olivLaw · European equity research
GEQUITY S.p.A. BES.MI
Italy · Euronext Milan · ISIN IT0005611642 · Vertical: Listed companies from Italy
GEQUITY S.p.A. is a listed Italian company whose Education segment (HRD Training Group and RR Brand) provides professional training services. In 2021 it reported a consolidated net loss of 2,688 thousand EUR, while consolidated financial indebtedness rose to 3,001 thousand EUR, raising questions about going concern.
At the close of 04 Nov 2026, GEQUITY S.p.A. (BES.MI) stock was 0.06 EUR (+0.00% on the day), with beta -0.19, 52-week range 0.06–0.06 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)
- 47.4
- neutral
- Bollinger (20, 2)
- 0.06 – 0.06
- in the lower half of the band · %B 0.50 · band width 6.9%
- SMA 50 / 200
- 0.06 / 0.11
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | unavailable | −0.6% | unavailable | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | −1.7% | +9.9% | −11.6 pp | −4.8% |
| 3 years | −99.4% | +49.8% | −149.3 pp | +10.1% |
| 5 years | −99.6% | +42.8% | −142.5 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 | 2020 | 2021 |
|---|---|---|
| Revenue | 5.1 m | 3.9 m |
| Revenue YoY | unavailable | −22.9% |
| Net income | -64.6 k | -2.7 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.00 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -1.3% | -69.0% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 589.9 k EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- -2.4 m EUR
- Total assets
- 5.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- -46.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 5.1 m | 3.9 m | esef· 30 May 2023verified |
| Gross profit | 224.5 k | -1.3 m | esef· 30 May 2023verified |
| Operating income | 34.4 k | -1.6 m | esef· 30 May 2023verified |
| Interest expense | 122.8 k | 180.9 k | esef· 30 May 2023verified |
| Pre-tax income | -139.7 k | -2.7 m | esef· 30 May 2023verified |
| Net income | -64.6 k | -2.7 m | esef· 30 May 2023verified |
| Diluted EPS | -0.00 | -0.01 | esef· 30 May 2023verified |
Balance sheet · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 280.2 k | 589.9 k | esef· 30 May 2023verified |
| Inventories | 300.5 k | 280.2 k | esef· 30 May 2023verified |
| Property, plant & equipment, net | 85.1 k | 80.7 k | esef· 30 May 2023verified |
| Intangibles (excl. goodwill) | 78.9 k | 86.2 k | esef· 30 May 2023verified |
| Total assets | 6.3 m | 5.2 m | esef· 30 May 2023verified |
| Total liabilities | 6.4 m | 7.6 m | esef· 30 May 2023verified |
| Equity | -125.6 k | -2.4 m | esef· 30 May 2023verified |
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: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
13% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -69.0% | 0 (vs peers) | 50% |
| 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 | -8.8x | 0 (on a fixed band) | 50% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| 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 sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 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
GEQUITY S.P.A. (BES.MI). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 3.9 m EUR in 2021; YoY growth -22.9%; net margin -69.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% 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
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
- Net margin: -69.0%
- Interest coverage: -8.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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 BES.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
GEQUITY S.p.A. is a listed Italian company whose Education segment (HRD Training Group and RR Brand) provides professional training services. In 2021 it reported a consolidated net loss of 2,688 thousand EUR, while consolidated financial indebtedness rose to 3,001 thousand EUR 1, raising questions about going concern.
SWOT
Strengths
- The group holds wholly owned subsidiaries and an extensive base of commercial contacts that can support future sales.
- The parent company has positive net equity, which provides some margin against recent losses.
- The majority shareholder has supported the company financially through capital increase advances.
Weaknesses
- Repeated net losses and rising financial debt limit the group's financial flexibility.
- Revenues of the Education segment fell significantly during the pandemic, while operating costs increased.
- Reliance on financing with near maturities and on Fondo Margot units as collateral creates vulnerability.
Opportunities
- A recovery in demand for professional training after restrictions ease could improve revenues.
- Leveraging the contact base through automated marketing could increase client conversion.
- Realising the Fondo Margot units could reduce financial debt.
Threats
- Prolonged macroeconomic and geopolitical uncertainty may affect demand and cash flows.
- Non-compliance with financial covenants could lead to costly debt renegotiations.
- Ongoing litigation, including cases with former directors and third parties, could generate additional obligations.
Risks
- Going concernhigh
Directors identified a significant uncertainty about going concern, which depends on reaching agreements with third parties and executing the financing plan 1.
- Bond financial covenanthigh
The financial covenant in the bond was not met at 31 December 2021, and the company negotiated a waiver and a rescheduling of repayment 1.
- Ongoing litigationmedium
Proceedings linked to a transactional agreement with a former director and an opposition action before the Court of Milan could generate additional obligations 1.
- Impairment of investmentsmedium
The impairment test relies on uncertain forecast cash flows, and a deterioration in margins could require adjustments to carrying values 1.
- Dependence on the pandemic and macro contextmedium
Health restrictions and geopolitical uncertainty may affect demand for training services and clients' ability to pay 1.
Investment thesis
What would need to be true (bull case)
- If Education segment revenues return to pre-pandemic levels, group results could improve significantly.
- Realising the Fondo Margot units could reduce debt and strengthen the balance sheet.
- Support from the majority shareholder could help the company through the difficult period.
What would break the thesis
- If net losses persist and debt keeps rising, the company could need new financing on more difficult terms.
- Covenant breaches could limit refinancing options and impose more restrictive conditions.
- Unresolved litigation could generate costs not covered by existing risk provisions.
What to watch
- Evolution of Education segment revenues after restrictions ease2022
- Compliance with the revised bond repayment schedule2022
- Outcome of the hearing in the case with the former director2022
- Realisation of Fondo Margot units and impact on debt2022
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
Gequity S.p.A. is the holding company of a group active mainly in education and professional training, through the wholly owned subsidiaries HRD Training Group S.r.l. and RR Brand S.r.l., which form the Education segment 1. The parent is controlled by Believe S.p.A., which made capital increase advances of 390 thousand EUR in the second half of 2021 1. The group also holds financial investments, including Fondo Margot units reclassified as current financial assets of 1,830 thousand EUR 1.
Segments
Market context
The group operates in professional training and educational services in Italy, a sector affected by pandemic restrictions in 2020 and 2021 1. The sources provided do not offer comparative market size or market share data, so the assessment of competitive positioning remains limited to the annual report.
Trends
- Recovery of activity after the pandemictailwind
The report notes that January and February 2020 were normal operating months, while the rest of 2020 and nearly all of 2021 were conditioned by restrictions; a revenue recovery could support the group if it materialises 1.
- Pandemic pressure on revenuesheadwind
The prolongation of the pandemic affected HRD's performance, which remained below expectations, and lasting effects could continue to limit revenues 1.
- Marketing and digitalisation costsmixed
Investments in CRM and marketing automation may improve contact management but increase short-term operating costs 1.
- Access to favourable financingmixed
The bank loan obtained under the Decreto Liquidità provides long-term funding but adds debt that must be repaid 1.
Competitive position
The sources analysed do not explicitly name the group's competitors. Based on the activity description, competition could come from other professional training and educational services providers, both domestic and international.
- Domestic professional training providers
The sources do not name specific competitors; the category includes private training operators in Italy.
- International corporate education providers
International competition is not documented in the report provided.
- Digital learning platforms
Inference based on the digital marketing and automation activity mentioned in the report.
- Private educational institutions
General category that could compete for the same clients; not named in the sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202130 May 2023
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / GEQUITY S.p.A. · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.