olivLaw · European equity research
Sesa S.p.A. SES.MI
Italy · Euronext Milan · ISIN IT0004729759 · Vertical: Listed companies from Italy
Sesa S.p.A. is an Italian group in the information technology sector, active in value-added distribution of software and technologies, in system integration services and in business services for the finance and banking sector. The group reported a positive net financial position of 245,292 thousand euro at 30 April 2022, giving it financial flexibility in a competitive market.
At the close of 05 Nov 2026, Sesa S.p.A. (SES.MI) stock was 89.15 EUR (−3.26% on the day), with market capitalisation 1.4 bn EUR, P/E 18.8 on diluted EPS of 4.74 EUR over the last 12 months, dividend yield 1.06%, beta 0.91, 52-week range 72.05–103.60 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)
- 39.1
- weak (30–45)
- Bollinger (20, 2)
- 89.79 – 96.48
- below the lower band · %B -0.10 · band width 7.2%
- SMA 50 / 200
- 94.38 / 89.84
- mixed trend
- MACD (12, 26, 9)
- -0.89 / -0.55
- MACD below 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 | −7.2% | −0.6% | −6.5 pp | — |
| 3 months | −9.2% | −4.2% | −5.0 pp | — |
| 6 months | −0.8% | +4.3% | −5.1 pp | — |
| Year to date | −0.7% | +7.5% | −8.2 pp | — |
| 1 year | +8.1% | +9.9% | −1.8 pp | −6.1% |
| 3 years | −10.7% | +49.8% | −60.6 pp | +7.7% |
| 5 years | −51.2% | +42.8% | −94.0 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 0 percentile of its own 2-quarter history (min 29.3, median 31.8, max 34.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 |
|---|---|---|
| Revenue | 2.0 bn | 2.4 bn |
| Revenue YoY | unavailable | +16.8% |
| Net income | 52.3 m | 73.5 m |
| Net income YoY | unavailable | +40.6% |
| Diluted EPS | 3.37 | 4.74 |
| Diluted EPS YoY | unavailable | +40.7% |
| net % | 2.6% | 3.1% |
| Free cash flow | 130.8 m | 127.0 m |
Balance sheet & financial health
Fiscal year 2022 · 30 Apr 2022
- Cash
- 496.3 m EUR
- Financial debt
- 253.6 m EUR
- Net debt
- -242.7 m EUR
- Equity
- 335.2 m EUR
- Total assets
- 1.6 bn EUR
- Debt / equity
- 0.76x
- Current ratio
- 1.34x
- ROE
- 23.2%
- ROA
- 5.3%
- FCF margin
- 5.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 2.0 bn | 2.4 bn | esef· 30 May 2023verified |
| Operating income | 84.0 m | 114.2 m | esef· 30 May 2023verified |
| Depreciation & amortisation | 32.5 m | 41.7 m | esef· 30 May 2023verified |
| EBITDA | 116.5 m ≈ | 155.9 m ≈ | esef· 30 May 2023derived |
| Interest expense | 14.1 m | 15.9 m | esef· 30 May 2023verified |
| Pre-tax income | 80.8 m | 109.1 m | esef· 30 May 2023verified |
| Income tax | 24.0 m | 30.5 m | esef· 30 May 2023verified |
| Net income | 52.3 m | 73.5 m | esef· 30 May 2023verified |
| Diluted EPS | 3.37 | 4.74 | esef· 30 May 2023verified |
| Dividend per share | 0.03 | 0.95 | esef· 30 May 2023derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 426.7 m | 496.3 m | esef· 30 May 2023verified |
| Inventories | 86.9 m | 144.0 m | esef· 30 May 2023verified |
| Current assets | 933.0 m | 1.2 bn | esef· 30 May 2023verified |
| Property, plant & equipment, net | 44.7 m | 54.5 m | esef· 30 May 2023verified |
| Total assets | 1.2 bn | 1.6 bn | esef· 30 May 2023verified |
| Short-term debt | 101.0 m | 130.1 m | esef· 30 May 2023verified |
| Long-term debt | 128.6 m | 123.6 m | esef· 30 May 2023verified |
| Current liabilities | 631.0 m | 874.6 m | esef· 30 May 2023verified |
| Total liabilities | 920.2 m | 1.2 bn | esef· 30 May 2023verified |
| Equity | 297.4 m | 335.2 m | esef· 30 May 2023verified |
| Shares outstanding at year end | 15.4 m | 15.4 m | esef· 30 May 2023derived |
Cash flow · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 147.9 m | 145.5 m | esef· 30 May 2023verified |
| Capex | 17.1 m | 18.5 m | esef· 30 May 2023verified |
| Free cash flow | 130.8 m ≈ | 127.0 m ≈ | esef· 30 May 2023derived |
| Investing cash flow | -37.8 m | -50.9 m | esef· 30 May 2023verified |
| Financing cash flow | -51.9 m | -24.9 m | esef· 30 May 2023verified |
| Dividends paid | 510.0 k | 14.6 m | esef· 30 May 2023verified |
| Share repurchases | 3.1 m | 6.0 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: 73 / 100
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
The data is older than the freshness threshold.
Score by group
- Quality82
- Balance sheet80
- Valuation69
- Returns53
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: 29.82 – 299.73 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)186.62 – 299.73 (Mid 228.46)WACC 7.7% · starting FCFF 138.4 m EUR · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -27.7%
- Peers: EV/EBITDA72.69 – 111.07 (Mid 97.97)7 companies used · median multiple 8.1x · quartiles 5.6x – 9.4xASC.MI, AVIO.MI, BAN.MI, COM.MI, DEX.MI, DLG.MI, ELC.MI
- Peers: P/E29.82 – 108.31 (Mid 62.83)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 aggregate12.89 – 17.58 (Mid 14.88)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
Neutral profile · Score 73/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 85.4% | 100 (vs peers) | 13% |
| Net margin · Quality | 3.1% | 33 (vs peers) | 8% |
| FCF conversion · Quality | 172.7% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.6x | 90 (vs peers) | 13% |
| Interest coverage · Balance sheet | 7.2x | 87 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.3x | 45 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 18.8x | 41 (vs peers) | 13% |
| EV/EBITDA · Valuation | 7.3x | 71 (vs peers) | 13% |
| FCF yield · Valuation | 9.2% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 1.5% | 21 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 11.5% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet80/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality82/100 · 3/3 factors with a value
- Returns53/100 · 2/2 factors with a value
- Valuation69/100 · 3/3 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
SESA S.P.A. (SES.MI). Latest full fiscal year: 2022; data up to 2022-04-30.
Figures computed from the financial statements: revenue 2.4 bn EUR in 2022; YoY growth 16.8%; net margin 3.1%; ROE 24.8%; net debt/EBITDA -1.6x.
The estimated value range is 72.69–111.07 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 97.97 EUR, the price of 89.15 EUR leaves a potential of 9.9% (value / price − 1) and a margin of safety of 9.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 73/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 85.4%
- FCF conversion: 172.7%
- Net debt / EBITDA: -1.6x
- Interest coverage: 7.2x
- EV/EBITDA: 7.3x
- FCF yield: 9.2%
- Payout ratio (FCF): 11.5%
What contradicts it
- Shareholder yield (distributions): 1.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
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% |
| SES.MISesa S.p.a. | 1.4 bn | 18.8 | 24.8% | 3.1% | +16.8% | +6% / −16% |
| 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 SES.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 | 58.50 Total return -33% · Per year -33% | 102.96 Total return 17% · Per year 17% | 154.43 Total return 75% · Per year 75% |
| 3 years | 69.39 Total return -19% · Per year -7% | 136.16 Total return 57% · Per year 16% | 222.38 Total return 155% · Per year 37% |
| 5 years | 82.31 Total return -2% · Per year -0% | 180.07 Total return 110% · Per year 16% | 320.23 Total return 270% · Per year 30% |
- Exit P/E± 34.04
- Net margin± 23.83
- Annual revenue growth± 17.77
- Annual dilution± 2.00
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
Sesa S.p.A. is an Italian group in the information technology sector, active in value-added distribution of software and technologies, in system integration services and in business services for the finance and banking sector. The group reported a positive net financial position of 245,292 thousand euro at 30 April 2022, giving it financial flexibility in a competitive market.
SWOT
Strengths
- Positive net financial position, offering flexibility to finance working capital and investments 1.
- Portfolio of three complementary lines: distribution, system integration and services for the finance and banking sector 1.
- Formalised internal control system, organisational model 231 and code of ethics applied across the main companies 1.
Weaknesses
- Geographic exposure concentrated in Italy, with no significant activity in foreign markets 1.
- Dependence on a few key managers, whose loss could affect the group's competitive ability 1.
- The business generates a negative working capital cycle, and at certain times of the year the companies have exposure to the banking system 1.
Opportunities
- Development of value-added services and energy-efficient products could open new revenue sources 1.
- Expanding skills in new technologies could strengthen the group's position in companies' digital transformation demand 1.
- Growth in services for the finance and banking sector could diversify the group's revenues 1.
Risks
- Macroeconomic and IT market riskhigh
An unfavourable economic trend, nationally or internationally, could reduce demand for IT and affect the group's activity 1.
- Intense competitionmedium
Competition with national and multinational operators could limit growth and bargaining power 1.
- Dependence on key personnelmedium
Loss of essential managers without adequate replacement could reduce the group's competitiveness 1.
- Contractual penaltiesmedium
Contracts may impose penalties for failing deadlines, service-level agreements or quality standards 1.
- Liquidity and interest rate risklow
Working capital needs and financing through variable-rate loans expose the group to changes in the cost of funding 1.
Investment thesis
What would need to be true (bull case)
- If the positive net financial position and the diversification across three business lines hold, the group could have more flexibility to invest in skills and value-added services 1.
- If demand for digital transformation stays strong, the integration and financial services portfolio could support revenue growth 1.
- A well-structured internal control and compliance system could reduce operational and reputational risks linked to the business 1.
What would break the thesis
- If the Italian or international economy weakens, demand for IT services could fall, affecting the group's results 1.
- Intense competition from national and multinational operators could limit margins and growth capacity 1.
- Geographic concentration in Italy and dependence on key managers could heighten the group's vulnerability 1.
What to watch
- Evolution of the net financial position and working capital in the next annual reportnext annual report
- Demand dynamics for IT services and the VAD distribution line2027
- Contribution of BS Sector services to the group's total revenues2027
- Any changes in the shareholder structure and in the control exercised by ITH SpAnext 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
Sesa operates in Italy in the information technology sector through three business lines: value-added distribution of software and technologies (VAD), system integrator services aimed at training and supporting companies as IT end-users (VAR), and business services for the finance and banking sector (BS Sector) 1. The group consolidates subsidiaries line by line and prepares its statements under IFRS on a going-concern basis 1. The company is controlled by ITH SpA, which holds 52.81% of the share capital 1.
The business model combines distribution of software products and technologies with integration and support services for end customers, so activity depends on the relationship with international technology vendors 1. The main operating companies are centralised around holding entities, and working capital is financed through loans and credit lines 1.
The group governance framework includes an organisational model under Legislative Decree 231, a code of ethics and an internal control and risk management system covering financial, compliance and ESG risks 1.
Segments
Value-added distribution (VAD)
Value-added distribution of software and technologies is the first business line described by the group and relies on relationships with international technology vendors, a key element of the company's competitiveness 1.
System integration (VAR)
System integrator services are aimed at training and supporting companies as IT end-users and carry higher value added than pure distribution 1.
Business services for finance and banking
The BS Sector line provides business services dedicated to the finance and banking sector, diversifying the group's portfolio beyond general IT activity 1.
Market context
The group operates in Italy and uses mainly euro in its commercial and financial transactions, with foreign market exposure described as not significant 1. The IT market is highly competitive, with Sesa facing both national operators and multinational competitors 1.
Demand for IT services depends on national and international economic conditions; an unfavourable economic trend could affect demand growth and, in turn, the group's results 1.
Trends
- Continuous technological changemixed
The IT market evolves rapidly and the skills and product portfolios required change constantly, which could favour groups able to invest in skills and value-added services 1.
- Expansion of the value-added offertailwind
The group's strategy aims to extend its offer through competitive, efficient and innovative services, which could support margins over the medium term 1.
- Macroeconomic uncertaintyheadwind
An unfavourable economic environment, nationally or internationally, could reduce demand for IT and affect the group's financial situation 1.
- ESG and environmental pressuresmixed
Climate change and energy-efficiency requirements may raise operating costs and change demand for goods and services, while developing energy-efficient products is identified as an opportunity 1.
Competitive position
The Italian IT distribution and integration market is competitive, with national operators and multinationals offering similar solutions 1. Competitive advantage depends on continuous skill development, product range and strategic management of relationships with international vendors 1.
The group's differentiation rests on combining distribution with integration services and on its specialisation in the finance and banking sector, which could reduce dependence on a single market segment 1.
- Multinational IT distribution operators
International competitors mentioned in the report, present in the IT market where the group operates 1.
- National IT operators
Local IT service and distribution providers that compete with the group on the Italian market 1.
- System integrators
Firms offering integration and support services to IT end users, in direct competition with the VAR line 1.
- Financial IT service providers
Companies specialised in business services for finance and banks, competing with the BS Sector line 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202230 May 2023
- Annual report 202230 May 2023
- Annual report 202230 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-04-30 (ESEF) · SEC / Sesa S.p.A. · 30 Apr 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.