olivLaw · European equity research
Cellularline S.p.A. CELL.MI
Italy · Euronext Milan · ISIN IT0005244618 · Vertical: Listed companies from Italy
Cellularline is an Italian group that designs and distributes accessories for mobile phones and tablets, plus equipment for motorcycles and cycling, with part of its products made by suppliers in the Far East. In fiscal 2025 the parent company's revenue was 122.594 million euros, and net financial debt fell to 12.621 million euros.
At the close of 05 Nov 2026, Cellularline S.p.A. (CELL.MI) stock was 2.72 EUR (+1.49% on the day), with market capitalisation 56.8 m EUR, dividend yield 3.42%, beta 0.32, 52-week range 2.12–2.81 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)
- 58.3
- strong (55–70)
- Bollinger (20, 2)
- 2.41 – 2.81
- in the upper half of the band · %B 0.78 · band width 15.0%
- SMA 50 / 200
- 2.59 / 2.38
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.04 / 0.02
- 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 | +5.0% | −0.6% | +5.7 pp | — |
| 3 months | +13.8% | −4.2% | +18.0 pp | — |
| 6 months | +24.5% | +4.3% | +20.2 pp | — |
| Year to date | +7.2% | +7.5% | −0.3 pp | — |
| 1 year | +1.6% | +9.9% | −8.3 pp | −5.5% |
| 3 years | +26.6% | +49.8% | −23.3 pp | +8.9% |
| 5 years | −30.7% | +42.8% | −73.5 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 3.6 m | 5.6 m | -36.3 m |
| Net income YoY | unavailable | +57.1% | −743.7% |
| Diluted EPS | 0.17 | 0.26 | -1.74 |
| Diluted EPS YoY | unavailable | +52.9% | −769.2% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 23.6 m EUR
- Financial debt
- 17.3 m EUR
- Net debt
- -6.3 m EUR
- Equity
- 96.7 m EUR
- Total assets
- 173.6 m EUR
- Debt / equity
- 0.18x
- Current ratio
- 2.20x
- ROE
- -31.1%
- ROA
- -18.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 97.5 m | 98.4 m | 93.2 m | esef· 07 Apr 2026verified |
| Gross profit | 61.2 m | 65.8 m | 63.4 m | esef· 07 Apr 2026verified |
| Operating income | 4.9 m | 8.0 m | -37.9 m | esef· 07 Apr 2026verified |
| Interest expense | 3.9 m | 5.7 m | 3.3 m | esef· 07 Apr 2026verified |
| Pre-tax income | 4.3 m | 6.2 m | -38.0 m | esef· 07 Apr 2026verified |
| Income tax | 655.0 k | 593.0 k | -1.7 m | esef· 07 Apr 2026verified |
| Net income | 3.6 m | 5.6 m | -36.3 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.17 | 0.26 | -1.74 | esef· 07 Apr 2026verified |
| Dividend per share | 0.00 | 0.08 | 0.09 | esef· 07 Apr 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 14.0 m | 20.8 m | 23.6 m | esef· 07 Apr 2026verified |
| Current assets | 126.3 m | 126.9 m | 120.9 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 7.8 m | 7.5 m | 6.8 m | esef· 07 Apr 2026verified |
| Goodwill | 38.5 m | 38.2 m | 8.6 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 50.6 m | 43.3 m | 25.1 m | esef· 07 Apr 2026verified |
| Total assets | 233.4 m | 225.9 m | 173.6 m | esef· 07 Apr 2026verified |
| Short-term debt | 29.2 m | 13.7 m | 17.3 m | esef· 07 Apr 2026verified |
| Current liabilities | 75.1 m | 57.1 m | 54.9 m | esef· 07 Apr 2026verified |
| Total liabilities | 98.7 m | 88.8 m | 76.9 m | esef· 07 Apr 2026verified |
| Equity | 134.7 m | 137.1 m | 96.7 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 21.1 m | 21.7 m | 20.9 m | esef· 07 Apr 2026derived |
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: 56.8 m EUR
Key indicators
Coverage and freshness
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: 1.26 – 1.72 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 · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)1.26 – 1.72 (Mid 1.46)
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 | -28.9% | 0 (vs peers) | 38% |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | -11.4x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.4% | 49 (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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial49/100 · 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
CELLULARLINE S.P.A. (CELL.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -31.1%.
The estimated value range is 1.26–1.72 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.46 EUR, the price of 2.72 EUR leaves a potential of -46.4% (value / price − 1) and a margin of safety of -86.6% (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
- Current ratio: 2.2x
What contradicts it
- ROIC: -28.9%
- Interest coverage: -11.4x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 40 companies
Multiples and returns vs the median
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 CELL.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
Cellularline is an Italian group that designs and distributes accessories for mobile phones and tablets, plus equipment for motorcycles and cycling, with part of its products made by suppliers in the Far East. In fiscal 2025 the parent company's revenue was 122.594 million euros 1, and net financial debt fell to 12.621 million euros 1.
SWOT
Strengths
- A solid financial structure, with available liquidity and unused credit lines that provide operating flexibility 1.
- A portfolio of three product lines that reduces dependence on a single accessory category 1.
- Operating activity that generates positive cash flow and allows financial debt to be reduced 1.
Weaknesses
Opportunities
Risks
- Competition and priceshigh
Competitive pressure could force lower selling prices without a corresponding drop in purchase costs 1.
- Currency riskmedium
Purchases in USD and sales in euro expose the group to exchange rate swings, partly limited through derivative instruments 1.
- Seasonality and obsolescencemedium
Sales concentrated in the last quarter can lead to supply difficulties or stock that becomes obsolete 1.
- Geopolitical contextmedium
A possible worsening of tensions could have negative effects on the group's activity in the short and medium term 1.
- Regulationlow
Changes to rules applicable to products could impose additional costs and affect growth prospects 1.
Investment thesis
What would need to be true (bull case)
- If the financial position stays solid and operating cash flow remains positive, the group could fund innovation and line extensions without major pressure on debt 1.
- Diversification across three product lines could reduce the impact of weaker demand in a single category 1.
- Research and development on new products and brands could support market share over the medium term 1.
What would break the thesis
- Pressure from Far East competitors could compress margins if the group cannot maintain its competitive strength 1.
- Reliance on second-half seasonality could make annual results vulnerable to a weak Black Friday and holiday period 1.
- Currency and geopolitical risks could raise purchase costs and delay supply 1.
What to watch
- Trend in parent company revenue and operating margin2026
- Effects of the Middle East conflict on costs and supply2026
- Level of net financial debt and repayment of medium-term financing2026
- EUR/USD trend and effectiveness of derivative hedging2026
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 Cellularline group runs as a single operating segment covering all products and services offered to customers 1. Its activity is organised in three product lines: Red for multimedia accessories, Black for motorcycle and cycling accessories, and Blue for third-party products distributed under concession 1. Customers are mainly in the EMEA area, while suppliers are concentrated in the Far East, mainly China 1.
Segments
Red line
Accessories for multimedia devices, the group's main product line linked to mobile phones and tablets 1.
Black line
Accessories for motorcycles and cycling, a line that diversifies the portfolio beyond consumer electronics 1.
Blue line
Third-party products distributed under concession, meaning products of other manufacturers sold by the group under a distribution agreement 1.
Market context
Trends
- Geopolitical tensions and supplyheadwind
The escalation of the Middle East conflict in early 2026 raised uncertainty on international markets, with potential effects on costs and supply chains, although no material impact has been recorded so far 1.
- EUR/USD exchange ratemixed
Product purchases are largely settled in USD while sales are almost entirely in euro, so currency exposure is significant, partly offset by the ability to revise customer price lists 1.
- Digitalised consumer behaviourmixed
Demographic change, rising digitalisation and evolving purchasing power can alter buying behaviour, and a misreading of these trends could delay the adoption of new sales channels 1.
- Lower financial debttailwind
Net financial debt declined from the prior year and operating cash flow stayed positive, supporting the group's financial flexibility 1.
Competitive position
The group identifies as one of its main threats the sale of competing products by Far East manufacturers, often online and with low-quality or uncertified offers 1. Competitive pressure could force price cuts without a matching reduction in purchase costs, leading to lower margins 1.
- Far East manufacturers
Producers selling competing accessories, especially online, with low-quality or uncertified offers, identified by the group as its main competitive threat 1.
- Potential Italian or foreign entrants
Possible new entrants into the mobile device accessories market that could intensify price and market share pressure 1.
- Existing direct and indirect competitors
Players that may apply aggressive marketing policies and gain market share from operators using multiple sales channels 1.
- Cellular Swiss S.A.
Associate in which Cellularline holds 50%, consolidated under the equity method, which purchases goods for resale 1.
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 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Cellularline 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.