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Neodecortech SpA (IT:NDT)
:NDT
Italy Market

Neodecortech SpA (NDT) AI Stock Analysis

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IT:NDT

Neodecortech SpA

(NDT)

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Neutral 68 (OpenAI - 5.2)
,
Neutral 68 (OpenAI - 5.2)
,
Neutral 68 (OpenAI - 5.2)
Rating:68Neutral
Price Target:
€4.00
▲(4.71% Upside)
Action:DowngradedDate:03/18/26
The score is supported mainly by attractive valuation (low P/E and solid dividend yield) and a 2025 rebound in earnings/cash flow with moderate leverage. Offsetting this are mixed technical signals and a history of uneven revenue and volatile free cash flow that increases cyclicality risk.
Positive Factors
Profitability rebound
A clear rebound in operating earnings and cash generation in 2025 indicates operational resilience and improved earnings quality. If maintained, higher recurring operating cash flow supports reinvestment, debt service and dividend capacity, strengthening financial durability over coming quarters.
Balanced capital structure
A moderate leverage profile with a growing equity base provides cushion against cyclical downturns and preserves borrowing headroom. This balance supports capital allocation for capex and working capital while avoiding acute balance-sheet stress absent a prolonged earnings deterioration.
Specialized B2B market position
A focused B2B product offering to furniture and interior manufacturers creates sticky, repeat business and technical service ties. Specialized decorative papers and industrialized designs foster customer switching costs and recurring demand supported by structural furniture and interiors markets.
Negative Factors
Choppy revenue trend
Irregular top-line performance reduces predictability of margins and capacity utilization. Persistent revenue volatility complicates long-term planning, weakens bargaining power with suppliers, and raises the risk that temporary earnings gains may not translate into lasting cash flow improvements.
Volatile cash generation
Wide swings in free cash flow point to sensitivity to working capital and capex timing. Unpredictable cash conversion limits reliable reinvestment, dividend sustainability and steady deleveraging, increasing exposure to input-cost shocks and cyclical end-market slowdowns.
Rising debt versus 2023
An increase in absolute debt levels, even if currently proportionate, reduces future financial flexibility if earnings slip. Leverage has not consistently trended down, so an earnings setback could tighten covenants, increase interest burden and constrain funding for growth or capex.

Neodecortech SpA (NDT) vs. iShares MSCI Italy ETF (EWI)

Neodecortech SpA Business Overview & Revenue Model

Company DescriptionNeodecortech S.p.A. produces and markets decorative papers for industrial sectors in Italy, Europe, Asia, the Middle East, the United States, and Africa. The company provides printed decorative papers, printed and melamine-impregnated papers, and finish-foils primarily for the furniture, laminate flooring, and camper/caravan segments under the Confalonieri brand; and paper-based laminates for door-skins and contemporary furniture under the Texte brand. It also offers printed and laminated PVC and PET thermoplastic films for LVT flooring and interior design under the Plana brand. The company was founded in 1947 and is headquartered in Filago, Italy. Neodecortech S.p.A. operates as a subsidiary of Finanziaria Valentini S.p.A.
How the Company Makes MoneyNeodecortech makes money mainly by selling decorative surface materials and related solutions to industrial customers in the furniture and interiors value chain. Its revenue model is predominantly B2B product sales: (1) sale of decorative papers and surface décor products manufactured to specific designs, colors, and patterns requested by panel and furniture producers; (2) sale of complementary surface-related products and services tied to décor development (e.g., design/development work linked to décor collections and industrialization for customer production requirements). Earnings are driven by production volumes, product mix (standard vs. higher-value/custom décor), pricing tied to raw-material and energy input costs, and long-term supply relationships with manufacturers that require consistent quality, repeatability, and timely delivery for high-throughput production. Information on specific partnerships, customer concentration, contract structures, or segment-level revenue breakdowns is null.

Neodecortech SpA Financial Statement Overview

Summary
Profitability and cash generation rebounded in 2025, and the balance sheet remains moderately leveraged with a growing equity base. The main constraint is uneven revenue and volatile free cash flow over recent years, which reduces confidence in the durability of the recovery.
Income Statement
62
Positive
Profitability improved meaningfully in 2025 (annual), with higher operating earnings and net income versus 2024, showing a rebound after a weaker 2023–2024 period. However, revenue has been choppy over time (strong growth in 2021–2022, contraction in 2023, modest growth in 2024, and a decline in 2025), which limits confidence in the durability of the earnings recovery. Overall: decent profitability profile, but uneven top-line trajectory.
Balance Sheet
68
Positive
The capital structure looks generally balanced, with moderate leverage (debt-to-equity around the mid-0.5x range in recent years) and a growing equity base from 2020 through 2025. Total debt has risen versus 2023, but it remains proportionate to equity and assets, suggesting no immediate balance-sheet stress. Key watch-out is that leverage has not been consistently trending down, so financial flexibility could tighten if earnings weaken again.
Cash Flow
58
Neutral
Cash generation has been volatile: free cash flow was negative in 2022 and 2024, but rebounded strongly in 2025 (annual) with solid operating cash flow and positive free cash flow. The swing from weak 2024 cash conversion to strong 2025 performance is encouraging, yet the pattern implies working-capital/capex variability and less predictable cash returns. Overall cash flow quality is improving, but not yet consistently stable year-to-year.
BreakdownDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue184.07M172.52M168.40M203.62M178.54M
Gross Profit33.75M64.35M33.60M70.13M64.60M
EBITDA20.87M16.84M13.86M21.29M18.36M
Net Income7.33M4.06M2.85M8.44M6.69M
Balance Sheet
Total Assets184.80M173.47M164.80M168.75M169.11M
Cash, Cash Equivalents and Short-Term Investments15.03M12.48M12.16M12.04M13.49M
Total Debt45.95M45.66M38.02M42.78M42.84M
Total Liabilities98.03M92.74M87.34M91.48M98.65M
Stockholders Equity86.82M80.76M77.46M77.27M70.47M
Cash Flow
Free Cash Flow13.88M-6.69M7.32M-3.58M8.20M
Operating Cash Flow21.85M3.49M13.75M5.61M17.95M
Investing Cash Flow-14.78M-10.13M-6.45M-9.31M-9.38M
Financing Cash Flow-5.63M6.96M-7.19M2.25M-2.61M

Neodecortech SpA Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price3.82
Price Trends
50DMA
3.64
Negative
100DMA
3.51
Positive
200DMA
3.27
Positive
Market Momentum
MACD
-0.03
Negative
RSI
48.70
Neutral
STOCH
83.33
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:NDT, the sentiment is Neutral. The current price of 3.82 is above the 20-day moving average (MA) of 3.53, above the 50-day MA of 3.64, and above the 200-day MA of 3.27, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 48.70 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 Neutral sentiment for IT:NDT.

Neodecortech SpA Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
68
Neutral
€49.98M7.413.97%
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
IT:NDT
Neodecortech SpA
3.54
0.69
24.21%
IT:ICF
Industrie Chimiche Forestali SpA
5.90
1.08
22.41%
IT:GRN
Green Oleo S.P.A.
0.66
-0.20
-23.26%

Neodecortech SpA Corporate Events

Neodecortech Calls April 2026 Shareholders’ Meeting on 2025 Results and Governance
Mar 19, 2026

Neodecortech has called an ordinary shareholders’ meeting for 28 April 2026 at its Filago headquarters to approve the 2025 separate financial statements, decide on profit allocation and dividend distribution, and present the group’s consolidated and sustainability reports. Shareholders will also vote on renewing authorization to buy and dispose of treasury shares, appoint a new Board of Statutory Auditors and set its remuneration, and approve the 2026 remuneration policy as well as report on compensation paid in 2025, with detailed rules provided for attendance and proxy voting based on Italy’s TUF regulations and the company’s Articles of Association.

The most recent analyst rating on (IT:NDT) stock is a Hold with a EUR4.00 price target. To see the full list of analyst forecasts on Neodecortech SpA stock, see the IT:NDT Stock Forecast page.

Neodecortech Increases Treasury Stake with March Share Buybacks
Mar 13, 2026

Neodecortech S.p.A., a key European maker of decorative surfaces for interior design applications, operates an integrated production chain covering decorative paper, foils, laminates and advanced anti-fingerprint surfaces. Its solutions target manufacturers of panels and flooring, positioning the group as a specialized supplier to the furniture and interior décor industries.

The company disclosed that between 9 and 13 March 2026 it repurchased 5,500 of its own shares on Euronext Milan at a weighted average price of €3.3288, for a total outlay of €18,308.60. Following these buybacks, Neodecortech now holds 449,000 treasury shares, representing 3.158% of its share capital, incrementally strengthening its treasury position and potentially supporting share liquidity and capital management strategies.

The most recent analyst rating on (IT:NDT) stock is a Buy with a EUR4.00 price target. To see the full list of analyst forecasts on Neodecortech SpA stock, see the IT:NDT Stock Forecast page.

Neodecortech Increases Treasury Share Holding to 3.12% of Capital
Mar 6, 2026

Neodecortech has continued its share buyback programme, acquiring 8,092 treasury shares on Euronext Milan between 2 and 6 March 2026 at a weighted average price of €3.4832, for a total outlay of €28,186.12. Following these latest purchases, the company now holds 443,500 treasury shares, representing 3.119% of its share capital, signalling an ongoing commitment to capital management and potential support for the stock in the market.

The most recent analyst rating on (IT:NDT) stock is a Buy with a EUR4.00 price target. To see the full list of analyst forecasts on Neodecortech SpA stock, see the IT:NDT Stock Forecast page.

Neodecortech Increases Treasury Share Holdings to Just Over 3% of Capital
Feb 27, 2026

Neodecortech S.p.A., listed on Euronext STAR Milan, has disclosed a new tranche of its share buyback activity carried out between 23 and 27 February 2026. Over the period, the company repurchased 3,408 treasury shares on Euronext Milan at a weighted average price of €3.7730 per share, for a total outlay of €12,858.24.

Following these transactions, Neodecortech now holds 435,408 treasury shares, representing 3.062% of its share capital. The continued accumulation of treasury stock underscores an active capital management strategy that could support share liquidity, potential future corporate actions and signal management’s confidence in the company’s valuation to investors.

The most recent analyst rating on (IT:NDT) stock is a Buy with a EUR4.00 price target. To see the full list of analyst forecasts on Neodecortech SpA stock, see the IT:NDT Stock Forecast page.

Neodecortech Secures Bio Energia Guarcino Operations Under Italy’s New Energy Decree
Feb 23, 2026

Neodecortech has confirmed that its bioenergy subsidiary Bio Energia Guarcino will remain operational at least until 2030, following Italy’s new “DL Bollette” decree. The law clarifies the regulatory framework for bioliquid‑powered plants and secures the continuation of the Minimum Guaranteed Prices mechanism, providing greater visibility and planning capacity for operators.

For plants using sustainable materials and integrated into industrial cycles, such as BEG’s facility linked to Cartiere di Guarcino, the decree ensures PMG support through 2030, underpinning cost stability and operational continuity. Management highlights that this framework validates the strategic role of integrated bioenergy in decarbonisation and strengthens Neodecortech’s commitment to sustainable energy models and the competitiveness of the Italian industrial system.

The most recent analyst rating on (IT:NDT) stock is a Buy with a EUR4.00 price target. To see the full list of analyst forecasts on Neodecortech SpA stock, see the IT:NDT Stock Forecast page.

Neodecortech Lifts Treasury Stake to 3.0% with Latest Share Buyback
Feb 20, 2026

Neodecortech has continued its share buyback programme, acquiring 5,000 treasury shares on Euronext Milan between 16 and 20 February 2026 at a weighted average price of €3.7313 per share, for a total consideration of €18,656.32. Following these purchases, the company now holds 432,000 treasury shares, representing 3.038% of its share capital, signaling ongoing capital management efforts that may support share liquidity and capital structure optimization for investors.

The transactions were executed through BPER Banca, the intermediary appointed to carry out buybacks on the market under the existing authorization framework. By incrementally increasing its treasury share position, Neodecortech maintains flexibility for potential future uses such as employee incentive plans, possible corporate transactions or balance‑sheet strengthening, which could influence its financial profile and shareholder value over time.

The most recent analyst rating on (IT:NDT) stock is a Buy with a EUR4.00 price target. To see the full list of analyst forecasts on Neodecortech SpA stock, see the IT:NDT Stock Forecast page.

Neodecortech Lifts Treasury Stake with Fresh Share Buybacks
Feb 6, 2026

Neodecortech S.p.A. has continued its share buyback programme, repurchasing 7,000 own shares on Euronext Milan between 2 and 6 February 2026 at a weighted average price of €3.7178 per share, for a total outlay of €26,024.64. Following these transactions, the company now holds 422,000 treasury shares, representing 2.968% of its share capital, a move that may signal management’s confidence in the business and has implications for the stock’s free float and future capital management options for shareholders.

The most recent analyst rating on (IT:NDT) stock is a Buy with a EUR4.00 price target. To see the full list of analyst forecasts on Neodecortech SpA stock, see the IT:NDT Stock Forecast page.

Neodecortech Increases Treasury Stake with Late-January Share Buybacks
Jan 30, 2026

Neodecortech S.p.A. has continued its share buyback program, purchasing 7,247 treasury shares on Euronext Milan between 26 and 30 January 2026 at a weighted average price of €3.6038 per share, for a total outlay of €26,116.92. Following these transactions, the company now holds 415,000 treasury shares, representing 2.919% of its share capital, a move that signals ongoing capital management efforts and may be interpreted by the market as a sign of confidence in the company’s valuation and long-term prospects.

The most recent analyst rating on (IT:NDT) stock is a Buy with a EUR4.00 price target. To see the full list of analyst forecasts on Neodecortech SpA stock, see the IT:NDT Stock Forecast page.

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.Date of analysis: Mar 18, 2026