olivLaw · European equity research
Dexelance S.p.A. DEX.MI
Italy · Euronext Milan · ISIN IT0005543480 · Vertical: Listed companies from Italy
Dexelance is an Italian design and manufacturing group for interior and lighting products, listed on Euronext Milan since May 2023, with separately managed brands. At the end of 2024 the group had 833 employees, and it reports sustainability data in increasing detail under new European requirements. Interest in the group centres on how it combines design, production and its supply chain in a market for premium and high-end products.
At the close of 02 Nov 2026, Dexelance S.p.A. (DEX.MI) stock was 2.05 EUR (+1.49% on the day), with market capitalisation 49.9 m EUR, P/E 1.8 on diluted EPS of 1.15 EUR over the last 12 months, beta 0.64, 52-week range 1.84–6.10 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)
- 47.3
- neutral
- Bollinger (20, 2)
- 1.98 – 2.17
- in the lower half of the band · %B 0.34 · band width 9.1%
- SMA 50 / 200
- 2.09 / 2.51
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.01
- MACD below 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 | 0.0% | −2.2% | +2.2 pp | — |
| 3 months | −0.5% | −3.6% | +3.1 pp | — |
| 6 months | −12.4% | +4.2% | −16.6 pp | — |
| Year to date | −51.4% | +5.8% | −57.2 pp | — |
| 1 year | −66.4% | +7.6% | −74.0 pp | −5.8% |
| 3 years | −77.7% | +51.0% | −128.7 pp | +10.4% |
| 5 years | unavailable | +44.2% | unavailable | — |
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 0 percentile of its own 1-quarter history (min 8.9, median 8.9, max 8.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 201.6 m | 292.3 m | 329.3 m |
| Revenue YoY | unavailable | +45.0% | +12.6% |
| Net income | -5.9 m | 28.0 m | 17.9 m |
| Net income YoY | unavailable | unavailable | −36.1% |
| Diluted EPS | -0.29 | 1.15 | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2.9% | 9.6% | 5.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 33.7 m EUR
- Financial debt
- 63.1 m EUR
- Net debt
- 29.4 m EUR
- Equity
- 170.5 m EUR
- Total assets
- 471.1 m EUR
- Debt / equity
- 0.37x
- Current ratio
- 1.16x
- ROE
- 11.0%
- ROA
- 3.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 201.6 m | 292.3 m | 329.3 m | esef· 24 Sept 2025verified |
| Operating income | 22.4 m | 35.1 m | 27.4 m | esef· 24 Sept 2025verified |
| Depreciation & amortisation | 9.3 m | 17.0 m | 22.5 m | esef· 24 Sept 2025verified |
| EBITDA | 31.7 m ≈ | 52.1 m ≈ | 50.0 m ≈ | esef· 24 Sept 2025derived |
| Interest expense | 25.9 m | 14.1 m | 15.6 m | esef· 24 Sept 2025verified |
| Pre-tax income | 1.1 m | 37.3 m | 25.6 m | esef· 24 Sept 2025verified |
| Income tax | 7.1 m | 9.2 m | 7.7 m | esef· 24 Sept 2025verified |
| Net income | -5.9 m | 28.0 m | 17.9 m | esef· 24 Sept 2025verified |
| Diluted EPS | -0.29 | 1.15 | — | esef· 02 Apr 2024verified |
≈ 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 | 43.0 m | 41.5 m | 33.7 m | esef· 24 Sept 2025verified |
| Inventories | 22.6 m | 36.9 m | 37.1 m | esef· 24 Sept 2025verified |
| Current assets | 94.9 m | 161.7 m | 164.3 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 14.3 m | 28.6 m | 28.2 m | esef· 24 Sept 2025verified |
| Goodwill | 71.7 m | 134.9 m | 134.8 m | esef· 24 Sept 2025verified |
| Total assets | 274.4 m | 475.5 m | 471.1 m | esef· 24 Sept 2025verified |
| Short-term debt | 10.8 m | 20.4 m | 23.6 m | esef· 24 Sept 2025verified |
| Long-term debt | 30.8 m | 63.9 m | 39.5 m | esef· 24 Sept 2025verified |
| Current liabilities | 121.3 m | 125.2 m | 141.5 m | esef· 24 Sept 2025verified |
| Total liabilities | 215.6 m | 321.1 m | 300.7 m | esef· 24 Sept 2025verified |
| Equity | 58.8 m | 154.4 m | 170.5 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 20.5 m | 24.4 m | — | esef· 24 Sept 2025derived |
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
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 49.9 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
58% · 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: 6.30 – 20.76 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/EBITDA16.14 – 20.76 (Mid 19.05)5 companies used · median multiple 9.9x · quartiles 8.5x – 10.7xASC.MI, AVIO.MI, BAN.MI, COM.MI, DLG.MI
- Peers: P/E6.30 – 20.57 (Mid 11.47)20 companies used · median multiple 15.6x · quartiles 8.6x – 28.0xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.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: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.7% | 62 (vs peers) | 18% |
| Net margin · Quality | 5.4% | 44 (vs peers) | 11% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.6x | 44 (vs peers) | 18% |
| Interest coverage · Balance sheet | 1.8x | 4 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.2x | 30 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 2.8x | 91 (vs peers) | 18% |
| EV/EBITDA · Valuation | 1.6x | 100 (vs peers) | 18% |
| 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 sheet29/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality55/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation95/100 · 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
DEXELANCE S.P.A. (DEX.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 329.3 m EUR in 2024; YoY growth 12.6%; net margin 5.4%; ROE 11.0%; net debt/EBITDA 0.6x.
The estimated value range is 11.22–20.66 EUR per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 15.26 EUR, the price of 2.05 EUR leaves a potential of 644.5% (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 (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 2.8x
- EV/EBITDA: 1.6x
- The price is below the estimated value range
What contradicts it
- Interest coverage: 1.8x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, 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. | 6.6 bn | 20.9 | 15.4% | 8.4% | +8.7% | +21% / +56% |
| ACE.MIAcea S.p.a. | 4.5 bn | 9.4 | 18.2% | 16.6% | +0.2% | −6% / +69% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.2 | 9.2% | 13.0% | +0.8% | +30% / −8% |
| CRL.MICarel Industries S.p.a. | 3.1 bn | 41.9 | 16.1% | 11.7% | +8.7% | +9% / +17% |
| AMP.MIAmplifon S.p.a. | 2.5 bn | 28.2 | 8.5% | 3.8% | −0.6% | −14% / −60% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.8 | 10.9% | 7.3% | +4.2% | +29% / +76% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.9 | 20.6% | 18.9% | +6.7% | +15% / +115% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 19.4 | 12.8% | 7.1% | −23.0% | +12% / +70% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.6 | 8.6% | 9.4% | +1.4% | −22% / −61% |
| AVIO.MIAvio S.p.a. | 947.3 m | 93.1 | 2.1% | 1.8% | +21.5% | +27% / +319% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 917.7 m | 9.8 | 23.5% | 41.0% | +1.8% | −10% / −27% |
| 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. | 632.3 m | 17.7 | 4.2% | 17.5% | +13.4% | −10% / +30% |
| AC5.MIAcinque S.p.a. | 420.5 m | 20.0 | 4.1% | 3.6% | +0.2% | −4% / +10% |
| BAN.MIBasic Net S.p.a. | 339.2 m | — | -4.9% | -3.5% | +0.4% | −32% / +2% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 320.4 m | 12.9 | 11.1% | 13.7% | +9.2% | −3% / +10% |
| CAI.MICairo Communication S.p.a. | 278.5 m | 6.2 | 8.1% | 4.4% | −1.3% | −25% / +23% |
| ECNL.MIAquafil S.p.a. | 128.2 m | — | -3.2% | -0.9% | −3.9% | −2% / −53% |
| BEC.MIB&C Speakers S.p.a. | 119.3 m | 11.8 | 18.5% | 10.2% | −1.3% | −26% / −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. | 63.4 m | — | -7.8% | -2.2% | +1.9% | −35% / −49% |
| DEX.MIDexelance S.p.a. | 49.9 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −79% |
| CLE.MIClass Editori S.p.a. | 34.4 m | — | -29.2% | -3.8% | −0.7% | −11% / +102% |
| AEF.MIAeffe S.p.a. | 11.6 m | 0.6 | 21.9% | 7.7% | −21.3% | −53% / −84% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.1 | 10.9% | 3.8% | −2.5% | −5% / −11% |
1- and 3-year price returns: for DEX.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 | 1.31 Total return -36% · Per year -36% | 2.31 Total return 13% · Per year 13% | 3.47 Total return 69% · Per year 69% |
| 3 years | 1.49 Total return -27% · Per year -10% | 2.93 Total return 43% · Per year 13% | 4.80 Total return 134% · Per year 33% |
| 5 years | 1.69 Total return -17% · Per year -4% | 3.72 Total return 81% · Per year 13% | 6.64 Total return 224% · Per year 27% |
- Exit P/E± 0.73
- Net margin± 0.51
- Annual revenue growth± 0.39
- Annual dilution± 0.04
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
Dexelance is an Italian design and manufacturing group for interior and lighting products, listed on Euronext Milan since May 2023, with separately managed brands. At the end of 2024 the group had 833 employees, and it reports sustainability data in increasing detail under new European requirements. Interest in the group centres on how it combines design, production and its supply chain in a market for premium and high-end products.
SWOT
Strengths
- A portfolio of separately managed brands with their own identity and a focus on design and quality, supporting a premium positioning.
- Vertical integration from design through to distribution, giving control over the critical stages of the value chain.
- A financial structure with significant liquidity and managed debt, supporting investment plans.
Weaknesses
- Dependence on the high-end segment can make sales sensitive to a decline in discretionary spending.
- Concentration of B2B clients around a small number of economic groups creates exposure to particular customers.
- Production processes with an artisanal component can limit scalability and raise operating costs.
Opportunities
- Growing demand for sustainable and recyclable products could support the differentiation of the group's brands.
- Expanding the directly operated store network and the contract channel could improve margins if sales grow.
- Listed-company status may facilitate strategic acquisitions and partnerships with other design brands.
Threats
- Geopolitical tensions and restrictive trade policies could reduce demand and complicate international trade.
- Rising energy and raw material costs could squeeze margins if they cannot be passed on to clients.
- Regulatory requirements on sustainability and waste management may raise compliance costs.
Risks
- Physical climate risksmedium
Extreme weather events could affect production sites and the supply chain, with effects on costs and sales 1.
- Dependence on key raw materialsmedium
Wood, plastic, metals and textiles could become expensive or hard to source, which could affect productive capacity 1.
- Environmental and compliance risksmedium
Improper waste management could expose the group to penalties and damage its credibility on sustainability commitments 1.
- Geopolitical uncertainty and US policyhigh
International conflicts and American tariffs can influence demand and supply chains, and their evolution remains hard to estimate 1.
- Remeasurement of contingent liabilitiesmedium
Earn-outs and put and call options depend on acquired companies reaching financial targets, and their remeasurement can have significant effects in the income statement 1.
Investment thesis
What would need to be true (bull case)
- If demand for premium and sustainable products remains solid, the brand portfolio and vertical integration could support margin growth.
- Available liquidity and the buyback programme could provide flexibility for investment or strategic opportunities.
- Experience in the circular economy could become a competitive advantage as European regulation expands.
What would break the thesis
- If spending on durable goods declines, the high-end segment could see sales contract faster than expected.
- Cost pressure from energy and raw materials could reduce margins if it cannot be fully passed on to clients.
- Compliance costs for new reporting and sustainability requirements could add to the administrative burden.
What to watch
- Trend in revenue and margins by segmentnext 10-K
- Effects of United States trade policy on export sales2027
- Delivery of targets in the 2025-2027 Business Plan2027
- Results of CSRD reporting and progress on environmental objectives2027
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 Dexelance group covers the full product lifecycle, from product design and research and development through production, assembly, finishing and management of production waste 1. On the downstream side it handles warehousing, customer care, outbound logistics and sales to customers, through a network of commercial partners, directly operated stores (DOS) and B2B contract clients 1. The parent company is Dexelance S.p.A., and the group includes several controlled companies operating under their own brands 1.
The group's activity is focused on design-led products with an emphasis on quality, durability and aesthetics, and design is intended to be consistent with the image of each group brand 1. In production it applies circular-economy principles, including the use of recycled and recyclable materials and instructions for disassembly and replacement of components 1.
Dexelance funds its operations largely from operating cash flows, with cash and equivalents of about 68.3 million EUR at 31 December 2024 1. The group operates mainly in euro, and management considers its exposure to the dollar limited 1.
Segments
Sales through partners and B2B clients
The main sales channel is a network of commercial partners, including multibrand retailers, online shops and distributors, while B2B contract clients are served directly by the group 1.
Directly operated stores (DOS)
In some cases the group runs its own stores and sells products directly to end consumers, which gives it control over how its brands are presented 1.
Design and manufacturing
Design, research and development and production are largely in-house, while some stages, such as certain production or design steps, may be outsourced depending on the product type 1.
Market context
The group sells products in the high-end segment, where price sensitivity is lower, according to management's assessment 1. The company notes that sales price lists tend to offset cost increases on purchases, which has limited the impact of inflation on margins 1.
The analysed source cites risks to demand for durable goods if geopolitical tensions and United States trade policy weigh on consumption, and the group monitors the external environment on an ongoing basis 1.
Trends
- Rising sustainability requirementsmixed
European reporting requirements, including the CSRD, require the group to report environmental and social impacts in more detail, which could raise administrative costs but also improve transparency for investors 1.
- Circular economy in designtailwind
A focus on recycled and recyclable materials and on easy replacement of components could support product differentiation if the market responds favourably to these features 1.
- Geopolitical tensions and inflationheadwind
The conflicts in Ukraine and the Middle East have fuelled inflationary pressure on energy and raw materials, which could weigh on margins if the situation persists 1.
- United States trade policymixed
The introduction of tariffs by the United States could affect international trade flows, although the group considers its exposure limited because of its high-end positioning 1.
Competitive position
The source does not describe the group's competitors in detail. From the text, Dexelance positions its products in the high-end segment, where it competes with other design and manufacturing companies in furniture and lighting that target the same premium clients 1.
The group's ability to differentiate rests on the combination of multiple brands, in-house design and its distribution network, and competitiveness depends on maintaining quality and the identity of each brand 1.
- Other Italian high-end design producers
Companies in the same premium market area, referred to generically in the group's analysis; not named explicitly in the source.
- International premium furniture and lighting manufacturers
Companies targeting the same B2B and retail clients with comparable design and quality offers.
- Multibrand retailers and distributors
Not direct competitors, but they shape market access and sales terms for the group.
- Private labels of distributors
They can exert price pressure in retail channels, although the group targets the top segment.
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 202302 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Dexelance 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.