olivLaw · European equity research
Elica S.p.a. ELC.MI
Italy · Euronext Milan · ISIN IT0003404214 · Vertical: Listed companies from Italy
At the close of 05 Nov 2026, Elica S.p.a. (ELC.MI) stock was 1.09 EUR (+0.46% on the day), with market capitalisation 64.3 m EUR, dividend yield 3.67%, beta 0.33, 52-week range 1.07–1.72 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.5
- weak (30–45)
- Bollinger (20, 2)
- 1.06 – 1.14
- in the lower half of the band · %B 0.36 · band width 7.1%
- SMA 50 / 200
- 1.13 / 1.21
- 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 | −3.5% | +0.4% | −3.9 pp | — |
| 3 months | −7.6% | −3.3% | −4.4 pp | — |
| 6 months | −9.9% | +4.0% | −13.9 pp | — |
| Year to date | −34.5% | +8.1% | −42.6 pp | — |
| 1 year | −37.4% | +10.7% | −48.1 pp | −4.8% |
| 3 years | −39.8% | +50.1% | −89.9 pp | +10.1% |
| 5 years | −69.6% | +43.6% | −113.2 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 | 473.2 m | 452.1 m | 460.6 m |
| Revenue YoY | unavailable | −4.5% | +1.9% |
| Net income | 9.8 m | 7.9 m | -10.0 m |
| Net income YoY | unavailable | −19.5% | −226.5% |
| Diluted EPS | 0.16 | 0.13 | -0.17 |
| Diluted EPS YoY | unavailable | −18.6% | −232.5% |
| net % | 2.1% | 1.7% | -2.2% |
| Free cash flow | 14.6 m | 13.6 m | 18.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 59.1 m EUR
- Financial debt
- 66.6 m EUR
- Net debt
- 7.5 m EUR
- Equity
- 127.0 m EUR
- Total assets
- 439.5 m EUR
- Debt / equity
- 0.52x
- Current ratio
- 1.02x
- ROE
- -7.5%
- ROA
- -2.4%
- FCF margin
- 3.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 473.2 m | 452.1 m | 460.6 m | esef· 07 Apr 2026verified |
| Operating income | 21.5 m | 4.7 m | -27.0 k | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 23.7 m | 23.0 m | 22.8 m | esef· 07 Apr 2026verified |
| EBITDA | 45.3 m ≈ | 27.7 m ≈ | 22.8 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 6.0 m | 7.3 m | 8.1 m | esef· 07 Apr 2026verified |
| Pre-tax income | 15.1 m | 7.5 m | -8.8 m | esef· 07 Apr 2026verified |
| Income tax | 3.9 m | -1.8 m | -447.0 k | esef· 07 Apr 2026verified |
| Net income | 9.8 m | 7.9 m | -10.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.16 | 0.13 | -0.17 | esef· 07 Apr 2026verified |
| Dividend per share | 0.08 | 0.05 | 0.04 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 39.4 m | 40.8 m | 59.1 m | esef· 07 Apr 2026verified |
| Inventories | 90.9 m | 86.1 m | 86.7 m | esef· 07 Apr 2026verified |
| Current assets | 187.8 m | 184.3 m | 215.6 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 104.7 m | 100.7 m | 96.1 m | esef· 07 Apr 2026verified |
| Goodwill | 49.8 m | 50.2 m | 49.8 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 26.7 m | 26.3 m | 24.9 m | esef· 07 Apr 2026verified |
| Total assets | 402.2 m | 400.9 m | 439.5 m | esef· 07 Apr 2026verified |
| Short-term debt | 43.5 m | 47.6 m | — | esef· 24 Sept 2025verified |
| Long-term debt | 37.2 m | 39.5 m | 66.6 m | esef· 07 Apr 2026verified |
| Current liabilities | 183.5 m | 193.2 m | 211.3 m | esef· 07 Apr 2026verified |
| Equity | 146.4 m | 139.6 m | 127.0 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 62.5 m | 61.8 m | 59.0 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 26.6 m | 25.1 m | 26.7 m | esef· 07 Apr 2026verified |
| Capex | 12.1 m | 11.5 m | 8.5 m | esef· 07 Apr 2026verified |
| Free cash flow | 14.6 m ≈ | 13.6 m ≈ | 18.2 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -22.7 m | -17.2 m | -16.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | -31.8 m | -5.7 m | 8.5 m | esef· 07 Apr 2026verified |
| Dividends paid | 5.2 m | 3.8 m | 3.1 m | esef· 07 Apr 2026verified |
| Share repurchases | 1.3 m | 5.3 m | 1.3 m | esef· 07 Apr 2026verified |
≈ 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: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 64.3 m EUR
Key indicators
Coverage and freshness
Score by group
- Balance sheet31
- Valuation91
- Quality6
- Returns98
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: 0.54 – 14.89 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)7.40 – 14.89 (Mid 9.85)WACC 6.3% · starting FCFF 25.0 m EUR · terminal value share of EV 81%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA3.02 – 3.39 (Mid 3.14)4 companies used · median multiple 8.4x · quartiles 8.1x – 9.1xASC.MI, AVIO.MI, COM.MI, DLG.MI
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.54 – 0.74 (Mid 0.63)
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
Neutral profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.0% | 0 (vs peers) | 16% |
| Net margin · Quality | -2.2% | 15 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.3x | 56 (vs peers) | 16% |
| Interest coverage · Balance sheet | -0.0x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 3.1x | 83 (vs peers) | 16% |
| FCF yield · Valuation | 28.3% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 6.8% | 97 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 16.8% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality6/100 · 2/3 factors with a value
- Returns98/100 · 2/2 factors with a value
- Valuation91/100 · 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
ELICA S.P.A. (ELC.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 460.6 m EUR in 2025; YoY growth 1.9%; net margin -2.2%; ROE -7.8%; net debt/EBITDA 0.3x.
The estimated value range is 3.02–3.39 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 3.14 EUR, the price of 1.09 EUR leaves a potential of 187.7% (value / price − 1) and a margin of safety of 65.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/EBITDA: 3.1x
- FCF yield: 28.3%
- Shareholder yield (distributions): 6.8%
- Payout ratio (FCF): 16.8%
- The price is below the estimated value range
What contradicts it
- ROIC: -0.0%
- Net margin: -2.2%
- Interest coverage: -0.0x
- Current ratio: 1.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM).
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 ELC.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
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
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
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.