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EMAK SPA
(EM)
Select Model
Select Model
Rating:61Neutral
Price Target:
€0.95
▲(4.40% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by mid-range financial performance (cooling profitability/returns despite a 2025 gross margin rebound and only moderate cash conversion). Technicals add modest support with price above key moving averages but mixed momentum signals. Valuation is a relative positive, supported by a moderate P/E and a ~3.45% dividend yield.
Positive Factors
Aftermarket & Brand Portfolio
Emak’s business model includes recurring aftermarket revenues (spare parts, consumables, accessories) and a multi‑brand distribution footprint. That installed base and channel breadth provide steadier, higher‑margin aftermarket demand and cross‑sell opportunities versus one‑off equipment sales.
Negative Factors
Thin Net Margins & Weak ROE
Despite margin recovery at the gross level, persistently low net margins and a markedly lower ROE point to weak overall earnings power. Low returns limit retained earnings growth and reduce ability to compound shareholder value, constraining long‑term capital allocation and competitiveness.
Read all positive and negative factors
Positive Factors
Negative Factors
Aftermarket & Brand Portfolio
Emak’s business model includes recurring aftermarket revenues (spare parts, consumables, accessories) and a multi‑brand distribution footprint. That installed base and channel breadth provide steadier, higher‑margin aftermarket demand and cross‑sell opportunities versus one‑off equipment sales.
Read all positive factors
EMAK SPA (EM) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€142.28M
Dividend Yield3.45%
Average Volume (3M)151.96K
Price to Earnings (P/E)11.5
Beta (1Y)0.76
Revenue Growth-4.36%
EPS Growth35.29%
CountryIT
Employees2,477
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)0.11
Revenue Forecast (FY)€605.00M
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 products through a combination of branded product distribution and aftermarket demand. Its main revenue stream is the sale of finished machines and equipment (e.g., chainsaw...
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 | 596.90M | 612.49M | 601.91M | 566.32M | 605.72M | 588.30M |
| Gross Profit | 255.92M | 301.74M | 117.81M | 269.04M | 287.13M | 282.33M |
| EBITDA | 61.61M | 63.83M | 59.78M | 69.10M | 76.42M | 73.76M |
| Net Income | 12.37M | 13.51M | 5.75M | 19.07M | 30.27M | 32.51M |
Balance Sheet | ||||||
| Total Assets | 750.18M | 693.43M | 715.51M | 688.00M | 679.12M | 658.15M |
| Cash, Cash Equivalents and Short-Term Investments | 69.19M | 71.19M | 69.17M | 75.72M | 86.52M | 79.72M |
| Total Debt | 292.44M | 262.20M | 280.86M | 262.87M | 266.98M | 222.69M |
| Total Liabilities | 454.27M | 411.81M | 435.20M | 404.34M | 402.13M | 402.22M |
| Stockholders Equity | 291.39M | 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
0.87
Positive
0.88
Positive
Market Momentum
<0.01
Negative
57.64
Neutral
74.43
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 0.87, above the 50-day MA of 0.88, and above the 200-day MA of 0.88, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 57.64 is Neutral, neither overbought nor oversold. The STOCH value of 74.43 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 | €6.09B | 12.89 | 19.95% | 3.29% | 6.44% | 6.55% | |
61 Neutral | €142.28M | 11.52 | 4.71% | 2.74% | -4.36% | 35.29% | |
61 Neutral | €682.13M | 20.08 | 7.61% | 4.42% | -4.62% | -24.28% | |
60 Neutral | €3.70B | 17.72 | 10.05% | 1.02% | 0.97% | -3.24% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
44 Neutral | €138.93M | -5.41 | -10.66% | ― | -4.54% | -75.92% |
* General Sector Average
IT:EM
EMAK SPA
0.90
0.04
4.29%
IT:BSS
Biesse SPA
5.36
-1.74
-24.51%
IT:DLG
De'Longhi S.p.A.
41.60
13.52
48.15%
IT:ELC
Elica S.p.A.
1.18
-0.25
-17.19%
IT:IP
Interpump Group SPA
37.50
0.65
1.76%
IT:PIA
Piaggio & C. SPA
1.98
0.11
6.11%
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.