olivLaw · European equity research
Class Editori S.p.A. CLE.MI
Italy · Euronext Milan · ISIN IT0005117848 · Vertical: Listed companies from Italy
Class Editori is an Italian publishing group active in financial press, television, radio, news agencies and digital services. In 2024 the group reported lower revenue and a net loss, weighed down by its subsidiary Gambero Rosso and digital transformation costs, while management confirmed the going-concern assumption for at least 12 months.
At the close of 04 Nov 2026, Class Editori S.p.A. (CLE.MI) stock was 0.12 EUR (+0.00% on the day), with market capitalisation 34.4 m EUR, beta 0.20, 52-week range 0.10–0.15 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.4
- neutral
- Bollinger (20, 2)
- 0.10 – 0.13
- in the upper half of the band · %B 0.67 · band width 19.5%
- SMA 50 / 200
- 0.13 / 0.14
- 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 | −9.8% | +0.4% | −10.2 pp | — |
| 3 months | −20.4% | −3.3% | −17.1 pp | — |
| 6 months | −16.5% | +4.0% | −20.4 pp | — |
| Year to date | −15.0% | +8.1% | −23.1 pp | — |
| 1 year | −17.9% | +10.7% | −28.6 pp | −5.6% |
| 3 years | +110.2% | +50.1% | +60.2 pp | +6.7% |
| 5 years | +39.7% | +43.6% | −3.9 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 | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 74.2 m | 76.4 m | 75.9 m |
| Revenue YoY | unavailable | +3.0% | −0.7% |
| Net income | 17.3 m | 1.0 m | -2.9 m |
| Net income YoY | unavailable | −94.1% | −380.6% |
| Diluted EPS | 0.00 | 0.00 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 23.4% | 1.3% | -3.8% |
| Free cash flow | 30.5 m | 1.9 m | -5.8 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 4.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 21.0 m EUR
- Total assets
- 164.7 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.72x
- ROE
- -12.7%
- ROA
- -1.7%
- FCF margin
- -7.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 74.2 m | 76.4 m | 75.9 m | esef· 24 Sept 2025verified |
| Operating income | 26.4 m | 5.5 m | 1.0 m | esef· 24 Sept 2025verified |
| Depreciation & amortisation | 31.1 m | 10.3 m | 11.0 m | esef· 24 Sept 2025verified |
| EBITDA | 57.5 m ≈ | 15.8 m ≈ | 12.1 m ≈ | esef· 24 Sept 2025derived |
| Pre-tax income | 22.8 m | 2.7 m | -3.1 m | esef· 24 Sept 2025verified |
| Income tax | 4.8 m | 826.0 k | 615.0 k | esef· 24 Sept 2025verified |
| Net income | 17.3 m | 1.0 m | -2.9 m | esef· 24 Sept 2025verified |
| Diluted EPS | 0.00 | 0.00 | 0.00 | esef· 24 Sept 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.8 m | 6.9 m | 4.1 m | esef· 24 Sept 2025verified |
| Inventories | 1.8 m | 1.6 m | 1.6 m | esef· 24 Sept 2025verified |
| Current assets | 72.7 m | 65.8 m | 65.6 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 14.8 m | 12.6 m | 11.2 m | esef· 24 Sept 2025verified |
| Intangibles (excl. goodwill) | 7.4 m | 7.5 m | 7.2 m | esef· 24 Sept 2025verified |
| Total assets | 180.1 m | 170.6 m | 164.7 m | esef· 24 Sept 2025verified |
| Current liabilities | 98.6 m | 86.9 m | 91.2 m | esef· 24 Sept 2025verified |
| Total liabilities | 156.8 m | 146.2 m | 143.7 m | esef· 24 Sept 2025verified |
| Equity | 23.4 m | 24.4 m | 21.0 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 288.9 m | — | — | esef· 10 Apr 2024derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 32.0 m | 3.2 m | -3.6 m | esef· 24 Sept 2025verified |
| Capex | 1.4 m | 1.3 m | 2.2 m | esef· 24 Sept 2025verified |
| Free cash flow | 30.5 m ≈ | 1.9 m ≈ | -5.8 m ≈ | esef· 24 Sept 2025derived |
| Investing cash flow | -3.2 m | -5.2 m | -5.3 m | esef· 24 Sept 2025verified |
| Financing cash flow | -29.7 m | 5.0 m | 6.1 m | esef· 24 Sept 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
- indicators available: 3 of at least 6
- score weight coverage: 18.8% 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: 34.4 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · 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: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.8% | 8 (vs peers) | 33% |
| 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 | 0.7x | 0 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -16.8% | 0 (on a fixed band) | 44% |
| 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· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
CLASS EDITORI S.P.A. (CLE.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 75.9 m EUR in 2024; YoY growth -0.7%; net margin -3.8%; ROE -29.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% 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: -3.8%
- Current ratio: 0.7x
- FCF yield: -16.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, 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. | 6.7 bn | 21.3 | 15.4% | 8.4% | +8.7% | +22% / +58% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +72% |
| DIA.MIDiasorin S.p.a. | 4.4 bn | 28.8 | 9.2% | 13.0% | +0.8% | +33% / −5% |
| CRL.MICarel Industries S.p.a. | 3.0 bn | 40.9 | 16.1% | 11.7% | +8.7% | +7% / +14% |
| AMP.MIAmplifon S.p.a. | 2.6 bn | 29.1 | 8.5% | 3.8% | −0.6% | −11% / −59% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 31.4 | 10.9% | 7.3% | +4.2% | +31% / +79% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.9 | 20.6% | 18.9% | +6.7% | +15% / +114% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 19.1 | 12.8% | 7.1% | −23.0% | +11% / +68% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.7 | 8.6% | 9.4% | +1.4% | −21% / −61% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 986.3 m | 10.6 | 23.5% | 41.0% | +1.8% | −3% / −22% |
| AVIO.MIAvio S.p.a. | 909.3 m | 89.4 | 2.1% | 1.8% | +21.5% | +22% / +302% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 799.2 m | 6.1 | 17.1% | 7.3% | +1.6% | +6% / +75% |
| ASC.MIAscopiave S.p.a. | 639.9 m | 17.9 | 4.2% | 17.5% | +13.4% | −9% / +31% |
| AC5.MIAcinque S.p.a. | 408.7 m | 19.4 | 4.1% | 3.6% | +0.2% | −7% / +7% |
| BAN.MIBasic Net S.p.a. | 345.1 m | — | -4.9% | -3.5% | +0.4% | −31% / +4% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 319.0 m | 12.8 | 11.1% | 13.7% | +9.2% | −3% / +10% |
| CAI.MICairo Communication S.p.a. | 290.6 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +29% |
| ECNL.MIAquafil S.p.a. | 130.1 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 119.8 m | 11.8 | 18.5% | 10.2% | −1.3% | −25% / −31% |
| ABT.MIAbitare In S.p.a. | 76.3 m | 277.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.0 m | — | -7.8% | -2.2% | +1.9% | −34% / −49% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 34.4 m | — | -29.2% | -3.8% | −0.7% | −11% / +102% |
| AEF.MIAeffe S.p.a. | 11.7 m | 0.6 | 21.9% | 7.7% | −21.3% | −52% / −84% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
1- and 3-year price returns: for CLE.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Class Editori is an Italian publishing group active in financial press, television, radio, news agencies and digital services. In 2024 the group reported lower revenue and a net loss, weighed down by its subsidiary Gambero Rosso and digital transformation costs, while management confirmed the going-concern assumption for at least 12 months.
SWOT
Strengths
- The group holds long-established economic press and television brands, such as Class CNBC and MF/Milano Finanza.
- Main clients are described as showing no widespread solvency concerns, and some multi-year contracts reduce revenue volatility.
- The company has a diversified portfolio of publishing, audiovisual and service products that can leverage existing brands.
Weaknesses
- Dependence on advertising, which represents most of the margin, exposes the group to economic cycles and the decline of print media.
- Performance at the subsidiary Gambero Rosso has deteriorated, and the group needs to restore its profitability.
- Debts to suppliers and the tax authority are significant, which can create liquidity risks.
Opportunities
- The shift to digital and new AI-based services could generate additional revenue.
- Cost-reduction measures and possible facilities under new government decrees could support the recovery.
- Incremental growth in education and digital distribution of content could complement advertising revenue.
Threats
- Continued decline in print advertising could further reduce the group's main revenue.
- European rules on digital advertising by OTT platforms could fail to deliver the protective effect hoped for.
- A worsening macroeconomic and geopolitical context could affect revenue, profitability and compliance with bank covenants.
Risks
- Advertising dependencehigh
Advertising represents a major part of revenue, and the decline of print media and the crisis in some advertising sectors could sharply reduce turnover.
- Liquidity and debthigh
The high level of debt to suppliers and the tax authority, together with a shrinking equity base, could create liquidity strain if cash flows worsen.
- Going concernhigh
Management confirmed the going-concern assumption for at least 12 months but acknowledged uncertainties, and a worsening environment could affect this assessment.
- Gambero Rosso performancemedium
The deterioration at subsidiary Gambero Rosso could continue if recovery measures fail to produce results.
- Variable interest ratesmedium
New 2023 financing lines carry variable rates, which could increase financial costs if markets deteriorate.
Investment thesis
What would need to be true (bull case)
- If the digital transformation and AI-based services develop successfully, the group could diversify revenue beyond print advertising.
- Long-term contracts and the capital contributed through the share contribution effective in January 2025 could strengthen financial stability.
- Brands such as Class CNBC, with 25 years of activity, could attract advertising from major brands if the communication strategy works.
What would break the thesis
- If print advertising keeps declining, the group's main revenue could remain under pressure.
- If Gambero Rosso does not restore profitability, losses could persist and affect bank covenants.
- Large debts to suppliers and the tax authority could limit financial flexibility in a prolonged crisis.
What to watch
- Trend in advertising revenue and profitability against declared targets2025
- Compliance with profitability covenants agreed with banks2025
- Results and recovery measures at Gambero Rosso2025
- Effect of the January 2025 share contribution on net equitynext 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
Class Editori, based in Milan, brings together several companies that produce economic and financial information: Milano Finanza Editori (MF/Milano Finanza, MF Fashion, Patrimoni), the news agency PMF News, MF Newswires, the television channel Class CNBC, Radio Classica and Gambero Rosso, a multimedia platform for agrifood and hospitality. The 2024 annual report shows consolidated revenue of 86.6 million euro, EBITDA of 12.1 million and a net loss of 2.9 million. Revenue depends mainly on advertising, which accounts for over 40% of revenue and most of the margin.
Segments
Financial press and news agencies
Milano Finanza Editori, MF Newswires and PMF News produce publications, real-time economic and financial information and trading services for credit institutions. The report notes that MF Service posted a net loss, while PMF News reported a profit in 2024.
Television and radio
Class CNBC, Italy's first economic and financial information channel, celebrates 25 years of activity in 2025, with a multichannel campaign aimed at attracting advertising from major brands. Radio Classica and Telesia complete the audiovisual portfolio, and both reported losses in 2024.
Gambero Rosso
Gambero Rosso is a multimedia and training platform in agrifood and hospitality, controlled through Gambero Rosso Spa, listed on Euronext Growth Milan. The group reported a loss in 2024, and management identifies it as the main source of the deterioration in performance and the challenge of restoring profitability.
Market context
The Italian market for print advertising has declined, and the report says the company is progressively shifting activity toward digital media. The company also points to a crisis in sectors important to its advertising, such as food, fashion and automotive. How European rules on digital advertising by OTT platforms will affect the market remains uncertain.
Trends
- Decline of print advertisingheadwind
Advertising on print media is falling, forcing the group to accelerate its move to digital channels and diversify products around existing brands.
- Shift to digital and AI-based servicestailwind
Management plans to expand digital distribution of content, new channels and AI-based information services, which could open new revenue sources if execution succeeds.
- Crisis in Italian industry and advertisingheadwind
The report mentions a crisis in strategic sectors for advertising, such as food, fashion and automotive, which could reduce the group's advertising budgets.
- Financing costs and fixed-rate facilitiesmixed
Credit lines from the 2022 financial rescue have a fixed rate valid until the end of 2027, but new 2023 financing carries variable rates, exposing the group to financial market developments.
Competitive position
The annual report does not explicitly name competitors, and the competitive analysis remains largely limited to the information in these documents. The group competes with other publishers and economic information channels in Italy, in both print and digital formats.
- Other Italian economic publishers and news agencies
The report does not name competitors, but MF Newswires and PMF News operate in real-time economic information.
- Digital advertising platforms (OTT)
The report cites OTT platforms as competitors for digital advertising budgets, which are targeted by European regulation.
- Publications and platforms in agrifood
Gambero Rosso operates in a segment of communication and training in agrifood, where other players are also present.
- Economic television channels
Class CNBC competes with other economic information channels for audience and advertising.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202310 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Class Editori S.p.A. · 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.