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olivLaw · European equity research

Elica S.p.a. ELC.MI

Italy · Euronext Milan · ISIN IT0003404214 · Vertical: Listed companies from Italy

1.09EUR+0.46% · 1 dayClose 05 Nov 2026

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.

Market cap
64.3 m EUR
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -0.17 · TTM to 31 Dec 2025
E/P (TTM)
-15.48%
TTM to 31 Dec 2025
Dividend yield
3.67%
DPS 12m 0.04
Beta (2y)
0.33
Volatility (1y) 28%
52-week range
1.071.72

Price history

Loading chart…

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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical 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—
Max drawdown (1y)
−37.8%
15 Dec 2025 → 23 Oct 2026
Max drawdown (5y)
−71.0%
03 Jan 2022 → 23 Oct 2026
Compound annual growth (5y)
−21.2%
EURO STOXX 50 +7.5%

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 year202320242025
Revenue473.2 m452.1 m460.6 m
Revenue YoYunavailable−4.5%+1.9%
Net income9.8 m7.9 m-10.0 m
Net income YoYunavailable−19.5%−226.5%
Diluted EPS0.160.13-0.17
Diluted EPS YoYunavailable−18.6%−232.5%
net %2.1%1.7%-2.2%
Free cash flow14.6 m13.6 m18.2 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

Revenue
2023
473.2 m
2024
452.1 m
2025
460.6 m

esef· 07 Apr 2026verified

Operating income
2023
21.5 m
2024
4.7 m
2025
-27.0 k

esef· 07 Apr 2026verified

Depreciation & amortisation
2023
23.7 m
2024
23.0 m
2025
22.8 m

esef· 07 Apr 2026verified

EBITDA
2023
45.3 m ≈
2024
27.7 m ≈
2025
22.8 m ≈

esef· 07 Apr 2026derived

Interest expense
2023
6.0 m
2024
7.3 m
2025
8.1 m

esef· 07 Apr 2026verified

Pre-tax income
2023
15.1 m
2024
7.5 m
2025
-8.8 m

esef· 07 Apr 2026verified

Income tax
2023
3.9 m
2024
-1.8 m
2025
-447.0 k

esef· 07 Apr 2026verified

Net income
2023
9.8 m
2024
7.9 m
2025
-10.0 m

esef· 07 Apr 2026verified

Diluted EPS
2023
0.16
2024
0.13
2025
-0.17

esef· 07 Apr 2026verified

Dividend per share
2023
0.08
2024
0.05
2025
0.04

esef· 07 Apr 2026verified

Balance sheet · EUR

Cash
2023
39.4 m
2024
40.8 m
2025
59.1 m

esef· 07 Apr 2026verified

Inventories
2023
90.9 m
2024
86.1 m
2025
86.7 m

esef· 07 Apr 2026verified

Current assets
2023
187.8 m
2024
184.3 m
2025
215.6 m

esef· 07 Apr 2026verified

Property, plant & equipment, net
2023
104.7 m
2024
100.7 m
2025
96.1 m

esef· 07 Apr 2026verified

Goodwill
2023
49.8 m
2024
50.2 m
2025
49.8 m

esef· 07 Apr 2026verified

Intangibles (excl. goodwill)
2023
26.7 m
2024
26.3 m
2025
24.9 m

esef· 07 Apr 2026verified

Total assets
2023
402.2 m
2024
400.9 m
2025
439.5 m

esef· 07 Apr 2026verified

Short-term debt
2023
43.5 m
2024
47.6 m
2025
—

esef· 24 Sept 2025verified

Long-term debt
2023
37.2 m
2024
39.5 m
2025
66.6 m

esef· 07 Apr 2026verified

Current liabilities
2023
183.5 m
2024
193.2 m
2025
211.3 m

esef· 07 Apr 2026verified

Equity
2023
146.4 m
2024
139.6 m
2025
127.0 m

esef· 07 Apr 2026verified

Shares outstanding at year end
2023
62.5 m
2024
61.8 m
2025
59.0 m

esef· 07 Apr 2026derived

Cash flow · EUR

Operating cash flow
2023
26.6 m
2024
25.1 m
2025
26.7 m

esef· 07 Apr 2026verified

Capex
2023
12.1 m
2024
11.5 m
2025
8.5 m

esef· 07 Apr 2026verified

Free cash flow
2023
14.6 m ≈
2024
13.6 m ≈
2025
18.2 m ≈

esef· 07 Apr 2026derived

Investing cash flow
2023
-22.7 m
2024
-17.2 m
2025
-16.0 m

esef· 07 Apr 2026verified

Financing cash flow
2023
-31.8 m
2024
-5.7 m
2025
8.5 m

esef· 07 Apr 2026verified

Dividends paid
2023
5.2 m
2024
3.8 m
2025
3.1 m

esef· 07 Apr 2026verified

Share repurchases
2023
1.3 m
2024
5.3 m
2025
1.3 m

esef· 07 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
1.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-100.6%
computed by olivLawFY 2025
Net income growth (YoY)
-226.5%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-232.5%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
33.8%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
5.0%
computed by olivLawFY 2025
EBIT margin
-0.0%
computed by olivLawFY 2025
Net margin
-2.2%
computed by olivLawFY 2025
FCF margin
3.9%
computed by olivLawFY 2025

Returns

ROE
-7.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-2.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
-0.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
-0.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
16.8%
computed by olivLawFY 2025

Balance sheet

Net debt
7.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
0.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
0.6x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
-0.0x
computed by olivLawFY 2025

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.6x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
26.7 m EUR
computed by olivLawFY 2025
Capital expenditure
8.5 m EUR
computed by olivLawFY 2025
Free cash flow
18.2 m EUR
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
116.9%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
64.3 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
71.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-15.5%
computed by olivLawFY 2025
P/B
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
3.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBIT
unavailable
insufficient data
EV/Sales
0.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
3.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
28.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
3.7%
computed by olivLawFY 2025
Shareholder yield (distributions)
6.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 52 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.09 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 64.3 m EUR

Key indicators

Market capitalisation
64.3 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
3.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROE
-7.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-2.2%
computed by olivLawFY 2025
Revenue growth (YoY)
1.9%
computed by olivLawFY 2025
Dividend yield
3.7%
computed by olivLawFY 2025

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 07 Apr 2026
verified 84derived 4

Score by group

  • Balance sheet31
  • Valuation91
  • Quality6
  • Returns98

Estimated value range

Low
3.02
EUR per share
Mid
3.14
EUR per share
High
3.39
EUR per share
Price: 1.09 EUR
The price is below the range
Potential to the central value: 187.7% (value / price − 1)
Margin of safety: 65.2% (1 − price / value)
Agreement between methods: low · 3 methods used · 3 independent bases

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 – 9.1x
    ASC.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

FactorValueScoreWeight used
ROIC · Quality-0.0%0 (vs peers)16%
Net margin · Quality-2.2%15 (vs peers)9%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet0.3x56 (vs peers)16%
Interest coverage · Balance sheet-0.0x0 (on a fixed band)9%
Current ratio · Balance sheet1.0x18 (on a fixed band)6%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuation3.1x83 (vs peers)16%
FCF yield · Valuation28.3%100 (on a fixed band)13%
Shareholder yield (distributions) · Returns6.8%97 (on a fixed band)9%
Payout ratio (FCF) · Returns16.8%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

P/E
—
vertical median 18.0x
EV/EBITDA
3.1x
vertical median 8.4x
below median (−62.7%)
P/S
0.1x
vertical median 1.2x
below median (−88.3%)
P/B
0.5x
vertical median 1.2x
below median (−53.8%)
ROE
-7.8%
vertical median 8.6%
below median (−190.6%)
Net margin
-2.2%
vertical median 7.1%
below median (−130.3%)
EBIT margin
-0.0%
vertical median 9.9%
below median (−100.1%)
Revenue YoY
1.9%
vertical median 0.4%
above median (+338.9%)
Net debt/EBITDA
0.3x
vertical median 0.6x
below median (−44.1%)
Dividend yield
3.7%
vertical median 3.5%
above median (+6.1%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
DLG.MIDe' Longhi S.p.a.6.8 bn21.515.4%8.4%+8.7%+24% / +60%
ACE.MIAcea S.p.a.4.6 bn9.618.2%16.6%+0.2%−4% / +73%
DIA.MIDiasorin S.p.a.4.3 bn28.39.2%13.0%+0.8%+31% / −7%
CRL.MICarel Industries S.p.a.2.9 bn39.516.1%11.7%+8.7%+3% / +10%
AMP.MIAmplifon S.p.a.2.7 bn29.98.5%3.8%−0.6%−9% / −58%
ELN.MIEl.en. - S.p.a.1.3 bn30.310.9%7.3%+4.2%+26% / +73%
CMB.MICembre S.p.a.1.3 bn27.020.6%18.9%+6.7%+11% / +108%
COM.MIComer Industries S.p.a.1.3 bn18.612.8%7.1%−23.0%+8% / +64%
DNR.MIIndustrie De Nora S.p.a.1.1 bn13.48.6%9.4%+1.4%−22% / −62%
ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a.969.2 m10.423.5%41.0%+1.8%−5% / −23%
AVIO.MIAvio S.p.a.883.6 m86.82.1%1.8%+21.5%+18% / +291%
CIR.MICir S.p.a. - Compagnie Industriali Riunite783.3 m6.017.1%7.3%+1.6%+4% / +72%
ASC.MIAscopiave S.p.a.646.3 m18.04.2%17.5%+13.4%−8% / +33%
AC5.MIAcinque S.p.a.412.6 m19.64.1%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 m13.111.1%13.7%+9.2%−2% / +12%
CAI.MICairo Communication S.p.a.289.2 m6.48.1%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 m11.718.5%10.2%−1.3%−26% / −32%
ABT.MIAbitare In S.p.a.76.0 m276.00.4%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 m2.811.0%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 m5.210.9%3.8%−2.5%−4% / −10%
AEF.MIAeffe S.p.a.10.1 m0.521.9%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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
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
What moves the 3-year price the most

    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)

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.