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AIRTIME PARTECIPAZIONI S.P.A.
(ALMEX)
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Rating:46Neutral
Price Target:
€3.50
▼(-85.89% Downside)
Action:Reiterated
Date:07/16/26
The score is held down primarily by weak financial performance driven by recent losses and unstable revenue, combined with very bearish technical indicators (price below all major moving averages and negative MACD). Improved 2025 operating/free cash flow and a generally manageable leverage profile provide partial support, but valuation is difficult to justify with a negative P/E and no dividend yield provided.
Positive Factors
Manageable leverage and equity buffer
Low reported leverage (debt-to-equity ~0.01 in 2024) and a meaningful equity base (€36.4M) create a durable capital cushion. This structural balance-sheet strength gives management flexibility to absorb near-term losses, pursue restructuring or M&A, and avoid forced deleveraging under stress.
Negative Factors
Consecutive sizable net losses
Large net losses across 2024 and 2025 materially erode retained earnings and limit internal funding for operations or strategic priorities. Persistent negative profitability threatens the equity buffer over time and increases the likelihood management must cut costs, sell assets, or seek external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Manageable leverage and equity buffer
Low reported leverage (debt-to-equity ~0.01 in 2024) and a meaningful equity base (€36.4M) create a durable capital cushion. This structural balance-sheet strength gives management flexibility to absorb near-term losses, pursue restructuring or M&A, and avoid forced deleveraging under stress.
Read all positive factors
AIRTIME PARTECIPAZIONI S.P.A. (ALMEX) vs. iShares MSCI France ETF (EWQ)
Market Cap
€18.24M
Dividend YieldN/A
Average Volume (3M)119.07K
Price to Earnings (P/E)―
Beta (1Y)-0.49
Revenue Growth61.99%
EPS Growth-93.30%
CountryFR
Employees11
SectorCommunication Services
Sector Strength97
IndustryAsset Management
Share Statistics
EPS (TTM)-3.32
Shares Outstanding5,700,000
10 Day Avg. Volume122,835
30 Day Avg. Volume119,069
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)2.13
Price to Sales (P/S)0.66
P/FCF Ratio3.51
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)€294.70M
AIRTIME PARTECIPAZIONI S.P.A. Business Overview & Revenue Model
Company Description
Mexedia Società Per Azioni S.B. is an Italian technology firm specializing in the telecommunications and business services industries. The company provides diverse technological solutions designed to streamline interactions between businesses and ...
AIRTIME PARTECIPAZIONI S.P.A. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 118.09M | 72.90M | 323.87M | 140.84M | 131.80M |
| Gross Profit | 10.22M | 7.40M | 22.23M | 11.84M | 10.21M |
| EBITDA | -14.91M | -23.65M | 12.30M | 8.01M | 7.05M |
| Net Income | -17.60M | -20.01M | 4.47M | 4.43M | 2.96M |
Balance Sheet | |||||
| Total Assets | 183.52M | 157.52M | 168.52M | 96.93M | 85.27M |
| Cash, Cash Equivalents and Short-Term Investments | 2.42M | 1.70M | 548.00K | 2.67M | 5.63M |
| Total Debt | 5.83M | 327.00K | 41.82M | 29.05M | 24.02M |
| Total Liabilities | 157.61M | 116.81M | 101.68M | 34.26M | 27.27M |
| Stockholders Equity | 36.36M | 47.36M | 66.84M | 62.67M | 57.99M |
Cash Flow | |||||
| Free Cash Flow | 22.06M | 1.57M | -10.62M | -2.24M | -73.43M |
| Operating Cash Flow | 31.65M | 8.26M | 53.00K | -2.09M | -18.35M |
| Investing Cash Flow | -30.67M | -12.64M | -12.28M | -268.00K | -55.08M |
| Financing Cash Flow | -256.00K | 5.53M | 12.77M | 5.02M | 79.06M |
AIRTIME PARTECIPAZIONI S.P.A. Peers Comparison
UnderperformOutperform
Sector (60)
FR:ALMEX
AIRTIME PARTECIPAZIONI S.P.A.
3.20
-11.80
-78.67%
FR:LTA
ALTAMIR
23.70
-3.93
-14.23%
FR:IDIP
Institut de Developpement Industriel SA IDI
70.60
-5.09
-6.72%
FR:ALBON
Compagnie Lebon SA
95.40
13.97
17.16%
FR:ALAUD
Audacia SA
4.31
1.00
30.13%
FR:MLCOU
Courbet SA
1.49
-0.01
-0.67%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.