Cellularline SpA (CELL) AI Stock Analysis

• Market Cap: €59.11M
• Dividend Yield: 3.58%
• Average Volume (3M): 20.41K
• Price to Earnings (P/E): 10.5
• Beta (1Y): 0.27
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IT
• Employees: 299
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Consumer Electronics
• EPS (TTM): 0.10
• Shares Outstanding: 24,110,820
• 10 Day Avg. Volume: 14,107
• 30 Day Avg. Volume: 20,411
• PEG Ratio: 0.17
• Price to Book (P/B): 0.36
• Price to Sales (P/S): 0.30
• P/FCF Ratio: 3.05
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €4.10
• Price Target Upside: 48.55% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: €3.00 ▲(8.70% Upside)

The score is driven mainly by improving fundamentals—returned profitability, moderate leverage, and consistently positive free cash flow—while the largest constraint is cooling growth (TTM revenue decline) alongside only modest margins/returns. Technicals are mixed and not strongly supportive, but valuation is favorable with a low P/E and a healthy dividend yield.

Positive Factors

Returned profitability and steady gross margins

Cellularline has re-established profitability after 2022 losses and maintained gross margins near the high-30% to ~40% range. This stability in core product economics supports sustainable operating leverage and predictable unit-level margins across device cycles over the next several quarters.

Manageable leverage and solid equity base

Net debt around 0.3x equity signals a conservative capital structure that preserves financial flexibility. With equity sizable relative to assets, the company can fund product investment, absorb demand volatility, and pursue opportunistic distribution or product initiatives without destabilizing liquidity.

Consistent positive free cash flow and cash conversion

Consistently positive operating and free cash flow, with FCF ~75% of net income, indicates high cash conversion and internal funding capacity. This underpins dividend support, reinvestment into product development, and a buffer against cyclical demand downturns over the medium term.

Negative Factors

Cooling revenue / TTM revenue decline

Trailing-twelve-month revenue contraction reflects weakening top-line momentum. In a low-margin accessories market, sustained revenue declines can quickly pressure operating leverage, reduce scale benefits in retail/distribution, and limit ability to invest in innovation or marketing.

Modest returns and limited profitability cushion

ROE near 4% and mid-single-digit net margins imply limited profitability headroom. Modest returns reduce resilience to competitive pricing, input cost rises, or channel shifts, constraining capital allocation and potential to generate meaningful shareholder returns absent stronger revenue growth.

Operating cash flow is a small share of revenue

OCF representing mid-teens of revenue means cash generation is sensitive to margin compression or working-capital swings. In the accessories business, inventory or receivables volatility could rapidly erode cash flow, limiting flexibility for capex, buybacks, or cushioning cyclical downturns.

Cellularline SpA Business Overview & Revenue Model

Company Description

Cellularline SpA (CELL) is an Italian company specializing in the design and manufacture of accessories for mobile devices, including smartphones, tablets, and wearables. The company operates primarily in the consumer electronics sector and offers a wide range of products such as protective cases, chargers, audio accessories, and screen protectors. Cellularline is known for its innovative solutions that enhance the user experience and provide functionality and style to mobile technology.

How the Company Makes Money

Cellularline generates revenue through the sale of its diverse range of mobile accessories and products. The company's primary revenue streams include direct sales to consumers through retail channels, e-commerce platforms, and partnerships with mobile operators and electronics retailers. Additionally, Cellularline benefits from strong brand recognition and customer loyalty, which drive repeat purchases. Strategic partnerships with manufacturers and distributors also contribute to its earnings, allowing the company to expand its market reach and increase product availability. Seasonal promotions and new product launches further enhance sales potential.

Cellularline SpA Financial Statement Overview

Summary

Post-2022 recovery is evident with profits positive again, steady gross margins, manageable leverage (~0.30x equity), and consistently positive operating/free cash flow. Offsetting this, TTM revenue has declined and profitability/returns remain modest, limiting resilience if demand weakens.

Income Statement

Profitability has stabilized after a major 2022 loss: net margin is positive again in 2023–2024 and remains modestly positive in TTM (Trailing-Twelve-Months). Gross margin is fairly steady around the high-30% to ~40% range, supporting consistent underlying economics. However, growth has cooled—TTM (Trailing-Twelve-Months) revenue is down versus the prior year—and overall earnings power remains mid-single-digit margins, leaving limited cushion if demand weakens.

Balance Sheet

Leverage looks manageable with debt at roughly 0.30x equity in TTM (Trailing-Twelve-Months), improving versus 2023, and equity remains sizable relative to assets. Returns on equity have recovered to ~4% in 2024/TTM (Trailing-Twelve-Months) after being deeply negative in 2022, signaling a return to more normal operations. The key drawback is that returns are still modest, implying the balance sheet is solid but not being converted into high shareholder returns.

Cash Flow

Cash generation is consistently positive: operating cash flow and free cash flow are solid in 2023–2024 and remain healthy in TTM (Trailing-Twelve-Months), with free cash flow also showing strong growth in the latest period. Cash conversion is decent (free cash flow is roughly three-quarters of net income in 2024/TTM (Trailing-Twelve-Months)), which supports financial flexibility. A watch item is that operating cash flow remains a relatively small share of revenue (mid-teens), so cash generation could be sensitive if margins compress or working capital swings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	159.76M	164.26M	158.65M	137.64M	110.58M	104.54M
Gross Profit	61.19M	65.82M	61.19M	48.80M	48.21M	44.92M
EBITDA	15.58M	17.19M	21.34M	-59.70M	7.32M	10.58M
Net Income	5.34M	5.65M	3.60M	-75.17M	-3.85M	13.90M
Balance Sheet
Total Assets	213.87M	225.89M	233.41M	215.43M	281.19M	294.07M
Cash, Cash Equivalents and Short-Term Investments	24.24M	20.75M	14.04M	9.99M	8.20M	8.63M
Total Debt	39.71M	43.10M	49.76M	50.38M	45.55M	57.70M
Total Liabilities	80.19M	88.83M	98.75M	84.96M	75.83M	85.61M
Stockholders Equity	133.68M	137.07M	134.66M	130.47M	205.36M	208.46M
Cash Flow
Free Cash Flow	15.11M	16.22M	8.15M	280.00K	14.07M	1.14M
Operating Cash Flow	19.98M	21.53M	13.05M	4.89M	19.07M	11.31M
Investing Cash Flow	-4.87M	-5.31M	-7.45M	-5.39M	-7.36M	-23.98M
Financing Cash Flow	-10.82M	-9.66M	-2.56M	1.48M	-12.89M	-10.78M

Cellularline SpA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.76
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:CELL, the sentiment is Positive. The current price of 2.76 is above the 20-day moving average (MA) of 2.59, above the 50-day MA of 2.58, and below the 200-day MA of 2.77, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 56.73 is Neutral, neither overbought nor oversold. The STOCH value of 83.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:CELL.

Cellularline SpA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PRT	67 Neutral	€306.54M	15.00	5.62%	6.66%	5.75%	8.26%
INDB	66 Neutral	€112.49M	4.47	17.82%	4.15%	-5.58%	165.78%
CELL	65 Neutral	€59.11M	10.54	―	3.58%	―	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ETH	47 Neutral	€53.17M	-0.86	-51.98%	―	-23.11%	-284.12%

Cellularline SpA Corporate Events

Cellularline Reports Resilient Financial Performance Amid Challenging Market Conditions

Cellularline S.p.A. reported a slight decrease in consolidated revenues to €113.2 million for the first nine months of 2025, compared to the same period in 2024, due to challenging international market conditions. Despite this, the company managed to reduce its net financial debt significantly and maintained a solid financial position. The domestic market showed resilience with growth in the Red Line product category, while international markets faced a slowdown. The company continues to focus on cost optimization and strategic partnerships to enhance its market position and generate sustainable value for stakeholders.

The most recent analyst rating on (IT:CELL) stock is a Hold with a EUR3.00 price target. To see the full list of analyst forecasts on Cellularline SpA stock, see the IT:CELL Stock Forecast page.

Cellularline Announces CFO Transition

Cellularline S.p.A. announced that Mauro Borgogno, the Group Chief Financial Officer and Executive responsible for corporate accounting documents, will step down from his roles effective December 1, 2025, due to personal reasons and a reduction in professional commitments. Borgogno will continue to serve as an administrator of the company, ensuring operational continuity until his departure. The company will announce a successor in due course, highlighting the importance of a smooth transition for maintaining its market position.

The most recent analyst rating on (IT:CELL) stock is a Hold with a EUR3.00 price target. To see the full list of analyst forecasts on Cellularline SpA stock, see the IT:CELL Stock Forecast page.