Sesa S.p.A. (IT:SES)
:SES
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Sesa S.p.A.
(SES)
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Rating:62Neutral
Price Target:
€84.00
▲(5.93% Upside)
Action:ReiteratedDate:04/12/26
The score is primarily supported by solid growth and stronger TTM cash generation, partially offset by thin margins, some gross margin pressure, and moderate leverage. Technicals are mixed-to-neutral, while valuation is moderately supportive with a reasonable P/E and a modest dividend yield.
Positive Factors
Sustained Revenue Growth
Multi-year top-line growth demonstrates durable demand for Sesa’s mix of distribution and services. Scale increases bargaining power with vendors, expands reseller pull-through, and supports cross-sell of higher-margin services, creating a stronger recurring revenue base over time.
Negative Factors
Thin Net Margins
Persistently low net margins limit retained earnings and the company’s ability to absorb cost shocks. For a distribution-led business, small swings in vendor terms or product mix can materially affect profitability and ROE, constraining long-term capital buildup.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Multi-year top-line growth demonstrates durable demand for Sesa’s mix of distribution and services. Scale increases bargaining power with vendors, expands reseller pull-through, and supports cross-sell of higher-margin services, creating a stronger recurring revenue base over time.
Read all positive factors
Sesa S.p.A. (SES) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€1.23B
Dividend Yield1.15%
Average Volume (3M)57.25K
Price to Earnings (P/E)12.4
Beta (1Y)1.01
Revenue Growth9.50%
EPS Growth0.52%
CountryIT
Employees6,367
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)1.83
Shares Outstanding15,494,590
10 Day Avg. Volume27,604
30 Day Avg. Volume57,248
Financial Highlights & Ratios
PEG Ratio-0.80
Price to Book (P/B)2.28
Price to Sales (P/S)0.32
P/FCF Ratio16.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€117.67Price Target Upside48.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)7.01
Revenue Forecast (FY)€3.60B
Sesa S.p.A. Business Overview & Revenue Model
Company Description
SeSa S.p.A., through its subsidiaries, distributes value-added information technology (IT) products and solutions in Italy and internationally. Its Software and System Integration sector provides software, technological innovation, and digital tra...
How the Company Makes Money
Sesa makes money primarily by selling ICT products and solutions and by providing associated services. A major revenue stream comes from its value-added distribution activities: it purchases hardware, software, and cloud/IT products from technolog...
Sesa S.p.A. Earnings Call Summary
Earnings Call Date:Dec 18, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jul 21, 2026
Earnings Call Sentiment Positive
The call presented solid financial progress: double‑digit reported revenue and EBITDA growth, strong Q2 acceleration, sectoral strengths (Digital Green, ICT VAS recovery), improved financial efficiency and active capital returns. Remaining weaknesses are concentrated in system integration margin pressure and near‑term margin timing in Business Services, plus conditional disposals and continued sizable investment levels. Management reaffirmed FY26 guidance and expects to reach or approach the upper end of targets, signaling confidence in organic momentum.Positive Updates
Consolidated Revenue Growth (Reported)
Consolidated revenues and other income of EUR 1.6 billion, up 12.0% year‑on‑year (reported).
Negative Updates
System Integration Margin Pressure
System integration revenues EUR 420 million (up 4% yoy) but EBITDA down 1.9% to EUR 43.4 million and EBITDA margin at 10.3%, reflecting reengineering in some business units and a guidance to stabilize margins at FY'25 levels.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated Revenue Growth (Reported)
Consolidated revenues and other income of EUR 1.6 billion, up 12.0% year‑on‑year (reported).
Read all positive updates
Company Guidance
Management confirmed FY26 guidance of organic revenue growth of 5–7.5%, organic EBITDA growth of 5–10% and roughly a 10% organic increase in net consolidated profit (vs. an earlier 10–12% range), saying the upper end is achievable given strong H1 and Q2 momentum: H1 revenues EUR 1.6bn (+12% y/y), H1 EBITDA EUR 114.4m (+11.4%), adjusted EAT EUR 50m (+17.1%) and group net profit adjusted EUR 45m (+13%); Q2 revenues EUR 755m (+16% reported / +9.4% pro‑forma), Q2 EBITDA +16.6% reported / +8.4% pro‑forma and Q2 adjusted EAT +30% reported / +17% pro‑forma, together with a November backlog up 25%. They reiterated investment guidance of ~EUR 80m for the year (including ~EUR 35m M&A and EUR 52–55m CapEx), longer‑term annual M&A ~EUR 30m and CapEx ~EUR 50m, a 40% payout policy with a EUR 25m buyback and EUR 1/share dividend (EUR 15.5m paid), noted net debt of ~EUR 119m and a reduction in net financial expenses (~11–15.5%).Sesa S.p.A. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
57
Neutral
Cash Flow
66
Positive
| Breakdown | TTM | Apr 2025 | Apr 2024 | Apr 2023 | Apr 2022 | Apr 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.49B | 3.21B | 3.16B | 2.87B | 2.36B | 2.02B |
| Gross Profit | 205.96M | 389.57M | 226.10M | 205.88M | 167.83M | 126.78M |
| EBITDA | 240.77M | 235.04M | 233.45M | 201.26M | 159.32M | 119.64M |
| Net Income | 68.32M | 62.20M | 78.27M | 84.45M | 73.52M | 52.27M |
Balance Sheet | ||||||
| Total Assets | 2.52B | 2.24B | 2.12B | 1.92B | 1.22B | 1.10B |
| Cash, Cash Equivalents and Short-Term Investments | 515.80M | 576.88M | 585.76M | 545.50M | 498.90M | 426.90M |
| Total Debt | 433.40M | 475.67M | 422.88M | 356.08M | 406.94M | 332.22M |
| Total Liabilities | 2.01B | 1.74B | 1.64B | 1.50B | 920.18M | 844.61M |
| Stockholders Equity | 448.00M | 445.92M | 429.58M | 374.93M | 315.44M | 278.63M |
Cash Flow | ||||||
| Free Cash Flow | 212.42M | 60.14M | 98.57M | 78.96M | 120.89M | 78.64M |
| Operating Cash Flow | 250.71M | 117.23M | 137.62M | 115.45M | 147.89M | 95.24M |
| Investing Cash Flow | -136.93M | -114.91M | -103.75M | -85.19M | -37.76M | -21.10M |
| Financing Cash Flow | -94.23M | -17.83M | 6.10M | 10.94M | -51.93M | -51.93M |
Sesa S.p.A. Technical Analysis
Neutral
79.30
Price Trends
79.80
Negative
83.66
Negative
81.53
Negative
Market Momentum
0.02
Negative
52.63
Neutral
58.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:SES, the sentiment is Neutral. The current price of 79.3 is above the 20-day moving average (MA) of 77.41, below the 50-day MA of 79.80, and below the 200-day MA of 81.53, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 52.63 is Neutral, neither overbought nor oversold. The STOCH value of 58.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IT:SES.
Sesa S.p.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | €3.12B | 17.10 | 18.54% | 1.00% | 9.04% | 13.17% | |
68 Neutral | €295.06M | 9.46 | ― | 2.82% | -24.28% | -57.55% | |
62 Neutral | €1.23B | 12.37 | 15.29% | 1.15% | 9.50% | 0.52% | |
62 Neutral | €145.47M | 23.53 | ― | 0.66% | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €264.98M | 15.07 | 5.62% | 6.66% | 5.75% | 8.26% | |
51 Neutral | €688.38M | -15.45 | -1.19% | 2.02% | 14.90% | -123.79% |
* General Sector Average
IT:SES
Sesa S.p.A.
79.30
17.07
27.42%
IT:PRT
Esprinet Spa
5.42
1.06
24.45%
IT:REY
Reply SPA
83.70
-62.08
-42.58%
IT:TNXT
Tinexta SpA
15.00
7.03
88.16%
IT:DGV
Digital Value SpA
28.98
12.80
79.11%
IT:SYS
Sys-dat S.P.A.
4.65
-2.09
-31.01%
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.