olivLaw · European equity research
Sogefi S.p.A. SGF.MI
Italy · Euronext Milan · ISIN IT0000076536 · Vertical: Listed companies from Italy
Sogefi S.p.A. is an automotive components group active in suspension, filtration and air and cooling, supplying vehicle manufacturers and aftermarket customers. Its 2025 annual report shows the group adapting its portfolio toward new technologies, especially e-mobility components, amid price pressure and geopolitical tensions affecting supply chains.
At the close of 05 Nov 2026, Sogefi S.p.A. (SGF.MI) stock was 2.24 EUR (+0.00% on the day), with market capitalisation 267.0 k EUR, P/E 0.0 on diluted EPS of 86.00 EUR over the last 12 months, dividend yield 7,888.64%, beta 1.03, 52-week range 1.77–3.50 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)
- 57.1
- strong (55–70)
- Bollinger (20, 2)
- 1.79 – 2.39
- in the upper half of the band · %B 0.74 · band width 28.9%
- SMA 50 / 200
- 2.07 / 2.20
- mixed trend
- MACD (12, 26, 9)
- 0.07 / 0.04
- 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 | +6.9% | −0.6% | +7.6 pp | — |
| 3 months | +11.2% | −4.2% | +15.4 pp | — |
| 6 months | +3.5% | +4.3% | −0.9 pp | — |
| Year to date | −34.0% | +7.5% | −41.5 pp | — |
| 1 year | −36.6% | +9.9% | −46.5 pp | −6.1% |
| 3 years | +49.0% | +49.8% | −0.8 pp | +7.7% |
| 5 years | +65.1% | +42.8% | +22.2 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 67 percentile of its own 3-quarter history (min 0.0, median 0.0, max 0.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.0 bn | 1.0 bn | 984.8 m |
| Revenue YoY | unavailable | −1.7% | −3.7% |
| Net income | 57.8 m | 141.3 m | 10.3 m |
| Net income YoY | unavailable | +144.6% | −92.7% |
| Diluted EPS | 488.00 | 1,189.00 | 86.00 |
| Diluted EPS YoY | unavailable | +143.6% | −92.8% |
| net % | 5.6% | 13.8% | 1.0% |
| Free cash flow | 67.1 m | 33.7 m | 34.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 54.4 m EUR
- Financial debt
- 1.3 m EUR
- Net debt
- -53.2 m EUR
- Equity
- 287.0 m EUR
- Total assets
- 706.7 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 0.87x
- ROE
- 3.5%
- ROA
- 1.4%
- FCF margin
- 3.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.0 bn | 1.0 bn | 984.8 m | esef· 07 Apr 2026verified |
| Cost of revenue | 751.3 m | 724.9 m | 690.8 m | esef· 07 Apr 2026verified |
| Gross profit | 288.4 m | 297.4 m | 294.0 m | esef· 07 Apr 2026verified |
| Operating income | 25.6 m | 45.7 m | 34.5 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 77.9 m | 78.1 m | 74.9 m | esef· 07 Apr 2026verified |
| EBITDA | 103.5 m ≈ | 123.8 m ≈ | 109.4 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 26.2 m | 24.6 m | 12.7 m | esef· 07 Apr 2026verified |
| Pre-tax income | 10.8 m | 31.0 m | 24.3 m | esef· 07 Apr 2026verified |
| Income tax | 4.4 m | 13.0 m | 10.5 m | esef· 07 Apr 2026verified |
| Net income | 57.8 m | 141.3 m | 10.3 m | esef· 07 Apr 2026verified |
| Diluted EPS | 488.00 | 1,189.00 | 86.00 | esef· 07 Apr 2026verified |
| Dividend per share | 53.25 | 1,150.70 | 176.31 | esef· 07 Apr 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 78.2 m | 57.3 m | 54.4 m | esef· 07 Apr 2026verified |
| Inventories | 138.2 m | 85.1 m | 84.3 m | esef· 07 Apr 2026verified |
| Current assets | 433.3 m | 285.3 m | 253.1 m | esef· 07 Apr 2026verified |
| Total assets | 1.1 bn | 751.6 m | 706.7 m | esef· 07 Apr 2026verified |
| Short-term debt | 659.0 k | 326.0 k | 1.3 m | esef· 07 Apr 2026verified |
| Current liabilities | 472.0 m | 269.8 m | 291.3 m | esef· 07 Apr 2026verified |
| Equity | 287.3 m | 307.3 m | 287.0 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 118.4 k | 118.8 k | 119.5 k | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 124.3 m | 95.5 m | 100.7 m | esef· 07 Apr 2026verified |
| Capex | 57.2 m | 61.7 m | 66.5 m | esef· 07 Apr 2026verified |
| Free cash flow | 67.1 m ≈ | 33.7 m ≈ | 34.2 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -76.2 m | 247.1 m | -75.4 m | esef· 07 Apr 2026verified |
| Financing cash flow | -83.7 m | -359.5 m | -27.5 m | esef· 07 Apr 2026verified |
| Dividends paid | 6.3 m | -136.7 m | -21.1 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: 73 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 267.0 k EUR
Key indicators
Coverage and freshness
Score by group
- Quality58
- Returns93
- Balance sheet42
- Valuation100
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: 540.96 – 90,040.93 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)9,852.23 – 90,040.93 (Mid 17,197.85)WACC 3.8% · starting FCFF 41.4 m EUR · terminal value share of EV 91%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA5,616.82 – 9,099.95 (Mid 7,911.04)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/E540.96 – 1,965.18 (Mid 1,139.99)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)2,397.83 – 3,269.77 (Mid 2,766.73)
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
Neutral profile · Score 73/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.1% | 50 (vs peers) | 13% |
| Net margin · Quality | 1.0% | 28 (vs peers) | 8% |
| FCF conversion · Quality | 333.0% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.5x | 70 (vs peers) | 13% |
| Interest coverage · Balance sheet | 2.7x | 19 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.9x | 6 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 0.0x | 100 (vs peers) | 13% |
| EV/EBITDA · Valuation | -0.5x | 100 (vs peers) | 13% |
| FCF yield · Valuation | 12,812.9% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 7,888.6% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 61.6% | 83 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet42/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality58/100 · 3/3 factors with a value
- Returns93/100 · 2/2 factors with a value
- Valuation100/100 · 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
SOGEFI S.P.A. (SGF.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 984.8 m EUR in 2025; YoY growth -3.7%; net margin 1.0%; ROE 3.6%; net debt/EBITDA -0.5x.
The estimated value range is 4,007.33–6,184.86 EUR per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 5,338.89 EUR, the price of 2.23 EUR leaves a potential of 238,776.3% (value / price − 1) and a margin of safety of 100.0% (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
- FCF conversion: 333.0%
- Net debt / EBITDA: -0.5x
- P/E (TTM): 0.0x
- EV/EBITDA: -0.5x
- FCF yield: 12,812.9%
- Shareholder yield (distributions): 7,888.6%
- Payout ratio (FCF): 61.6%
- The price is below the estimated value range
What contradicts it
- Net margin: 1.0%
- Interest coverage: 2.7x
- Current ratio: 0.9x
- 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% |
| 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% |
| BC.MIBrunello Cucinelli S.p.a. | 6.2 m | 0.0 | 26.5% | 75,526.1% | 0.0% | −5% / +15% |
1- and 3-year price returns: for SGF.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 | 1.21 Total return 2,738% · Per year 2,738% | 2.15 Total return 3,703% · Per year 3,703% | 3.26 Total return 4,530% · Per year 4,530% |
| 3 years | 0.99 Total return 7,521% · Per year 324% | 2.00 Total return 10,706% · Per year 376% | 3.34 Total return 13,681% · Per year 417% |
| 5 years | 0.81 Total return 11,432% · Per year 158% | 1.85 Total return 17,204% · Per year 180% | 3.43 Total return 23,077% · Per year 197% |
- Exit P/E± 0.50
- Net margin± 0.35
- Annual revenue growth± 0.31
- Annual dilution± 0.03
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
Sogefi S.p.A. is an automotive components group active in suspension, filtration and air and cooling, supplying vehicle manufacturers and aftermarket customers. Its 2025 annual report shows the group adapting its portfolio toward new technologies, especially e-mobility components, amid price pressure and geopolitical tensions affecting supply chains.
SWOT
Strengths
- The group has a board with a high share of independent members and a structured sustainability governance system 1.
- The portfolio of contracts for battery cooling components gives a starting position in the technology transition 1.
- The internal control and risk management system is described as integrated into decision-making processes 1.
Weaknesses
Opportunities
Risks
- Selling price pressuremedium
OEM manufacturers pass price pressure down the whole value chain, which may affect the group's margins 1.
- Technological transitionhigh
If the group does not develop solutions demanded by the market, it could lose market share or bear extra development costs 1.
- Supply chainmedium
Partial or temporary supply interruptions linked to geopolitical tensions and tariffs may delay orders 1.
- Plant fire riskmedium
Fires at Sospensioni division plants could cause safety problems, asset losses and operational interruptions 1.
- Product non-conformitymedium
Products that fail quality standards could lead to recall campaigns with reputational effects 1.
Investment thesis
What would need to be true (bull case)
- The group has a position in battery cooling components, a segment that could grow with electrification, and contracts already obtained provide a base 1.
- Structured governance and dedicated sustainability committees could support execution of the long-term strategy 1.
- Raw material prices are described as relatively stable, which could limit pressure on production costs 1.
What would break the thesis
- Continued price pressure from OEM customers could compress margins over the medium term 1.
- The Air & Cooling division partly depends on ICE and hybrid engines, whose demand could decline during the transition 1.
- Geopolitical tensions and tariffs could disrupt supply and delay deliveries, with unwanted financial effects 1.
What to watch
- Development of battery cooling contracts and e-mobility volumes2026
- Product margins under OEM price pressureNext annual report
- Effects of geopolitical tensions and tariffs on supply2026
- Results of research and development investment in new technologiesNext annual report
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
Sogefi S.p.A. is the parent of an Italian-based industrial group whose governance follows the traditional administration and control model, with a Board of Directors of nine members, six of them independent 1. The group is organised into business units, including Sospensioni and Air & Cooling, and information on products, markets and customers is detailed in the notes to the consolidated financial statements 1. The board has delegated the broadest management powers to the company, and internal committees support oversight of strategy and risks 1.
The group combines industrial production with research and development, and its technology transition includes investments in battery cooling components, for which the Air & Cooling division has already acquired a portfolio of contracts with car and battery manufacturers 1. Sogefi publishes a separate sustainability report describing its due diligence process and double materiality analysis 1.
The operating structure includes plants supplying automotive customers, and management continuously tracks performance by business unit, plant and geographic area 1. For 2025, sustainability objectives are built into management remuneration, including the share of research spending on e-mobility products 1.
Segments
Sospensioni
The Sospensioni division's plants are exposed to fire risk, which the group considers relevant but unlikely given existing prevention measures 1.
Air & Cooling
Air & Cooling is the segment most exposed to demand during the transition, as its portfolio mainly targets ICE and hybrid engines; the division invests in research and production capacity for battery cooling components 1.
Market context
The market Sogefi operates in is dominated by price pressure from OEM manufacturers across the whole value chain, which could compress the group's product margins 1. Management estimates that raw material prices are relatively stable, which mitigates the risk, but demand remains sensitive to contracted volumes and the flexibility requested by customers 1.
Demand in the automotive sector is characterised by high variability between volumes estimated by customers and actual volumes, especially for e-mobility products, and the group could face difficulties in production planning if these forecasts do not materialise 1.
Trends
- Shift to electrificationmixed
The move from combustion to electric and hybrid engines opens demand for new components such as battery cooling, but may reduce demand for components used in ICE engines 1.
- Decarbonisation and regulationtailwind
The regulatory framework, especially in Europe, encourages emissions reduction and changes industrial processes and the value chain; the group monitors regulatory developments and considers the risk of non-compliance unlikely 1.
- Geopolitical tensions and tariffsheadwind
Geopolitical instability and tariffs on certain product categories can disrupt the supply chain and delay deliveries, with financial and operational effects 1.
- Shortage of technical talentheadwind
The labour market has a limited supply of specialists in technology skills, and the company's ability to meet technological challenges depends on the availability of qualified staff 1.
Competitive position
The source provided does not name competitors explicitly; the automotive sector is described as having price-centred competitive dynamics, in which OEM pressure is passed down the supply chain 1. The group aims to protect profitability through sourcing strategies and careful management of contractual relationships with customers 1.
Competition also plays out through the pace of innovation: if the group fails to develop technologies demanded by the market, or if competitors launch distinctive products, Sogefi could lose market share 1.
- Competitors not named in source
The source does not name competitors; the competition analysis rests on the price pressure and innovation described in the report.
- OEM vehicle manufacturers
Key customers exert pressure on prices and volumes across the whole value chain.
- Battery cooling technology suppliers
Competition in new battery cooling components depends on the group's innovation capacity.
- Aftermarket and spare parts suppliers
The source gives no further detail on these players.
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 202507 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202315 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sogefi 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.