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.
Immsi S.p.A. is an Italy-based holding company that oversees a group of more than 40 companies operating in the real estate, industrial, and naval sectors. It primarily focuses on the industrial segment, manufacturing and marketing two-wheeled motor vehicles such as scooters and motorcycles under renowned brands like Piaggio, Vespa, Gilera, Aprilia, Moto Guzzi, and Derbi, as well as three- and four-wheeled light transport vehicles including Ape and Porter, along with engines, spare parts, and accessories. The company also engages in real estate development and investments, and naval activities that include constructing high-speed ships, hydrofoils, fast ferries, yachts, mine-hunters, and patrol boats for military use. With operations spanning Italy, Europe, India, the United States, and other international markets, Immsi S.p.A. derives the majority of its revenue from the industrial sector, particularly vehicle sales in Italy and India. Founded in 2000 and headquartered in Mantua, Italy, it plays a significant role in the automotive, marine, and property markets through strategic portfolio management and diversified investments.
Operating margin is thin at 7.02%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 8.9% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -€14M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
€1.58B
▼ -8.9% YoY
Net Income (TTM)
€9M
▼ -63.7% YoY
Op. Margin
6.89%
▼ -0.9pp YoY
ROIC
3.73%
▼ -1.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€41M
▲ +84.7% YoY
Op. Cash Flow (TTM)
€151M
▲ +44.9% YoY
Net Debt
€995M
Cash & Equiv.
€156M
3Y CAGR: -9.2%
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