olivLaw · European equity research
doValue S.p.A. DOV.MI
Italy · Euronext Milan · ISIN IT0005610958 · Vertical: Listed companies from Italy
doValue is a European servicer of non-performing exposures and repossessed real estate, managing loan portfolios in Italy, Spain, Portugal, Greece and Cyprus. For 2023 the company reports lower gross revenues but a rise in quarterly revenues, after the exit of the Sareb portfolio, which makes it relevant to assess how the company rebuilds its margins.
At the close of 05 Nov 2026, doValue S.p.A. (DOV.MI) stock was 1.78 EUR (−1.60% on the day), with market capitalisation 138.0 k EUR, dividend yield 38,403.02%, beta 1.03, 52-week range 1.44–3.12 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)
- 57.2
- strong (55–70)
- Bollinger (20, 2)
- 1.43 – 1.86
- in the upper half of the band · %B 0.82 · band width 26.1%
- SMA 50 / 200
- 1.68 / 2.08
- mixed trend
- MACD (12, 26, 9)
- 0.02 / -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 | −2.2% | +0.4% | −2.6 pp | — |
| 3 months | −8.3% | −3.3% | −5.0 pp | — |
| 6 months | −15.6% | +4.0% | −19.6 pp | — |
| Year to date | −40.7% | +8.1% | −48.8 pp | — |
| 1 year | −31.8% | +10.7% | −42.5 pp | −4.8% |
| 3 years | −89.9% | +50.1% | −139.9 pp | +10.1% |
| 5 years | −95.8% | +43.6% | −139.4 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 |
|---|---|---|
| Revenue | 559.8 m | 481.7 m |
| Revenue YoY | unavailable | −13.9% |
| Net income | 16.5 m | -17.8 m |
| Net income YoY | unavailable | −208.0% |
| Diluted EPS | 210.00 | -230.00 |
| Diluted EPS YoY | unavailable | −209.5% |
| net % | 2.9% | -3.7% |
| Free cash flow | 58.4 m | 69.5 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 112.4 m EUR
- Financial debt
- 588.0 m EUR
- Net debt
- 475.7 m EUR
- Equity
- 104.7 m EUR
- Total assets
- 1.0 bn EUR
- Debt / equity
- 5.62x
- Current ratio
- 1.61x
- ROE
- -12.5%
- ROA
- -1.7%
- FCF margin
- 14.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Revenue | 559.8 m | 481.7 m | esef· 02 Apr 2024verified |
| Operating income | 111.0 m | 63.0 m | esef· 02 Apr 2024verified |
| Pre-tax income | 61.2 m | 26.7 m | esef· 02 Apr 2024verified |
| Income tax | 34.7 m | 40.3 m | esef· 02 Apr 2024verified |
| Net income | 16.5 m | -17.8 m | esef· 02 Apr 2024verified |
| Diluted EPS | 210.00 | -230.00 | esef· 02 Apr 2024verified |
| Dividend per share | 561.74 | 683.57 | esef· 02 Apr 2024derived |
Balance sheet · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 134.3 m | 112.4 m | esef· 02 Apr 2024verified |
| Inventories | 55.0 k | 1.0 k | esef· 02 Apr 2024verified |
| Current assets | 383.1 m | 380.9 m | esef· 02 Apr 2024verified |
| Total assets | 1.1 bn | 1.0 bn | esef· 02 Apr 2024verified |
| Short-term debt | 14.3 m | 35.2 m | esef· 02 Apr 2024verified |
| Long-term debt | 554.2 m | 552.9 m | esef· 02 Apr 2024verified |
| Current liabilities | 230.3 m | 237.2 m | esef· 02 Apr 2024verified |
| Total liabilities | 945.7 m | 926.9 m | esef· 02 Apr 2024verified |
| Equity | 180.9 m | 104.7 m | esef· 02 Apr 2024verified |
| Shares outstanding at year end | 78.6 k | 77.5 k | esef· 02 Apr 2024derived |
Cash flow · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 62.3 m | 71.5 m | esef· 02 Apr 2024verified |
| Capex | 3.9 m | 2.0 m | esef· 02 Apr 2024verified |
| Free cash flow | 58.4 m ≈ | 69.5 m ≈ | esef· 02 Apr 2024derived |
| Investing cash flow | -31.1 m | -21.4 m | esef· 02 Apr 2024verified |
| Financing cash flow | -63.6 m | -72.0 m | esef· 02 Apr 2024verified |
| Dividends paid | 44.1 m | 53.0 m | esef· 02 Apr 2024verified |
| Share repurchases | 0 | 21.5 m | esef· 02 Apr 2024verified |
≈ 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: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 138.0 k EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
40% · 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: 9,296.60 – 12,677.18 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)9,296.60 – 12,677.18 (Mid 10,726.85)
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: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.9% | 54 (vs peers) | 26% |
| Net margin · Quality | -3.7% | 10 (vs peers) | 16% |
| 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 | 1.6x | 67 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 50,376.4% | 100 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 53,998.4% | 100 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | 76.2% | 63 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial67/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality38/100 · 2/3 factors with a value
- Returns85/100 · 2/2 factors with a value
- Valuation· partial100/100 · 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
DOVALUE S.P.A. (DOV.MI). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 481.7 m EUR in 2023; YoY growth -13.9%; net margin -3.7%; ROE -18.8%.
The estimated value range is 9,296.60–12,677.18 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 10,726.85 EUR, the price of 1.78 EUR leaves a potential of 602,532.0% (value / price − 1) and a margin of safety of 100.0% (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: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 50,376.4%
- Shareholder yield (distributions): 53,998.4%
- The price is below the estimated value range
What contradicts it
- Net margin: -3.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA.
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 DOV.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
doValue is a European servicer of non-performing exposures and repossessed real estate, managing loan portfolios in Italy, Spain, Portugal, Greece and Cyprus. For 2023 the company reports lower gross revenues but a rise in quarterly revenues, after the exit of the Sareb portfolio, which makes it relevant to assess how the company rebuilds its margins.
SWOT
Strengths
- Large and diversified managed portfolio across five markets, with important bank and institutional investor clients.
- Cost structure adjusted through resource optimisation programmes and lower administrative expenses.
- Ancillary services with a higher margin that complement servicing revenues.
Weaknesses
- Revenues down from the previous year, including because of the exit of the Sareb portfolio.
- Negative net result attributable to shareholders in 2023, with significant non-recurring items.
- Low operating margin in Iberia and pressure on the Spanish real estate business.
Opportunities
- New mandates in onboarding from leading institutions in Italy and Greece could strengthen the managed portfolio.
- Development of digital and data services could support growth in ancillary revenues.
- Demand for loan servicing from banks reducing their exposure to non-performing assets.
Threats
- High inflation and uncertainty about monetary policy can affect debtors' ability to pay.
- Financial market volatility can influence asset valuations and impairment tests.
- Competition for new contracts and loss of major mandates can reduce revenues.
Risks
- Asset impairmenthigh
Impairments on intangible assets and deferred tax assets weighed on the result, and further impairments could arise if cash flow assumptions change.
- Client concentrationmedium
A significant part of the portfolio depends on a few bank and investor clients, so losing a major mandate can affect revenues.
- Litigation and provisionsmedium
Legal proceedings and complex contract interpretations can lead to additional provisions that are hard to estimate in advance.
- Debt and financing costmedium
Financial costs tied to bond issues and credit lines affect the company's net result.
- Macroeconomic assumptionslow
Recovery estimates and future cash flows depend on macroeconomic conditions, which can change unpredictably.
Investment thesis
What would need to be true (bull case)
- If new mandates from Italy and Greece are integrated quickly, the managed portfolio could return to a growth path.
- The rise in quarterly revenues at the end of 2023 points to a possible recovery in operating momentum.
- Lower administrative costs could support margins if revenues stabilise.
What would break the thesis
- If revenues keep falling after the exit of the Sareb portfolio, pressure on margins could persist.
- The negative net result and repeated impairments may limit the company's capacity to invest in growth.
- Activity in Iberia and the Spanish real estate market remain weak, which could affect regional results.
What to watch
- Trend in gross revenues and EBITDA excluding non-recurring items2024
- Integration of new mandates from Italy and Greece2024
- EBITDA margin in Iberia and developments in the Spanish real estate market2024
- Impairment tests on intangible and deferred tax assetsnext 10-K
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 doValue group provides servicing and recovery of non-performing exposures (NPE) and repossessed real estate (REO) for banks, investors and funds. Revenues come mainly from servicing, plus ancillary revenues such as data processing, due diligence and legal services. The business is organised in three geographic areas: Italy, the Hellenic Region and Iberia. The report for fiscal 2023 shows a managed portfolio of 116.4 bn EUR at 31 December 2023 1.
Segments
Hellenic Region
The Hellenic Region is the largest contributor to group revenues in 2023, with 52% of gross revenues, and has the highest EBITDA margin excluding non-recurring items, at 57.5% 1. New portfolio flows were also concentrated here, making up most of the new contracts acquired in 2023 1.
Italy
Italy contributed 34% of group gross revenues in 2023, and its EBITDA margin was lower than in prior years, partly due to costs allocated to group resources and the employment relationship with the former chief executive 1. The Italian business also includes ancillary services with a significant weight in revenues 1.
Market context
The European economy showed signs of recovery after the pandemic in 2023, supported by stimulus policies and public investment, including the Italian National Recovery and Resilience Plan 1. High inflation, financial market volatility and uncertainty about ECB monetary policy remain points of attention 1. The non-performing loan market depends on the pace at which banks sell portfolios and on recovery capacity.
The Spanish real estate market slowed, which weighed on revenues from repossessed real estate, especially in Iberia 1. REO revenues fell significantly compared with the previous year 1.
Trends
- European economic recoverytailwind
The recovery of the European economy and public investment programmes could support loan recovery and servicing activity 1.
- Inflation and monetary policyheadwind
High inflation and uncertainty about ECB policy could raise operating costs and affect debtors' ability to pay 1.
- Financial market volatilitymixed
Market volatility affects the valuation of financial assets and the discount rate used in impairment tests 1.
- Green and digital transitionmixed
The shift to a green and digital economy remains a focal point, and digitalisation of processes could support servicing efficiency 1.
Competitive position
The European market for non-performing loan servicing is shaped by specialised servicers and by subsidiaries of banking groups or investors, competing for long-term servicing contracts. Competition can influence contract pricing and the company's ability to win new mandates 1.
The company also competes for new portfolio flows sold by banks, and losing major mandates, as happened with the exit of the Sareb portfolio, can reduce revenues quickly 1.
- Intrum AB
European debt servicer that also operates in Southern Europe, competing for non-performing loan portfolios.
- Cerved Group
Italian information and debt recovery services company active in the Italian market.
- Encore Capital GroupECPG
American debt purchaser and servicer with international recovery operations.
- PRA GroupPRAA
American company that acquires and services receivables, with presence in several countries.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202302 Apr 2024
- Annual report 202302 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / doValue S.p.A. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.