olivLaw · European equity research
LANDI RENZO S.P.A. LNDR.MI
Italy · Euronext Milan · ISIN IT0005619843 · Vertical: Listed companies from Italy
Landi Renzo is an Italian group active in technologies for gas mobility and in biogas and hydrogen solutions, organized into the Green Transportation and Clean Tech Solutions segments. In fiscal 2022 the Clean Tech Solutions segment grew revenue by 13.2%, to Euro 104.572 migliaia, but margins narrowed and net debt remained significant.
At the close of 05 Nov 2026, LANDI RENZO S.P.A. (LNDR.MI) stock was 0.66 EUR (−2.37% on the day), with beta 0.50, 52-week range 0.60–1.16 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)
- 51.0
- neutral
- Bollinger (20, 2)
- 0.59 – 0.71
- in the upper half of the band · %B 0.58 · band width 18.9%
- SMA 50 / 200
- 0.66 / 0.75
- mixed trend
- 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 | +3.1% | −0.6% | +3.8 pp | — |
| 3 months | +5.4% | −4.2% | +9.6 pp | — |
| 6 months | −14.5% | +4.3% | −18.8 pp | — |
| Year to date | −42.6% | +7.5% | −50.1 pp | — |
| 1 year | −28.2% | +9.9% | −38.1 pp | −6.1% |
| 3 years | −84.0% | +49.8% | −133.8 pp | +7.7% |
| 5 years | −92.4% | +42.8% | −135.2 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 | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 142.5 m | 242.0 m | unavailable |
| Revenue YoY | unavailable | +69.9% | unavailable |
| Net income | -7.7 m | -1.0 m | -14.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.07 | 0.00 | unavailable |
| Diluted EPS YoY | unavailable | −100.0% | unavailable |
| net % | -5.4% | -0.4% | unavailable |
| Free cash flow | 96.0 k | 3.8 m | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 63.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 105.9 m EUR
- Total assets
- 406.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.03x
- ROE
- -17.1%
- ROA
- -3.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 142.5 m | 242.0 m | — | esef· 30 May 2023verified |
| Gross profit | 6.7 m | 12.6 m | — | esef· 30 May 2023verified |
| Operating income | -5.5 m | -3.0 m | — | esef· 30 May 2023verified |
| Interest expense | 3.3 m | 4.3 m | — | esef· 30 May 2023verified |
| Pre-tax income | -11.4 m | 1.7 m | — | esef· 30 May 2023verified |
| Income tax | -3.5 m | 1.2 m | — | esef· 30 May 2023verified |
| Net income | -7.7 m | -1.0 m | -14.3 m | esef· 30 May 2023verified |
| Diluted EPS | 0.07 | 0.00 | — | esef· 30 May 2023verified |
Balance sheet · EUR
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 21.9 m | 28.0 m | 63.0 m | esef· 30 May 2023verified |
| Inventories | 42.0 m | 68.9 m | 76.7 m | esef· 30 May 2023verified |
| Current assets | 112.8 m | 193.1 m | 251.2 m | esef· 30 May 2023verified |
| Property, plant & equipment, net | 13.2 m | 15.0 m | 14.0 m | esef· 30 May 2023verified |
| Goodwill | 30.1 m | 73.3 m | 80.1 m | esef· 30 May 2023verified |
| Total assets | 219.9 m | 343.2 m | 406.6 m | esef· 30 May 2023verified |
| Accounts payable | 53.5 m | 82.9 m | 98.0 m | esef· 30 May 2023verified |
| Current liabilities | 86.9 m | 242.9 m | 245.0 m | esef· 30 May 2023verified |
| Equity | 56.3 m | 60.6 m | 105.9 m | esef· 30 May 2023verified |
Cash flow · EUR
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 6.3 m | 7.0 m | — | esef· 30 May 2023verified |
| Capex | 6.2 m | 3.2 m | — | esef· 30 May 2023verified |
| Free cash flow | 96.0 k ≈ | 3.8 m ≈ | — | esef· 30 May 2023derived |
| Investing cash flow | -11.6 m | -4.5 m | — | esef· 30 May 2023verified |
| Financing cash flow | 8.4 m | 5.6 m | — | esef· 30 May 2023verified |
≈ 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: 3 of at least 6
- score weight coverage: 16.7% 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
17% · 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 · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -5.9% | 8 (vs peers) | 38% |
| 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 | -0.7x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.0x | 19 (on a fixed band) | 25% |
| 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 | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet8/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 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
LANDI RENZO S.P.A. (LNDR.MI). Latest full fiscal year: 2021; data up to 2022-12-31.
Figures computed from the financial statements: revenue 242.0 m EUR in 2021; YoY growth 69.9%; net margin -5.9%; ROE -18.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -5.9%
- Interest coverage: -0.7x
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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 LNDR.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
Landi Renzo is an Italian group active in technologies for gas mobility and in biogas and hydrogen solutions, organized into the Green Transportation and Clean Tech Solutions segments. In fiscal 2022 the Clean Tech Solutions segment grew revenue by 13.2%, to Euro 104.572 migliaia 1, but margins narrowed and net debt remained significant 1.
SWOT
Strengths
- Diversified international footprint, with significant sales in the Americas and Europe, and a consolidated position in biogas 1.
- Order book covering the first half of 2023 for the Clean Tech Solutions segment 1.
- New capital raised through the 2022 share capital increase improved the financial structure 1.
Weaknesses
Opportunities
Risks
- Unmet financial covenantshigh
At 31 December 2022 the covenants on the net debt to EBITDA ratio were not met, and banks granted a temporary waiver; if adjustments prove insufficient, financing could become more expensive.
- High net debthigh
The net financial position remains significant, and executing the investment plan could depend on access to additional financing.
- Supply costs and delaysmedium
A shortage of electronic components and rising prices could reduce margins or delay deliveries, as happened in 2022.
- Receivables from Russia and Ukrainemedium
Provisions for receivables from these countries show exposure to recovery risk and the geopolitical context.
- Recovery of a tax creditlow
A prudential provision was booked for uncertainties over recovering a tax credit at a foreign subsidiary.
Investment thesis
What would need to be true (bull case)
- If demand for gas mobility and biogas keeps growing, the Clean Tech Solutions segment could return to higher margins once current prices are reflected in new contracts.
- The 2022 capital increase could support the investment plan in biomethane and hydrogen, segments with growth potential.
- Geographic diversification of sales reduces dependence on a single market.
What would break the thesis
- If cost pressure does not ease, margins could remain below earlier levels.
- Net debt and unmet covenants could limit the group's financial flexibility.
- Supply delays could continue to weigh on order execution.
What to watch
- Compliance with financial covenants after the waiver agreed with banks30 June 2023
- Trend in adjusted EBITDA margin of the Clean Tech Solutions segment2023
- Progress of the 2022-2025 industrial plan in biomethane and hydrogen2023
- Status of the tax credit recovery and of receivables from Russia and Ukrainenext 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 group designs and manufactures components and systems for fuelling vehicles with natural gas and LPG, as well as solutions for biogas and biomethane production and distribution. Since 2021 the group has expanded through full consolidation of the SAFE&CEC and Metatron groups, and Idro Meccanica S.r.l. was consolidated in January 2022 1. Operations are organized into two segments, Green Transportation and Clean Tech Solutions 1.
Segments
Clean Tech Solutions
In 2022 the segment booked revenue of Euro 104.572 migliaia, with adjusted EBITDA of Euro 5.986 migliaia, down because material and logistics cost increases were not passed on to customers 1. Demand for gas mobility and biogas was the main driver of growth, and orders cover the first half of 2023 1.
Green Transportation
The segment covers gas vehicle components and is the group's largest contributor to net debt, with an adjusted net financial position attributable of Euro 68.511 migliaia at the end of 2022 1. Its results are reported separately in the annual report and were affected by non-recurring provisions 1.
Market context
Trends
- Rising demand for gas mobilitytailwind
Several countries are extending gas distribution networks for vehicles, which supports volumes in the Clean Tech Solutions segment 1.
- Expansion of biogas and biomethanetailwind
Biogas orders contributed to results in the Americas and Europe, and the industrial plan targets faster-growing segments such as biomethane and hydrogen 1.
- Cost and supply chain pressureheadwind
Material and logistics costs were not fully passed on to customers, and a shortage of electronic components delayed some orders 1.
- Financial structure and bank covenantsmixed
Financial covenants were not met at 31 December 2022, part of bank debt was reclassified as short term, and share capital was increased 1. The longer-term effect depends on execution of the 2022-2025 industrial plan 1.
Competitive position
The market for gas mobility and biogas equipment is fragmented, with European, American and Asian producers competing for projects. The annual report does not explicitly name the group's competitors, so the assessment of its competitive position rests mainly on its geographic sales mix 1.
- Competitors not named in the source
The annual report does not name competitors; the competitive analysis is limited to general statements about the market.
News & filings
In the press
- 🇷🇺 ❌ 🇺🇦 — An Iskander-M ballistic missile warhead failed to detonate after landi…Telegram — Intel Slava Z (pro-RU OSINT EN) · 24 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202230 May 2023
- Annual report 202130 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / LANDI RENZO S.P.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.