olivLaw · European equity research
Gpi S.p.A. GPI.MI
Italy · Euronext Milan · ISIN IT0005221517 · Vertical: Listed companies from Italy
Gpi S.p.A. is an Italian information technology group focused mainly on healthcare, offering medical software, IT services and pharmaceutical logistics automation. The group reported for the first time under European sustainability standards (CSRD/ESRS) for the 2024 financial year, which makes its ESG information more comparable over time.
At the close of 05 Nov 2026, Gpi S.p.A. (GPI.MI) stock was 15.18 EUR (−0.65% on the day), with beta 0.37, 52-week range 13.30–18.46 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)
- 58.0
- strong (55–70)
- Bollinger (20, 2)
- 14.87 – 15.43
- in the upper half of the band · %B 0.55 · band width 3.7%
- SMA 50 / 200
- 14.50 / 15.20
- mixed trend
- MACD (12, 26, 9)
- 0.19 / 0.22
- 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 | +4.0% | −0.6% | +4.6 pp | — |
| 3 months | +11.1% | −4.2% | +15.3 pp | — |
| 6 months | −2.1% | +4.3% | −6.4 pp | — |
| Year to date | −4.9% | +7.5% | −12.4 pp | — |
| 1 year | −10.2% | +9.9% | −20.1 pp | −6.1% |
| 3 years | +90.0% | +49.8% | +40.1 pp | +7.7% |
| 5 years | +20.5% | +42.8% | −22.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2024 |
|---|---|---|---|
| Revenue | 347.0 m | 433.4 m | 509.9 m |
| Revenue YoY | unavailable | +24.9% | +17.7% |
| Net income | 9.7 m | 5.6 m | 104.0 m |
| Net income YoY | unavailable | −42.7% | +1,768.2% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 2.8% | 1.3% | 20.4% |
| Free cash flow | -4.2 m | 21.0 m | 14.9 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 45.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 306.2 m EUR
- Total assets
- 953.9 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.37x
- ROE
- 38.8%
- ROA
- 11.4%
- FCF margin
- 2.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 347.0 m | 433.4 m | 509.9 m | esef· 15 Apr 2025verified |
| Operating income | 20.4 m | 25.6 m | 36.7 m | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 27.2 m | 44.1 m | 53.7 m | esef· 15 Apr 2025verified |
| EBITDA | 47.6 m ≈ | 69.7 m ≈ | 90.4 m ≈ | esef· 15 Apr 2025derived |
| Interest expense | 11.6 m | 22.0 m | 28.7 m | esef· 15 Apr 2025verified |
| Pre-tax income | 11.1 m | 6.3 m | 22.3 m | esef· 15 Apr 2025verified |
| Income tax | 5.4 m | 5.8 m | 7.7 m | esef· 15 Apr 2025verified |
| Net income | 9.7 m | 5.6 m | 104.0 m | esef· 15 Apr 2025verified |
≈ 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 | 177.1 m | 40.8 m | 45.9 m | esef· 15 Apr 2025verified |
| Receivables | 83.7 m | 112.9 m | 129.3 m | esef· 15 Apr 2025verified |
| Inventories | 13.0 m | 14.9 m | 15.4 m | esef· 15 Apr 2025verified |
| Current assets | 443.8 m | 395.5 m | 474.2 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 34.5 m | 48.4 m | 57.7 m | esef· 15 Apr 2025verified |
| Goodwill | 99.9 m | 186.7 m | 192.2 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 121.4 m | 202.2 m | 191.2 m | esef· 15 Apr 2025verified |
| Total assets | 722.5 m | 873.3 m | 953.9 m | esef· 15 Apr 2025verified |
| Accounts payable | 99.2 m | 129.0 m | 147.5 m | esef· 15 Apr 2025verified |
| Current liabilities | 194.9 m | 288.4 m | 346.7 m | esef· 15 Apr 2025verified |
| Total liabilities | 474.0 m | 643.5 m | 647.7 m | esef· 15 Apr 2025verified |
| Equity | 248.6 m | 229.8 m | 306.2 m | esef· 15 Apr 2025verified |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.6 m | 39.8 m | 35.9 m | esef· 15 Apr 2025verified |
| Capex | 9.8 m | 18.8 m | 21.0 m | esef· 15 Apr 2025verified |
| Free cash flow | -4.2 m ≈ | 21.0 m ≈ | 14.9 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -64.9 m | -250.3 m | 14.0 m | esef· 15 Apr 2025verified |
| Financing cash flow | -195.0 m | -74.3 m | -44.8 m | esef· 15 Apr 2025verified |
| Dividends paid | 9.2 m | 14.4 m | 24.5 m | esef· 15 Apr 2025verified |
≈ 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: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
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: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 20.4% | 85 (vs peers) | 23% |
| FCF conversion · Quality | 14.3% | 0 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.4x | 47 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 164.7% | 0 (on a fixed band) | 15% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet19/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality42/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
GPI S.P.A. (GPI.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 509.9 m EUR in 2024; YoY growth 17.7%; net margin 20.4%; ROE 38.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 20.4%
What contradicts it
- FCF conversion: 14.3%
- Interest coverage: 1.3x
- Payout ratio (FCF): 164.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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 GPI.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
Scenarios are not available. input data missing
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
Gpi S.p.A. is an Italian information technology group focused mainly on healthcare, offering medical software, IT services and pharmaceutical logistics automation. The group reported for the first time under European sustainability standards (CSRD/ESRS) for the 2024 financial year, which makes its ESG information more comparable over time.
SWOT
Strengths
- Consolidated position in the healthcare sector, with more than three decades of history and a broad set of recognised ISO certifications.
- Credit rating considered solid by the agency Cerved, which supports access to financing and credibility with public clients.
- Integrated business model combining software, services and automation in a single offering for healthcare clients.
Weaknesses
- Dependence on public clients and administrative budgets can cause delays in collections and volatility in revenues.
- The ESG governance structure is still being defined, and sustainability reporting mechanisms are planned for 2025.
- The complexity of the group, with many companies and different perimeters, may make internal control and integration of new acquisitions harder.
Opportunities
- Rising investment in healthcare digitalisation could open new contracts with hospitals and regional systems.
- European expansion through acquisitions could add clients and products in markets with demand for medical automation.
- CSRD reporting could become a competitive advantage in public tenders that require ESG criteria.
Threats
- Climate risks could disrupt supply chains for electronic components and datacenter services.
- Pressure on public budgets could reduce the value or duration of IT service contracts.
- Competition from specialised providers could limit price increases and margins.
Risks
- Dependence on public clientshigh
Revenues come largely from contracts with public administrations, which may expose the group to payment delays and changes in budget policy.
- Climate and supply risksmedium
Extreme weather could disrupt component and datacenter infrastructure suppliers, with impact on costs and timelines.
- Integration of acquisitionsmedium
The recent inclusion of companies in Switzerland and Germany could generate integration costs and operational difficulties.
- CSRD and ESG compliancemedium
New reporting obligations could expose gaps in the group's ESG data and governance processes, with reputational consequences.
- Healthcare regulationlow
Medical software devices are subject to strict regulation, and changes to the legal framework could require costly adaptations.
Investment thesis
What would need to be true (bull case)
- If demand for healthcare digitalisation holds, the group could benefit from a stable institutional client base and long-term contracts.
- Multiple certifications and a solid credit rating could support winning public tenders and access to financing.
- European expansion through acquisitions could diversify revenues and reduce dependence on a single market.
What would break the thesis
- If public budgets tighten, IT service contracts could be postponed or scaled down, affecting revenues.
- Integrating the new companies could consume resources and delay the realisation of expected synergies.
- Climate and supply risks could raise costs and slow delivery of hardware and infrastructure solutions.
What to watch
- Progress of ESG governance and launch of sustainability reporting mechanisms2025
- Integration of the companies acquired in October 2024 and effects on the consolidation perimeter2025
- Evolution of public-administration contracts and collection timelinesnext 10-K
- Impact of climate risks on the supply chain, as reported in upcoming sustainability disclosures2025
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
Gpi, founded in 1988 by the current chief executive, identified healthcare as its reference market, and the group includes fully consolidated subsidiaries in Italy, Austria, France, Spain, Poland, Chile, the USA and other countries. Activity covers software design and distribution, contact center services, after-sales support and pharmaceutical logistics automation. Gpi declares ISO certifications for quality, information security, service continuity and medical devices, which supports its relations with public and private clients.
The governance structure includes a Board of Directors with four committees and a Board of Statutory Auditors, and the group expanded its consolidation perimeter in 2024 through the acquisition of three Lab Technologies companies in Switzerland and Germany in October 2024. The group also cites a credit rating of A3.1 assigned by Cerved, indicating a solid financial capacity in that agency's view.
The value chain includes suppliers of datacenter infrastructure services and electronic components, while end clients are both public and private institutions, so dependence on public-sector procurement is a central element of the business model.
Segments
Medical software and services
Design, maintenance and distribution of medical software, including software medical devices certified under Regulation (EU) 2017/745, form the historical core of the group. ISO 13485:2016 certification covers the management system for medical device development.
IT services and contact center
The group provides multichannel technical support and contact center services, certified under ISO/IEC 20000-1:2018 and ISO 18295:2017, including for the Azienda Provinciale per i Servizi Sanitari in Trentino. Contact Care Solutions is a pillar of this line.
Automation and pharmaceutical logistics
Distribution of automation systems for medicine logistics complements the software and services offering, strengthening relationships with hospitals and regional health systems.
Market context
The market in which Gpi operates is the digitalisation of health systems and public procurement of IT services, a sector where demand depends largely on regional and national budgets. The 2024 sustainability report points to growing attention to climate risks for supply chains, which could influence component and transport costs.
Expansion through acquisitions in Switzerland, Germany and France suggests a consolidation strategy in Europe, but integrating the new companies could require additional time and resources in the coming years.
Trends
- Digitalisation of healthcaretailwind
Pressure for software and automation solutions in hospitals and regional systems could support demand for the group's products, especially where public modernisation programmes exist.
- CSRD sustainability reportingmixed
New ESRS reporting obligations require data collection and ESG governance effort, which can raise administrative costs but also improve transparency towards investors and clients.
- Climate risks in the supply chainheadwind
Extreme weather events could disrupt suppliers of electronic components and datacenter infrastructure, affecting the availability and cost of materials.
- Acquisitions and European consolidationmixed
Recent acquisitions can widen the product range and geographic presence, but bring the risk of complex integration and margin pressure during the transition period.
Competitive position
Gpi competes with other medical software and healthcare IT service providers, both in Italy and in Europe. The official source provided does not explicitly name competitors, so market shares or direct comparisons cannot be established from this document.
Competitive advantages derived from ISO certifications, the credit rating and the consolidated position in healthcare may differentiate the group, but without information in the source the intensity of competition in each business line remains uncertain.
- European medical software and healthcare IT providers
The source does not name specific competitors; the group operates in the same healthcare software and IT services niche.
- Contact center and support service providers
The contact center and multichannel technical support line is contested by specialised companies, not identified in the source.
- Pharmaceutical logistics automation providers
Medicine distribution automation systems face specialised competitors, unnamed in the document provided.
- IT integrators serving public administrations
Competition for public IT service contracts involves local and national integrators, not detailed in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202310 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Gpi 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.