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Zest S.p.A. (ZEST) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Zest S.p.A. stock €0.12, price €0.12, upside +0.3%, quality 18 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Financial Services IT · ISIN IT0005013013

ZS Zest S.p.A. logo Thin data Nov 10, 2026

Zest S.p.A.

ZEST · MI
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Low debt
Fair value €0.1194 · Fairly valued
Expensive Growth (revenue 3y +8.7 %/yr in EUR)
Revenue last quarter 45% below a year ago.
Quality 18/100
Loss-making · -25.4% net margin (TTM)
Negative free cash flow
Trails peers (4/11)
Narrow moat 7/100 · thin data
Thin data
Estimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€0.4800 €0.1050 Fair Value €0.1194 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range €0.1050 – €0.4800 · fair‑value band €0.0895 – €0.1492 · the €0.1190 price screens below the €0.1194 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Zest S.p.A., formerly know as Digital Magics S.p.A. and LVenture Group S.p.A. is a venture capital firm specializing in incubation, startup, early-stage, and scale-up investments.

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The firm seeks to invest in fintech and digital projects with a focus on IoT, FinTech/InsurTech, Health, Travel, e-commerce marketplace, enterprise software, marketing, food, business 4.0 and blockchain. It invests in companies based in Italy.

The company provides consultation and acceleration services to startups. The firm was founded in 2003 and it based in Rome, Italy, with additional offices in Milan, Italy and Turin, Italy.

Stock analysis

Zest S.p.A. (ZEST) currently trades at €0.1190, while our estimate is €0.1194, so the stock looks roughly fairly valued today (gap 0.3%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: €0.0895 (bear) to €0.1492 (bull), the price of €0.1190 sits inside 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 18/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Zest S.p.A. reported revenue of €8.4M in FY2025 versus €5.4M in FY2021, a compound +11.6%/yr. Reported net income was −€1.2M in FY2025.

Key figures

Market cap €23.6M Micro · P/S ratio 2.61 · EPS (TTM) €−0.0100 · Net margin −25.4% · Return on equity −5.7% · Return on assets (EBIT) −1.4% (4-year average) · Operating margin −44.2% · Revenue (TTM) €9.2M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 7 out of 100 (low confidence).

What moves the price

The share trades about 20% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −19% fair-value upside, at 0%, ZEST screens cheaper than that median.

Fair Value

Bear €0.0895 Fair Value €0.1194 Bull €0.1492
Price €0.1190 · Upside +0.3%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 18/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 7
How much profit the company makes from its sales and capital
Quality Growth 28
Are margins and returns getting better?
Cashflow 20
Do the profits arrive as real cash?
Financial strength 52
Debt, balance sheet and risk of trouble
Investment 34
Does it invest with discipline instead of growing at any price?
Low Volatility 80
How calm the share price moves, does not count
Price momentum 41
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 22
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+0.5%
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.
+8.7%
Profit margin (trend) ⓘ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.
36.4% (2021) → 0.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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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.Asset Management · 658 stocks

Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 18 · Bottom 25%
Fair Value upside +0.3% · Below median
Profitability
Return on assets −1.9% · Bottom 25%
Net margin (12 months) −25.4% · Bottom 25%
Operating margin (12 months) −44.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −44.6% · Bottom 25%
Balance sheet
Debt / equity 0.05× · Below median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.52× · Cheapest 25%
P/S (12 months) 2.55× · Cheaper than median
PEG 0.84× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)34 · sector 37
FUTURE (revenue growth)0 · sector 36
PAST (return on equity)0 · sector 23
HEALTH (low debt)98 · sector 95
DIVIDEND (yield)0 · sector 78

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Raymond James Financial, Inc RJF $168.11 $281.42 +67% vs ZEST
Apollo Global Management, Inc APO $122.74 $197.52 +61% vs ZEST
Ameriprise Financial, Inc AMP $519.96 $609.56 +17% vs ZEST
Exor N.V EXO €74.30 €76.42 +3% vs ZEST
State Street Corporation STT $171.62 $139.37 −19% vs ZEST
Ares Management Corporation ARES $139.41 $99.35 −29% vs ZEST
Northern Trust Corporation NTRS $177.89 $123.42 −31% vs ZEST
Brookfield Asset Management Ltd BAM $53.49 $31.26 −42% vs ZEST
Blackstone Inc BX $122.53 $52.29 −57% vs ZEST
KKR & Co KKR $100.85 $27.63 −73% vs ZEST

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Zest S.p.A.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Zest S.p.A. Fair Value". https://www.fairvalue-calculator.com/stock/ZEST

Frequently asked questions

Is Zest S.p.A. (ZEST) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is €0.1194 versus a price of €0.1190, about +0% upside (fairly valued).
What is the fair value of ZEST?
Our estimate for Zest S.p.A. is €0.1194 (as of Nov 10, 2026), built from audited fundamentals. The current price: €0.1190.
What is the quality score of ZEST?
Zest S.p.A. has a Quality Score of 18/100. 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 Zest S.p.A. (ZEST)?
Our calculated price target is the estimate of €0.1194 (as of Nov 10, 2026). Cautious scenario €0.0895, optimistic scenario €0.1492. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Zest S.p.A. stock forecast for 2026?
Our estimate puts fair value at €0.1194, about +0% upside versus a price of €0.1190 (fairly valued). Cautious scenario €0.0895, optimistic scenario €0.1492. The calculation is refreshed regularly with new filings.
What is the revenue of Zest S.p.A. (ZEST)?
Zest S.p.A. reported trailing-twelve-month revenue of about €9.2M (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Zest S.p.A. (ZEST)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zest S.p.A. it is €0.1194 per share (as of Nov 10, 2026), against a price of €0.1190.
Is Zest S.p.A. stock overvalued or undervalued in 2026?
As of Nov 10, 2026, ZEST trades below its calculated fair value: price €0.1190, fair value €0.1194, a gap of about +0% (fairly valued). 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 ZEST?
No. The price is what the market pays today (€0.1190); the fair value is what the company's own numbers justify (€0.1194). For Zest S.p.A. the two are €0.0004 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zest S.p.A. worth?
The market values Zest S.p.A. at about €23.6M (market capitalisation, as of Nov 10, 2026). Per share that is €0.1190; our models calculate a fair value of €0.1194 per share.
What do the bullish and bearish scenarios say about ZEST?
Our models span a range for Zest S.p.A.: cautious scenario €0.0895, base €0.1194, optimistic €0.1492 per share (as of Nov 10, 2026, price €0.1190). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of ZEST?
The PEG ratio of Zest S.p.A. is 0.84 (P/E divided by earnings growth, as of Nov 10, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Zest S.p.A. (ZEST)?
Balance-sheet figures for Zest S.p.A. (as of Nov 10, 2026): return on equity −5.7%, debt of 0.05 per unit of equity. They feed the Quality Score of 18/100, which measures business quality independently of the share price.
How far is ZEST from its 52-week high?
Zest S.p.A. trades at €0.1190, about 20% below its 52-week high of €0.1480 and 4% above the low of €0.1140 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of €0.1194 is for.
Which stocks are comparable to Zest S.p.A.?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Asset Management Ltd, Apollo Global Management, Inc, 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 Zest S.p.A. stock attractive at the current price?
The data as of Nov 10, 2026: price €0.1190, calculated fair value €0.1194 (+0%), Quality Score 18/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Zest S.p.A. itself currently trades above fair value. 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 Zest S.p.A. (ZEST)?
The closing price on Nov 10, 2026 was €0.1190. Our estimate is €0.1194, about +0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zest S.p.A. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Zest S.p.A.

How large is the market capitalisation of Zest S.p.A. (ZEST)?
The market capitalisation of Zest S.p.A. is €23.6M. 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 Zest S.p.A. (ZEST)?
The price-to-sales ratio of Zest S.p.A. is 2.61 (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 Zest S.p.A. (ZEST)?
Earnings per share at Zest S.p.A. are €−0.0100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Zest S.p.A. (ZEST)?
The net margin of Zest S.p.A. is −25.4% (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 Zest S.p.A. (ZEST)?
The return on equity (ROE) of Zest S.p.A. is −5.7% (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 Zest S.p.A. (ZEST)?
On an EBIT basis the return on assets of Zest S.p.A. is −1.4% (avg 4y). 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 Zest S.p.A. (ZEST)?
The operating margin of Zest S.p.A. is −44.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zest S.p.A. (ZEST)?
Revenue at Zest S.p.A. is growing −44.6% versus a year earlier (3y avg +8.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Zest S.p.A. (ZEST) generate?
The free cash flow of Zest S.p.A. is −€1.7M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Zest S.p.A. (ZEST) carry?
The net debt of Zest S.p.A. is €4.7M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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