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Emak S.p.A (EM) Fair Value & Analysis

Industrials · IT · Market cap €147M

ES Emak S.p.A EM · MI
Price€0.8460
Fair Value€1.10
Upside+30.0%
Quality58/100
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Healthy Growth
Thin margins · 2.1% net margin
Moderate debt · generates free cash flow
3.45% dividend yield
Mixed vs. peers (6/15)
Narrow moat 37/100
Evidence: High Range €1.06 – €1.75 Share as image

Fair value as of: Jul 16, 2026

From 25 valuation models · updated 25 days ago

Share price −2.3% over the past month.

A solid business, screening 30% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€1.06). The market is more pessimistic than our downside scenario.
  • Solid quality (58/100) 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)

€1.85 €0.6821 Fair Value €1.10 May 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

60‑month range €0.6821 – €1.85 · fair‑value band €1.06 – €1.75 · the €0.8460 price screens below the €1.10 fair value. Dashed = 300-day average. As of Jul 16, 2026.

Full chart & analysis →

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Analysis

Emak S.p.A (EM) currently trades at €0.8460, while our model-based Fair Value estimate is €1.10, implying the stock looks roughly 30.0% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Industrials 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, Emak S.p.A generated revenue of €597M at a net margin of 2.1%. Revenue declined 8.1% year over year. It earns a return on equity of 4.5%. Net debt stands at €150M. Fundamentals as of Jul 16, 2026

Our scenario range runs from €1.06 (bear case) to €1.75 (bull case); at €0.8460, 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 17% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -26% fair-value upside, at 30%, EM 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 €0.3100 €0.6500 €1.04 80
Residual Income €1.17 €1.14 €0.9500 76
Rev-Margin DCF €0.6400 €1.50 €2.45 74
All 25 models by family
DCF Models
FCF DCF €0.3000 €0.6800 €1.14 38
Owner Earnings €0.0500 €0.3500 €0.7100 31
5Y Revenue Exit €0.6400 €1.50 €2.56 39
5Y EBITDA Exit €1.23 €2.56 €4.07 41
5Y P/E Exit €0.3100 €0.8900 €1.48 38
10Y Revenue Exit €0.4300 €1.09 €1.92 36
10Y EBITDA Exit €0.7900 €1.70 €2.87 37
10Y P/E Exit €0.2900 €0.7300 €1.24 35
Earnings-Based
Graham-Dodd €0.5600 €1.47 €1.92 54
PEG = 1.0 €0.2800 €0.4000 €0.5200 46
EPV €0.3900 €0.5400 €0.6700 59
Dividend Discount
Gordon GGM €0.2200 €0.3600 €0.4700 70
DDM Multi-Stage €0.2200 €0.3000 €0.3800 61
Multiples
P/E Multiple €1.37 €1.82 €2.28 63
P/S Multiple €1.06 €1.41 €1.76 58
P/B Multiple €1.06 €1.41 €1.76 55
EV/EBIT €1.98 €2.93 €3.88 53
EV/EBITDA €2.40 €3.49 €4.58 54
EV/Revenue €1.05 €1.87 €2.70 43
Asset-Based
NCAV (Graham) €0.8500 €1.14 €1.70 50
Growth DCF
Growth DCF €0.3100 €0.6500 €1.04 80
Rev-Margin DCF €0.6400 €1.50 €2.45 74
Economic Profit
Residual Income €1.17 €1.14 €0.9500 76
ROIC Compounder €0.3900 €0.5400 €0.6700 72
Growth Earnings
Growth-Adj P/E €1.06 €1.52 €1.98 68

Widest divergence: Multiples (€1.82) versus Dividend Discount (€0.3000). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €597M
Revenue growth (YoY) -8.1%
Net margin 2.1%
Return on equity 4.5%
Free cash flow €23.9M FY2025
P/E ratio 11.3
More key figures
Operating margin 8.5%
EPS (TTM) €0.0800
Dividend yield 3.5%
EPS growth (YoY) -10.4%
Net debt €150M FY2025

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

Quality Score breakdown

Overall quality 58/100

Of which business quality 55 · Market factors (momentum, volatility) 41

Profitability 44
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 49
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 56
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 31
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

Emak S.p.A., together with its subsidiaries, design solutions for gardening, agriculture, forestry, cleaning, and industries Europe, Americas, and internationally. It operates in three segments: Outdoor Power Equipment, Pumps and Water Jetting, and Components and Accessories.

Full company description

Emak S.p.A., together with its subsidiaries, design solutions for gardening, agriculture, forestry, cleaning, and industries Europe, Americas, and internationally. It operates in three segments: Outdoor Power Equipment, Pumps and Water Jetting, and Components and Accessories. The Outdoor Power Equipment segment develops, manufactures, and markets brush cutters, lawnmowers, garden tractors, chainsaws, and rotary tillers and cultivators for gardening and forestry applications; and small agricultural machines under the Oleo-Mac, Efco, Bertolini, and Nibbi brand names. The Pumps and Water Jetting segment develops, manufactures, and markets centrifugal and diaphragm pumps for spraying and weeding for agriculture; industrial pumps, high and ultra-high pressure systems, and urban cleaning equipment for industrial sector; and pressure washers and floor scrubbers for cleaning purposes. This segment offers its products under the Comet, HPP, Lemasa, PTC Waterjetting Equipment, PTC Urban Cleaning Equipment, Lavor, Valley, Poli and Bestway brand names. The Components and Accessories segment provides line and heads for brush cutters, sensors and computers for precision farming, and guns and nozzles for high pressure washers under the Tecomec, Speed, Markusson, Agres, Spraycom, Sabart, and PNR brand names. The company was founded in 1972 and is headquartered in Bagnolo In Piano, Italy. Emak S.p.A. is a subsidiary of Yama S.p.A.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Emak S.p.A reported revenue of €612M in FY2025 versus €588M in FY2021, a compound +1.0%/yr. Reported net income was €13.5M in FY2025, compounding −19.7%/yr from FY2021.

Growth Quality 65/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€612M
Latest YoY
+1.8%
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.
+0.4%
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.
+5.4%
Avg. growth/yr (25Y) 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.
−21.5%
Revenue +1.0%/yr
FY21 €588M
FY22 €606M
FY23 €566M
FY24 €602M
FY25 €612M
Net income −19.7%/yr
FY21 €32.5M
FY22 €30.3M
FY23 €19.1M
FY24 €5.8M
FY25 €13.5M
Character of growth · EPS growth decomposed (2012-2023) +12.1 % p.a.
Revenue per share +5.8 pp

of which total revenue +5.7 pp · buybacks/dilution +0.0 pp

EBIT margin +4.1 pp
Tax rate +1.6 pp
Residual (interest, one-offs) +0.7 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). "Emak S.p.A Fair Value". https://www.fairvalue-calculator.com/stock/EM

Peer Group

Tools & Accessories · 119 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 58 · Below median
Fair Value upside +30% · Top 25%
Return on equity (TTM) 4% · Below median
Return on assets 3% · Below median
Net margin (TTM) 2% · Bottom 25%
Operating margin (TTM) 8% · Below median
Revenue growth -8% · Bottom 25%
Dividend yield (TTM) 3.5% · Top 25%
Debt / equity 0.51× · Higher than 75% of peers

Valuation Multiples vs Tools & Accessories median · lower = cheaper

P/E (TTM) 11.3× · Cheaper than 75% of peers
P/B 0.61× · Cheaper than 75% of peers
P/S (TTM) 0.29× · Cheaper than 75% of peers
P/FCF 7.1× · Pricier than median
EV/EBITDA 6.0× · Cheaper than 75% of peers
PEG 2.45× · Pricier 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 73 · sector 3
FUTURE 0 · sector 14
PAST 18 · sector 28
HEALTH 74 · sector 96
DIVIDEND 69 · sector 36

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.

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Stanley Black & Decker, Inc SWK $88.22 $54.24 -39%
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SFS Group SFSN CHF 140.00 CHF 118.30 -16%
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Frequently asked questions

Is Emak S.p.A (EM) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of €1.10 versus a price of €0.8460, about +30% (undervalued).
What is the fair value of EM?
Our model-based fair value for Emak S.p.A is €1.10 (as of Jul 16, 2026), built from audited fundamentals. The current price is €0.8460.
What is the quality score of EM?
Emak S.p.A has a Quality Score of 58/100. 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 Emak S.p.A (EM)?
Emak S.p.A reported trailing-twelve-month revenue of about €597M (latest available figure, as of Jul 16, 2026).
What is the net profit margin of EM?
The net profit margin of Emak S.p.A is about 2.1%, meaning it keeps roughly 2.1% of revenue as net income. Based on the latest reported figures.
Does Emak S.p.A pay a dividend?
Emak S.p.A currently shows a dividend yield of about 3.45% relative to its recent price (as of Jul 16, 2026).

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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