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EMAK SPA
(EM)
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Rating:58Neutral
Price Target:
€0.92
▲(1.54% Upside)
Action:Downgraded
Date:04/03/26
Overall score is driven primarily by mid-tier financial performance (thin net margins, weaker returns vs prior years, and only moderate cash conversion) combined with mixed-to-soft technicals (below key longer-term moving averages and negative MACD). Valuation (low P/E and moderate dividend yield) provides a partial offset.
Positive Factors
Diversified revenue streams
EMAK’s business mixes equipment sales with replacement parts and after‑sales service sold through distributors and dealers. The installed base and aftermarket provide recurring, higher‑margin opportunities over time, reducing reliance on single transactional cycles and supporting steady cash flows.
Negative Factors
Thin profitability & weakening returns
Despite a gross margin rebound, net margin remains very thin (~2.2% in 2025) and ROE has fallen materially to ~4.9% from double‑digit levels in prior years. Persistently low margins and declining returns indicate weaker earnings power and limited capital efficiency, constraining long‑term shareholder value creation.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue streams
EMAK’s business mixes equipment sales with replacement parts and after‑sales service sold through distributors and dealers. The installed base and aftermarket provide recurring, higher‑margin opportunities over time, reducing reliance on single transactional cycles and supporting steady cash flows.
Read all positive factors
EMAK SPA (EM) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€147.18M
Dividend Yield2.74%
Average Volume (3M)151.96K
Price to Earnings (P/E)11.6
Beta (1Y)0.78
Revenue Growth-4.36%
EPS Growth35.29%
CountryIT
Employees2,374
SectorGeneral
Sector StrengthN/A
IndustryManufacturing - Tools & Accessories
Share Statistics
EPS (TTM)0.07
Shares Outstanding163,934,830
10 Day Avg. Volume157,673
30 Day Avg. Volume151,956
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.54
Price to Sales (P/S)0.25
P/FCF Ratio6.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€1.45Price Target Upside59.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.13
Revenue Forecast (FY)€615.00M
EMAK SPA Business Overview & Revenue Model
Company Description
Emak S.p.A., along with its affiliated companies, specializes in the development, manufacturing, and global distribution of a diverse product range across three primary business areas: outdoor power equipment, high-pressure water jetting and pumpi...
How the Company Makes Money
EMAK makes money primarily by selling outdoor power equipment and related items to distribution and retail channels. Its core revenue streams come from: (1) sales of equipment (e.g., gardening, forestry, and maintenance machinery) under its brands...
EMAK SPA Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
60
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 625.89M | 612.49M | 601.91M | 566.32M | 605.72M | 588.30M |
| Gross Profit | 209.41M | 301.74M | 117.81M | 269.04M | 287.13M | 282.33M |
| EBITDA | 69.19M | 63.83M | 59.78M | 69.10M | 76.42M | 73.76M |
| Net Income | 11.44M | 13.51M | 5.75M | 19.07M | 30.27M | 32.51M |
Balance Sheet | ||||||
| Total Assets | 722.46M | 693.43M | 715.51M | 688.00M | 679.12M | 658.15M |
| Cash, Cash Equivalents and Short-Term Investments | 71.16M | 71.19M | 69.17M | 75.72M | 86.52M | 79.72M |
| Total Debt | 290.25M | 262.20M | 280.86M | 262.87M | 266.98M | 222.69M |
| Total Liabilities | 436.08M | 411.81M | 435.20M | 404.34M | 402.13M | 402.22M |
| Stockholders Equity | 281.77M | 277.47M | 275.95M | 279.35M | 273.00M | 253.18M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 23.88M | 8.52M | 34.27M | -7.68M | 12.52M |
| Operating Cash Flow | 0.00 | 43.46M | 32.64M | 57.12M | 13.67M | 29.56M |
| Investing Cash Flow | 0.00 | -19.92M | -35.70M | -43.90M | -24.73M | -19.64M |
| Financing Cash Flow | 0.00 | -18.46M | -7.27M | -20.60M | 20.52M | -32.89M |
EMAK SPA Technical Analysis
Positive
0.91
Price Trends
0.88
Positive
0.86
Positive
0.89
Positive
Market Momentum
<0.01
Positive
57.34
Neutral
54.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:EM, the sentiment is Positive. The current price of 0.91 is above the 20-day moving average (MA) of 0.88, above the 50-day MA of 0.88, and above the 200-day MA of 0.89, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 57.34 is Neutral, neither overbought nor oversold. The STOCH value of 54.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:EM.
EMAK SPA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | €5.77B | 14.68 | 16.56% | 2.24% | 8.62% | 2.61% | |
60 Neutral | €3.64B | 17.18 | 10.16% | 0.72% | 0.97% | -3.24% | |
58 Neutral | €147.18M | 11.62 | 4.71% | 2.74% | -4.36% | 35.29% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | €604.51M | 19.99 | 8.39% | 4.42% | -10.40% | -46.42% | |
44 Neutral | €150.71M | -5.46 | -2.86% | 0.57% | -12.22% | -631.07% |
* General Sector Average
IT:EM
EMAK SPA
0.88
<0.01
0.46%
IT:BSS
Biesse SPA
5.30
-2.47
-31.79%
IT:DLG
De'Longhi S.p.A.
38.16
9.64
33.79%
IT:ELC
Elica S.p.A.
1.18
-0.26
-17.77%
IT:IP
Interpump Group SPA
33.68
-0.96
-2.76%
IT:PIA
Piaggio & C. SPA
1.72
-0.19
-10.03%
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.