olivLaw · European equity research
Moltiply Group S.p.A. MOL.MI
Italy · Euronext Milan · ISIN IT0004195308 · Vertical: Listed companies from Italy
Moltiply Group S.p.A. is an Italian group operating two divisions: Moltiply BPO&Tech, specialised in business process outsourcing and IT services for banks, insurers and leasing companies, and Mavriq, an international player in online comparison and intermediation of products. Its 2025 sustainability reporting shows it is now structuring an ESG Plan with short, medium and long-term objectives, in a context where technological and regulatory pressures are rising.
At the close of 05 Nov 2026, Moltiply Group S.p.A. (MOL.MI) stock was 37.30 EUR (+1.63% on the day), with market capitalisation 1.4 bn EUR, P/E 51.1 on diluted EPS of 0.73 EUR over the last 12 months, dividend yield 0.32%, beta 0.52, 52-week range 28.80–43.10 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)
- 70.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 31.61 – 36.59
- above the upper band · %B 1.14 · band width 14.6%
- SMA 50 / 200
- 33.77 / 34.21
- mixed trend
- MACD (12, 26, 9)
- 0.83 / 0.39
- 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 | +22.1% | −0.6% | +22.7 pp | — |
| 3 months | −4.1% | −4.2% | +0.1 pp | — |
| 6 months | +0.8% | +4.3% | −3.5 pp | — |
| Year to date | +7.5% | +7.5% | −0.0 pp | — |
| 1 year | −15.7% | +9.9% | −25.6 pp | −6.1% |
| 3 years | +34.2% | +49.8% | −15.7 pp | +7.7% |
| 5 years | −14.0% | +42.8% | −56.8 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 100 percentile of its own 2-quarter history (min 33.7, median 40.6, max 47.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 453.6 m | 674.1 m |
| Revenue YoY | unavailable | +48.6% |
| Net income | 41.7 m | 28.6 m |
| Net income YoY | unavailable | −31.5% |
| Diluted EPS | 1.08 | 0.73 |
| Diluted EPS YoY | unavailable | −32.4% |
| net % | 9.2% | 4.2% |
| Free cash flow | 90.5 m | 117.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 140.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 332.8 m EUR
- Total assets
- 1.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.29x
- ROE
- 9.1%
- ROA
- 2.6%
- FCF margin
- 17.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 453.6 m | 674.1 m | esef· 07 Apr 2026verified |
| Operating income | 73.5 m | 103.4 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 49.4 m | 74.0 m | esef· 07 Apr 2026verified |
| EBITDA | 122.8 m ≈ | 177.4 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 16.7 m | 26.2 m | esef· 07 Apr 2026verified |
| Pre-tax income | 59.4 m | 53.5 m | esef· 07 Apr 2026verified |
| Income tax | 15.4 m | 24.1 m | esef· 07 Apr 2026verified |
| Net income | 41.7 m | 28.6 m | esef· 07 Apr 2026verified |
| Diluted EPS | 1.08 | 0.73 | esef· 07 Apr 2026verified |
| Dividend per share | 0.12 | 0.12 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 137.5 m | 140.1 m | esef· 07 Apr 2026verified |
| Receivables | 137.2 m | 186.4 m | esef· 07 Apr 2026verified |
| Current assets | 295.8 m | 413.6 m | esef· 07 Apr 2026verified |
| Total assets | 952.4 m | 1.3 bn | esef· 07 Apr 2026verified |
| Accounts payable | 61.6 m | 88.7 m | esef· 07 Apr 2026verified |
| Current liabilities | 316.3 m | 320.8 m | esef· 07 Apr 2026verified |
| Total liabilities | 656.9 m | 937.8 m | esef· 07 Apr 2026verified |
| Equity | 295.5 m | 332.8 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 37.6 m | 38.1 m | esef· 15 Apr 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 94.7 m | 127.4 m | esef· 07 Apr 2026verified |
| Capex | 4.3 m | 9.5 m | esef· 07 Apr 2026verified |
| Free cash flow | 90.5 m ≈ | 117.9 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -34.1 m | -316.7 m | esef· 07 Apr 2026verified |
| Financing cash flow | -73.3 m | 191.6 m | esef· 07 Apr 2026verified |
| Dividends paid | 4.5 m | 4.5 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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn EUR
Key indicators
Coverage and freshness
Score by group
52% · 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: 4.59 – 16.68 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E4.59 – 16.68 (Mid 9.68)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)outside the aggregate1.63 – 2.23 (Mid 1.88)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.2% | 41 (vs peers) | 12% |
| FCF conversion · Quality | 412.4% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.0x | 38 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.3x | 41 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 51.1x | 9 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.3% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 0.3% | 5 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 3.8% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns43/100 · 2/2 factors with a value
- Valuation49/100 · 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
"MOLTIPLY GROUP S.P.A.", OVVERO, IN BREVE, "MOL GROUP S.P.A." O ANCHE "GRUPPO MOL S.P.A." (MOL.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 674.1 m EUR in 2025; YoY growth 48.6%; net margin 4.2%; ROE 9.2%.
The estimated value range is 4.59–16.68 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9.68 EUR, the price of 37.30 EUR leaves a potential of -74.1% (value / price − 1) and a margin of safety of -285.5% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 412.4%
- FCF yield: 8.3%
- Payout ratio (FCF): 3.8%
What contradicts it
- P/E (TTM): 51.1x
- Shareholder yield (distributions): 0.3%
- 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.
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% |
| MOL.MI"moltiply Group S.p.a.", Ovvero, In Breve, "mol Group S.p.a." O Anche "gruppo Mol S.p.a." | 1.4 bn | 51.1 | 9.2% | 4.2% | +48.6% | −6% / +32% |
| 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% |
1- and 3-year price returns: for MOL.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 | 25.04 Total return -33% · Per year -33% | 44.07 Total return 19% · Per year 19% | 66.11 Total return 78% · Per year 78% |
| 3 years | 29.70 Total return -19% · Per year -7% | 58.28 Total return 58% · Per year 16% | 95.19 Total return 157% · Per year 37% |
| 5 years | 35.23 Total return -4% · Per year -1% | 77.08 Total return 109% · Per year 16% | 137.08 Total return 271% · Per year 30% |
- Exit P/E± 14.57
- Net margin± 10.20
- Annual revenue growth± 7.61
- Annual dilution± 0.86
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
Moltiply Group S.p.A. is an Italian group operating two divisions: Moltiply BPO&Tech, specialised in business process outsourcing and IT services for banks, insurers and leasing companies, and Mavriq, an international player in online comparison and intermediation of products. Its 2025 sustainability reporting shows it is now structuring an ESG Plan with short, medium and long-term objectives, in a context where technological and regulatory pressures are rising.1
SWOT
Strengths
- Two complementary divisions, one in BPO and IT services and one in online comparison, which reduce dependence on a single revenue model.
- Declared position as an important player in BPO and IT for the banking and insurance sector, with emphasis on technological capabilities.
- An ESG Plan approved by the board and an internal control system over sustainability reporting are in place.
Weaknesses
- 2024 and 2025 data are not directly comparable because of the Verivox acquisition, which complicates analysis of trends over time.
- The group has not yet set quantitative objectives in governance and has not formalised a sustainability due diligence process.
- The board does not yet integrate ESG impacts, risks and opportunities into strategy monitoring, and executive pay does not include emission reduction targets.
Opportunities
- Growing demand for sustainable digital services could favour solutions with low environmental impact.
- Developing quantitative ESG objectives, including for employee training, could strengthen the group's reputation.
- Continued digitalisation of financial processes could extend the outsourcing offer to new clients.
Threats
- Rapid technological shifts could make some of the group's solutions less competitive if they are not updated.
- Sustainability regulation and reporting requirements may increase administrative and compliance costs.
- Cyberattacks and outages at IT suppliers could affect service continuity and client data.
Risks
- Technological changehigh
Failing to adapt quickly to new technologies could negatively affect the group's operating results.
- International exposuremedium
Operating across several markets exposes the group to political, fiscal, regulatory and currency changes that could influence results.
- Goodwill impairmentmedium
If cash flows generated fall short of the forecasts used in impairment tests, adjustments to goodwill could become necessary.
- Cybersecurityhigh
Unauthorised access, data loss or disruption caused by cyberattacks could affect operations and client trust.
- Climate-related riskslow
Climate-related risks are addressed in the sustainability report, and rising energy costs could affect operations.
Investment thesis
What would need to be true (bull case)
- The group has two divisions with different roles, which could cushion the impact of weakness in one of them.
- The declared position in BPO and IT for the financial sector could support demand over the medium term.
- The ESG Plan and internal control over sustainability data could improve the credibility of reporting.
What would break the thesis
- The lack of comparability between 2024 and 2025 data, due to the Verivox acquisition, could make it harder to assess real trends.
- Dependence on technology and external providers could expose the group to disruptions and extra costs.
- ESG governance is still developing, with no quantitative objectives and no direct link to executive pay.
What to watch
- Update of quantitative governance objectives and the anti-corruption policy2027
- Evolution of comparable data after the Verivox integrationnext 10-K
- Progress of the ESG Plan on emission reduction objectives2027
- Results of goodwill impairment testsnext 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 has two operating divisions. Moltiply BPO&Tech positions itself as one of the main players in BPO and IT services, supporting the banking, insurance and leasing sectors with advanced, specialised solutions built on technology and outsourcing process optimisation.1 The Mavriq division operates as one of the main international players in online comparison and intermediation, helping consumers make informed choices and save money.1 The sustainability report is prepared by the parent company Moltiply Group S.p.A. for the whole consolidated perimeter.1
The consolidated perimeter matches that of the consolidated financial statements and includes fully consolidated companies; the value chain covers technology and service suppliers, as well as financial institution clients and end users of the comparison platforms.1
The Verivox acquisition is included in the 2025 indicators; 2024 and 2025 data are not directly comparable because of this relevant acquisition, although Verivox operates in the same business.1
Segments
Moltiply BPO&Tech
The division provides process management services to financial institutions, including the handling of mortgage applications, with a focus on IT security and regulatory compliance.1
Mavriq
The division operates in online comparison of banking, insurance, utilities and e-commerce products; revenues come from product providers, while the service carries no extra cost for consumers.1
Market context
The analysed sources describe reference markets only qualitatively: BPO and IT services for the financial sector and online product comparison across several European countries. The source gives no market size or market shares, so any quantitative estimate should be checked in other documents.1
Sustainability regulation (CSRD, ESRS) and transparency requirements shape how the group reports, while demand for low-impact digital services could create additional opportunities.1
Trends
- Technological changeheadwind
The group operates in an environment of continuous technological change; failing to adapt quickly could affect operating results.1
- Digitalisation of financial servicestailwind
Demand for digital services and outsourcing at banks and insurers could support the BPO&Tech division if technology investment is sustained.1
- Sustainability regulationmixed
CSRD and ESRS requirements add reporting and data-collection costs, but may also encourage better ESG management practices.1
- International macro and currency riskheadwind
International activity exposes the group to political, fiscal, regulatory and currency changes that could influence results across several markets.1
Competitive position
The analysed sources do not explicitly name the group's competitors and give no market share comparison. Competition is only described by reference to participation in sector conferences to analyse market and regulatory developments.1
Mavriq competes in online comparison with other intermediation platforms, and BPO&Tech with other banking outsourcing and IT providers; the source does not name these competitors.1
- Unnamed sector competitors met at industry conferences
The source mentions attending sector conferences to analyse competition, without naming companies.
- Other BPO and IT providers for banks
Implied competition in the BPO&Tech division; the source does not identify specific firms.
- Other online comparison platforms
Implied competition for Mavriq; the source does not name specific platforms.
- IT and cloud service providers
Dependence on external providers for hosting and cloud is named as a vulnerability rather than direct competition.
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 202515 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Moltiply Group 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.