olivLaw · European equity research
Italmobiliare S.p.A. ITM.MI
Italy · Euronext Milan · ISIN IT0005253205 · Vertical: Listed companies from Italy
Italmobiliare is an Italian investment holding founded in 1946 and listed on the Borsa di Milano since 1980, holding a diversified portfolio of stakes in industry, services and financial investments. At 31 December 2025 its Net Asset Value stood at 2304.9 million euro, and consolidated revenue at 773.4 million euro, so the performance of the portfolio is the main factor to follow.
At the close of 05 Nov 2026, Italmobiliare S.p.A. (ITM.MI) stock was 25.05 EUR (+0.00% on the day), with market capitalisation 1.1 bn EUR, P/E 11.3 on diluted EPS of 2.22 EUR over the last 12 months, dividend yield 3.59%, beta 0.82, 52-week range 24.35–32.15 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)
- 52.3
- neutral
- Bollinger (20, 2)
- 24.30 – 25.15
- in the upper half of the band · %B 0.88 · band width 3.4%
- SMA 50 / 200
- 25.14 / 27.20
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.13
- 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 | −0.6% | −0.6% | +0.1 pp | — |
| 3 months | −4.6% | −4.2% | −0.4 pp | — |
| 6 months | −12.1% | +4.3% | −16.4 pp | — |
| Year to date | −8.4% | +7.5% | −15.9 pp | — |
| 1 year | −22.1% | +9.9% | −32.0 pp | −6.1% |
| 3 years | +3.1% | +49.8% | −46.8 pp | +7.7% |
| 5 years | −20.2% | +42.8% | −63.0 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.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 11.7, median 14.6, max 17.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | 585.8 m | 701.4 m | 773.4 m |
| Revenue YoY | unavailable | unavailable | +19.7% | +10.3% |
| Net income | unavailable | 66.6 m | 93.6 m | 55.7 m |
| Net income YoY | unavailable | unavailable | +40.6% | −40.5% |
| Diluted EPS | unavailable | 1.58 | 2.22 | unavailable |
| Diluted EPS YoY | unavailable | unavailable | +40.6% | unavailable |
| net % | unavailable | 11.4% | 13.4% | 7.2% |
| Free cash flow | unavailable | 5.2 m | -43.8 m | -49.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 143.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.7 bn EUR
- Total assets
- 2.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.63x
- ROE
- 3.3%
- ROA
- 2.2%
- FCF margin
- -6.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | — | 585.8 m | 701.4 m | 773.4 m | esef· 07 Apr 2026verified |
| Operating income | — | 56.1 m | 107.4 m | 84.4 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | — | 37.4 m | 46.4 m | 55.3 m | esef· 07 Apr 2026verified |
| EBITDA | — | 93.5 m ≈ | 153.8 m ≈ | 139.7 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | — | 10.5 m | 12.8 m | 11.6 m | esef· 07 Apr 2026verified |
| Pre-tax income | — | 104.0 m | 127.6 m | 77.1 m | esef· 07 Apr 2026verified |
| Income tax | — | 19.3 m | 20.2 m | 10.4 m | esef· 07 Apr 2026verified |
| Net income | — | 66.6 m | 93.6 m | 55.7 m | esef· 07 Apr 2026verified |
| Diluted EPS | — | 1.58 | 2.22 | — | esef· 15 Apr 2025verified |
| Dividend per share | 700.00 | 0.99 | 3.00 | 0.90 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2021 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 121.9 m | 138.1 m | 143.7 m | esef· 07 Apr 2026verified |
| Receivables | — | — | 340.8 m | 428.4 m | esef· 07 Apr 2026verified |
| Inventories | — | 49.7 m | 116.7 m | 118.4 m | esef· 07 Apr 2026verified |
| Current assets | — | 651.8 m | 843.3 m | 884.4 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | — | 276.5 m | 335.1 m | 365.6 m | esef· 07 Apr 2026verified |
| Goodwill | — | 288.0 m | 291.5 m | 291.3 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 329.2 m | 327.8 m | 328.2 m | esef· 07 Apr 2026verified |
| Total assets | — | 2.2 bn | 2.4 bn | 2.5 bn | esef· 07 Apr 2026verified |
| Current liabilities | — | 310.5 m | 510.0 m | 543.5 m | esef· 07 Apr 2026verified |
| Total liabilities | — | 547.7 m | 743.3 m | 844.0 m | esef· 07 Apr 2026verified |
| Equity | — | 1.7 bn | 1.7 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | — | 42.3 m | 42.3 m | — | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2021 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | — | 71.5 m | 18.2 m | 19.4 m | esef· 07 Apr 2026verified |
| Capex | — | 66.3 m | 62.0 m | 69.2 m | esef· 07 Apr 2026verified |
| Free cash flow | — | 5.2 m ≈ | -43.8 m ≈ | -49.8 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | — | -42.3 m | 3.3 m | -24.7 m | esef· 07 Apr 2026verified |
| Financing cash flow | — | -8.1 m | -2.7 m | 12.8 m | esef· 07 Apr 2026verified |
| Dividends paid | — | 41.9 m | 147.3 m | 47.3 m | esef· 07 Apr 2026verified |
| Share repurchases | — | — | — | 6.1 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 weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn EUR
Key indicators
Coverage and freshness
Score by group
48% · 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: 8.29 – 30.13 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)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/E8.29 – 30.13 (Mid 17.48)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI
- Dividend discount (DDM)12.24 – 16.69 (Mid 14.12)
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: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.2% | 54 (vs peers) | 13% |
| FCF conversion · Quality | -89.3% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.3x | 89 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.6x | 69 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 19.0x | 41 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -4.7% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 5.0% | 72 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet81/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality27/100 · 2/3 factors with a value
- Returns· partial72/100 · 1/2 factors with a value
- Valuation23/100 · 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
ITALMOBILIARE SOCIETA' PER AZIONI O IN FORMA ABBREVIATA ITALMOBILIARE SPA (ITM.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 773.4 m EUR in 2025; YoY growth 10.3%; net margin 7.2%; ROE 3.7%.
The estimated value range is 10.27–23.41 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 15.80 EUR, the price of 25.05 EUR leaves a potential of -36.9% (value / price − 1) and a margin of safety of -58.5% (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 (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 7.3x
- Shareholder yield (distributions): 5.0%
What contradicts it
- FCF conversion: -89.3%
- FCF yield: -4.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| ITM.MIItalmobiliare Societa' Per Azioni O In Forma Abbreviata Italmobiliare Spa | 1.1 bn | 19.0 | 3.7% | 7.2% | +10.3% | −11% / −2% |
| 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 ITM.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 | 15.67 Total return -36% · Per year -36% | 27.62 Total return 13% · Per year 13% | 41.51 Total return 69% · Per year 69% |
| 3 years | 17.02 Total return -26% · Per year -10% | 33.59 Total return 42% · Per year 12% | 55.15 Total return 130% · Per year 32% |
| 5 years | 18.49 Total return -16% · Per year -4% | 40.84 Total return 78% · Per year 12% | 73.28 Total return 212% · Per year 26% |
- Exit P/E± 8.40
- Net margin± 5.88
- Annual revenue growth± 4.57
- Annual dilution± 0.49
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
Italmobiliare is an Italian investment holding founded in 1946 and listed on the Borsa di Milano since 1980, holding a diversified portfolio of stakes in industry, services and financial investments. At 31 December 2025 its Net Asset Value stood at 2304.9 million euro 1, and consolidated revenue at 773.4 million euro 1, so the performance of the portfolio is the main factor to follow.
SWOT
Strengths
- Diversified portfolio of stakes across several sectors, with a history of more than a century 1.
- Integration of ESG criteria across all investment stages, which may support access to investors interested in sustainability 1.
- Presence on the boards of portfolio companies gives influence over their strategy 1.
Weaknesses
Opportunities
- Development of private equity and private credit funds may open access to new sectors and regions 1.
- The transition to a low-carbon economy may create opportunities for companies investing in clean technologies 1.
- International expansion of portfolio companies could reduce dependence on local markets 1.
Risks
- Seasonality and weather conditionsmedium
Some portfolio companies depend on seasonal demand and weather conditions, which can affect revenue in certain periods 1.
- Reduced demand for single-serve capsulesmedium
Growing sensitivity of distributors and consumers to carbon impact could reduce demand for single-serve products 1.
- Decarbonisation costsmedium
Suppliers moving to low-emission technologies may raise the cost of equipment and packaging purchases 1.
- Physical climate riskslow
Extreme weather events in growing areas may affect production and supply 1.
- Portfolio concentrationhigh
If a few large companies underperform, the total value of the group could be significantly affected 1.
Investment thesis
What would need to be true (bull case)
- If portfolio companies continue to grow in value, the group's Net Asset Value could develop favourably 1.
- Diversification across sectors and regions may reduce overall risk and support long-term revenue 1.
- Integrating sustainability into investments could attract capital from investors focused on ESG criteria 1.
What would break the thesis
- If a few important stakes run into difficulties, group value could fall more than the portfolio average 1.
- Decarbonisation costs and packaging requirements could compress margins at some portfolio companies 1.
- The complex structure of the portfolio may make a clear and consistent valuation of the group difficult 1.
What to watch
- Evolution of Net Asset Value and consolidated revenue2026
- Disposals and new acquisitions within the portfolio2026
- Impact of decarbonisation costs on producing portfolio companies2027
- Dividend proposed by the board of directors to the Shareholders' Meeting2026
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
Italmobiliare works as an investment holding: it manages a portfolio of stakes in a few controlled, associated and non-controlled companies, with a medium to long-term investment horizon 1. The group had 1871 employees on a consolidated basis 1, while the Italian parent company had 46 1. The company applies a Responsible Investment Policy that integrates ESG criteria across all investment stages and excludes sectors such as weapons, coal, oil and gas, tobacco or gambling 1.
The structure of the business follows the components of Net Asset Value: portfolio companies make up the largest part, Private Equity and alternative funds a smaller part, and the rest consists of other stakes and liquidity 1. The holding aims to allocate financial resources selectively, pursuing both financial performance for shareholders and shared value creation over the long term 1.
The 2025 annual report describes the business model through the economic value generated and distributed to various stakeholders such as suppliers, personnel, shareholders and communities 1. This shows how value created is split between operating costs, wages and dividends 1.
Segments
Portfolio Companies
The largest part of NAV, 69%, comes from portfolio companies that are controlled or hold significant stakes 1. These include Caffè Borbone, with a 60% stake, a specialist in compatible capsules and coffee 1, Tecnica Group, with a 40% stake, a leader in outdoor footwear and ski equipment 1, and Iseo, with a 39.245% stake, active in locks and security 1.
Private Equity and alternative funds
About 12% of NAV is invested in Private Equity and alternative funds, aiming to access opportunities in regions or sectors not held directly 1. Clessidra, controlled by the group, manages private equity, private credit and factoring funds, and many companies in these funds are included in the group's carbon footprint 1.
Market context
Italmobiliare operates in the holding investment market, where value depends on the performance of portfolio companies and on the ability to make suitable acquisitions and disposals 1. Group revenue of 773.4 million euro is mainly generated by consolidated operating companies 1.
The market in which the holding moves is influenced by economic conditions in Italy and abroad, by the industrial sectors in the portfolio and by access to financing 1. The report notes that the group pursues geographic and product diversification to reduce dependence on a single economic environment 1.
Trends
- Transition to a low-carbon economymixed
Pressure to decarbonise may reduce demand for some products, such as single-serve coffee, but can also stimulate investment in greener technologies and packaging 1. The group responds with supply contracts tied to decarbonisation projects 1.
- Sustainability and ESG reportingtailwind
The European sustainability reporting standards (ESRS) are becoming more important for investors and for the group's strategic planning 1. Integrating ESG criteria into investments may attract investors who look for responsible practices 1.
- Physical climate risksheadwind
Extreme weather events may affect plantations and supply chains of some portfolio companies, with impact on costs and continuity of activity 1.
- Portfolio diversificationtailwind
Expansion into different brands and markets could reduce sensitivity to seasonality or to a single economic environment, if the diversification strategy succeeds 1.
Competitive position
Italmobiliare does not compete directly on a single product, since it is a holding with several stakes in different sectors 1. The relevant comparison is with other investment holdings and private equity funds managing diversified portfolios and pursuing long-term value creation 1.
In each portfolio sector companies face specific competitors, such as capsule coffee producers or sports footwear makers, and the group's position depends on the strength of each company 1. The holding's advantage lies in access to managerial experience and to its network on boards of directors 1.
- European investment holdings with diversified portfolios
Holding companies combining industrial stakes and financial investments, with similar long-term value creation goals 1.
- Private equity funds
Funds investing in unlisted companies, with strategies similar to the group's Private Equity segment 1.
- Capsule coffee producers
Competitors of Caffè Borbone in the market for coffee compatible with single-serve machines 1.
- Sports footwear makers
Competitors of Tecnica Group in outdoor footwear and ski equipment 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 / Italmobiliare 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.