olivLaw · European equity research
Bastogi S.p.A. B.MI
Italy · Euronext Milan · ISIN IT0004412497 · Vertical: Listed companies from Italy
Bastogi S.p.A. is an Italian group active in real estate development, art and culture, hospitality and, until recently, entertainment. In 2026 the group agreed to sell its entertainment division for a price of 114 million EUR, and its 2026-2027 plans focus on asset disposals and debt reduction. For shareholders, how these operations and the financial continuity play out remains to be watched.
At the close of 05 Nov 2026, Bastogi S.p.A. (B.MI) stock was 1.16 EUR (+1.31% on the day), with beta 0.27, 52-week range 0.79–1.31 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)
- 46.6
- neutral
- Bollinger (20, 2)
- 1.12 – 1.24
- in the lower half of the band · %B 0.33 · band width 10.5%
- SMA 50 / 200
- 1.17 / 1.10
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.00
- 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 | −7.2% | −0.6% | −6.6 pp | — |
| 3 months | +0.4% | −4.2% | +4.6 pp | — |
| 6 months | −2.9% | +4.3% | −7.3 pp | — |
| Year to date | +42.5% | +7.5% | +35.0 pp | — |
| 1 year | +29.5% | +9.9% | +19.5 pp | −6.1% |
| 3 years | +115.6% | +49.8% | +65.8 pp | +7.7% |
| 5 years | +52.6% | +42.8% | +9.8 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 50.7 m | 57.9 m | 60.4 m |
| Revenue YoY | unavailable | +14.1% | +4.3% |
| Net income | 3.7 m | 7.3 m | 15.2 m |
| Net income YoY | unavailable | +98.3% | +109.1% |
| Diluted EPS | -0.03 | -0.07 | -0.14 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 7.2% | 12.6% | 25.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 26.7 m EUR
- Financial debt
- 62.2 m EUR
- Net debt
- 35.5 m EUR
- Equity
- 112.0 m EUR
- Total assets
- 303.0 m EUR
- Debt / equity
- 0.56x
- Current ratio
- 1.85x
- ROE
- 14.7%
- ROA
- 5.0%
- 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 | 50.7 m | 57.9 m | 60.4 m | esef· 12 May 2026verified |
| Operating income | 9.1 m | 10.5 m | 18.5 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 8.4 m | 7.4 m | 6.0 m | esef· 12 May 2026verified |
| EBITDA | 17.5 m ≈ | 17.9 m ≈ | 24.5 m ≈ | esef· 12 May 2026derived |
| Pre-tax income | 4.3 m | 7.6 m | 18.6 m | esef· 12 May 2026verified |
| Income tax | 1.5 m | 749.0 k | 833.0 k | esef· 12 May 2026verified |
| Net income | 3.7 m | 7.3 m | 15.2 m | esef· 12 May 2026verified |
| Diluted EPS | -0.03 | -0.07 | -0.14 | esef· 12 May 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 | 18.5 m | 11.7 m | 26.7 m | esef· 12 May 2026verified |
| Inventories | 97.7 m | 100.2 m | 98.4 m | esef· 12 May 2026verified |
| Current assets | 132.1 m | 131.8 m | 139.4 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 55.6 m | 54.4 m | 55.0 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 214.0 k | 223.0 k | 132.0 k | esef· 12 May 2026verified |
| Total assets | 312.5 m | 305.4 m | 303.0 m | esef· 12 May 2026verified |
| Long-term debt | 75.9 m | 71.3 m | 62.2 m | esef· 12 May 2026verified |
| Current liabilities | 76.1 m | 79.0 m | 75.5 m | esef· 12 May 2026verified |
| Total liabilities | 224.4 m | 210.7 m | 190.9 m | esef· 12 May 2026verified |
| Equity | 88.2 m | 94.8 m | 112.0 m | esef· 12 May 2026verified |
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: 31.2% of at least 60%
- valuation methods computed: 0 of at least 1
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
31% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
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: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.7% | 77 (vs peers) | 33% |
| Net margin · Quality | 25.2% | 90 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.5x | 22 (vs peers) | 33% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 87 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet41/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
BASTOGI S.P.A. (B.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 60.4 m EUR in 2025; YoY growth 4.3%; net margin 25.2%; ROE 35.7%; net debt/EBITDA 1.5x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 11.7%
- Net margin: 25.2%
- Current ratio: 1.8x
What contradicts it
- Net debt / EBITDA: 1.5x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, P/E (TTM), 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% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| 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 B.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
Bastogi S.p.A. is an Italian group active in real estate development, art and culture, hospitality and, until recently, entertainment. In 2026 the group agreed to sell its entertainment division for a price of 114 million EUR, and its 2026-2027 plans focus on asset disposals and debt reduction. For shareholders, how these operations and the financial continuity play out remains to be watched.
SWOT
Strengths
- Diversified portfolio across real estate, art and hospitality, with sustainability certifications on recent buildings.
- The entertainment disposal produced a significant accounting gain and estimated positive net financial effects.
- Consolidated relationships with the financial system, which management says could help absorb temporary cash gaps.
Weaknesses
- The real estate segment has high rigidity between financing needs and sources, making asset sales necessary.
- Going concern depends on completing the disposal plan, a condition that is not fully certain.
- Debts secured on assets limit flexibility in using disposal proceeds.
Opportunities
- A return of investors to retail, rental housing and data centres could attract capital to the group's projects.
- Interest in sustainability may favour the group's certified buildings in future transactions.
- The top end of the art market showed resilience, which could support the value of cultural assets.
Threats
- Geopolitical tensions and volatile energy prices could affect construction costs and demand.
- Weak economic growth in Italy and the euro area could reduce demand for real estate space and artworks.
- Delays in disposals or contractor failures could lead to compensation claims against the group.
Risks
- Going concernhigh
The disposal and financing plan of the real estate subsidiary could be affected if sales are delayed, which could require suspending investments.
- Liquidity riskhigh
The nature of real estate investment requires medium and long-term financing, and an interruption of credit access could strain group liquidity.
- General economic conditionsmedium
Macroeconomic uncertainty and energy prices could reduce the spending capacity of consumers and companies.
- Contractor liabilitymedium
If construction companies fail to meet their obligations, the group could be exposed to compensation claims from end clients.
- Regulatory changeslow
Changes in urban planning, environmental or tax legislation could generate additional costs or affect ongoing projects.
Investment thesis
What would need to be true (bull case)
- If the planned disposals are completed, secured debts could be reduced and the group could hold a more efficient portfolio.
- Investor return to Italian real estate and interest in sustainable buildings could support the value of the group's assets.
- The top end of the art market showed dynamism, which could support the value of the group's cultural assets.
What would break the thesis
- If asset sales are delayed or sold below expected value, the group could struggle to support its financial plans.
- Geopolitical uncertainty and volatile energy prices could affect construction costs and demand for real estate space.
- Dependence on real estate market conditions and credit access could limit the group's flexibility during a transition period.
What to watch
- Completion of the Forumnet Holding sale and the final price adjustment2026
- Completion of real estate asset disposals of over 30 million EUR2026-2027
- Evolution of secured debts and planned repaymentsnext 10-K
- Confirmation of the going concern assumption in upcoming financial statementsnext 10-K
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 Bastogi group, headed by the parent company Bastogi S.p.A., operates mainly in real estate through its subsidiary Brioschi Sviluppo Immobiliare, and also in art and culture, hospitality and, until the 2026 disposal, entertainment through Forumnet Holding 1. The group is also active in selling assets, with a significant part of this year's financial plan tied to real estate disposals 1. The group structure is therefore in transition, with a focus on real estate and the remaining cultural assets.
In its annual report for the year ended 31 December 2025, management considered the going concern assumption appropriate, based on cash flows in the business plans and the liquidity available 1. This conclusion depends on completing the planned disposals and keeping stable access to credit, so it is not entirely certain. Investors should watch whether these plans materialise.
The sale of the entertainment business produced a significant accounting effect, with a pre-tax gain reported in the consolidated accounts, and estimated net financial effects that are positive in both the separate and consolidated statements 1. The effects, however, depend on a price adjustment based on the final position at closing, so definitive figures may differ from the estimates.
Segments
Real estate
The real estate segment, through Brioschi Sviluppo Immobiliare, is the component with the greatest financial rigidity, and the 2026-2027 plan provides for asset disposals of over 30 million EUR, with proceeds partly used to repay about 13 million EUR of secured debt 1. Recently completed projects obtained LEED and WELL certifications at Gold and Platinum levels 1.
Art and culture
The art and culture segment was described as going through a consolidation phase, with top-end markets growing in 2025 while private sales declined 1. Gallery and fair activity remains important, and for Bastogi this segment is among those that could continue to generate cash flows consistent with its financial needs 1.
Market context
The Italian real estate market consolidated in 2025, supported by ECB rate cuts and a return of liquidity, especially international 1. Retail and hotel spaces attracted investors, while the office segment remains selective and focused on Class A buildings 1. The art market closed 2025 with annual growth of 12 percent in the second half of the year, although total transactions rose only modestly 1.
Economic prospects remain uncertain, and forecasts for the euro area and Italy for 2026 were described as moderate, with risks of downward revision if energy prices stay high or geopolitical tensions intensify 1. These conditions could affect demand for both real estate space and artworks.
Trends
- Real estate recoverytailwind
A return of investors to retail and interest in institutional rental housing could support property values, if access to credit remains stable 1.
- Macroeconomic and geopolitical uncertaintyheadwind
Tensions in the Middle East and volatile energy prices could reduce consumer spending and slow asset sales 1.
- Demand for sustainability certificationmixed
Most investors state they will only buy buildings with ESG certifications, which may favour Bastogi projects but also requires compliance costs 1.
- Art market dynamicsmixed
Top sales and works above one million grew, while smaller galleries went through an adjustment period, and the share of women artists rose 1.
Competitive position
The sources provided do not explicitly identify competitors of the Bastogi group, either in real estate, art or hospitality. Because of this gap, the competitive analysis is limited to the general market context described in the report 1.
In the art market, the report points to competition between auction houses and galleries for top works, but does not name specific companies. A direct comparison with other listed issuers requires additional sources.
- International auction houses
The report cites Sotheby's sales as a benchmark for the art market, without analysing direct competition with Bastogi.
- Italian real estate developers
Competition in the real estate segment is not detailed in the source provided.
- Luxury hotel operators
The report mentions capital attracted to high-end hospitality, without naming competitors.
- Art galleries
Galleries in the source are described as part of the art ecosystem, not as identified competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Bastogi 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.