olivLaw · European equity research
Risanamento S.p.A. RN.MI
Italy · Euronext Milan · ISIN IT0001402269 · Vertical: Listed companies from Italy
Risanamento is an Italian real estate development and urban regeneration group that has largely cleared its bank debt after the Project Starfighter transaction. The company remains focused on completing Milano Santa Giulia and on monetising two existing assets, in a property market that is recovering but still exposed to global trade uncertainty.
At the close of 05 Nov 2026, Risanamento S.p.A. (RN.MI) stock was 0.03 EUR (+35.71% on the day), with market capitalisation 47.8 m EUR, beta 0.77, 52-week range 0.01–0.05 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)
- 50.2
- neutral
- Bollinger (20, 2)
- 0.01 – 0.04
- in the upper half of the band · %B 0.60 · band width 101.7%
- SMA 50 / 200
- 0.03 / 0.02
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -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 | −30.0% | −0.6% | −29.4 pp | — |
| 3 months | +26.7% | −4.2% | +30.8 pp | — |
| 6 months | +66.2% | +4.3% | +61.9 pp | — |
| Year to date | +33.0% | +7.5% | +25.5 pp | — |
| 1 year | +26.7% | +9.9% | +16.7 pp | −6.1% |
| 3 years | −44.6% | +49.8% | −94.4 pp | +7.7% |
| 5 years | −81.0% | +42.8% | −123.8 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.
Fiscal years
| Fiscal year | 2021 | 2022 | ⚠ 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 599.0 k | 370.0 k | 595.6 m | 134.0 k |
| Revenue YoY | unavailable | −38.2% | — | −100.0% |
| Net income | -24.9 m | -53.8 m | 10.6 m | -47.5 m |
| Net income YoY | unavailable | unavailable | — | −545.7% |
| Diluted EPS | -0.01 | -0.03 | 0.01 | -0.03 |
| Diluted EPS YoY | unavailable | unavailable | — | −547.5% |
| net % | -4,162.8% | -14,536.5% | 1.8% | -35,414.9% |
| Free cash flow | -37.1 m | -44.2 m | 40.1 m | -30.7 m |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 17.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 5.2 m EUR
- Total assets
- 151.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.67x
- ROE
- -164.2%
- ROA
- -29.0%
- FCF margin
- -22,929.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 599.0 k | 370.0 k | 595.6 m | 134.0 k | esef· 24 Sept 2025verified |
| Operating income | -16.6 m | -42.1 m | 7.2 m | -46.8 m | esef· 24 Sept 2025verified |
| Depreciation & amortisation | 1.9 m | 1.9 m | 1.0 m | 274.0 k | esef· 24 Sept 2025verified |
| EBITDA | -14.7 m ≈ | -40.2 m ≈ | 8.3 m ≈ | -46.5 m ≈ | esef· 24 Sept 2025derived |
| Interest expense | 9.3 m | 11.1 m | 6.9 m | 264.0 k | esef· 24 Sept 2025verified |
| Pre-tax income | -24.9 m | -52.5 m | 4.7 m | -46.0 m | esef· 24 Sept 2025verified |
| Income tax | 25.0 k | 1.3 m | -7.1 m | -15.0 k | esef· 24 Sept 2025verified |
| Net income | -24.9 m | -53.8 m | 10.6 m | -47.5 m | esef· 24 Sept 2025verified |
| Diluted EPS | -0.01 | -0.03 | 0.01 | -0.03 | esef· 24 Sept 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 5.4 m | 9.2 m | 50.4 m | 17.1 m | esef· 24 Sept 2025verified |
| Receivables | — | — | 9.1 m | 14.0 m | esef· 24 Sept 2025verified |
| Inventories | — | — | 102.3 m | 111.1 m | esef· 24 Sept 2025verified |
| Current assets | — | — | 161.8 m | 142.3 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | — | — | 699.0 k | 3.8 m | esef· 24 Sept 2025verified |
| Intangibles (excl. goodwill) | — | — | 69.0 k | 54.0 k | esef· 24 Sept 2025verified |
| Total assets | — | — | 175.3 m | 151.5 m | esef· 24 Sept 2025verified |
| Accounts payable | — | — | 65.6 m | 83.8 m | esef· 24 Sept 2025verified |
| Current liabilities | — | — | 69.8 m | 85.4 m | esef· 24 Sept 2025verified |
| Total liabilities | — | — | 122.7 m | 146.4 m | esef· 24 Sept 2025verified |
| Equity | 95.8 m | 42.0 m | 52.6 m | 5.2 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 1.8 bn | 1.8 bn | — | 1.8 bn | esef· 24 Sept 2025derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -37.1 m | -44.0 m | 40.2 m | -29.3 m | esef· 24 Sept 2025verified |
| Capex | 40.0 k | 105.0 k | 122.0 k | 1.4 m | esef· 24 Sept 2025verified |
| Free cash flow | -37.1 m ≈ | -44.2 m ≈ | 40.1 m ≈ | -30.7 m ≈ | esef· 24 Sept 2025derived |
| Investing cash flow | -1.8 m | -1.2 m | -2.6 m | -4.0 m | esef· 24 Sept 2025verified |
| Financing cash flow | 41.3 m | 49.1 m | 3.5 m | 12.0 k | esef· 24 Sept 2025verified |
≈ 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: 5 of at least 6
- score weight coverage: 33.3% 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: 47.8 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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 · the base of the ratio is not positive
- 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -35,414.9% | 0 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -39.3% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -177.3x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.7x | 72 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -64.3% | 0 (on a fixed band) | 25% |
| 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 sheet29/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
RISANAMENTO SPA (RN.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 134.0 k EUR in 2024; YoY growth -100.0%; net margin -35,414.9%; ROE -164.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% 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
- Current ratio: 1.7x
What contradicts it
- Net margin: -35,414.9%
- Revenue CAGR 3Y: -39.3%
- Interest coverage: -177.3x
- FCF yield: -64.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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% |
| 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% |
| RN.MIRisanamento Spa | 47.8 m | — | -164.2% | -35,414.9% | −100.0% | +33% / −22% |
| 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 RN.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Risanamento is an Italian real estate development and urban regeneration group that has largely cleared its bank debt after the Project Starfighter transaction. The company remains focused on completing Milano Santa Giulia and on monetising two existing assets, in a property market that is recovering but still exposed to global trade uncertainty 1.
SWOT
Strengths
- The group has largely reduced its bank debt and reports a positive net financial position, which gives operational flexibility 1.
- The company holds large urban assets, including land in Milan and properties to be requalified, which create value realisation options 1.
- The management team has experience in urban regeneration, project development and real estate asset management 1.
Weaknesses
- The organisational structure is small, so project execution depends on external partners and contractors 1.
- The positive 2023 result was largely influenced by exceptional, non-recurring effects of the Project Starfighter transaction 1.
- Dependence on the partner fund to complete the Milan areas limits direct control over the development timetable 1.
Opportunities
- A recovery in the property market and rising prices could support the sale or leasing of requalified assets 1.
- Converting industrial and office buildings into modern spaces could attract tenants from services and retail 1.
- PNRR funding and investment in non-residential construction could create additional demand for the group's projects 1.
Threats
- International trade tensions and United States tariffs could slow the economy and demand for property space 1.
- Limited credit access and weak household purchasing power could keep transaction volumes low 1.
- The cyclicality of property markets may reduce asset values, with a direct effect on the group's accounting results 1.
Risks
- Failure to meet the industrial planhigh
Development targets depend on remediation, infrastructure and new partners, and delays or changes requested by partners could affect the plan timetable 1.
- Asset sales below expectationsmedium
If finding suitable buyers or tenants proves difficult, sales could slow and vacancy could rise 1.
- Project execution risksmedium
Design errors or contractor problems could lead to rework, delays and disputes 1.
- Cyclicality of property valueshigh
A fall in prices or rents could reduce the fair value of assets held, with a direct impact on the profit and loss account 1.
- Tax changeslow
Legislative changes could generate additional costs, and the tax treatment of major transactions depends on the interpretation of the authorities 1.
Investment thesis
What would need to be true (bull case)
- If the Italian property recovery continues and the requalification projects are completed, asset monetisation could generate significant proceeds for a group that no longer carries bank debt 1.
- The positive net financial position and release from bank pressure could give the company flexibility for new partnerships and projects 1.
- Assets held in Milan and Vicenza, combined with management experience, could support value creation through requalification 1.
What would break the thesis
- The positive 2023 result was influenced by exceptional effects of Project Starfighter, so a recurring profit could be hard to demonstrate 1.
- Dependence on remediation, infrastructure and a partner fund may limit the group's control over project timing and costs 1.
- Global trade uncertainty and property market cyclicality could reduce asset values and the pace of sales 1.
What to watch
- Progress of the Via Grosio requalification and granting of the building permit2025
- Progress of remediation and infrastructure works at Milano Santa Giulia2025
- Results of the asset valuation and any adjustments to carrying valuesnext annual report
- Rescheduling of the guarantee commissions under discussion with banks2025
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 Risanamento Group works in real estate development, urban regeneration, asset management and property leasing. Its main initiative is Milano Santa Giulia, where the company remains responsible for remediation and infrastructure works after transferring about 385,000 sq m of buildable area to a fund 1. Following Project Starfighter, which involved a consideration of 648 million euro, the group extinguished substantially all of its bank indebtedness 1.
The industrial plan includes two requalification projects on assets already owned: Via Grosio in Milan, where 18,000 sq m of industrial space is to be converted into offices and retail, and the Torri di Quartesolo complex in the province of Vicenza, with about 25,000 sq m of existing offices 1. The organisational structure is small, at around 30 people, so execution depends on partners and external contractors 1.
At 31 December 2024 the group reported a positive net financial position of about 14 million euro and no bank debt, apart from guarantee commissions under rescheduling discussion 1. The parent company reported a net profit of 11.9 million euro for fiscal 2023, after a loss in the previous year 1.
Segments
Milano Santa Giulia development
The main segment centres on Milano Santa Giulia, where remediation and infrastructure remain the group's responsibility, while the actual development of the remaining areas was transferred to a fund managed by Lendlease 1.
Requalification of existing assets
The Via Grosio and Torri di Quartesolo projects aim to unlock value from assets already held by changing their use, mainly towards offices and commercial space, and both are still at permitting or preliminary project stage 1.
Market context
The Italian residential property market is in a recovery phase that began in 2024, with rising prices and transaction volumes; sales grew about 1.3 percent year on year to 719,578 transactions 1. The source nonetheless describes the recovery as fragile, conditioned by household spending power and access to credit 1.
Forecasts for Milan point to a broadly stable market, with a slight decline in transactions in 2024, while Rome shows slower but positive growth 1. For the company, Milan projects depend on credit conditions, and investment demand could support asset monetisation in Rome and northern Italy 1.
Trends
- Property cycle recoverytailwind
The market has entered a phase of rising prices and transactions, which could ease asset sales and support the values of the group's properties 1.
- Access to creditmixed
Lending conditions have gradually eased, but supply remains insufficient relative to demand, which may limit the pace of sales and development 1.
- Global trade uncertaintyheadwind
New United States tariffs and trade tensions weigh on exports and investment, and forecasts for the Italian economy could be revised if tensions persist 1.
- PNRR funding and investmenttailwind
Projects financed under the PNRR support construction investment, particularly non-residential, which could create demand for office and commercial space 1.
Competitive position
The source analysed does not explicitly name competitors. The company nonetheless operates in a property market with many developers and investment funds, and its Milan and Vicenza projects compete for the same buyers and tenants 1.
Competitive position depends on the group's ability to attract partners, maintain execution quality and manage financing costs, issues that the source links to the risks of delivering the industrial plan 1.
- Lendlease
Partner in the Project Starfighter transaction and developer of the transferred Milano Santa Giulia areas through a fund managed by its Italian subsidiary 1.
- Real estate investment funds active in Milan
The source refers to funds that buy and develop urban assets, which can compete for projects and partners in the Milan and Rome areas 1.
- Local residential and commercial developers
Regional developers compete for demand and land in the same urban markets, particularly in office and commercial segments 1.
- Institutional office investors
Institutional investors are potential buyers and partners for requalified assets, but may also compete for the same projects 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202230 May 2023
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Risanamento 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.