olivLaw · European equity research
SANLORENZO S.P.A. IN SIGLA SL S.P.A. SL.MI
Italy · Euronext Milan · ISIN IT0003549422 · Vertical: Listed companies from Italy
Sanlorenzo is an Italian maker of luxury yachts, active in yacht, superyacht and Bluegame boat divisions, with strong demand reflected in a record order backlog. The company grew revenue from 740.679 thousand EUR in 2022, and its 2023 guidance points to another double-digit increase, while demand remains sensitive to the global economic cycle.
At the close of 05 Nov 2026, SANLORENZO S.P.A. IN SIGLA SL S.P.A. (SL.MI) stock was 36.12 EUR (−2.01% on the day), with market capitalisation 1.3 bn EUR, P/E 24.6 on diluted EPS of 1.47 EUR over the last 12 months, dividend yield 0.82%, beta 0.85, 52-week range 28.55–39.88 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)
- 52.1
- neutral
- Bollinger (20, 2)
- 34.02 – 36.81
- in the upper half of the band · %B 0.75 · band width 7.9%
- SMA 50 / 200
- 36.42 / 35.49
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.24
- 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 | +0.1% | −0.6% | +0.7 pp | — |
| 3 months | −5.7% | −4.2% | −1.6 pp | — |
| 6 months | +6.2% | +4.3% | +1.8 pp | — |
| Year to date | +19.2% | +7.5% | +11.7 pp | — |
| 1 year | +10.0% | +9.9% | +0.0 pp | −6.1% |
| 3 years | −2.0% | +49.8% | −51.8 pp | +7.7% |
| 5 years | −3.9% | +42.8% | −46.8 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.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 16.5, median 21.1, max 25.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 591.3 m | 668.0 m | 751.1 m |
| Revenue YoY | unavailable | +13.0% | +12.4% |
| Net income | 51.0 m | 51.4 m | 74.2 m |
| Net income YoY | unavailable | +0.7% | +44.4% |
| Diluted EPS | 1.00 | 1.47 | unavailable |
| Diluted EPS YoY | unavailable | +47.0% | unavailable |
| net % | 8.6% | 7.7% | 9.9% |
| Free cash flow | 23.0 m | 59.8 m | 108.4 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 146.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 290.1 m EUR
- Total assets
- 743.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.29x
- ROE
- 28.6%
- ROA
- 11.1%
- FCF margin
- 14.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 591.3 m | 668.0 m | 751.1 m | esef· 30 May 2023verified |
| Operating income | 72.2 m | 72.2 m | 102.7 m | esef· 30 May 2023verified |
| Interest expense | 1.4 m | 1.4 m | 826.0 k | esef· 30 May 2023verified |
| Pre-tax income | 71.0 m | 71.0 m | 102.3 m | esef· 30 May 2023verified |
| Income tax | 19.7 m | 19.7 m | 27.5 m | esef· 30 May 2023verified |
| Net income | 51.0 m | 51.4 m | 74.2 m | esef· 30 May 2023verified |
| Diluted EPS | 1.00 | 1.47 | — | esef· 30 May 2023verified |
| Dividend per share | 0.00 | 0.30 | — | esef· 30 May 2023derived |
Balance sheet · EUR
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 94.4 m | 141.3 m | 146.3 m | esef· 30 May 2023verified |
| Inventories | 82.2 m | 68.3 m | 53.4 m | esef· 30 May 2023verified |
| Current assets | 337.8 m | 399.7 m | 506.0 m | esef· 30 May 2023verified |
| Property, plant & equipment, net | 112.5 m | 135.0 m | 158.7 m | esef· 30 May 2023verified |
| Goodwill | 8.7 m | 8.7 m | 10.8 m | esef· 30 May 2023verified |
| Intangibles (excl. goodwill) | 36.4 m | 45.3 m | 51.4 m | esef· 30 May 2023verified |
| Total assets | 502.4 m | 595.0 m | 743.8 m | esef· 30 May 2023verified |
| Accounts payable | 137.2 m | 120.1 m | 156.0 m | esef· 30 May 2023verified |
| Current liabilities | 252.0 m | 294.3 m | 393.4 m | esef· 30 May 2023verified |
| Total liabilities | 317.0 m | 365.9 m | 453.7 m | esef· 30 May 2023verified |
| Equity | 185.4 m | 229.1 m | 290.1 m | esef· 30 May 2023verified |
| Shares outstanding at year end | 51.0 m | 34.7 m | — | esef· 30 May 2023derived |
Cash flow · EUR
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 46.0 m | 97.8 m | 145.1 m | esef· 30 May 2023verified |
| Capex | 23.0 m | 38.1 m | 36.7 m | esef· 30 May 2023verified |
| Free cash flow | 23.0 m ≈ | 59.8 m ≈ | 108.4 m ≈ | esef· 30 May 2023derived |
| Investing cash flow | -31.1 m | -49.6 m | -69.2 m | esef· 30 May 2023verified |
| Financing cash flow | 19.2 m | -1.3 m | -70.9 m | esef· 30 May 2023verified |
| Dividends paid | 0 | 10.3 m | 20.6 m | esef· 30 May 2023verified |
| Share repurchases | 899.0 k | 0 | 2.1 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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · 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: 13.44 – 48.84 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)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/E13.44 – 48.84 (Mid 28.33)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 aggregate4.05 – 5.52 (Mid 4.67)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
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.9% | 67 (vs peers) | 12% |
| FCF conversion · Quality | 146.2% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 124.4x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.3x | 41 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 16.9x | 50 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.7% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 1.8% | 26 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 19.0% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality83/100 · 2/3 factors with a value
- Returns56/100 · 2/2 factors with a value
- Valuation72/100 · 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
SANLORENZO S.P.A. IN SIGLA SL S.P.A. (SL.MI). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 751.1 m EUR in 2022; YoY growth 12.4%; net margin 9.9%; ROE 28.7%.
The estimated value range is 13.44–48.84 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 28.33 EUR, the price of 36.12 EUR leaves a potential of -21.6% (value / price − 1) and a margin of safety of -27.5% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 146.2%
- Interest coverage: 124.4x
- FCF yield: 8.7%
- Payout ratio (FCF): 19.0%
What contradicts it
- Shareholder yield (distributions): 1.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| SL.MISanlorenzo S.p.a. In Sigla Sl S.p.a. | 1.3 bn | 16.9 | 28.7% | 9.9% | +12.4% | +19% / −9% |
| 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 SL.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 | 23.05 Total return -35% · Per year -35% | 40.61 Total return 14% · Per year 14% | 60.98 Total return 70% · Per year 70% |
| 3 years | 26.09 Total return -25% · Per year -9% | 51.34 Total return 47% · Per year 14% | 84.10 Total return 139% · Per year 34% |
| 5 years | 29.52 Total return -12% · Per year -3% | 64.91 Total return 88% · Per year 13% | 115.98 Total return 233% · Per year 27% |
- Exit P/E± 12.84
- Net margin± 8.98
- Annual revenue growth± 6.85
- Annual dilution± 0.75
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
Sanlorenzo is an Italian maker of luxury yachts, active in yacht, superyacht and Bluegame boat divisions, with strong demand reflected in a record order backlog. The company grew revenue from 740.679 thousand EUR in 2022, and its 2023 guidance points to another double-digit increase, while demand remains sensitive to the global economic cycle.
SWOT
Strengths
- Record order backlog and high revenue visibility for future periods.
- Rising margins and operating cash generation based on client advance payments.
- Positive net cash position and financing capacity through undrawn bank lines.
Weaknesses
- Dependence on a relatively small number of brand representatives for distribution.
- Production concentrated in a few shipyards in the same area, with risk of a shared interruption.
- Seasonal cash flows, with short-term financing needs in the first quarter.
Opportunities
- Growing demand in the Americas and APAC, where sales rose in 2022.
- Development of new models and the Bluegame segment, including eco-sustainable products.
- Expansion of production capacity and vertical integration in key supply chains.
Threats
- A weaker global economy could reduce demand and lead to cancelled orders.
- Higher raw material, energy and labour costs could compress margins.
- Changes in tax, customs and environmental rules could affect sales and navigation.
Risks
- Demand sensitive to the economic cyclehigh
Clients may lose the propensity to buy or abandon a yacht already ordered, and the company would have to find a new buyer.
- Value of used yachts taken in exchangemedium
If the market deteriorates, the sale and realisable value of second-hand vessels could fall, affecting revenue and inventories.
- Supplier and subcontractor delays and defectsmedium
Suppliers could deliver late or defective components, which could lead to penalties, damage claims and reputational harm.
- Production interruptionsmedium
Coastal shipyards are exposed to natural disasters, and an event at one yard could affect the others, adding costs.
- Regulatory and tax changeslow
Changes to VAT, luxury taxes, import duties or navigation and emissions rules could affect operations and prices.
Investment thesis
What would need to be true (bull case)
- If the order book converts into on-time deliveries, the company could confirm the revenue and margin growth it has guided for 2023 and 2025.
- Client advance payments and a positive net cash position could support investment in new models without excessive borrowing.
- Expansion in the Americas and APAC and success in the Bluegame division could diversify revenue away from Europe.
What would break the thesis
- A global recession could reduce demand for luxury yachts, and order cancellations could quickly weigh on revenue.
- Rising costs and competition in the superyacht segment could compress margins and slow growth in that division.
- Concentration of production and distribution with a few partners could amplify the impact of any interruption or lost contract.
What to watch
- Delivery against 2023 guidance for net revenue and adjusted EBITDA2023
- Evolution of the order book and new orders by divisionQ1 2024
- Progress of the EBITDA margin toward the target of at least 19,5% in 2025next 10-K
- Investment pace and production capacity against the plan of about 150 million EUR2025
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
Sanlorenzo designs and builds luxury yachts, with production concentrated in its shipyards at Ameglia, Viareggio and Massa in Italy. The range includes yachts (Yacht division), steel superyachts (Superyacht division) and multihull boats (Bluegame division). Revenue comes mainly from new vessel sales, plus sales of used yachts taken in exchange and maintenance services.
The business model relies on orders with advance payment, so cash flows depend on the order book and delivery schedules. Distribution runs through a limited number of brand representatives, and the company maintains strong operating cash generation with a positive net cash position.
For 2022 to 2025 the company targets a high single-digit average annual revenue growth, with an EBITDA margin that rises progressively, supported by investment in new models and production capacity.
Segments
Yacht division
The main division, which generated 62,7% of net revenue in 2022, with growth across all ranges, particularly the asymmetric SL and SD models and the new SP line.
Superyacht division
Contributed 27,0% of revenue in 2022, supported by the Steel line and the new X-Space, with more moderate growth than the other divisions.
Bluegame division
The fastest-growing division in 2022 (10,3% of revenue), supported by the BG line and early sales of the BGM75 multihull launched in the year.
Market context
Europe remains the reference market, with 56,3% of revenue in 2022, followed by the Americas at 23,2% and APAC at 14,8%. The luxury yacht market is described as influenced by macroeconomic conditions and client tastes, with demand depending on the wealth of end customers.
The company reports solid demand, with a record order book extending beyond 2023, but notes that an economic downturn could reduce demand and the resale value of used yachts taken in exchange.
Competitive position
Sanlorenzo operates in the luxury yacht market, where competition is based on design, technological innovation, brand reputation and delivery capacity. The company notes it cannot exclude launching new products later than competitors.
The growth strategy depends on expanding existing shipyards or acquiring new capacity, and on widening the commercial network into markets where the company is not yet present.
- Luxury yacht builders in Italy and other European countries
Yacht and superyacht builders targeting the same client base; the source does not name competitors individually.
- Steel superyacht builders
Direct competition in the superyacht segment, where the Superyacht division grew more slowly than the other divisions.
- Multihull boat builders
Competition in the Bluegame boat area, a segment growing quickly for the company.
- North American yacht builders
Competition in the Americas market, a strategic growth area, where the source does not identify specific firms.
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 202130 May 2023
- Annual report 202130 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / SANLORENZO S.P.A. IN SIGLA SL S.P.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.