Italian Exhibition Group SpA (IEG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Italian Exhibition Group SpA stock €20.80, price €14.60, upside +42.5%, quality 53 out of 100. Rating: undervalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range €1.69 – €17.75 · fair‑value band €15.60 – €26.00 · the €14.60 price screens below the €20.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Italian Exhibition Group S.p.A. organizes trade shows and conferences in Italy and internationally. It engages in the organization of trade fair events; reception of trade fairs and other events, such as planning, management, and provision of exhibition spaces; publishing; and sporting events.
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The company also offers services related to trade fair and conference events, promotion, and management for congresses, conventions, exhibitions, cultural, entertainment, and leisure activities; catering, cleaning, and porterage services; and training courses.
Italian Exhibition Group S.p.A. was incorporated in 2002 and is based in Rimini, Italy.
Stock analysis
Italian Exhibition Group SpA (IEG) currently trades at €14.60, while our model-based Fair Value estimate is €20.80, implying the stock looks roughly 30% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €24.62 per share, and 10 of the 16 models we run sit above the €14.60 price.
Bear case: the Dividend Discount group reads lowest at €2.41, and 6 of the 16 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €15.60 (bear) to €26.00 (bull), the price of €14.60 sits below 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 53/100 (solid quality), in the Communication Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Italian Exhibition Group SpA reported revenue of €266M in FY2025 versus €74.3M in FY2021, a compound +37.6%/yr. Reported net income was €28.9M in FY2025, compounding +104.9%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap €446M Small · P/E ratio 13.3 · P/S ratio 1.60 · EPS (TTM) €1.10 · Dividend yield 1.4% · Net margin 12.0% · Return on equity 23.2% · Return on assets (EBIT) 4.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 88% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 10% fair-value upside, at 42%, IEG screens cheaper than that median.
Fair Value models
Bear€15.60Fair Value €20.80Bull€26.00
Price €14.60 · Upside +42.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.7693 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+8.4%
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.
+19.5%
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.
+27.3%
Start year 2020 (pandemic). Over 10 years: +13.6% a year
Revenue growth 10 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.
+13.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
≈ +33.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+32.1%
Dividend (yield on the price)1.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.32.1% vs 15.9%, picking up
Profit margin 2020 to 2025 ⓘ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.−17% → 19%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Approximate: the rate leans on 2025, which sits 128% above its own trend.
Compare Italian Exhibition Group SpA with another stock
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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.Advertising Agencies · 170 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside+42.5% · Above median
Profitability
Return on equity (12 months)23.2% · Top 25%
Return on assets6.6% · Top 25%
Net margin (12 months)12.0% · Top 25%
Operating margin (12 months)2.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)24.2% · Top 25%
Dividend yield (12 months)1.4% · Below median
Balance sheet
Debt / equity0.41× · Highest 25%
Valuation Multiplesvs Advertising Agencies median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Italian Exhibition Group SpA Fair Value". https://www.fairvalue-calculator.com/stock/IEG
Frequently asked questions
Is Italian Exhibition Group SpA (IEG) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of €20.80 versus a price of €14.60, about +42% upside (undervalued).
What is the fair value of IEG?
Our model-based fair value for Italian Exhibition Group SpA is €20.80 (as of Nov 3, 2026), built from audited fundamentals. The current price: €14.60.
What is the quality score of IEG?
Italian Exhibition Group SpA has a Quality Score of 53/100. 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 Italian Exhibition Group SpA (IEG)?
Our model-based price target is the fair value of €20.80 (as of Nov 3, 2026) from 16 valuation models. Cautious scenario €15.60, optimistic scenario €26.00. It is a calculation from audited fundamentals, not an analyst target.
What is the Italian Exhibition Group SpA stock forecast for 2026?
Our models put fair value at €20.80, about +42% upside versus a price of €14.60 (undervalued). Cautious scenario €15.60, optimistic scenario €26.00. The calculation is refreshed regularly with new filings.
What is the revenue of Italian Exhibition Group SpA (IEG)?
Italian Exhibition Group SpA reported trailing-twelve-month revenue of about €279M (latest available figure, as of Nov 3, 2026).
Does Italian Exhibition Group SpA pay a dividend?
Italian Exhibition Group SpA currently shows a dividend yield of 1.37% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of Italian Exhibition Group SpA (IEG) and when is the ex-dividend date?
Italian Exhibition Group SpA pays a dividend of €0.2 per share a year, a dividend yield of 1.4%. The last ex-dividend date was May 18, 2026. The payout ratio is 18.2% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Italian Exhibition Group SpA (IEG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Italian Exhibition Group SpA it is €20.80 per share (as of Nov 3, 2026), against a price of €14.60. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Italian Exhibition Group SpA stock overvalued or undervalued in 2026?
As of Nov 3, 2026, IEG trades below its calculated fair value: price €14.60, fair value €20.80, a gap of about +42% (undervalued). 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 IEG?
No. The price is what the market pays today (€14.60); the fair value is what the company's own numbers justify (€20.80). For Italian Exhibition Group SpA the two are €6.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is Italian Exhibition Group SpA worth?
The market values Italian Exhibition Group SpA at about €446M (market capitalisation, as of Nov 3, 2026). Per share that is €14.60; our models calculate a fair value of €20.80 per share.
What do the bullish and bearish scenarios say about IEG?
Our models span a range for Italian Exhibition Group SpA: cautious scenario €15.60, base €20.80, optimistic €26.00 per share (as of Nov 3, 2026, price €14.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IEG?
Italian Exhibition Group SpA trades at a price-to-earnings ratio of 13.3 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €20.80 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2019 to 2025), reported earnings, FY2025 ex one-offs: 9.6. Other multiples: P/B 3.0, P/S 1.6, EV/EBITDA 6.3.
How solid is the balance sheet of Italian Exhibition Group SpA (IEG)?
Balance-sheet figures for Italian Exhibition Group SpA (as of Nov 3, 2026): return on equity 23.2%, debt of 0.41 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is IEG from its 52-week high?
Italian Exhibition Group SpA trades at €14.60, about 18% below its 52-week high of €17.75 and 88% above the low of €7.78 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €20.80 is for.
Which stocks are comparable to Italian Exhibition Group SpA?
From the same area (Communication Services) we also value AppLovin Corporation, Publicis Groupe S.A, Omnicom Group, Focus Media Information Technology Co, 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 Italian Exhibition Group SpA stock attractive at the current price?
The data as of Nov 3, 2026: price €14.60, calculated fair value €20.80 (+42%), Quality Score 53/100, from 16 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 IEG calculated?
We run Italian Exhibition Group SpA through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €20.80 builds on their evidence-weighted average, 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. Italian Exhibition Group SpA currently trades 30% 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 Italian Exhibition Group SpA (IEG)?
The closing price on Nov 6, 2026 was €14.60. Our model-based fair value is €20.80, about +42% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Italian Exhibition Group SpA right now?
The price is below even our cautious bear case (€15.60). The market is more pessimistic than our downside scenario. Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Italian Exhibition Group SpA
How large is the market capitalisation of Italian Exhibition Group SpA (IEG)?
The market capitalisation of Italian Exhibition Group SpA is €446M. 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 Italian Exhibition Group SpA (IEG)?
The price-to-sales ratio of Italian Exhibition Group SpA is 1.60 (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 Italian Exhibition Group SpA (IEG)?
Earnings per share at Italian Exhibition Group SpA are €1.10 (price ÷ EPS = P/E 13.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Italian Exhibition Group SpA (IEG)?
The dividend yield of Italian Exhibition Group SpA is 1.4% (payout 18.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Italian Exhibition Group SpA (IEG)?
The net margin of Italian Exhibition Group SpA is 12.0% (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 Italian Exhibition Group SpA (IEG)?
The return on equity (ROE) of Italian Exhibition Group SpA is 23.2% (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 Italian Exhibition Group SpA (IEG)?
On an EBIT basis the return on assets of Italian Exhibition Group SpA is 4.8% (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 Italian Exhibition Group SpA (IEG)?
The operating margin of Italian Exhibition Group SpA is 2.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Italian Exhibition Group SpA (IEG)?
Revenue at Italian Exhibition Group SpA is growing +24.2% versus a year earlier (3y avg +19.5%). 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 Italian Exhibition Group SpA (IEG)?
Earnings per share at Italian Exhibition Group SpA are growing +8.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Italian Exhibition Group SpA (IEG) generate?
The free cash flow of Italian Exhibition Group SpA is −€3.0M (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 Italian Exhibition Group SpA (IEG) carry?
The net debt of Italian Exhibition Group SpA is €31.8M (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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Nov 3, 2026