olivLaw · European equity research
Newlat Food S.p.A. NWL.MI
Italy · Euronext Milan · ISIN IT0005385213 · Vertical: Listed companies from Italy
Newlat Food is an Italian food group that produces and distributes consumer food products, with a significant share of sales through the GDO channel. In 2025 the group completed the Princes acquisition and issued bonds, changing its financing structure and portfolio.
At the close of 05 Nov 2026, Newlat Food S.p.A. (NWL.MI) stock was 22.84 EUR (+1.24% on the day), with market capitalisation 1.0 bn EUR, P/E 6.3 on diluted EPS of 3.60 EUR over the last 12 months, beta 0.35, 52-week range 14.86–22.84 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)
- 70.9
- overbought (≥ 70)
- Bollinger (20, 2)
- 19.02 – 23.65
- in the upper half of the band · %B 0.82 · band width 21.7%
- SMA 50 / 200
- 18.87 / 17.67
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.11 / 1.07
- 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 | +27.9% | −0.6% | +28.5 pp | — |
| 3 months | +42.6% | −4.2% | +46.7 pp | — |
| 6 months | +38.8% | +4.3% | +34.5 pp | — |
| Year to date | +18.0% | +7.5% | +10.5 pp | — |
| 1 year | +14.7% | +9.9% | +4.7 pp | −6.1% |
| 3 years | +283.2% | +49.8% | +233.4 pp | +7.7% |
| 5 years | +254.1% | +42.8% | +211.3 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 25 percentile of its own 4-quarter history (min 3.4, median 25.5, max 55.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 555.9 m | 741.1 m | 793.3 m | 1.6 bn |
| Revenue YoY | unavailable | +33.3% | +7.0% | +106.9% |
| Net income | 5.1 m | 6.2 m | 14.3 m | 157.9 m |
| Net income YoY | unavailable | +21.2% | +130.2% | +1,002.5% |
| Diluted EPS | 0.12 | 0.16 | 0.33 | 3.60 |
| Diluted EPS YoY | unavailable | +33.3% | +106.3% | +990.9% |
| net % | 0.9% | 0.8% | 1.8% | 9.6% |
| Free cash flow | 48.3 m | 3.3 m | 39.6 m | 256.4 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 455.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 395.9 m EUR
- Total assets
- 2.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.49x
- ROE
- 55.4%
- ROA
- 10.0%
- FCF margin
- 15.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 555.9 m | 741.1 m | 793.3 m | 1.6 bn | esef· 15 Apr 2025verified |
| Cost of revenue | 440.4 m | 607.7 m | 656.2 m | 1.4 bn | esef· 15 Apr 2025verified |
| Gross profit | 115.4 m | 133.4 m | 137.2 m | 271.4 m | esef· 15 Apr 2025verified |
| Operating income | 17.1 m | 20.1 m | 31.3 m | 197.7 m | esef· 15 Apr 2025verified |
| Interest expense | 8.7 m | 12.3 m | 21.3 m | 42.4 m | esef· 15 Apr 2025verified |
| Pre-tax income | 9.6 m | 9.9 m | 19.7 m | 167.5 m | esef· 15 Apr 2025verified |
| Income tax | 3.3 m | 3.3 m | 4.2 m | 7.2 m | esef· 15 Apr 2025verified |
| Net income | 5.1 m | 6.2 m | 14.3 m | 157.9 m | esef· 15 Apr 2025verified |
| Diluted EPS | 0.12 | 0.16 | 0.33 | 3.60 | esef· 15 Apr 2025verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 384.9 m | 287.8 m | 312.5 m | 455.1 m | esef· 15 Apr 2025verified |
| Inventories | 63.9 m | 85.2 m | 74.1 m | 486.9 m | esef· 15 Apr 2025verified |
| Current assets | 530.6 m | 505.6 m | 508.2 m | 1.5 bn | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 157.4 m | 154.1 m | 164.7 m | 580.4 m | esef· 15 Apr 2025verified |
| Total assets | 834.9 m | 809.1 m | 817.6 m | 2.4 bn | esef· 15 Apr 2025verified |
| Current liabilities | 336.6 m | 292.5 m | 279.2 m | 1.0 bn | esef· 15 Apr 2025verified |
| Equity | 144.5 m | 139.3 m | 174.7 m | 395.9 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 42.8 m | 38.9 m | 43.4 m | 43.9 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 61.2 m | 17.8 m | 62.4 m | 279.5 m | esef· 15 Apr 2025verified |
| Capex | 12.9 m | 14.5 m | 22.8 m | 23.1 m | esef· 15 Apr 2025verified |
| Free cash flow | 48.3 m ≈ | 3.3 m ≈ | 39.6 m ≈ | 256.4 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -77.8 m | -22.1 m | -19.3 m | -261.1 m | esef· 15 Apr 2025verified |
| Financing cash flow | 219.4 m | -79.6 m | -18.5 m | 124.3 m | esef· 15 Apr 2025verified |
| Share repurchases | 15.8 m | 11.7 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
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.0 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
58% · 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: 22.64 – 82.26 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/E22.64 – 82.26 (Mid 47.72)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)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.6% | 67 (vs peers) | 11% |
| FCF conversion · Quality | 162.4% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 43.5% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 210.7% | 100 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.7x | 49 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.5x | 57 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 6.3x | 77 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 25.6% | 100 (on a fixed band) | 14% |
| 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 sheet52/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality83/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation87/100 · 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
NEWLAT FOOD S.P.A. (NWL.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.6 bn EUR in 2024; YoY growth 106.9%; net margin 9.6%; ROE 64.6%.
The estimated value range is 22.64–82.26 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 47.72 EUR, the price of 22.84 EUR leaves a potential of 108.9% (value / price − 1) and a margin of safety of 52.1% (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: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 162.4%
- Revenue CAGR 3Y: 43.5%
- EPS CAGR 3Y: 210.7%
- P/E (TTM): 6.3x
- FCF yield: 25.6%
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, 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% |
| NWL.MINewlat Food S.p.a. | 1.0 bn | 6.3 | 64.6% | 9.6% | +106.9% | +29% / +250% |
| 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 NWL.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 | 14.93 Total return -35% · Per year -35% | 26.27 Total return 15% · Per year 15% | 39.40 Total return 72% · Per year 72% |
| 3 years | 17.70 Total return -22% · Per year -8% | 34.74 Total return 52% · Per year 15% | 56.73 Total return 148% · Per year 35% |
| 5 years | 21.00 Total return -8% · Per year -2% | 45.94 Total return 101% · Per year 15% | 81.70 Total return 258% · Per year 29% |
- Exit P/E± 8.68
- Net margin± 6.08
- Annual revenue growth± 4.53
- Annual dilution± 0.51
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
Newlat Food is an Italian food group that produces and distributes consumer food products, with a significant share of sales through the GDO channel. In 2025 the group completed the Princes acquisition and issued bonds, changing its financing structure and portfolio.
SWOT
Strengths
- The group has a solid position in distribution through the GDO channel and a diversified portfolio after the Princes acquisition 1.
- Access to financing through the bond issue and relations with the banking system gives financial flexibility 1.
- Unique products in the portfolio are described by the company as a factor supporting its market position 1.
Weaknesses
- Strong dependence on a single distribution channel, GDO, makes revenues sensitive to terms negotiated with large customers 1.
- The group structure changed significantly in 2025 through business transfers, which makes historical comparisons harder 1.
- Sustainability reporting is in its first CSRD year, and value chain information is only qualitative 1.
Opportunities
Risks
- Concentration on the GDO channelhigh
Most revenues come from large retailers, and the terms they impose could reduce margins 1.
- External growth strategyhigh
There is a risk of not identifying suitable companies or not having the financial resources needed, and completed acquisitions could generate unexpected costs 1.
- Intense competitionmedium
Competition from private label products and online sales can put pressure on prices 1.
- Interest rate riskmedium
Changes in interest rates affect borrowing costs, and the group had no derivative hedges at the reference dates 1.
- Currency risklow
Transactions in US dollars, pounds sterling and Swiss francs expose the group to exchange rate fluctuations, although no specific hedging policy is applied 1.
Investment thesis
What would need to be true (bull case)
- If the integration of the Princes group succeeds, the broader portfolio and longer-term financing could support revenue growth 1.
- Its position in the GDO channel and unique products could sustain volumes even in a competitive environment 1.
- Industrial efficiency gains could improve margins if structural costs are reduced 1.
What to watch
- Progress of the Princes integration and business transfers2025
- Growth pace of sales through the GDO channel2025
- Evolution of inflationary pressures and margins2025
- How the group reduces its structural costsnext 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
Newlat Food S.p.A. is an Italian food and beverage company with a range of food products for end consumers. The group consolidates several companies, including Centrale del Latte d'Italia and, from August 2024, the Princes group companies 1. Its activity is based on transforming agricultural raw materials and ingredients into food products.
The value chain includes sourcing of agricultural raw materials, milk and fish products, ingredients, packaging and energy, followed by production, distribution to points of sale and final consumption 1. The company reports impacts across the whole value chain, but upstream and downstream information is still mostly qualitative 1.
The group expanded through acquisitions, and external growth remains central, which brings both opportunities and integration risks 1. Events after the close of fiscal 2024 include transfers of business units to Princes Italia and Princes Limited under business lease contracts 1.
Segments
Consumer food (pasta, bakery, special products business units)
These business units were transferred from 1 January 2025 to Princes Italia under a two-year business lease contract, automatically renewable 1. The change affects the group's product portfolio structure.
Milk and dairy products
Centrale del Latte d'Italia and Centrale del Latte di Salerno operate across several Italian plants, so dairy remains an important component of the group 1.
Tuna and vegetable oils (Princes group)
The Princes group, consolidated from August 2024, includes tuna canning and edible oil activities in the United Kingdom, Mauritius and Poland 1.
Market context
The group sells mainly through large retailers (GDO), which generate most of its revenues, making relationships with these chains decisive 1. The food and beverage market in which the company operates is described as highly competitive and dynamic 1.
Internationally the group operates in Italy, the United Kingdom, France, Germany, the Netherlands, Poland and Mauritius 1. Exposure to several currencies and markets makes macroeconomic developments important for results 1.
Competitive position
The food and beverage sector is characterised by high competition, especially from private label producers that sell at lower prices than the group 1. The company states that some unique products allow it to face any level of competition 1.
Competition is also intensifying through online sales and the consolidation of existing operators through mergers and acquisitions 1. The company has chosen to offset this through industrial efficiency and reduced structural costs 1.
- Private label producers
Competitors offering lower prices in similar categories, creating constant price pressure in the GDO channel 1.
- Consolidated large retail operators
Consolidation among GDO operators changes the group's bargaining power with its main customers 1.
- Online retail
Online sales increase price pressure, especially in the GDO channel 1.
- Canned fish and oil market operators
Competition in the tuna and vegetable oil segments where the Princes group is active 1.
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 202230 May 2023
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Newlat Food 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.