olivLaw · European equity research
IMMSI S.p.A. IMS.MI
Italy · Euronext Milan · ISIN IT0001413837 · Vertical: Listed companies from Italy
IMMSI S.p.A. is an Italian holding company that controls the Piaggio group, one of Europe's major producers of scooters and motorcycles, and the naval subsidiary Intermarine. The group remains exposed to a large number of disputes, some involving sums in the millions of euros, and fiscal 2025 was marked by a decline in Piaggio's consolidated revenue compared with the prior year, amid geopolitical conflicts and cost pressure.
At the close of 05 Nov 2026, IMMSI S.p.A. (IMS.MI) stock was 0.54 EUR (−0.74% on the day), with beta 0.50, 52-week range 0.45–0.58 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)
- 56.0
- strong (55–70)
- Bollinger (20, 2)
- 0.51 – 0.55
- in the upper half of the band · %B 0.73 · band width 7.8%
- SMA 50 / 200
- 0.52 / 0.52
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 0.00
- 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 | +1.7% | −0.6% | +2.4 pp | — |
| 3 months | +2.5% | −4.2% | +6.7 pp | — |
| 6 months | +10.7% | +4.3% | +6.4 pp | — |
| Year to date | −2.5% | +7.5% | −10.1 pp | — |
| 1 year | −2.4% | +9.9% | −12.3 pp | −6.1% |
| 3 years | +16.0% | +49.8% | −33.8 pp | +7.7% |
| 5 years | +3.1% | +42.8% | −39.7 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 | 2.0 bn | 1.7 bn | 1.6 bn |
| Revenue YoY | unavailable | −13.1% | −8.9% |
| Net income | 19.1 m | 6.0 m | 98.0 k |
| Net income YoY | unavailable | −68.4% | −98.4% |
| Diluted EPS | 0.06 | 0.02 | 0.00 |
| Diluted EPS YoY | unavailable | −67.9% | −100.0% |
| net % | 0.9% | 0.3% | 0.0% |
| Free cash flow | 81.2 m | 23.9 m | 66.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 156.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 350.5 m EUR
- Total assets
- 2.2 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.63x
- ROE
- 0.0%
- ROA
- 0.0%
- FCF margin
- 4.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.0 bn | 1.7 bn | 1.6 bn | esef· 15 Apr 2026verified |
| Operating income | 160.8 m | 129.3 m | 99.9 m | esef· 15 Apr 2026verified |
| Interest expense | 96.5 m | 95.4 m | 96.5 m | esef· 15 Apr 2026verified |
| Pre-tax income | 90.9 m | 52.5 m | 26.7 m | esef· 15 Apr 2026verified |
| Income tax | 36.0 m | 22.9 m | 16.0 m | esef· 15 Apr 2026verified |
| Net income | 19.1 m | 6.0 m | 98.0 k | esef· 15 Apr 2026verified |
| Diluted EPS | 0.06 | 0.02 | 0.00 | esef· 15 Apr 2026verified |
| Weighted average diluted shares | — | — | 340.5 m | esef· 15 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 196.1 m | 158.8 m | 156.3 m | esef· 15 Apr 2026verified |
| Receivables | 127.9 m | 135.1 m | 141.2 m | esef· 15 Apr 2026verified |
| Inventories | 439.7 m | 429.1 m | 377.2 m | esef· 15 Apr 2026verified |
| Current assets | 797.5 m | 747.4 m | 693.3 m | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 376.1 m | 417.6 m | — | esef· 15 Apr 2025verified |
| Total assets | 2.3 bn | 2.3 bn | 2.2 bn | esef· 15 Apr 2026verified |
| Current liabilities | 1.2 bn | 1.2 bn | 1.1 bn | esef· 15 Apr 2026verified |
| Equity | 395.3 m | 385.4 m | 350.5 m | esef· 15 Apr 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 149.1 m | 113.9 m | 144.2 m | esef· 15 Apr 2026verified |
| Capex | 68.0 m | 90.0 m | 77.5 m | esef· 15 Apr 2026verified |
| Free cash flow | 81.2 m ≈ | 23.9 m ≈ | 66.8 m ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | -169.8 m | -179.4 m | -147.6 m | esef· 15 Apr 2026verified |
| Financing cash flow | -43.8 m | 26.6 m | 16.5 m | esef· 15 Apr 2026verified |
| Dividends paid | 18.4 m | 11.9 m | 4.1 m | esef· 15 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: 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
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 · the base of the ratio is not positive
- 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 | 0.0% | 23 (vs peers) | 23% |
| FCF conversion · Quality | 68,127.6% | 100 (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 | 1.0x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.6x | 0 (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 | 6.1% | 100 (on a fixed band) | 15% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality62/100 · 2/3 factors with a value
- Returns· partial100/100 · 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
IMMSI S.P.A. (IMS.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.6 bn EUR in 2025; YoY growth -8.9%; net margin 0.0%; ROE 0.0%.
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
- FCF conversion: 68,127.6%
- Payout ratio (FCF): 6.1%
What contradicts it
- Net margin: 0.0%
- Interest coverage: 1.0x
- Current ratio: 0.6x
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 IMS.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
IMMSI S.p.A. is an Italian holding company that controls the Piaggio group, one of Europe's major producers of scooters and motorcycles, and the naval subsidiary Intermarine. The group remains exposed to a large number of disputes, some involving sums in the millions of euros, and fiscal 2025 was marked by a decline in Piaggio's consolidated revenue compared with the prior year, amid geopolitical conflicts and cost pressure 1.
SWOT
Strengths
- The group has a strong brand in the scooter segment, its own research and development centres, and a recognised technological position in minehunters 1.
- Geographic diversification of sales and purchases limits direct exposure to conflicts in certain regions 1.
- Piaggio applies a quality control system certified to ISO 9001 and manages risks through specific insurance cover 1.
Weaknesses
- Piaggio's consolidated revenue declined in the period under review compared with the prior year 1.
- The group faces numerous significant disputes, some involving large sums, which could affect results if cases are lost 1.
- Naval activity depends on individual orders, and the fast ferry segment has been hit by shipowners' preference for repairs 1.
Opportunities
Risks
- High-value litigationhigh
The group is a party to several proceedings involving significant sums, including disputes with former suppliers and dealers, and an unfavourable ruling could affect results 1.
- International tax disputesmedium
There are tax challenges in India and Indonesia linked to transfer pricing and import duties, some at advanced stages 1.
- Exposure to geopolitical conflictsmedium
Current conflicts and tensions in the Taiwan region could cause supply chain disruptions and additional costs 1.
- Emissions regulationmedium
Changes to emissions and safety rules could require costly investment in products and plants 1.
- Product and reputational risklow
Product defects or recall campaigns could generate costs and undermine customer confidence 1.
Investment thesis
What would need to be true (bull case)
- If geographic diversification and electrification investments deliver results, the group could recover the volumes lost in 2025.
- If PNRR funds and resumed tenders translate into orders, the naval division could strengthen its revenue.
- If the major disputes are resolved favourably, pressure on the balance sheet could ease considerably.
What would break the thesis
- If the decline in Piaggio's revenue continues, margins could remain under pressure.
- If disputes end in unfavourable rulings, costs could rise by considerable amounts.
- If geopolitical conflicts and logistics costs persist, the group's profitability could be affected.
What to watch
- Trend in Piaggio's consolidated revenue and guidance for the following year2026
- Decision of the Florence Court of Appeal on the amounts owed by Piaggio in the Da Lio case2026
- Outcome of the tax challenges in India and Indonesianext 10-K
- New orders for the Intermarine division from fast ferry tenders and defence vessels2026
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
According to the annual report for the year ended 31 December 2025, IMMSI is the holding company of the Immsi group, which includes the two-wheeler business (the Piaggio group) and the naval sector (Intermarine S.p.A.) 1. The Piaggio group operates through industrial plants in Italy, India, Vietnam and Indonesia and diversifies its sales and purchases internationally, with a focus on Asian markets 1. Because of this structure, consolidated results depend both on the automotive cycle and on naval and defence orders 1.
Segments
Two-wheelers (Piaggio group)
Piaggio produces scooters, motorcycles and light commercial vehicles, with research and development centres in Pontedera, Noale and Pasadena, and consolidated revenue in 2025 declined compared with 2024 1. The company invests in electrification and future mobility solutions, including through Piaggio Fast Forward in Boston 1.
Naval and defence (Intermarine)
Intermarine builds vessels, including minehunters and fast ferries, and according to management enjoys a technological advantage in the minehunter segment 1. Activity in fast ferries could recover if private shipowners and tender calls generate new requests for offers 1.
Market context
The two-wheeler market is shaped by the economic cycle, energy and raw material costs, and regulation on emissions and safety 1. Current conflicts in several regions have raised transport costs on some trade routes, and the group says its direct exposure is limited through geographic diversification 1.
Trends
- Geopolitical tensions and logistics costsheadwind
Conflicts in various regions have increased energy, raw material and transport costs, and tensions between China and Taiwan could have significant consequences for the Asia-Pacific region 1.
- Emissions and safety regulationmixed
Regulatory changes on emissions, noise and safety could force manufacturers to invest in renewing their ranges, but the group anticipates such restrictions through its own research 1.
- Electrification and new mobilitytailwind
Vehicle electrification and future mobility solutions are areas where Piaggio concentrates its research, with strategic partnerships 1.
- Renewal of naval fleetstailwind
Shipowners could use financial resources available under the PNRR to renew their fleets, which would support demand for Intermarine 1.
Competitive position
In the two-wheeler segment, competition comes from manufacturers that can offer cheaper products or better technologies, and Piaggio responds with quality, efficiency and regional presence 1. In naval activity, Intermarine competes in technological niches, while in fast ferries shipowners often prefer repairing existing vessels to ordering new ones 1.
- Asian scooter and motorcycle manufacturers
Competitors that can offer products at more competitive prices and that are present in the same Asian markets as Piaggio, consistent with the risks described by the group 1.
- European two-wheeler manufacturers
European competitors targeting the same consumer segments and able to innovate quickly, according to the group's assessment 1.
- Shipyards and defence vessel builders
Competitors active in minehunters and defence vessels, where Intermarine claims a technological advantage 1.
- Fast ferry builders
Competitors bidding for the same tenders and orders from private shipowners, in a market that is recovering 1.
News & filings
In the press
- Un scuter Ciao Piaggio a fost recuperat după 45 de ani, în stare de funcționare: Proprietarul l-a recunoscut imediatLibertatea.ro · 08 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / IMMSI 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.