olivLaw · European equity research
Caltagirone SpA CALT.MI
Italy · Euronext Milan · ISIN IT0003127930 · Vertical: Listed companies from Italy
Caltagirone SpA is an Italian holding company controlling businesses in cement, publishing, construction, real estate and finance, with a group headcount of about 3,884 at year-end 2024. For readers, what matters now is how the group manages decarbonisation pressure in its cement business and the slowdown in public works after the PNRR programme.
At the close of 05 Nov 2026, Caltagirone SpA (CALT.MI) stock was 9.46 EUR (+0.11% on the day), with beta 0.81, 52-week range 8.52–10.72 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)
- 54.3
- neutral
- Bollinger (20, 2)
- 8.83 – 9.48
- in the upper half of the band · %B 0.97 · band width 7.1%
- SMA 50 / 200
- 9.52 / 9.61
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.11
- 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 | +0.3% | −0.6% | +1.0 pp | — |
| 3 months | −8.2% | −4.2% | −4.0 pp | — |
| 6 months | −5.4% | +4.3% | −9.7 pp | — |
| Year to date | +1.7% | +7.5% | −5.8 pp | — |
| 1 year | +6.5% | +9.9% | −3.4 pp | −6.1% |
| 3 years | +141.3% | +49.8% | +91.5 pp | +7.7% |
| 5 years | +110.2% | +42.8% | +67.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1.6 bn | 1.9 bn | 1.9 bn | 2.1 bn |
| Revenue YoY | unavailable | +23.6% | +0.6% | +8.5% |
| Net income | 95.4 m | 111.3 m | 131.1 m | 130.1 m |
| Net income YoY | unavailable | +16.6% | +17.8% | −0.8% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | 6.1% | 5.8% | 6.8% | 6.2% |
| Free cash flow | 175.0 m | 236.3 m | 360.2 m | 420.6 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 508.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 3.3 bn EUR
- Total assets
- 4.8 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.42x
- ROE
- 4.3%
- ROA
- 2.9%
- FCF margin
- 20.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.9 bn | 1.9 bn | 2.1 bn | esef· 15 Apr 2025verified |
| Operating income | 203.8 m | 197.8 m | 268.5 m | 262.2 m | esef· 15 Apr 2025verified |
| Interest expense | 47.1 m | 51.1 m | 45.4 m | 58.8 m | esef· 15 Apr 2025verified |
| Pre-tax income | 218.3 m | 269.0 m | 332.1 m | 324.3 m | esef· 15 Apr 2025verified |
| Income tax | 34.4 m | 51.6 m | 70.5 m | 66.8 m | esef· 15 Apr 2025verified |
| Net income | 95.4 m | 111.3 m | 131.1 m | 130.1 m | esef· 15 Apr 2025verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 397.9 m | 413.3 m | 569.6 m | 508.1 m | esef· 15 Apr 2025verified |
| Inventories | 185.5 m | 224.4 m | 235.0 m | 231.7 m | esef· 15 Apr 2025verified |
| Current assets | 923.9 m | 1.1 bn | 1.3 bn | 1.4 bn | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 866.4 m | 951.3 m | 959.5 m | 1.0 bn | esef· 15 Apr 2025verified |
| Total assets | 3.5 bn | 3.9 bn | 4.2 bn | 4.8 bn | esef· 15 Apr 2025verified |
| Current liabilities | 605.3 m | 706.3 m | 807.8 m | 990.9 m | esef· 15 Apr 2025verified |
| Total liabilities | 1.2 bn | 1.3 bn | 1.4 bn | 1.5 bn | esef· 15 Apr 2025verified |
| Equity | 2.3 bn | 2.5 bn | 2.8 bn | 3.3 bn | esef· 15 Apr 2025verified |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 255.6 m | 327.8 m | 458.6 m | 543.3 m | esef· 15 Apr 2025verified |
| Capex | 80.6 m | 91.5 m | 98.3 m | 122.7 m | esef· 15 Apr 2025verified |
| Free cash flow | 175.0 m ≈ | 236.3 m ≈ | 360.2 m ≈ | 420.6 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -219.5 m | -226.3 m | -133.3 m | -356.7 m | esef· 15 Apr 2025verified |
| Financing cash flow | -287.6 m | -87.1 m | -156.0 m | -251.0 m | esef· 15 Apr 2025verified |
| Dividends paid | 23.2 m | 31.8 m | 41.4 m | 83.8 m | esef· 15 Apr 2025verified |
≈ 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: 35.4% 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
The data is older than the freshness threshold.
Score by group
35% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- 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: score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.2% | 49 (vs peers) | 18% |
| FCF conversion · Quality | 323.4% | 100 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | 10.5% | 87 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.5x | 45 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.4x | 52 (on a fixed band) | 12% |
| 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 | 19.9% | 100 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet48/100 · 2/3 factors with a value
- Growth· partial87/100 · 1/2 factors with a value
- Quality74/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 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
CALTAGIRONE SOCIETA' PER AZIONI (CALT.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 2.1 bn EUR in 2024; YoY growth 8.5%; net margin 6.2%; ROE 7.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 35.4% 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
- FCF conversion: 323.4%
- Revenue CAGR 3Y: 10.5%
- Payout ratio (FCF): 19.9%
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, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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 CALT.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
Caltagirone SpA is an Italian holding company controlling businesses in cement, publishing, construction, real estate and finance, with a group headcount of about 3,884 at year-end 2024. For readers, what matters now is how the group manages decarbonisation pressure in its cement business and the slowdown in public works after the PNRR programme.
SWOT
Strengths
- The group has a diversified structure across sectors and a holding company with significant financial assets, which gives it flexibility. The Aalborg research centre supports innovation in low-emission products.
- The holding company receives dividend income from listed holdings and subsidiaries, a relatively predictable source of cash.
- The report states the group has adequate own resources and credit lines, which supports business continuity.
Weaknesses
- Cement production is energy-intensive and generates significant direct emissions, exposing the group to higher compliance costs.
- Reliance on public contracts in construction makes revenue sensitive to the end of funding programmes.
- The holding company recorded a negative net financial position at the end of 2024, weaker than the prior year.
Opportunities
- Low-emission cements could open market segments that prefer sustainable solutions and could support better margins.
- Monetising non-strategic real estate assets could bring liquidity if market conditions are favourable.
- Expanding the publishing group's digital offer could attract new readers and new online advertising flows.
Threats
- European carbon emissions rules, including CBAM, could raise costs and reduce the competitiveness of cement production.
- Economic slowdown and geopolitical tensions could weigh on construction demand and advertising.
- A fall in public investment after the PNRR programmes could reduce the volume of works available to Vianini Lavori.
Risks
- Carbon and emissions costshigh
Emissions rules, including the CBAM mechanism, could raise cement operating costs and affect EBITDA if the group does not manage them efficiently.
- Slowdown in construction marketmedium
The report indicates a contraction after PNRR investments run down, which could reduce new works volume and pressure margins.
- Energy and water riskmedium
Cement production depends on fossil fuels, electricity and water; their price or availability could interrupt production and raise costs.
- Cybersecuritymedium
The report describes cyber attacks as one of the most significant risks, with potential for data loss and disruption of operations.
- Negative net financial position of the holdinglow
The holding company recorded a negative net financial position at the end of 2024, which could limit flexibility if larger dividends or unexpected investments arise.
Investment thesis
What would need to be true (bull case)
- If low-emission cements such as FUTURECEM can be sold at scale, the group could capture part of sustainable demand and improve margins.
- Sector diversification and dividend income at the holding company could provide stability even when one market slows.
- If the sale of non-strategic real estate assets takes place in good conditions, the group could obtain extra liquidity for investment or debt reduction.
What would break the thesis
- If emissions rules tighten faster than the group can invest in new technology, costs could rise and margins could compress.
- If public investment falls more sharply after PNRR, Vianini Lavori could struggle to maintain the business volume of its current portfolio.
- If digital advertising keeps drawing budgets from print, publishing revenue could stay under pressure even after cost reductions.
What to watch
- Evolution of the holding company's net financial position and dividend policy2025
- Impact of CBAM and emissions rules on Cementir Holding margins2026
- New works volume at Vianini Lavori after the end of PNRR funding2025
- Caltagirone Editore results and digital advertising revenue trend2025
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
Caltagirone SpA operates as the parent company of a group with holdings in several sectors: cement, publishing, construction, real estate and financial services. According to the 2024 annual report, its shares are grouped in holding companies and subsidiaries operating in these areas 1. The holding company itself has only 11 employees, and its revenue comes mainly from dividends and value adjustments of investments 1.
The consolidated group comprises several distinct subgroups, each with its own business model and risks. Cementir Holding is the central production and research activity, and the Research and Quality Centre in Aalborg coordinates innovation, including low-emission products 1. Caltagirone Editore, Vianini Lavori and Domus Italia complete the portfolio with press, construction and real estate 1.
The governance structure is concentrated: the board of directors, with 10 members for 2024-2026, is dominated by members of the founding family, and the holding company states it is not subject to direction and coordination by a parent company 1. This concentration shapes both strategy and how dividends are distributed.
Segments
Cement (Cementir Holding)
Cementir Holding is the largest segment in terms of capital intensity and emissions. The annual report indicates that clinker production generates direct CO2 emissions, exposing the group to the costs of emissions rules, including the European CBAM mechanism 1. The group is developing low-emission cements such as FUTURECEM, which reduce CO2 emissions by 30% compared with traditional cement 1.
Construction and real estate
Vianini Lavori and Domus Italia operate in construction and in the real estate portfolio. For Vianini Lavori, the report anticipates a market contraction after the PNRR funds run down, and its strategy aims to stabilise turnover by bidding for tenders and keeping the works portfolio diversified 1. Domus Italia is selling non-strategic real estate assets and consolidating its client base 1.
Market context
The annual report describes a macroeconomic context marked by high uncertainty, with slowdown risks linked to geopolitical tensions and financial conditions that remain restrictive 1. For cement and construction, demand depends on public investment, and a possible peak of PNRR funding could leave the market weaker once the programme ends, which the group is already observing in early 2025 1.
In publishing and real estate, the market is shifting quickly: advertising is moving toward digital channels, and the value of non-strategic real estate assets can be realised only under favourable market conditions. The group responds with investment in online platforms and selective asset sales 1.
Trends
- Decarbonisation of cementheadwind
Emissions regulation, including CBAM, could raise operating costs for cement producers. The report notes these costs could affect EBITDA if they are not managed efficiently 1.
- Demand for low-emission materialstailwind
Customers increasingly prioritise sustainable products. Low-emission cements such as FUTURECEM could open sales and margin opportunities if they are communicated effectively 1.
- End of PNRR fundingheadwind
Investments financed through the PNRR appear to have peaked. The report indicates a contraction in the construction market, and Vianini Lavori depends on the portfolio already won to maintain its business volume 1.
- Shift of advertising to digitalmixed
The move of advertising from print to online channels could add pressure on publishing revenue, but it could also open new sources if digital platforms are developed sufficiently 1.
Competitive position
The annual report does not explicitly identify the group's competitors. Peer comparison rests on the peer categories cited in the materiality analysis, which include cement producers and construction companies comparable in profile and size 1. In cement, competition is shaped by energy costs and emissions rules; in construction, by access to public tenders.
In publishing, competition comes from other press groups and from digital platforms competing for the same advertising revenue. Caltagirone Editore responds by expanding multimedia versions and reducing its cost structure 1.
- Comparable European cement producers (materiality peers)
European cement companies identified in the report as peers for the materiality analysis; not named individually in the source.
- Construction and civil engineering companies (benchmark peers)
Construction players used for the ESG benchmark; the source does not name them individually.
- Comparable publishing groups (editorial peers)
Publishing groups comparable in activity and size, used for the peer analysis in publishing.
- Digital advertising platforms
Competition for advertising budgets, against which the publishing business must compare itself online.
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 202230 May 2023
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Caltagirone SpA · 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.