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Airtime Partecipazioni SpA (ALMEX) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Airtime Partecipazioni SpA €3.46, price €3.20, upside +8.0%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Communication Services · FR · Home Italy · ISIN IT0005450819

AP Thin data Sep 24, 2026

Airtime Partecipazioni SpA

ALMEX · PA

NeutralThe stock looks roughly fairly valued with average quality.

·Fair value €3.46 · Fairly valued (+8%)
!Quality 54/100
!Weak Growth (revenue 5y −2.5 %/yr)
!Loss-making · -14.9% net margin (TTM)
✓Low debt · generates free cash flow
✓Ranks above peers (7/11)
!Narrow moat 37/100
!Evidence only low, so the estimate is less certain
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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

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Price vs Fair Value

€84.00 €1.10 Fair Value €3.46 Sep 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range €1.10 – €84.00 · fair‑value band €2.22 – €5.04 · the €3.20 price screens below the €3.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Mexedia S.B., together with its subsidiaries, engages in the provision of technologies for the telecommunications and business services sector in Italy. The company offers advanced technological services, such as metaverse, virtual reality, augmented reality, and voice smart assistant solutions.

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Mexedia S.B., together with its subsidiaries, engages in the provision of technologies for the telecommunications and business services sector in Italy. The company offers advanced technological services, such as metaverse, virtual reality, augmented reality, and voice smart assistant solutions. It also provides electronic voice and SMS termination services; and place enterprise products in the messaging market. The company was formerly known as Airtime Partecipazioni S.p.A. and changed its name to Mexedia S.B. in May 2022. Mexedia S.B. was founded in 2017 and is headquartered in Rome, Italy.

Stock analysis

Airtime Partecipazioni SpA (ALMEX) currently trades at €3.20, while our model-based Fair Value estimate is €3.46, implying the stock looks roughly 7.4% fairly valued today.

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Valuation

How firm this estimate is: it rests on 9 models at a data quality of 86/100, which puts the evidence level at low.

Scenario range: €2.22 (bear) to €5.04 (bull), the price of €3.20 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 54/100 (solid quality), in the Communication Services sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Airtime Partecipazioni SpA reported revenue of €118M in FY2025 versus €132M in FY2021, a compound −2.7%/yr. Reported net income was −€17.6M in FY2025.

Key figures

Market cap €19.9M · P/S ratio 0.17 · EPS (TTM) €−4.94 · Net margin −14.9% · Return on equity −16.2% · Return on assets (EBIT) 1.6% · Operating margin 65.4% · Revenue (TTM) €118M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).

What moves the price

The share trades about 94% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Communication Services peers we cover trades at 47% fair-value upside, at 8%, ALMEX screens richer than that median.

Fair Value models

Bear €2.22 Fair Value €3.46 Bull €5.04
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF €58.97 €95.32 €151.39 79
5Y EBITDA Exit €20.67 €23.85 €26.53 77
Growth DCF €59.26 €94.14 €146.96 77
All 10 models by family
DCF Models
FCF DCF €58.97 €95.32 €151.39 79
5Y Revenue Exit €42.56 €66.36 €96.83 72
5Y EBITDA Exit €20.67 €23.85 €26.53 77
10Y Revenue Exit €46.90 €70.29 €102.35 66
10Y EBITDA Exit €34.13 €40.84 €48.01 70
Multiples
EV/EBITDA €0.0100 €0.1200 €0.2300 58
EV/Revenue €34.95 €50.07 €65.18 53
Asset-Based
NCAV (Graham) €3.19 €4.28 €6.39 54
Growth DCF
Growth DCF €59.26 €94.14 €146.96 77
Rev-Margin DCF €42.56 €66.59 €95.71 72

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Quality Score breakdown

Overall quality 54/100

Of which business quality 52 · Market factors (momentum, volatility) 17

Profitability 11
Margins and returns on capital today
Quality Growth 83
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 29
Balance sheet, leverage, solvency risk
Investment 55
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 4
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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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. 29/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+62.0%
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.
−5.7%
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.
−2.5%
Start year 2020 (pandemic)
Revenue growth 6 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.
−3.7%
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.
3.9% (2020) → −0.9% (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.Telecom Services · 250 stocks

Beats the industry median on 6/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 54 · Above median
Fair Value upside +7% · Above median
Profitability
Return on assets 0% · Bottom 25%
Net margin (TTM) −15% · Bottom 25%
Operating margin (TTM) 65% · Top 25%
Growth and dividend
Revenue growth −60% · Bottom 25%
Balance sheet
Debt / equity 0.12× · Below median

Valuation Multiplesvs Telecom Services median · lower = cheaper

P/B 0.58× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM) 0.18× · Cheapest 25%
P/FCF 1.0× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)44 · sector 39
FUTURE (revenue growth)0 · sector 16
PAST (return on equity)0 · sector 29
HEALTH (low debt)94 · sector 83
DIVIDEND (yield)0 · sector 76

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 Telecom Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
China Mobile Limited 80941 HK$67.45 HK$114.85 +70%
T-Mobile US, Inc TMUS $165.66 $270.48 +63%
Verizon Communications Inc VZ $46.52 $69.92 +50%
AT&T Inc T $25.10 $50.40 +101%
Bharti Airtel Limited BHARTIARTL ₹1,833 ₹1,883 +3%
China Telecom Corporation 601728 ¥6.10 ¥8.36 +37%
América Móvil, S.A. AMX $22.08 $32.49 +47%
Saudi Telecom Company 7010 43.66 SAR 41.80 SAR −4%
Singapore Telecommunications Limited Z74 4.32 SGD 2.15 SGD −50%
Swisscom AG SCMN CHF 656.50 CHF 505.18 −23%

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Cite: Fair Value Calculator (2026). "Airtime Partecipazioni SpA Fair Value". https://www.fairvalue-calculator.com/stock/ALMEX

Frequently asked questions

Is Airtime Partecipazioni SpA (ALMEX) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €3.46 versus a price of €3.20, about +8% upside (fairly valued).
What is the fair value of ALMEX?
Our model-based fair value for Airtime Partecipazioni SpA is €3.46 (as of Sep 24, 2026), built from audited fundamentals. The current price: €3.20.
What is the quality score of ALMEX?
Airtime Partecipazioni SpA has a Quality Score of 54/100. 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 Airtime Partecipazioni SpA (ALMEX)?
Our model-based price target is the fair value of €3.46 (as of Sep 24, 2026) from 10 valuation models. Cautious scenario €2.22, optimistic scenario €5.04. It is a calculation from audited fundamentals, not an analyst target.
What is the Airtime Partecipazioni SpA stock forecast for 2026?
Our models put fair value at €3.46, about +8% upside versus a price of €3.20 (fairly valued). Cautious scenario €2.22, optimistic scenario €5.04. The calculation is refreshed regularly with new filings.
What is the revenue of Airtime Partecipazioni SpA (ALMEX)?
Airtime Partecipazioni SpA reported trailing-twelve-month revenue of about €118M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Airtime Partecipazioni SpA (ALMEX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Airtime Partecipazioni SpA it is €3.46 per share (as of Sep 24, 2026), against a price of €3.20. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Airtime Partecipazioni SpA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ALMEX trades below its calculated fair value: price €3.20, fair value €3.46, a gap of about +8% (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 ALMEX?
No. The price is what the market pays today (€3.20); the fair value is what the company's own numbers justify (€3.46). For Airtime Partecipazioni SpA the two are €0.2570 per share apart. That gap is exactly why we show both numbers side by side.
How much is Airtime Partecipazioni SpA worth?
The market values Airtime Partecipazioni SpA at about €19.9M (market capitalisation, as of Sep 24, 2026). Per share that is €3.20; our models calculate a fair value of €3.46 per share.
What do the bullish and bearish scenarios say about ALMEX?
Our models span a range for Airtime Partecipazioni SpA: cautious scenario €2.22, base €3.46, optimistic €5.04 per share (as of Sep 24, 2026, price €3.20). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Airtime Partecipazioni SpA (ALMEX)?
Balance-sheet figures for Airtime Partecipazioni SpA (as of Sep 24, 2026): return on equity −16.2%, debt of 0.12 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is ALMEX from its 52-week high?
Airtime Partecipazioni SpA trades at €3.20, about 94% below its 52-week high of €50.50 and 9% above the low of €2.93 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €3.46 is for.
Which stocks are comparable to Airtime Partecipazioni SpA?
From the same area (Communication Services) we also value China Mobile Limited, T-Mobile US, Inc, Verizon Communications Inc, AT&T 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 Airtime Partecipazioni SpA stock attractive at the current price?
The data as of Sep 24, 2026: price €3.20, calculated fair value €3.46 (+8%), Quality Score 54/100, from 10 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 ALMEX calculated?
We run Airtime Partecipazioni SpA through 10 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €3.46, 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 13.0 % above its aggregate fair value. Airtime Partecipazioni SpA currently trades 8 % 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 Airtime Partecipazioni SpA (ALMEX)?
The closing price on Sep 24, 2026 was €3.20. Our model-based fair value is €3.46, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Airtime Partecipazioni SpA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€2.22 to €5.04) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Airtime Partecipazioni SpA

How large is the market capitalisation of Airtime Partecipazioni SpA (ALMEX)?
The market capitalisation of Airtime Partecipazioni SpA is €19.9M. 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 Airtime Partecipazioni SpA (ALMEX)?
The price-to-sales ratio of Airtime Partecipazioni SpA is 0.17 (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 Airtime Partecipazioni SpA (ALMEX)?
Earnings per share at Airtime Partecipazioni SpA are €−4.94. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Airtime Partecipazioni SpA (ALMEX)?
The net margin of Airtime Partecipazioni SpA is −14.9% (fiscal year 2025). 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 Airtime Partecipazioni SpA (ALMEX)?
The return on equity (ROE) of Airtime Partecipazioni SpA is −16.2% (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 Airtime Partecipazioni SpA (ALMEX)?
On an EBIT basis the return on assets of Airtime Partecipazioni SpA is 1.6% (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 Airtime Partecipazioni SpA (ALMEX)?
The operating margin of Airtime Partecipazioni SpA is 65.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Airtime Partecipazioni SpA (ALMEX)?
Revenue at Airtime Partecipazioni SpA is growing −60.1% versus a year earlier (3y avg −5.7%). 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 Airtime Partecipazioni SpA (ALMEX)?
Earnings per share at Airtime Partecipazioni SpA are growing +6.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Airtime Partecipazioni SpA (ALMEX) generate?
The free cash flow of Airtime Partecipazioni SpA is €22.1M (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 Airtime Partecipazioni SpA (ALMEX) carry?
The net debt of Airtime Partecipazioni SpA is €3.4M (fiscal year 2025, ≈ 0.2 yrs of FCF). 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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