Piquadro (PQ) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Piquadro stock €4.57, price €2.32, upside +97.0%, quality 66 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range €1.27 – €2.93 · fair‑value band €3.43 – €5.71 · the €2.32 price screens below the €4.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.
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Piquadro S.p.A. designs, produces, and markets leather goods and accessories in Italy, Europe, and worldwide. The company operates through Piquadro, The Bridge, and Lancel segments.
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It offers office bags and backpacks, men's business backpack, laptop backpacks, business bags, business belt bags, men's office bags, leather briefcase, men's cross body bags, bum bags, mono sling bags, and outdoor backpacks.
The company also provides wallets, card holders, document holders, men's leather belts, umbrellas, scarves, hats, office accessories, key rings wristlets, phone covers, wireless charges, power banks, and gift cards.
In addition, it provides travel products including duffle and garment bags, travel backpacks and accessories, cabin and checked luggages, and pilot cases; sneakers and jackets; and special women's products, consisting of shoulder, cross-body, and tote bags, purses, wallets, and keychains, as wells as customize and gift ideas products.
It sells its products through its brand stores, e-commerce, multi-brand and single brand shops, and department stores. The company was founded in 1987 and is headquartered in Bologna, Italy. Piquadro S.p.A. operates as a subsidiary of Piquadro Holding S.p.A.
Stock analysis
Piquadro (PQ) currently trades at €2.32, while our model-based Fair Value estimate is €4.57, implying the stock looks roughly 49% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €6.58 per share, and 17 of the 26 models we run sit above the €2.32 price.
Bear case: the Asset-Based group reads lowest at €0.9600, and 9 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: €3.43 (bear) to €5.71 (bull), the price of €2.32 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Piquadro reported revenue of €181M in FY2026 versus €149M in FY2022, a compound +4.8%/yr. Reported net income was €12.9M in FY2026, compounding +30.5%/yr from FY2022.
Key figures
Market cap €110M Micro · P/E ratio 8.6 · P/S ratio 0.60 · EPS (TTM) €0.2700 · Dividend yield 6.4% · Net margin 7.0% · Return on equity 17.9% · Return on assets (EBIT) 6.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 30% fair-value upside, at 97%, PQ screens cheaper than that median.
Fair Value models
Bear€3.43Fair Value €4.57Bull€5.71
Price €2.32 · Upside +97.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (€0.0745 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.79/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.7%
Start year 2021 (pandemic). Over 10 years: +9.9% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+30.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+24.3%
Dividend (yield on the price)6.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.24.3% vs 14.8%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−6% → 5%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−14.2%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −16.1% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Footwear & Accessories · 92 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+97.0% · Above median
Profitability
Return on equity (12 months)17.9% · Top 25%
Return on assets6.3% · Above median
Net margin (12 months)7.0% · Above median
Operating margin (12 months)6.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)−3.8% · Below median
Dividend yield (12 months)6.4% · Top 25%
Balance sheet
Debt / equity0.08× · Above median
Valuation Multiplesvs Footwear & Accessories median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Piquadro Fair Value". https://www.fairvalue-calculator.com/stock/PQ
Frequently asked questions
Is Piquadro (PQ) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €4.57 versus a price of €2.32, about +97% upside (undervalued).
What is the fair value of PQ?
Our model-based fair value for Piquadro is €4.57 (as of Nov 8, 2026), built from audited fundamentals. The current price: €2.32.
What is the quality score of PQ?
Piquadro has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Piquadro (PQ)?
Our model-based price target is the fair value of €4.57 (as of Nov 8, 2026) from 26 valuation models. Cautious scenario €3.43, optimistic scenario €5.71. It is a calculation from audited fundamentals, not an analyst target.
What is the Piquadro stock forecast for 2026?
Our models put fair value at €4.57, about +97% upside versus a price of €2.32 (undervalued). Cautious scenario €3.43, optimistic scenario €5.71. The calculation is refreshed regularly with new filings.
What is the revenue of Piquadro (PQ)?
Piquadro reported trailing-twelve-month revenue of about €184M (latest available figure, as of Nov 8, 2026).
Does Piquadro pay a dividend?
Piquadro currently shows a dividend yield of 6.38% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Piquadro (PQ) and when is the ex-dividend date?
Piquadro pays a dividend of €0.148 per share a year, a dividend yield of 6.4%. The last ex-dividend date was Aug 3, 2026. A dividend has been paid every year since 2022. The payout ratio is 57.8% of earnings (on adjusted earnings, reported 54.8%). Free cash flow covers the dividend 3.45 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Piquadro (PQ)?
For today's price to be fair in a discounted-cash-flow model, Piquadro would have to grow free cash flow by -14.2 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.7 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of PQ use?
Our models discount Piquadro at 13.5 %: a base by market capitalisation (micro), damped by beta 0.33, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Piquadro that is -14.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Piquadro (PQ) delivered so far?
Over the past 5 years revenue at Piquadro grew +9.7 % a year. The price currently implies free-cash-flow growth of -14.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Piquadro (PQ) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Piquadro (-14.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Piquadro (PQ)?
The free-cash-flow yield on the price is 22.07 %: that much free cash flow Piquadro produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Piquadro (PQ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Piquadro it is €4.57 per share (as of Nov 8, 2026), against a price of €2.32. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Piquadro stock overvalued or undervalued in 2026?
As of Nov 8, 2026, PQ trades below its calculated fair value: price €2.32, fair value €4.57, a gap of about +97% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PQ?
No. The price is what the market pays today (€2.32); the fair value is what the company's own numbers justify (€4.57). For Piquadro the two are €2.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Piquadro worth?
The market values Piquadro at about €110M (market capitalisation, as of Nov 8, 2026). Per share that is €2.32; our models calculate a fair value of €4.57 per share.
What do the bullish and bearish scenarios say about PQ?
Our models span a range for Piquadro: cautious scenario €3.43, base €4.57, optimistic €5.71 per share (as of Nov 8, 2026, price €2.32). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PQ?
Piquadro trades at a price-to-earnings ratio of 8.6 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €4.57 is built from several models across several years. Excluding one-off items of fiscal year 2026 it is 9.0 (reported for FY2026: 8.5). Median P/E at fiscal year-end, 8 fiscal years (2017 to 2026), reported earnings, FY2026 ex one-offs: 11.7. Other multiples: P/B 1.5, P/S 0.6, EV/EBITDA 4.7.
How solid is the balance sheet of Piquadro (PQ)?
Balance-sheet figures for Piquadro (as of Nov 8, 2026): return on equity 17.9%, debt of 0.08 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is PQ from its 52-week high?
Piquadro trades at €2.32, about 21% below its 52-week high of €2.93 and 9% above the low of €2.13 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €4.57 is for.
Which stocks are comparable to Piquadro?
From the same area (Consumer Cyclical) we also value NIKE, Inc, adidas AG, On Holding, Deckers Outdoor Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Piquadro stock attractive at the current price?
The data as of Nov 8, 2026: price €2.32, calculated fair value €4.57 (+97%), Quality Score 66/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PQ calculated?
We run Piquadro through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €4.57 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Piquadro currently trades 49% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Piquadro (PQ)?
The closing price on Nov 6, 2026 was €2.32. Our model-based fair value is €4.57, about +97% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Piquadro right now?
The price is below even our cautious bear case (€3.43). The market is more pessimistic than our downside scenario. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Piquadro
How large is the market capitalisation of Piquadro (PQ)?
The market capitalisation of Piquadro is €110M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Piquadro (PQ)?
The price-to-sales ratio of Piquadro is 0.60 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Piquadro (PQ)?
Earnings per share at Piquadro are €0.2700 (price ÷ EPS = P/E 8.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Piquadro (PQ)?
The dividend yield of Piquadro is 6.4% (payout 57.8%, on adjusted earnings, reported 54.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Piquadro (PQ)?
The net margin of Piquadro is 7.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Piquadro (PQ)?
The return on equity (ROE) of Piquadro is 17.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Piquadro (PQ)?
On an EBIT basis the return on assets of Piquadro is 6.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Piquadro (PQ)?
The operating margin of Piquadro is 6.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Piquadro (PQ)?
Revenue at Piquadro is growing −3.8% versus a year earlier (3y avg +0.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Piquadro (PQ)?
Earnings per share at Piquadro are growing +17.0% versus a year earlier. How much earnings per share grew versus a year earlier.
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Broad data
Nov 8, 2026