olivLaw · European equity research
CALEFFI - S.P.A. CLF.MI
Italy · Euronext Milan · ISIN IT0003025019 · Vertical: Listed companies from Italy
Caleffi is an Italian group based in Viadana, specialised in fashion and luxury home collections under its own and licensed brands. In 2022 it kept its leadership position on the Italian market, but revenue and profitability fell amid high raw material costs and competitive pressure, with revenue of 59.285 million EUR.
At the close of 04 Nov 2026, CALEFFI - S.P.A. (CLF.MI) stock was 0.77 EUR (−0.51% on the day), with market capitalisation 11.6 m EUR, P/E 5.2 on diluted EPS of 0.15 EUR over the last 12 months, beta 0.18, 52-week range 0.75–0.96 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)
- 42.1
- weak (30–45)
- Bollinger (20, 2)
- 0.76 – 0.82
- in the lower half of the band · %B 0.31 · band width 7.8%
- SMA 50 / 200
- 0.81 / 0.82
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −3.7% | +0.4% | −4.1 pp | — |
| 3 months | −4.4% | −3.3% | −1.2 pp | — |
| 6 months | −0.8% | +4.0% | −4.7 pp | — |
| Year to date | −14.9% | +8.1% | −23.0 pp | — |
| 1 year | −8.9% | +10.7% | −19.6 pp | −5.8% |
| 3 years | −9.0% | +50.1% | −59.1 pp | +9.9% |
| 5 years | −40.5% | +43.6% | −84.1 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.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 2.9, median 6.1, max 6.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 56.1 m | 60.8 m | 59.3 m |
| Revenue YoY | unavailable | +8.4% | −2.5% |
| Net income | 3.5 m | 3.4 m | 2.3 m |
| Net income YoY | unavailable | −1.6% | −34.5% |
| Diluted EPS | 0.23 | 0.23 | 0.15 |
| Diluted EPS YoY | unavailable | 0.0% | −34.8% |
| net % | 6.2% | 5.7% | 3.8% |
| Free cash flow | 3.4 m | 6.4 m | 833.0 k |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 6.6 m EUR
- Financial debt
- 12.4 m EUR
- Net debt
- 5.8 m EUR
- Equity
- 23.2 m EUR
- Total assets
- 59.0 m EUR
- Debt / equity
- 0.53x
- Current ratio
- 2.12x
- ROE
- 10.2%
- ROA
- 3.8%
- FCF margin
- 1.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 56.1 m | 60.8 m | 59.3 m | esef· 30 May 2023verified |
| Operating income | 5.0 m | 5.4 m | 3.7 m | esef· 30 May 2023verified |
| Interest expense | 269.0 k | 383.0 k | 350.0 k | esef· 30 May 2023verified |
| Pre-tax income | 4.8 m | 5.0 m | 3.3 m | esef· 30 May 2023verified |
| Net income | 3.5 m | 3.4 m | 2.3 m | esef· 30 May 2023verified |
| Diluted EPS | 0.23 | 0.23 | 0.15 | esef· 30 May 2023verified |
Balance sheet · EUR
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.5 m | 10.5 m | 6.6 m | esef· 30 May 2023verified |
| Current assets | 47.8 m | 46.2 m | 45.8 m | esef· 30 May 2023verified |
| Property, plant & equipment, net | 3.6 m | 3.1 m | 2.7 m | esef· 30 May 2023verified |
| Total assets | 62.4 m | 60.8 m | 59.0 m | esef· 30 May 2023verified |
| Short-term debt | 3.3 m | 6.1 m | 5.5 m | esef· 30 May 2023verified |
| Long-term debt | 14.9 m | 9.4 m | 6.9 m | esef· 30 May 2023verified |
| Current liabilities | 22.2 m | 22.2 m | 21.7 m | esef· 30 May 2023verified |
| Equity | 17.3 m | 20.9 m | 23.2 m | esef· 30 May 2023verified |
| Shares outstanding at year end | 15.2 m | 14.9 m | 15.0 m | esef· 30 May 2023derived |
Cash flow · EUR
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 3.6 m | 6.7 m | 1.2 m | esef· 30 May 2023verified |
| Capex | 257.0 k | 344.0 k | 339.0 k | esef· 30 May 2023verified |
| Free cash flow | 3.4 m ≈ | 6.4 m ≈ | 833.0 k ≈ | esef· 30 May 2023derived |
| Investing cash flow | -321.0 k | -430.0 k | -362.0 k | esef· 30 May 2023verified |
| Financing cash flow | 2.2 m | -4.2 m | -4.6 m | esef· 30 May 2023verified |
≈ 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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 11.6 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · 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: 0.83 – 4.22 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)0.83 – 2.04 (Mid 1.22)WACC 6.3% · starting FCFF 1.1 m EUR · terminal value share of EV 81%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -15.2%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1.32 – 4.22 (Mid 2.37)20 companies used · median multiple 15.8x · quartiles 8.8x – 28.1xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI, ELN.MI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.4% | 69 (vs peers) | 20% |
| Net margin · Quality | 3.8% | 36 (vs peers) | 12% |
| FCF conversion · Quality | 37.0% | 10 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 10.6x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 5.2x | 86 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.2% | 90 (on a fixed band) | 16% |
| 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 sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality44/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation88/100 · 2/3 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
CALEFFI - S.P.A. (CLF.MI). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 59.3 m EUR in 2022; YoY growth -2.5%; net margin 3.8%; ROE 10.9%.
The estimated value range is 1.07–3.13 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.80 EUR, the price of 0.77 EUR leaves a potential of 132.0% (value / price − 1) and a margin of safety of 56.9% (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 (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 10.6x
- Current ratio: 2.1x
- P/E (TTM): 5.2x
- FCF yield: 7.2%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 37.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 CLF.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 | 0.43 Total return -45% · Per year -45% | 0.75 Total return -2% · Per year -2% | 1.14 Total return 47% · Per year 47% |
| 3 years | 0.36 Total return -54% · Per year -23% | 0.72 Total return -7% · Per year -2% | 1.20 Total return 55% · Per year 16% |
| 5 years | 0.30 Total return -61% · Per year -17% | 0.68 Total return -12% · Per year -2% | 1.26 Total return 63% · Per year 10% |
- Exit P/E± 0.18
- Net margin± 0.13
- Annual revenue growth± 0.11
- Annual dilution± 0.01
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
Caleffi is an Italian group based in Viadana, specialised in fashion and luxury home collections under its own and licensed brands. In 2022 it kept its leadership position on the Italian market, but revenue and profitability fell amid high raw material costs and competitive pressure, with revenue of 59.285 million EUR.
SWOT
Strengths
- The group holds a leading position on the Italian market and a portfolio of own and licensed brands that are well recognised.
- The distribution network combines direct points of sale, presence in department stores and international sales.
- Integrated production and sourcing offer flexibility and access to competitive costs, according to the report.
Weaknesses
- Heavy dependence on the Italian market makes the company vulnerable to a fall in domestic demand.
- Profitability declined in 2022 and net financial debt remained significant.
- Exports are small and fell, which limits geographic diversification of revenue.
Opportunities
- Growing attention to the home and to e-commerce could open new sales channels.
- Extending or renewing licence agreements could support sales of international brands.
- If raw material prices stabilise, margins could gradually recover.
Threats
- Pressure from low-cost foreign producers on the mid-range segment remains high.
- Cybersecurity risks and dependence on third parties could lead to interruptions of activity.
- Trade restrictions and international tensions could affect imports and exports.
Risks
- Raw material costshigh
Cotton and other raw material prices are beyond the group's control and can raise production costs.
- Cybersecuritymedium
Greater digitalisation and remote work expose the company to cyberattacks and data loss, with legal and reputational consequences.
- Debt and access to creditmedium
Net financial debt and a possible worsening of the macroeconomic context could make access to financing more difficult.
- Customer credit risklow
Worsening economic conditions can complicate collection of trade receivables, and future losses cannot be estimated.
Investment thesis
What would need to be true (bull case)
- The leading position on the Italian market and the portfolio of own and licensed brands could support revenue if demand for the home stays strong.
- If raw material prices keep easing, margins could return to better levels.
- Expansion of e-commerce and international presence could diversify revenue.
What would break the thesis
- Dependence on the Italian market and lower profitability could limit a quick return to earlier levels.
- Pressure from low-cost producers could erode the position in the mid-range segment.
What to watch
- Revenue release for the quarter ended 31 March 2023May 2023
- Trend in cotton prices and impact on margins2023
- Renewal or changes to major licence agreementsnext annual report
- Half-year results and evolution of net financial debtSeptember 2023
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 Caleffi group produces and sells fashion and luxury home collections and operates in the Home Fashion sector, one of three areas that embody Made in Italy alongside Fashion and Food. The company has operated since 1962 and distributes nationally through over 1000 points of sale, 17 of them direct, and internationally through prestigious department stores and over 300 outlets. Its portfolio includes own and licensed brands, among them Roberto Cavalli, Bellora 1883 and Diesel Home Linen, whose licences were renewed or extended in 2022.
The group's activity is split between products sold under its own brands and those made under licence, and a significant share of sales comes from catalogues and short collections that carry exclusivity. The group manages production and sourcing of raw materials, especially cotton, from suppliers in several geographic areas. Its market share in Italy was 8.2 percent in 2022, which supports its leading position in the domestic market.
Profitability declined in 2022: EBITDA was 6.253 million EUR, with a margin of 10.55 percent, and EBIT was 3.713 million EUR. Against this backdrop the group reported a net profit of 2.251 million EUR, down from the prior year, and net financial debt stood at 12.758 million EUR at year end.
Segments
Sales in Italy
The Italian market accounts for almost all of the group's revenue. Italian sales reached 91.9 percent of turnover in 2022, which shows a high dependence on the domestic market.
Sales abroad
Exports remain limited, representing 8.1 percent of revenue in 2022, down from the prior year. Part of these go to EU countries and the rest outside the EU, including dollar sales to the United States by the subsidiary Mirabello Carrara.
Market context
The Italian home linen market was worth 1.33 billion EUR in 2022, up 7.3 percent on 2021, according to data cited in the report. The sector is relatively concentrated, with the top four brands holding 30.6 percent of the market, and it is described as mature, highly competitive and correlated with household spending and disposable income.
The report notes that the market has been shaped by the pandemic, which shifted attention toward the home and e-commerce, and by the war in Ukraine, inflation and high raw material and energy prices. Mid-range products are also under pressure from foreign producers with lower costs.
Competitive position
The market is concentrated yet intensely competitive, and mid-range products are under pressure from foreign producers with lower costs. The report does not identify competitors listed on a US exchange, so direct comparisons should be made with care.
The group differentiates itself through its portfolio of own and licensed brands, its presence in prestigious department stores and its market share, which gives it leadership in Italy. External competition remains a constant pressure on prices and margins.
- Italian luxury home brands
Local competitors in the same premium segment, cited only in general terms in the report without comparable financial detail.
- Foreign low-cost producers
Companies in countries with low production and labour costs that pressure the mid-range segment.
- Top four market players
The four largest brands in the sector together hold a significant share of the market, without separate identification in the report.
- Licensed brands and licensors
Licensing partners that influence sales and contract terms, not direct competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202230 May 2023
- Annual report 202130 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / CALEFFI - S.P.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.