olivLaw · European equity research
OVS S.p.A. OVS.MI
Italy · Euronext Milan · ISIN IT0005043507 · Vertical: Listed companies from Italy
OVS is an Italian fashion retailer operating 2,241 stores in its core network and a 59.2% gross margin in fiscal 2025. It is scaling a reconditioning and innovation hub in Bari while the clothing market remains in contraction.
At the close of 05 Nov 2026, OVS S.p.A. (OVS.MI) stock was 6.10 EUR (−0.08% on the day), with market capitalisation 1.5 bn EUR, P/E 32.1 on diluted EPS of 0.19 EUR over the last 12 months, dividend yield 1.80%, beta 0.83, 52-week range 4.26–6.47 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.9
- strong (55–70)
- Bollinger (20, 2)
- 5.61 – 6.15
- in the upper half of the band · %B 0.90 · band width 9.2%
- SMA 50 / 200
- 5.79 / 5.53
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.04 / 0.02
- 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 | +3.5% | −0.6% | +4.1 pp | — |
| 3 months | −5.4% | −4.2% | −1.2 pp | — |
| 6 months | +13.6% | +4.3% | +9.3 pp | — |
| Year to date | +25.5% | +7.5% | +18.0 pp | — |
| 1 year | +41.4% | +9.9% | +31.5 pp | −6.1% |
| 3 years | +254.6% | +49.8% | +204.7 pp | +7.7% |
| 5 years | +123.4% | +42.8% | +80.6 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 3-quarter history (min 11.6, median 16.5, max 25.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 1.6 bn | 1.7 bn | 1.8 bn |
| Revenue YoY | unavailable | +5.7% | +7.0% |
| Net income | 52.3 m | 52.0 m | 48.4 m |
| Net income YoY | unavailable | −0.7% | −6.9% |
| Diluted EPS | 0.19 | 0.21 | 0.19 |
| Diluted EPS YoY | unavailable | +10.5% | −9.5% |
| net % | 3.2% | 3.0% | 2.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 105.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 903.6 m EUR
- Total assets
- 3.0 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.90x
- ROE
- 5.4%
- ROA
- 1.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.6 bn | 1.7 bn | 1.8 bn | esef· 12 May 2026verified |
| Cost of revenue | 665.7 m | 689.1 m | 711.7 m | esef· 12 May 2026verified |
| Gross profit | 965.0 m ≈ | 1.0 bn ≈ | 1.1 bn ≈ | esef· 12 May 2026derived |
| Operating income | 126.9 m | 147.9 m | 192.7 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 232.5 m | 229.1 m | 246.0 m | esef· 12 May 2026verified |
| EBITDA | 359.5 m ≈ | 377.0 m ≈ | 438.7 m ≈ | esef· 12 May 2026derived |
| Interest expense | 59.8 m | 84.7 m | 88.9 m | esef· 12 May 2026verified |
| Pre-tax income | 72.3 m | 77.9 m | 79.1 m | esef· 12 May 2026verified |
| Income tax | 19.9 m | 25.8 m | 29.9 m | esef· 12 May 2026verified |
| Net income | 52.3 m | 52.0 m | 48.4 m | esef· 12 May 2026verified |
| Diluted EPS | 0.19 | 0.21 | 0.19 | esef· 12 May 2026verified |
| Dividend per share | 0.06 | 0.07 | 0.11 | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 105.8 m | 87.7 m | 105.2 m | esef· 12 May 2026verified |
| Inventories | 461.0 m | 486.7 m | 496.5 m | esef· 12 May 2026verified |
| Current assets | 709.6 m | 728.4 m | 733.2 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 293.7 m | 311.3 m | 322.2 m | esef· 12 May 2026verified |
| Goodwill | 297.7 m | 301.1 m | 301.1 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 589.8 m | 587.5 m | 609.5 m | esef· 12 May 2026verified |
| Total assets | 2.8 bn | 2.9 bn | 3.0 bn | esef· 12 May 2026verified |
| Current liabilities | 742.4 m | 779.1 m | 817.4 m | esef· 12 May 2026verified |
| Total liabilities | 1.9 bn | 2.0 bn | 2.1 bn | esef· 12 May 2026verified |
| Equity | 900.9 m | 893.2 m | 903.6 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 271.0 m | 247.4 m | 241.9 m | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 314.3 m | 290.7 m | 317.9 m | esef· 12 May 2026verified |
| Investing cash flow | -94.0 m | -87.1 m | -93.0 m | esef· 12 May 2026verified |
| Financing cash flow | -220.5 m | -221.6 m | -207.3 m | esef· 12 May 2026verified |
| Dividends paid | 16.5 m | 25.3 m | 27.1 m | esef· 12 May 2026verified |
| Share repurchases | 31.4 m | 46.1 m | 12.9 m | esef· 12 May 2026verified |
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: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn EUR
Key indicators
Coverage and freshness
Score by group
33% · 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: 1.20 – 4.34 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 · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.20 – 4.34 (Mid 2.52)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)1.50 – 2.04 (Mid 1.73)
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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.6% | 33 (vs peers) | 19% |
| 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 | 2.2x | 10 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.9x | 8 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 32.1x | 14 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.7% | 39 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet9/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial33/100 · 1/3 factors with a value
- Returns· partial39/100 · 1/2 factors with a value
- Valuation· partial14/100 · 1/3 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
OVS SPA (OVS.MI). Latest full fiscal year: 2026; data up to 2026-01-31.
Figures computed from the financial statements: revenue 1.8 bn EUR in 2026; YoY growth 7.0%; net margin 2.6%; ROE 5.4%.
The estimated value range is 1.35–3.19 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 2.12 EUR, the price of 6.09 EUR leaves a potential of -65.2% (value / price − 1) and a margin of safety of -187.2% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
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
- Interest coverage: 2.2x
- Current ratio: 0.9x
- P/E (TTM): 32.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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% |
| OVS.MIOvs Spa | 1.5 bn | 32.1 | 5.4% | 2.6% | +7.0% | +36% / +207% |
| 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 OVS.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 | 3.89 Total return -35% · Per year -35% | 6.87 Total return 15% · Per year 15% | 10.33 Total return 72% · Per year 72% |
| 3 years | 3.97 Total return -30% · Per year -11% | 7.87 Total return 36% · Per year 11% | 12.97 Total return 121% · Per year 30% |
| 5 years | 4.05 Total return -26% · Per year -6% | 9.02 Total return 60% · Per year 10% | 16.28 Total return 183% · Per year 23% |
- Exit P/E± 1.97
- Net margin± 1.38
- Annual revenue growth± 1.10
- Annual dilution± 0.12
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
OVS is an Italian fashion retailer operating 2,241 stores in its core network and a 59.2% gross margin in fiscal 2025. It is scaling a reconditioning and innovation hub in Bari while the clothing market remains in contraction.
SWOT
Strengths
- Large store network and vertically integrated logistics that support margin control.
- Rising gross margin in fiscal 2025, the result of careful purchasing and pricing management.
- Reconditioning and innovation platform backed by regional support and an academic partnership.
Weaknesses
- Dependence on the clothing market, which remains in contraction versus pre-pandemic levels.
- Exposure to dollar purchasing, hedged through derivatives that create volatility in profit and loss.
- A mixed network of direct and affiliated stores with diverging trends may complicate operational control.
Opportunities
- Full integration of Goldenpoint could accelerate growth in a segment the company already knows well.
- Reconditioning and the circular economy could create new revenue and meet sustainability expectations.
- Digitalisation and logistics automation could reduce costs and improve distribution efficiency.
Threats
- Prolonged geopolitical conflicts and shipping disruptions could raise sourcing costs.
- Shifts in consumer spending could reduce clothing sales.
- International trade measures and currency volatility could affect purchase prices.
Risks
- Market and demand riskhigh
Changes in consumer preferences and local economic conditions could directly affect sales and margins.
- Currency riskmedium
Purchases in US dollars expose the group to exchange rate movements, partly mitigated by forward contracts with volatile accounting effects.
- Logistics riskmedium
Blocked shipping routes could lengthen lead times and raise transport costs.
- Pricing riskmedium
A cut in selling prices without a matching fall in purchase costs could reduce operating results.
- Integration risklow
The Goldenpoint acquisition and network expansion require careful execution to deliver the expected synergies.
Investment thesis
What would need to be true (bull case)
- If gross margin holds at fiscal 2025 levels and Goldenpoint adds growth, group profitability could keep improving.
- The Bari reconditioning platform could become a competitive advantage in the circular economy and reduce inventory costs.
- A significant main shareholder and the share buyback programme could support investor confidence.
What would break the thesis
- If the clothing market stays in contraction, sales growth could be slower than management expects.
- Logistics and currency costs could erode margins if geopolitical tensions persist.
- Integrating Goldenpoint and expanding the network require significant investment, and returns could be delayed.
What to watch
- Trend in gross margin and dollar-denominated purchase costsnext 10-K
- Pace toward the target of reconditioned garments2026
- Goldenpoint contribution to group sales after full integration2026
- Impact of longer shipping routes on sourcing 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
OVS S.p.A. is the parent of an Italian apparel and accessories retail group selling through direct stores, affiliated stores and Goldenpoint. At 31 January 2026 the network totalled 2,629 stores including Goldenpoint 1. The group also runs innovation activity through its subsidiary OVS Innovazione e Sostenibilità, in collaboration with Politecnico di Bari 1.
Gross margin rose to 59.2% in fiscal 2025, supported by purchase contracts fixed in advance and a calibrated pricing and promotion policy 1. Gross investments were 79.5 million EUR in 2025, split between refurbishments, new stores, IT and logistics 1.
In July 2025 OVS fully acquired Goldenpoint, accelerating a plan that foresaw progressive control, to grow in a segment where the company already has skills and a significant market share 1.
Segments
Direct and affiliated retail
The direct network grew by a net 14 stores in fiscal 2025, while affiliated and wholesale stores fell by 15 units 1. The 882 direct stores include 18 abroad 1.
Goldenpoint
The Goldenpoint banner adds 388 stores, of which 328 direct and 60 affiliated 1. The full acquisition, completed in July 2025, strengthens group control of this segment 1.
Reconditioning and circular economy
The multifunction centre in Bari, operational since February, reconditions unsold garments over about 15,000 square metres, targeting 15 million reconditioned pieces in 2026 1.
Market context
The clothing market remained in contraction in 2025, about -2% versus 2019 in nominal terms and -20% in real terms 1. OVS shares performed above average, but the source gives no comparable figure for total market share.
The Italian equity market had a favourable year, and OVS is part of the FTSE Italia Mid Cap index 1. Market capitalisation at 31 January 2026 was 1,214 million EUR 1.
Trends
- Logistics cost pressureheadwind
The blocked Suez Canal and longer routes around Africa could raise transport costs and lead times 1.
- Inflation and marginsmixed
Purchase contracts fixed in advance supported margins in fiscal 2025, but renewed inflationary pressure could erode that advantage 1.
- Circular economytailwind
Garment reconditioning and digital logistics could open new revenue streams and reduce waste costs 1.
- Consumer demandheadwind
Changes in consumer preferences and discretionary spending could affect clothing sales, especially if economic conditions worsen 1.
Competitive position
OVS competes with other European fashion retailers in the affordable segment, where the available sources do not identify a comparable market share level 1. Its advantage rests on the store network and integrated logistics.
Competitive pressure could increase if consumers shift to other categories or online channels, lowering average selling prices 1.
- Primark
Irish value fashion retailer, a direct competitor in the affordable segment; the analysed sources do not describe it quantitatively.
- Zara (Inditex)
Spanish fashion group competing on fast fashion and physical store footprint.
- H&M
Swedish retailer with a broad store network, competing for the same affordable fashion customers.
- Pepco
European value retailer whose apparel categories partly overlap with OVS.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202612 May 2026
- Annual report 202513 May 2025
Sources
- [1] Annual report, fiscal year ended 2026-01-31 (ESEF) · SEC / OVS S.p.A. · 31 Jan 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.