I Grandi Viaggi SpA (IGV) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of I Grandi Viaggi SpA stock €1.05, price €1.88, that is 44.2% below the price, quality 62 out of 100. Rating: strongly overvalued. Calculated from audited financials with 22 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 9, 2026.
How to read this chart
60‑month range €0.7180 – €3.03 · fair‑value band €0.8000 – €1.34 · the €1.88 price screens above the €1.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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I Grandi Viaggi S.p.A. engages in the travel and tourism business in Italy, Europe, and internationally. The company manages owned hotels; markets stay at third-party hotel facilities; and operates and organizes tours and cruises.
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I Grandi Viaggi S.p.A. was founded in 1931 and is headquartered in Milan, Italy. I Grandi Viaggi S.p.A. operates as a subsidiary of Monforte & C. S.R.L.
Stock analysis
I Grandi Viaggi SpA (IGV) currently trades at €1.88, while our model-based Fair Value estimate is €1.05, 44% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €1.26 per share, and 0 of the 22 models we run sit above the €1.88 price.
Bear case: the Earnings-Based group reads lowest at €0.7800, and 22 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €0.8000 (bear) to €1.34 (bull), the price of €1.88 sits above 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 62/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
I Grandi Viaggi SpA reported revenue of €67.0M in FY2025 versus €33.3M in FY2021, a compound +19.1%/yr. Reported net income was €3.4M in FY2025.
Key figures
Market cap €89.6M Micro · P/E ratio 47.1 · P/S ratio 1.31 · EPS (TTM) €0.0400 · Net margin 2.3% · Return on equity 2.6% · Return on assets (EBIT) 1.9% (5-year average) · Operating margin 7.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 30 out of 100 (low confidence).
What moves the price
The share trades about 33% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 34% fair-value upside, at −44%, IGV screens richer than that median.
Fair Value models
Bear€0.8000Fair Value €1.05Bull€1.34
Price €1.88 · Downside -44.2%
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 12 months old). Earnings retained since then (€0.0400 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.
Best data coverage
FCF DCF€0.6900€0.8100€0.950082
Growth DCF€0.6900€0.8000€0.930080
Owner Earnings€0.8200€0.9700€1.1578
All 22 models by family
DCF Models
FCF DCF€0.6900€0.8100€0.950082
Owner Earnings€0.8200€0.9700€1.1578
5Y Revenue Exit€0.7000€0.9200€1.2074
5Y EBITDA Exit€0.9200€1.30€1.7376
5Y P/E Exit€0.9500€1.35€1.7671
10Y Revenue Exit€0.6800€0.8500€1.0468
10Y EBITDA Exit€0.8000€1.05€1.3470
10Y P/E Exit€0.8200€1.08€1.3665
Earnings-Based
Graham-Dodd€0.4800€0.9500€1.1966
EPV€0.5700€0.6100€0.640074
Multiples
P/E Multiple€1.16€1.55€1.9463
P/S Multiple€0.9000€1.20€1.5058
P/B Multiple€0.9000€1.20€1.5055
EV/EBIT€1.04€1.32€1.6066
EV/EBITDA€1.29€1.65€2.0267
EV/Revenue€0.7600€1.01€1.2554
Asset-Based
NCAV (Graham)€0.7400€0.9900€1.4854
Growth DCF
Growth DCF€0.6900€0.8000€0.930080
Rev-Margin DCF€0.7000€0.9300€1.1874
Economic Profit
Residual Income€0.9900€0.9900€1.0271
ROIC Compounder€0.5700€0.6100€0.640072
Growth Earnings
Growth-Adj P/E€0.8400€1.20€1.5667
P/S and P/B multiple show the same value here: both are capped by the same earnings anchor (earnings per share times 17), because margin and return on equity do not support the sector multiple.
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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.0%
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.
+11.0%
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.
+16.8%
Start year 2020 (pandemic). Over 10 years: +0.7% a year
Revenue growth 25 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.
−0.4%
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What shareholders gained per year (last 3 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 3 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.
+7.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.2%
Dividend (yield on the price)0.0%
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.−18% → 5%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+19.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +17.2% a year for the price.
Price, fair value, quality and upside side by side.
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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.Resorts & Casinos · 62 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside−44.2% · Bottom 25%
Profitability
Return on equity (12 months)2.6% · Below median
Return on assets3.2% · Above median
Net margin (12 months)2.3% · Below median
Operating margin (12 months)7.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)7.3% · Above median
Balance sheet
Debt / equity0.03× · Lowest 25%
Valuation Multiplesvs Resorts & Casinos 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). "I Grandi Viaggi SpA Fair Value". https://www.fairvalue-calculator.com/stock/IGV
Frequently asked questions
Is I Grandi Viaggi SpA (IGV) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €1.05 versus a price of €1.88, about 44% lower (overvalued).
What is the fair value of IGV?
Our model-based fair value for I Grandi Viaggi SpA is €1.05 (as of Nov 9, 2026), built from audited fundamentals. The current price: €1.88.
What is the quality score of IGV?
I Grandi Viaggi SpA has a Quality Score of 62/100. 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 I Grandi Viaggi SpA (IGV)?
Our model-based price target is the fair value of €1.05 (as of Nov 9, 2026) from 22 valuation models. Cautious scenario €0.8000, optimistic scenario €1.34. It is a calculation from audited fundamentals, not an analyst target.
What is the I Grandi Viaggi SpA stock forecast for 2026?
Our models put fair value at €1.05, about 44% lower versus a price of €1.88 (overvalued). Cautious scenario €0.8000, optimistic scenario €1.34. The calculation is refreshed regularly with new filings.
What is the revenue of I Grandi Viaggi SpA (IGV)?
I Grandi Viaggi SpA reported trailing-twelve-month revenue of about €68.5M (latest available figure, as of Nov 9, 2026).
What growth is priced into I Grandi Viaggi SpA (IGV)?
For today's price to be fair in a discounted-cash-flow model, I Grandi Viaggi SpA would have to grow free cash flow by +19.7 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.8 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of IGV use?
Our models discount I Grandi Viaggi SpA at 13.5 %: a base by market capitalisation (micro), damped by beta 0.50, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For I Grandi Viaggi SpA that is +19.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has I Grandi Viaggi SpA (IGV) delivered so far?
Over the past 5 years revenue at I Grandi Viaggi SpA grew +16.8 % a year. The price currently implies free-cash-flow growth of +19.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of I Grandi Viaggi SpA (IGV) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into I Grandi Viaggi SpA (+19.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of I Grandi Viaggi SpA (IGV)?
The free-cash-flow yield on the price is 3.69 %: that much free cash flow I Grandi Viaggi SpA produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of I Grandi Viaggi SpA (IGV)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For I Grandi Viaggi SpA it is €1.05 per share (as of Nov 9, 2026), against a price of €1.88. It is the blended result of 22 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is I Grandi Viaggi SpA stock overvalued or undervalued in 2026?
As of Nov 9, 2026, IGV trades above its calculated fair value: price €1.88, fair value €1.05, a gap of about −44% (overvalued). 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 IGV?
No. The price is what the market pays today (€1.88); the fair value is what the company's own numbers justify (€1.05). For I Grandi Viaggi SpA the two are €0.8320 per share apart. That gap is exactly why we show both numbers side by side.
How much is I Grandi Viaggi SpA worth?
The market values I Grandi Viaggi SpA at about €89.6M (market capitalisation, as of Nov 9, 2026). Per share that is €1.88; our models calculate a fair value of €1.05 per share.
What do the bullish and bearish scenarios say about IGV?
Our models span a range for I Grandi Viaggi SpA: cautious scenario €0.8000, base €1.05, optimistic €1.34 per share (as of Nov 9, 2026, price €1.88). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IGV?
I Grandi Viaggi SpA trades at a price-to-earnings ratio of 47.1 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €1.05 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2016 to 2025), reported earnings: 37.9. Other multiples: P/B 1.2, P/S 1.3, EV/EBITDA 20.7.
How solid is the balance sheet of I Grandi Viaggi SpA (IGV)?
Balance-sheet figures for I Grandi Viaggi SpA (as of Nov 9, 2026): return on equity 2.6%, debt of 0.03 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is IGV from its 52-week high?
I Grandi Viaggi SpA trades at €1.88, about 33% below its 52-week high of €2.82 and 7% above the low of €1.76 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €1.05 is for.
Which stocks are comparable to I Grandi Viaggi SpA?
From the same area (Consumer Cyclical) we also value Las Vegas Sands Corp, Galaxy Entertainment Group, Sands China Ltd, Wynn Resorts, Limited, 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 I Grandi Viaggi SpA stock attractive at the current price?
The data as of Nov 9, 2026: price €1.88, calculated fair value €1.05 (−44%), Quality Score 62/100, from 22 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 IGV calculated?
We run I Grandi Viaggi SpA through 22 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €1.05 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 13.3% above its aggregate fair value. I Grandi Viaggi SpA itself currently trades above fair value. 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 I Grandi Viaggi SpA (IGV)?
The closing price on Nov 6, 2026 was €1.88. Our model-based fair value is €1.05, about 44% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with I Grandi Viaggi SpA right now?
The price sits above even our optimistic bull case (€1.34). The favourable scenario is already priced in. Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of I Grandi Viaggi SpA
How large is the market capitalisation of I Grandi Viaggi SpA (IGV)?
The market capitalisation of I Grandi Viaggi SpA is €89.6M. 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 I Grandi Viaggi SpA (IGV)?
The price-to-sales ratio of I Grandi Viaggi SpA is 1.31 (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 I Grandi Viaggi SpA (IGV)?
Earnings per share at I Grandi Viaggi SpA are €0.0400 (price ÷ EPS = P/E 47.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of I Grandi Viaggi SpA (IGV)?
The net margin of I Grandi Viaggi SpA is 2.3% (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 I Grandi Viaggi SpA (IGV)?
The return on equity (ROE) of I Grandi Viaggi SpA is 2.6% (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 I Grandi Viaggi SpA (IGV)?
On an EBIT basis the return on assets of I Grandi Viaggi SpA is 1.9% (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 I Grandi Viaggi SpA (IGV)?
The operating margin of I Grandi Viaggi SpA is 7.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at I Grandi Viaggi SpA (IGV)?
Revenue at I Grandi Viaggi SpA is growing +7.3% versus a year earlier (3y avg +11.0%). 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 I Grandi Viaggi SpA (IGV)?
Earnings per share at I Grandi Viaggi SpA are growing −2.9% versus a year earlier. How much earnings per share grew versus a year earlier.
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Some data
Nov 9, 2026