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Centrale del Latte d'Italia S.p.A (CLI) Fair Value & Analysis

Consumer Defensive · IT · Market cap €56.2M

CD Centrale del Latte d'Italia S.p.A CLI · MI
Price€4.18
Fair Value€7.38
Upside+76.6%
Quality63/100
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Healthy Growth
Thin margins · 1.2% net margin
Moderate debt · generates free cash flow
Mixed vs. peers (6/13)
Narrow moat 31/100
Evidence: High Range €5.54 – €9.23 Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 26 days ago

Share price +1.7% over the past month.

A solid business, screening 77% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€5.54). The market is more pessimistic than our downside scenario.
  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

€5.75 €2.41 Fair Value €7.38 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range €2.41 – €5.75 · fair‑value band €5.54 – €9.23 · the €4.18 price screens below the €7.38 fair value. Dashed = 300-day average. As of Jul 15, 2026.

Full chart & analysis →

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Analysis

Centrale del Latte d'Italia S.p.A (CLI) currently trades at €4.18, while our model-based Fair Value estimate is €7.38, implying the stock looks roughly 76.6% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Centrale del Latte d'Italia S.p.A generated revenue of €351M at a net margin of 1.2%. Revenue declined 1.2% year over year. It earns a return on equity of 5.7%. Net debt stands at €44.5M. Fundamentals as of Jul 15, 2026

Our scenario range runs from €5.54 (bear case) to €9.23 (bull case); at €4.18, the current price sits below 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. The share trades about 29% below its 52-week high and 53% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at 77%, CLI screens cheaper 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 €17.95 €23.94 €31.00 80
Residual Income €3.95 €3.90 €3.48 76
Rev-Margin DCF €12.14 €16.84 €22.39 74
All 26 models by family
DCF Models
FCF DCF €17.95 €24.93 €33.73 38
Owner Earnings €11.59 €16.01 €21.58 31
5Y Revenue Exit €12.14 €16.57 €21.93 39
5Y EBITDA Exit €18.06 €27.69 €38.80 41
5Y P/E Exit €10.90 €14.23 €17.55 38
10Y Revenue Exit €14.38 €18.68 €24.04 36
10Y EBITDA Exit €17.78 €25.29 €35.09 37
10Y P/E Exit €13.86 €17.29 €21.17 35
Earnings-Based
Graham-Dodd €2.39 €7.69 €10.25 54
Lynch FV €1.71 €2.44 €3.17 50
PEG = 1.0 €1.71 €2.44 €3.17 46
EPV €5.84 €6.47 €6.98 59
Dividend Discount
Gordon GGM €0.3200 €0.5300 €0.6900 70
DDM Multi-Stage €0.3200 €0.4800 €0.5700 61
Multiples
P/E Multiple €5.54 €7.38 €9.23 63
P/S Multiple €4.48 €5.98 €7.47 58
P/B Multiple €4.48 €5.98 €7.47 55
EV/EBIT €11.11 €14.61 €18.11 53
EV/EBITDA €20.49 €27.12 €33.75 54
EV/Revenue €8.10 €11.31 €14.53 43
Asset-Based
NCAV (Graham) €2.78 €3.73 €5.57 50
Growth DCF
Growth DCF €17.95 €23.94 €31.00 80
Rev-Margin DCF €12.14 €16.84 €22.39 74
Economic Profit
Residual Income €3.95 €3.90 €3.48 76
ROIC Compounder €5.89 €6.81 €7.82 72
Growth Earnings
Growth-Adj P/E €4.63 €6.62 €8.60 68

Widest divergence: DCF Models (€17.29) versus Dividend Discount (€0.4800). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €351M
Revenue growth (YoY) -1.2%
Net margin 1.2%
Return on equity 5.7%
Free cash flow €27.4M FY2025
P/E ratio 14.7
More key figures
Operating margin 4.0%
EPS (TTM) €0.2900
EPS growth (YoY) -23.1%
Net debt €44.5M FY2023

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 62 · Market factors (momentum, volatility) 57

Profitability 45
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 68
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 61
Distance to the 52-week high (market factor)
Net Issuance 100
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

Centrale del Latte d'Italia S.p.A. engages in the production of milk and dairy products in Italy, Germany, and internationally. It operates through Milk Products, Dairy Products, and Other Activities segments. The company offers milk, cream, butter, and yogurt, as well as plant-based drinks made with soy, oats, almonds, coconut, and rice.

Full company description

Centrale del Latte d'Italia S.p.A. engages in the production of milk and dairy products in Italy, Germany, and internationally. It operates through Milk Products, Dairy Products, and Other Activities segments. The company offers milk, cream, butter, and yogurt, as well as plant-based drinks made with soy, oats, almonds, coconut, and rice. It provides its products under the Giglio, Polenghi, Optimus, Mukki, Centro Latte Rapallo, Tapporosso, Matese, Salerno Dairy, Cappuccino Lovers, Torre in Pietra, Fior di Salento, and Centrale del Latte di Vicenza brands. The company was formerly known as Centrale del Latte di Torino & C. S.p.A. The company was founded in 1950 and is based in Turin, Italy. Centrale del Latte d'Italia S.p.A. operates as a subsidiary of Newlat Food S.p.A.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Centrale del Latte d'Italia S.p.A reported revenue of €351M in FY2025 versus €283M in FY2021, a compound +5.5%/yr. Reported net income was €4.7M in FY2025, compounding +19.3%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€351M
Latest YoY
+0.5%
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.
+4.4%
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.
+14.2%
Avg. growth/yr (22Y) 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.
+6.1%
Revenue +5.5%/yr
FY21 €283M
FY22 €309M
FY23 €334M
FY24 €350M
FY25 €351M
Net income +19.3%/yr
FY21 €2.3M
FY22 €154K
FY23 €3.0M
FY24 €4.4M
FY25 €4.7M
Character of growth · EPS growth decomposed (2013-2023) +2.7 % p.a.
Revenue per share +9.6 pp

of which total revenue +14.0 pp · buybacks/dilution −4.4 pp

EBIT margin −3.9 pp
Tax rate +3.0 pp
Residual (interest, one-offs) −6.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Centrale del Latte d'Italia S.p.A Fair Value". https://www.fairvalue-calculator.com/stock/CLI

Peer Group

Packaged Foods · 649 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 63 · Top 25%
Fair Value upside +77% · Top 25%
Return on equity (TTM) 6% · Below median
Return on assets 2% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 4% · Below median
Revenue growth -1% · Below median
Debt / equity 0.76× · Higher than 75% of peers

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 14.7× · Cheaper than median
P/B 0.88× · Cheaper than median
P/S (TTM) 0.19× · Cheaper than 75% of peers
P/FCF 2.4× · Pricier than median
EV/EBITDA 2.9× · Cheaper than 75% of peers

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 100 · sector 28
FUTURE 0 · sector 20
PAST 23 · sector 27
HEALTH 62 · sector 96
DIVIDEND 0 · sector 47

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 Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is Centrale del Latte d'Italia S.p.A (CLI) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of €7.38 versus a price of €4.18, about +77% (undervalued).
What is the fair value of CLI?
Our model-based fair value for Centrale del Latte d'Italia S.p.A is €7.38 (as of Jul 15, 2026), built from audited fundamentals. The current price is €4.18.
What is the quality score of CLI?
Centrale del Latte d'Italia S.p.A has a Quality Score of 63/100. 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 Centrale del Latte d'Italia S.p.A (CLI)?
Centrale del Latte d'Italia S.p.A reported trailing-twelve-month revenue of about €351M (latest available figure, as of Jul 15, 2026).
What is the net profit margin of CLI?
The net profit margin of Centrale del Latte d'Italia S.p.A is about 1.2%, meaning it keeps roughly 1.2% of revenue as net income. 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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