 3-quarter history (min 18.3, median 19.7, max 21.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 98.7 m | 113.9 m | 131.4 m |
| Revenue YoY | unavailable | +15.4% | +15.4% |
| Net income | 5.3 m | 3.1 m | 2.9 m |
| Net income YoY | unavailable | −42.1% | −6.5% |
| Diluted EPS | 0.21 | 0.12 | 0.11 |
| Diluted EPS YoY | unavailable | −42.1% | −6.6% |
| net % | 5.4% | 2.7% | 2.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 11.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 49.1 m EUR
- Total assets
- 149.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.39x
- ROE
- 5.8%
- ROA
- 1.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 98.7 m | 113.9 m | 131.4 m | esef· 13 Jun 2024verified |
| Cost of revenue | 50.1 m | 51.4 m | 60.0 m | esef· 13 Jun 2024verified |
| Gross profit | 48.6 m | 62.5 m | 71.4 m | esef· 13 Jun 2024verified |
| Operating income | 7.1 m | 7.6 m | 7.3 m | esef· 13 Jun 2024verified |
| Pre-tax income | 5.5 m | 5.4 m | 4.1 m | esef· 13 Jun 2024verified |
| Income tax | 182.0 k | 2.3 m | 1.2 m | esef· 13 Jun 2024verified |
| Net income | 5.3 m | 3.1 m | 2.9 m | esef· 13 Jun 2024verified |
| Diluted EPS | 0.21 | 0.12 | 0.11 | esef· 13 Jun 2024verified |
| Dividend per share | 0.00 | 0.43 | 0.12 | esef· 13 Jun 2024derived |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 25.3 m | 16.2 m | 11.1 m | esef· 13 Jun 2024verified |
| Inventories | 33.6 m | 45.9 m | 42.0 m | esef· 13 Jun 2024verified |
| Current assets | 82.0 m | 81.3 m | 70.8 m | esef· 13 Jun 2024verified |
| Property, plant & equipment, net | 29.4 m | 26.9 m | 27.0 m | esef· 13 Jun 2024verified |
| Total assets | 143.3 m | 161.3 m | 149.0 m | esef· 13 Jun 2024verified |
| Current liabilities | 37.2 m | 52.2 m | 51.0 m | esef· 13 Jun 2024verified |
| Equity | 54.0 m | 49.1 m | 49.1 m | esef· 13 Jun 2024verified |
| Shares outstanding at year end | 25.4 m | 25.4 m | 25.4 m | esef· 13 Jun 2024derived |
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: 9.6 m EUR
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: 0.71 – 2.58 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/E0.71 – 2.58 (Mid 1.50)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)1.61 – 2.19 (Mid 1.85)
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 | 2.2% | 31 (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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 49 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 3.4x | 86 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 31.1% | 100 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial49/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial31/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial86/100 · 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
VINCENZO ZUCCHI - SOCIETA' PER AZIONI (ZUC.MI). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 131.4 m EUR in 2023; YoY growth 15.4%; net margin 2.2%; ROE 5.8%.
The estimated value range is 1.16–2.39 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 1.68 EUR, the price of 0.38 EUR leaves a potential of 340.9% (value / price − 1) and a margin of safety of 77.3% (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
- P/E (TTM): 3.4x
- Shareholder yield (distributions): 31.1%
- The price is below the estimated value range
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| 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% |
| ZUC.MIVincenzo Zucchi - Societa' Per Azioni | 9.6 m | 3.4 | 5.8% | 2.2% | +15.4% | −57% / −83% |
1- and 3-year price returns: for ZUC.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 | 0.25 Total return -9% · Per year -9% | 0.44 Total return 49% · Per year 49% | 0.66 Total return 114% · Per year 114% |
| 3 years | 0.29 Total return 62% · Per year 18% | 0.58 Total return 171% · Per year 39% | 0.94 Total return 298% · Per year 58% |
| 5 years | 0.35 Total return 147% · Per year 20% | 0.76 Total return 332% · Per year 34% | 1.36 Total return 563% · Per year 46% |
- Exit P/E± 0.14
- Net margin± 0.10
- Annual revenue growth± 0.08
- Annual dilution± 0.01
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
Vincenzo Zucchi S.p.A. is an Italian home textiles group operating through the Bassetti and Descamps brands and a network of directly managed stores in Italy, France and Germany. The group closed 2023 with a small profit but high net financial debt, which puts the reorganisation and the continuity of financing at the centre of attention. The Descamps subsidiary reported revenue of 53,718 thousand EUR 1.
SWOT
Strengths
- Historic brands with recognition in Europe, such as Descamps and Jalla, and an owned store network.
- Positive consolidated profit in 2023 and positive equity.
- Constant support from suppliers and banks for credit lines.
Weaknesses
- High net financial debt, including significant IFRS 16 lease liabilities.
- Reliance on secured bank financing and receivables sales for liquidity.
- Losses at Bassetti Italia following the reorganisation.
Opportunities
- Simplifying the retail structure could improve margins if the reorganisation produces the expected effects.
- The new concept store model and innovative collections could attract new customers.
- Developing the home decor business could diversify revenue sources.
Threats
- Lower consumer demand amid inflation and international conflicts.
- Exchange rate swings against the US dollar and the Swiss franc.
- Tighter environmental regulation with possible additional costs.
Risks
- Going concernhigh
Management supports the going-concern basis but relies on forecasts that depend on how the crisis evolves; if budget results are not confirmed, pressure on financing could increase.
- Indebtedness and financial covenantshigh
The Illimity Bank loan carries covenants on financial parameters and mortgage guarantees; non-compliance could have consequences for financing.
- Currency riskmedium
Exports denominated in US dollars and Swiss francs expose the group to fluctuations that can affect results.
- Dependence on suppliersmedium
Financial difficulties of suppliers or labour disputes could disrupt supply.
- Subsidiary resultsmedium
Payment difficulties at foreign subsidiaries could reduce collections of the parent's trade receivables.
Investment thesis
What would need to be true (bull case)
- If the retail reorganisation produces savings, group margins could return to a more sustainable level.
- Historic brands and an owned store network provide a stable customer base across several European countries.
- Supplier support and credit line flexibility could allow investments to be financed without immediate pressure.
What would break the thesis
- High net financial debt could limit the group's ability to invest during periods of weak demand.
- Losses at Bassetti Italia show that the reorganisation has not yet produced uniform results.
- Dependence on macroeconomic conditions and raw material costs could erode results if demand stays weak.
What to watch
- Performance of Bassetti Italia after the retail reorganisation2024
- Compliance with financial covenants in the Illimity Bank loan2024
- Confirmation of the 2024 budget forecasts used for the going-concern assessment2024
- Effects of selling the French stores on cash flowsnext annual report
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 designs, produces and distributes home textile products such as linens, towels and decor items under historic brands including Descamps, Jalla and Bassetti. Sales rely on a network of directly managed stores in Italy, France, Germany, Spain and Switzerland 1. The parent company is controlled by Astrance Capital S.A., which exercises management and coordination of the group 1.
In 2023 the group reorganised its retail business: from April 2023 retail activity was transferred to subsidiary Bassetti Italia S.r.l., and from October ten Zuckids stores in France were sold to Descamps S.A.S. 1. These measures are part of a structural optimisation project whose effect on results could become clearer in later years 1.
The group depends on bank financing and supplier support to sustain working capital, and part of its liquidity was obtained through non-recourse receivables sales 1. Management assessed that, based on the 2024 budget, sufficient resources exist to apply the going-concern principle 1.
Segments
Retail Italy (Bassetti Italia)
Subsidiary Bassetti Italia S.r.l., formed by contributing the parent's retail branch, recorded revenue of 28,209 thousand EUR in 2023, up from 10,870 thousand EUR, but also a loss of 545 thousand EUR 1.
Distribution France (Descamps)
Descamps S.A.S., a wholly owned French subsidiary, operates a directly managed store network and owns historic brands; in 2023 it earned a net profit of 4,675 thousand EUR 1.
International distribution
Bassetti Deutschland, Bassetti Espanola and Bassetti Schweiz distribute group products in local markets through direct stores and traditional retail, while other foreign subsidiaries are not operational 1.
Market context
The group operates in a home textiles market whose demand, as described in the source, is cyclical and tied to overall economic conditions, consumer confidence and raw material costs 1. The conflicts in Ukraine and the Middle East have increased inflationary pressure and uncertainty over consumption 1.
Export activity is limited, but exposure to exchange rates is significant, particularly against the US dollar and the Swiss franc 1. Energy and raw material costs could affect margins, and environmental regulation is being tightened 1.
Trends
- Inflationary pressure and restrictive monetary policyheadwind
Maintaining restrictive financial policies limits consumer demand, and the company cannot estimate how long the effect on the economy will last 1.
- Optimisation of the retail structuretailwind
Transferring the retail branch and selling the French stores could reduce costs and simplify administration, if the results are confirmed 1.
- Cost of financing and credit constraintsheadwind
Loans priced on Euribor and mortgage guarantees increase rate sensitivity and limit financial flexibility 1.
- Support from suppliers and banksmixed
Suppliers have so far granted significant flexibility on credit lines, which supports working capital 1.
Competitive position
The source does not explicitly name the group's competitors, but notes that losing market share could have a negative impact if new products are not competitive on price and quality 1.
Competitive position depends on the ability to launch innovative collections and develop the new concept store model in which the group has invested 1.
- Competitors not named in source
The source does not name competitors, so direct comparisons cannot be drawn from this document.
- Home textile retailers
General category referred to indirectly through the reference to principal competitors, without named identification in the text.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202313 Jun 2024
- Annual report 202313 Jun 2024
- Annual report 202216 May 2023
- Annual report 202216 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Vincenzo Zucchi S.p.A. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.