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Indel B S.p.A.
(INDB)
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Rating:69Neutral
Price Target:
€21.00
▲(7.69% Upside)
Action:Reiterated
Date:04/19/26
The score is driven primarily by very strong valuation (extremely low P/E and solid dividend yield) and a reasonably stable balance sheet with improved 2025 earnings and free cash flow. These positives are tempered by earlier margin compression and uneven cash-flow history, alongside currently neutral-to-weak technical momentum.
Positive Factors
Balance Sheet Strength
Equity accumulation across 2020–2025 provides a durable capital buffer that supports working capital, capex and cyclical downturns. Moderate historical leverage gives financial flexibility for OEM program investments or restructuring, reducing insolvency risk over the next 2–6 months.
Negative Factors
Margin Compression
A dramatic drop in gross margin reflects sustained pricing pressure, rising input costs or mix shifts. Even with 2025 earnings improvement, such structural margin erosion reduces buffer for operating shocks, limits reinvestment capacity and makes earnings more sensitive to volume swings over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Equity accumulation across 2020–2025 provides a durable capital buffer that supports working capital, capex and cyclical downturns. Moderate historical leverage gives financial flexibility for OEM program investments or restructuring, reducing insolvency risk over the next 2–6 months.
Read all positive factors
Indel B S.p.A. (INDB) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€111.07M
Dividend Yield3.08%
Average Volume (3M)1.51K
Price to Earnings (P/E)5.0
Beta (1Y)0.23
Revenue Growth2.67%
EPS Growth99.77%
CountryIT
Employees843
SectorConsumer Cyclical
Sector Strength84
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)3.88
Shares Outstanding5,842,000
10 Day Avg. Volume1,057
30 Day Avg. Volume1,510
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.73
Price to Sales (P/S)0.49
P/FCF Ratio9.27
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€25.50Price Target Upside30.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.25
Revenue Forecast (FY)€221.00M
Indel B S.p.A. Business Overview & Revenue Model
Company Description
Indel B S.p.A. is a global specialist in the manufacturing and distribution of advanced cooling and refrigeration systems. Its extensive product range includes mobile cooling units and air conditioning systems specifically designed for various mod...
How the Company Makes Money
Indel B makes money primarily by manufacturing and selling refrigeration and climate-control products and systems to business customers, with revenue generated from (1) sales of mobile refrigeration products (e.g., built-in or portable fridges/fre...
Indel B S.p.A. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
71
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 206.49M | 199.60M | 221.16M | 223.37M | 185.81M |
| Gross Profit | 35.95M | 11.40M | 40.01M | 62.34M | 55.02M |
| EBITDA | 17.26M | 19.70M | 22.13M | 25.62M | 26.24M |
| Net Income | 20.41M | 10.80M | 10.44M | 12.05M | 24.25M |
Balance Sheet | |||||
| Total Assets | 237.27M | 203.80M | 221.87M | 225.40M | 211.45M |
| Cash, Cash Equivalents and Short-Term Investments | 29.43M | 16.20M | 34.38M | 17.32M | 24.19M |
| Total Debt | 46.53M | 26.60M | 41.95M | 45.78M | 36.94M |
| Total Liabilities | 97.73M | 79.30M | 94.77M | 104.16M | 97.77M |
| Stockholders Equity | 138.83M | 124.50M | 126.63M | 120.91M | 113.51M |
Cash Flow | |||||
| Free Cash Flow | 10.98M | 10.80M | 24.82M | -10.54M | -4.55M |
| Operating Cash Flow | 14.59M | 19.50M | 33.41M | -5.31M | 5.57M |
| Investing Cash Flow | -14.74M | -6.53M | -7.25M | -3.26M | -10.57M |
| Financing Cash Flow | 13.42M | -29.04M | -9.00M | 2.01M | -14.05M |
Indel B S.p.A. Technical Analysis
Positive
19.50
Price Trends
19.52
Negative
19.11
Positive
18.96
Positive
Market Momentum
-0.02
Positive
45.67
Neutral
6.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:INDB, the sentiment is Positive. The current price of 19.5 is above the 20-day moving average (MA) of 19.49, below the 50-day MA of 19.52, and above the 200-day MA of 18.96, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 45.67 is Neutral, neither overbought nor oversold. The STOCH value of 6.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:INDB.
Indel B S.p.A. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €1.35B | 12.28 | 21.80% | 2.73% | 2.69% | 3.17% | |
69 Neutral | €111.07M | 5.01 | 14.66% | 4.15% | 2.67% | 99.77% | |
65 Neutral | €978.21M | 10.87 | 9.77% | 3.82% | 1.16% | -3.56% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | €61.06M | 3.70 | 11.32% | 23.56% | ― | ― |
* Consumer Cyclical Sector Average
IT:INDB
Indel B S.p.A.
19.45
0.91
4.91%
IT:TISG
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IT:XHS
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2.48
-1.40
-36.08%
Indel B S.p.A. Corporate Events
Indel B Continues Treasury Share Buyback on Euronext Milan
Jul 29, 2026
Indel B S.p.A. has continued its previously approved treasury share buyback program, purchasing 114 ordinary shares on Euronext Milan between 23 and 29 July 2026. The transactions, executed via Intesa Sanpaolo’s IMI Corporate Investment Ban...
Indel B Adds to Treasury Stock Under Ongoing Buyback Plan
Jul 8, 2026
Indel B S.p.A. has reported the latest purchases under its treasury share buyback program approved in May 2026, acquiring 1,821 shares on Euronext Milan between 2 and 8 July at a weighted average price of €19.6762 for a total outlay of ̈́...
Indel B Discloses June Purchases of Own Shares on Italian Market
Jul 2, 2026
Indel B S.p.A., a publicly listed Italian joint-stock company headquartered in Sant’Agata Feltria, has its ordinary shares traded on the Mercato Telematico Azionario of Borsa Italiana under ISIN IT0005245508. The firm is subject to Italian s...
Indel B Adds to Treasury Stock in Ongoing Share Buyback Programme
Jul 1, 2026
Indel B S.p.A., listed on Euronext Milan and controlled by the Berloni family via AMP.FIN S.r.l., operates globally in mobile refrigeration and air conditioning systems for automotive, hospitality and leisure markets. The company’s portfolio...
Indel B Continues Gradual Share Buyback on Euronext Milan
Jun 24, 2026
Indel B has disclosed a new tranche of share repurchases under its ongoing buyback program, which authorizes the purchase of up to 100,000 ordinary shares. Between 18 and 24 June 2026 the company bought 600 shares on Euronext Milan, equal to 0.010...
Indel B Renews Governance and Launches €2.6 Million Share Buyback Plan
Jun 16, 2026
Indel B’s board has renewed its leadership structure, confirming Paolo Berloni as vice chairman and Luca Bora as chief executive officer, and assigning them management powers for the 2026–2028 term. The board also verified the independ...
Indel B Targets Austrian Investors at Vienna Small-Cap Conference
Jun 9, 2026
Indel B S.p.A. will participate in the 7th Annual Polytens HIR Italian Day in Vienna, an equity investor conference focused on Italian small and mid-cap companies, to be held on 11 June in the Austrian capital. The event, hosted in a key European ...
Indel B Details New Board and Auditors Line-Up for 2026–2028
Jun 9, 2026
Indel B S.p.A. has clarified the final composition of its Board of Directors and Board of Statutory Auditors for the 2026–2028 financial years, confirming that most board members, including chair Antonio Berloni, were elected from the majori...
Indel B Publishes Minutes of May 25 Shareholders’ Meeting
May 29, 2026
Indel B S.p.A. has made available to the public the minutes of its Ordinary Shareholders’ Meeting held on May 25, 2026, which can be consulted at its registered office, at Borsa Italiana, via the authorized 1info storage mechanism, and in th...
Indel B Approves 2025 Results, Dividend and New Board for 2026–2028
May 25, 2026
Indel B shareholders approved the 2025 financial statements, showing revenues of €123.3 million, slightly down year on year, but with higher profitability as EBITDA rose to €12.5 million and net profit climbed to €9.9 million. Th...
Indel B lifts Q1 revenues on Leisure and Marine growth despite mixed demand
May 12, 2026
Indel B reported consolidated first-quarter 2026 revenues of €52.5 million, up 5% year on year, as strong diversification and the 2025 acquisition of Indel Marine and Indel B USA lifted performance despite a complex macroeconomic backdrop. L...
Indel B Files Board and Audit Slates Ahead of May Shareholders’ Meeting
May 4, 2026
Indel B has filed and published the slates of candidates for the renewal of its Board of Directors and Board of Statutory Auditors ahead of the ordinary shareholders’ meeting on 25 May 2026. Two slates were submitted for each body, with majo...
Indel B Corrects Typo in Share Capital Stated in Articles of Association
Apr 30, 2026
Indel B S.p.A., a listed Italian manufacturer of mobile refrigeration and air-conditioning systems serving the automotive, hospitality and leisure sectors, has clarified a clerical mistake in its corporate documentation concerning its share capita...
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.