Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Aedes S.p.A. is a real estate investment company specializing in the ownership, management, and valorization of real estate assets in Italy. Founded in 1905 and headquartered in Milan, the company focuses on special situations, including non-performing loans and unlikely-to-pay assets, while providing comprehensive real estate services such as portfolio management and strategic acquisitions. Its activities span commercial properties like office spaces, retail centers, and industrial facilities, alongside residential properties (51.9% of portfolio), non-residential (27.9%), and logistics sites (20.2%) as of end-2024, with a total market value of EUR 2.3 million. Aedes S.p.A. generates returns through value-enhancing developments and divestments, contributing to urban development, economic growth in retail, commercial, and logistics sectors. Formerly known as Restart SIIQ S.p.A., it rebranded to Aedes S.p.A. in April 2024. Led by CEO Giorgio Ferrari, Aedes S.p.A. plays a key role in the Italian property market by adapting to industry trends and managing dynamic portfolios.
The business is unprofitable at the operating level (-2227.14% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 93.4% YoY. Margins deteriorated 2158.5pp alongside, both lines moving the wrong way.
ROIC dropped from -5.67% to -14.04%, capital efficiency is deteriorating. Negative free cash flow of -€2M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
€70K
▼ -93.4% YoY
Net Income (TTM)
-€2M
▼ -35.3% YoY
Op. Margin
-2227.14%
▼ -2158.5pp YoY
ROIC
-14.04%
▼ -8.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-€2M
▼ -57.4% YoY
Op. Cash Flow (TTM)
-€2M
▼ -57.4% YoY
Net Debt
-€4M
Net Cash Position
Cash & Equiv.
€5M
3Y CAGR: -73.1%
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