olivLaw · European equity research
Eurotech S.p.A. ETH.MI
Italy · Euronext Milan · ISIN IT0003895668 · Vertical: Listed companies from Italy
Eurotech develops embedded computing and IoT systems and solutions for industrial, transport and infrastructure applications. In fiscal 2025 total revenue fell to 55,377 thousand EUR, and the group still posted a net loss while it reorganises its structure and strengthens its capital.
At the close of 05 Nov 2026, Eurotech S.p.A. (ETH.MI) stock was 1.16 EUR (−0.86% on the day), with market capitalisation 42.8 k EUR, beta 0.73, 52-week range 0.83–1.45 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)
- 36.8
- weak (30–45)
- Bollinger (20, 2)
- 1.14 – 1.29
- in the lower half of the band · %B 0.10 · band width 12.2%
- SMA 50 / 200
- 1.25 / 1.12
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.02
- 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 | −13.8% | +0.4% | −14.2 pp | — |
| 3 months | −4.1% | −3.3% | −0.9 pp | — |
| 6 months | +28.8% | +4.0% | +24.9 pp | — |
| Year to date | +12.9% | +8.1% | +4.8 pp | — |
| 1 year | +26.6% | +10.7% | +15.9 pp | −6.1% |
| 3 years | −43.0% | +50.1% | −93.0 pp | +7.7% |
| 5 years | −77.3% | +43.6% | −120.9 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 | 93.8 m | 59.1 m | 55.4 m |
| Revenue YoY | unavailable | −36.9% | −6.4% |
| Net income | -3.1 m | -36.2 m | -9.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -88.00 | -1,025.00 | -251.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -3.3% | -61.1% | -16.7% |
| Free cash flow | 1.5 m | 2.0 m | -184.0 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.5 m EUR
- Financial debt
- 11.6 m EUR
- Net debt
- 5.1 m EUR
- Equity
- 52.7 m EUR
- Total assets
- 99.6 m EUR
- Debt / equity
- 0.22x
- Current ratio
- 1.15x
- ROE
- -16.4%
- ROA
- -8.8%
- FCF margin
- -0.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 93.8 m | 59.1 m | 55.4 m | esef· 07 Apr 2026verified |
| Operating income | -2.4 m | -32.3 m | -8.6 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 5.6 m | 4.4 m | 5.2 m | esef· 07 Apr 2026verified |
| EBITDA | 3.2 m ≈ | -27.8 m ≈ | -3.3 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 2.6 m | 2.6 m | 1.7 m | esef· 07 Apr 2026verified |
| Pre-tax income | -1.7 m | -32.6 m | -9.2 m | esef· 07 Apr 2026verified |
| Income tax | 1.5 m | 3.5 m | 83.0 k | esef· 07 Apr 2026verified |
| Net income | -3.1 m | -36.2 m | -9.3 m | esef· 07 Apr 2026verified |
| Diluted EPS | -88.00 | -1,025.00 | -251.00 | 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 | 11.4 m | 6.2 m | 6.5 m | esef· 07 Apr 2026verified |
| Inventories | 21.9 m | 17.1 m | 11.9 m | esef· 07 Apr 2026verified |
| Current assets | 56.8 m | 38.3 m | 34.3 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 7.2 m | 8.4 m | 6.9 m | esef· 07 Apr 2026verified |
| Total assets | 155.5 m | 111.4 m | 99.6 m | esef· 07 Apr 2026verified |
| Long-term debt | 13.5 m | 17.6 m | 11.6 m | esef· 07 Apr 2026verified |
| Current liabilities | 39.3 m | 26.5 m | 29.8 m | esef· 07 Apr 2026verified |
| Total liabilities | 60.2 m | 50.7 m | 46.9 m | esef· 07 Apr 2026verified |
| Equity | 95.3 m | 60.7 m | 52.7 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 35.4 k | 35.3 k | 36.9 k | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.9 m | 4.3 m | 205.0 k | esef· 07 Apr 2026verified |
| Capex | 395.0 k | 2.2 m | 389.0 k | esef· 07 Apr 2026verified |
| Free cash flow | 1.5 m ≈ | 2.0 m ≈ | -184.0 k ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -3.1 m | -5.0 m | -2.1 m | esef· 07 Apr 2026verified |
| Financing cash flow | -2.2 m | -4.2 m | 2.8 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
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 42.8 k EUR
Key indicators
Coverage and freshness
Score by group
35% · 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: 651.22 – 3,792.04 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)651.22 – 3,792.04 (Mid 1,159.16)WACC 4.2% · starting FCFF 1.2 m EUR · terminal value share of EV 89%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/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- 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: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -11.1% | 0 (vs peers) | 29% |
| Net margin · Quality | -16.7% | 5 (vs peers) | 18% |
| 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 | -5.1x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.2x | 29 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -430.1% | 0 (on a fixed band) | 24% |
| 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 sheet12/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality2/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
EUROTECH S.P.A. (ETH.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 55.4 m EUR in 2025; YoY growth -6.4%; net margin -16.7%; ROE -16.4%.
The estimated value range is 651.22–3,792.04 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1,159.16 EUR, the price of 1.16 EUR leaves a potential of 100,000.4% (value / price − 1) and a margin of safety of 99.9% (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 (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- The price is below the estimated value range
What contradicts it
- ROIC: -11.1%
- Net margin: -16.7%
- Interest coverage: -5.1x
- Current ratio: 1.2x
- FCF yield: -430.1%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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. | 6.8 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% |
| 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% |
| BC.MIBrunello Cucinelli S.p.a. | 6.2 m | 0.0 | 26.5% | 75,526.1% | 0.0% | −5% / +15% |
1- and 3-year price returns: for ETH.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
Eurotech develops embedded computing and IoT systems and solutions for industrial, transport and infrastructure applications. In fiscal 2025 total revenue fell to 55,377 thousand EUR 1, and the group still posted a net loss while it reorganises its structure and strengthens its capital 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Liquidity and financinghigh
The group could need additional financing if sales decline or revenue growth is delayed 1.
- Customer concentrationmedium
Losing a major customer could affect revenue and profitability 1.
- Protectionismmedium
Trade policies could raise import costs and reduce margins 1.
- Exchange ratesmedium
Currency and interest rate fluctuations could affect results 1.
- Environmental ruleslow
Rules on electrical and electronic waste could raise disposal costs 1.
Investment thesis
What would need to be true (bull case)
- If the reorganisation and vertical integration deliver the announced effects, operating costs could keep falling relative to revenue.
- Support from the reference shareholder and capital contributions could ease pressure on bank financing.
- If demand in Europe and Japan remains stable, the group could keep a diversified revenue base.
What would break the thesis
- Net losses and lower revenue could persist if the reorganisation does not produce quick results.
- Tariffs and price pressure could erode margins in core segments.
- Dependence on a limited number of customers could amplify the impact of any drop in orders.
What to watch
- Revenue and net result against the multi-year plan2026
- Use of the capital contribution and the Emera commitment2026
- Effect of US tariffs on margins2026
- Personnel cost trend after the reorganisationnext 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 Eurotech group designs and sells embedded computing components, modules, software and integrated systems, together with a services component. Revenue is split between industrial revenue and service revenue, with industrial revenue predominant 1. The company operates internationally, with a significant presence in the European Union and Japan 1.
In 2025 the group continued the vertical integration of its productive activities, which increased intragroup revenue 1. The reorganisation focused on reducing the workforce, and at year end there were 317 employees 1.
The financial structure has been supported by a commitment from the reference shareholder Emera S.r.l. to make capital contributions of up to 12.5 million EUR 1. By 31 December 2025, 7 million EUR had been paid in, and the group stated that these resources support its strategic plans 1.
Market context
Management has flagged that part of demand is tied to industrial and transport sectors that are sensitive to lower consumption, and that geopolitical and trade uncertainty persists 1.
Trends
- Protectionist policiesheadwind
Tariffs imposed by some non-European states, notably the United States, could raise costs and reduce margins if they are not passed on to customers 1.
- Vertical integrationtailwind
Vertical integration of productive activities could reduce reliance on external suppliers and shorten procurement lead times 1.
- Geopolitical tensions and energymixed
Tensions in the Middle East and the conflict in Ukraine could affect energy prices and supply chains, although the direct impact is limited 1.
- Price competitionheadwind
Competitive pressure, especially on embedded boards and modules, has increased and could compress margins on standard products 1.
Competitive position
Eurotech operates in a sector with intense competition, where product quality, technological innovation and customer support matter 1. Price pressure is higher in embedded boards and software and lower in integrated systems 1.
The risk of losing market share arises if the group cannot keep innovating relative to main competitors 1. Customers may also internalise technological activities that the group currently provides 1.
- Embedded computing and IoT providers
The source does not name individual competitors; only the main operators in the market are mentioned 1.
- Embedded board and module makers
Segment where price pressure is highest, according to the report 1.
- Embedded software vendors
Segment where price competition is reported as intense 1.
- Systems integrators
Segment with comparatively lower competitive pressure, per the report 1.
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 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Eurotech S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.