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Mexedia Società Per Azioni S.B., (ALMEX) Fair Value & Analysis

Communication Services · FR · Market cap €19.9M

MS Mexedia Società Per Azioni S.B., ALMEX · PA
Price€3.90
Fair Value€3.49
Upside-10.5%
Quality54/100
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Weak Growth
Loss-making · -14.9% net margin
Low debt · generates free cash flow
Mixed vs. peers (5/11)
Narrow moat 37/100
Evidence: Medium Range €2.19 – €5.45 Share as image

Fair value as of: Jul 16, 2026

From 3 valuation models · updated 25 days ago

Fair value updated Jul 16, 2026, revised from €7.79 to €3.49 (−55.2%) since Jun 26, 2026. Share price +7.4% over the past month.

A solid business, but screening 10% overvalued on our models.

What matters now

  • A fairly wide model range (€2.19 to €5.45) leaves room in how you read the outcome.
  • Our model range runs from €2.19 (bear) to €5.45 (bull), base €3.49. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 54/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

€84.00 €1.10 Fair Value €3.49 Sep 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

58‑month range €1.10 – €84.00 · fair‑value band €2.19 – €5.45 · the €3.90 price screens above the €3.49 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Mexedia Società Per Azioni S.B., (ALMEX) currently trades at €3.90, while our model-based Fair Value estimate is €3.49, implying the stock looks roughly 10.5% overvalued today. The Quality Score stands at 54/100 (solid quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Mexedia Società Per Azioni S.B., generated revenue of €118M at a net margin of -14.9%. Revenue declined 60.1% year over year. It earns a return on equity of -16.2%. Net debt stands at €3.4M. Fundamentals as of Jul 16, 2026

Our scenario range runs from €2.19 (bear case) to €5.45 (bull case); at €3.90, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Communication Services peers we cover trades at 32% fair-value upside, at -10%, ALMEX screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF €33.10 €47.23 €64.86 80
Rev-Margin DCF €29.88 €46.93 €67.55 74
NCAV (Graham) €3.19 €4.28 €6.39 50
All 3 models by family
Asset-Based
NCAV (Graham) €3.19 €4.28 €6.39 50
Growth DCF
Growth DCF €33.10 €47.23 €64.86 80
Rev-Margin DCF €29.88 €46.93 €67.55 74

Widest divergence: Growth DCF (€46.93) versus Asset-Based (€4.28). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €118M
Revenue growth (YoY) -60.1%
Net margin -14.9%
Return on equity -16.2%
Free cash flow €22.1M FY2025
Operating margin 65.4%
More key figures
EPS (TTM) €-4.94
EPS growth (YoY) +6.2%
Net debt €3.4M FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 54/100

Of which business quality 47 · Market factors (momentum, volatility) 16

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 4
Balance sheet, leverage, solvency risk
Investment 55
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 2
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Mexedia Società Per Azioni 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.

Full company description

Mexedia Società Per Azioni 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 Società Per Azioni S.B. in May 2022. Mexedia Società Per Azioni S.B. was founded in 2017 and is headquartered in Rome, Italy.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Mexedia Società Per Azioni S.B., reported revenue of €118M in FY2025 versus €132M in FY2021, a compound −2.7%/yr. Reported net income was −€17.6M in FY2025.

Growth Quality 29/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€118M
Latest YoY
+62.0%
Avg. growth/yr (3Y) 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.
−5.7%
Avg. growth/yr (5Y) 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.
−2.5%
Avg. growth/yr (6Y) 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.
−3.7%
Revenue −2.7%/yr
FY21 €132M
FY22 €141M
FY23 €324M
FY24 €72.9M
FY25 €118M
Net income
FY21 €3.0M
FY22 €4.4M
FY23 €4.5M
FY24 −€20.0M
FY25 −€17.6M

ALMEX screens 10% overvalued. Compare with China Mobile Limited →

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Cite: Fair Value Calculator (2026). "Mexedia Società Per Azioni S.B., Fair Value". https://www.fairvalue-calculator.com/stock/ALMEX

Peer Group

Telecom Services · 250 stocks

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.

Quality Score 50 · Below median
Fair Value upside −11% · Below median
Return on assets -0% · Bottom 25%
Net margin (TTM) -15% · Bottom 25%
Operating margin (TTM) 65% · Top 25%
Revenue growth -60% · Bottom 25%
Debt / equity 0.12× · Lower than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/B 0.63× · Cheaper than 75% of peers
P/S (TTM) 0.20× · Cheaper than 75% of peers
P/FCF 1.0× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 19 · sector 29
FUTURE 0 · sector 15
PAST 0 · sector 28
HEALTH 94 · sector 88
DIVIDEND 0 · sector 73

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥89.98 ¥109.88 +22%
T-Mobile US, Inc TMUS $187.61 $172.67 -8%
Bharti Airtel Limited BHARTIARTL ₹1,922 ₹941.55 -51%
China Telecom Corporation 601728 ¥6.01 ¥8.36 +39%
América Móvil, S.A. AMXB 23.07 MXN 30.35 MXN +32%
Vodafone Group VODN 259.50 MXN 507.27 MXN +95%
Advanced Info Service Public Company ADVANC 379.00 THB 286.77 THB -24%
Chunghwa Telecom Co 2412 133.50 TWD 100.00 TWD -25%
China Unicom (Hong Kong) Limited 0762 HK$6.50 HK$13.03 +100%
Telefónica, S.A TEFN 75.67 MXN 111.01 MXN +47%

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Frequently asked questions

Is Mexedia Società Per Azioni S.B., (ALMEX) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of €3.49 versus a price of €3.90, about −10% (overvalued).
What is the fair value of ALMEX?
Our model-based fair value for Mexedia Società Per Azioni S.B., is €3.49 (as of Jul 16, 2026), built from audited fundamentals. The current price is €3.90.
What is the quality score of ALMEX?
Mexedia Società Per Azioni S.B., 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 revenue of Mexedia Società Per Azioni S.B., (ALMEX)?
Mexedia Società Per Azioni S.B., reported trailing-twelve-month revenue of about €118M (latest available figure, as of Jul 16, 2026).
What is the net profit margin of ALMEX?
The net profit margin of Mexedia Società Per Azioni S.B., is about -14.9%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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