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Arnoldo Mondadori Editore S.p.A (MN) Fair Value & Analysis

Communication Services · IT · Market cap €540M

AM Arnoldo Mondadori Editore S.p.A MN · MI
Price€2.15
Fair Value€3.46
Upside+60.9%
Quality61/100
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Mixed Growth
Thin margins · 5.4% net margin
Low debt · generates free cash flow
7.37% dividend yield
Ranks above peers (9/15)
Narrow moat 43/100
Evidence: High Range €2.51 – €5.08 Share as image

Fair value as of: Jul 18, 2026

From 22 valuation models · updated 23 days ago

Share price +2.9% over the past month.

A solid business, screening 61% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€2.51). The market is more pessimistic than our downside scenario.
  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (€2.51 to €5.08) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€2.32 €1.21 Fair Value €3.46 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range €1.21 – €2.32 · fair‑value band €2.51 – €5.08 · the €2.15 price screens below the €3.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Arnoldo Mondadori Editore S.p.A (MN) currently trades at €2.15, while our model-based Fair Value estimate is €3.46, implying the stock looks roughly 60.9% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Communication Services 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, Arnoldo Mondadori Editore S.p.A generated revenue of €938M at a net margin of 5.4%. Revenue grew 3.9% year over year. It earns a return on equity of 16.6%. Net debt stands at €75.0M. Fundamentals as of Jul 18, 2026

Our scenario range runs from €2.51 (bear case) to €5.08 (bull case); at €2.15, 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 near its 52-week high and 20% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 9% fair-value upside, at 61%, MN 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 BearBaseBull Evidence
Highest evidence
Growth DCF €2.21 €2.85 €3.85 80
Residual Income €1.24 €1.58 €3.68 76
Rev-Margin DCF €2.24 €3.36 €4.73 74
All 22 models by family
DCF Models
FCF DCF €2.13 €2.81 €3.95 38
Owner Earnings €2.23 €2.94 €4.13 31
5Y Revenue Exit €2.24 €3.30 €4.84 39
5Y EBITDA Exit €3.24 €5.03 €7.39 41
5Y P/E Exit €2.53 €3.81 €5.33 38
10Y Revenue Exit €2.12 €2.85 €3.63 36
10Y EBITDA Exit €2.73 €3.83 €5.00 37
10Y P/E Exit €2.34 €3.14 €3.89 35
Earnings-Based
Graham-Dodd €1.42 €1.73 €1.95 54
EPV €1.75 €2.00 €2.22 59
Multiples
P/E Multiple €3.44 €4.59 €5.73 63
P/S Multiple €2.66 €3.54 €4.43 58
P/B Multiple €2.66 €3.54 €4.43 55
EV/EBIT €3.39 €4.55 €5.71 53
EV/EBITDA €4.81 €6.44 €8.08 54
EV/Revenue €2.54 €3.68 €4.81 43
Asset-Based
NCAV (Graham) €0.6400 €0.8600 €1.28 50
Growth DCF
Growth DCF €2.21 €2.85 €3.85 80
Rev-Margin DCF €2.24 €3.36 €4.73 74
Economic Profit
Residual Income €1.24 €1.58 €3.68 76
ROIC Compounder €1.75 €2.06 €2.36 72
Growth Earnings
Growth-Adj P/E €2.43 €3.46 €4.50 68

Widest divergence: Multiples (€3.68) versus Asset-Based (€0.8600). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €938M
Revenue growth (YoY) +3.9%
Net margin 5.4%
Return on equity 16.6%
Free cash flow €71.4M FY2025
P/E ratio 11.0
More key figures
Operating margin -9.3%
EPS (TTM) €0.1900
Dividend yield 7.4%
EPS growth (YoY) +150%
Net debt €75.0M FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 60 · Market factors (momentum, volatility) 71

Profitability 60
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 77
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 75
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

Arnoldo Mondadori Editore S.p.A., together with its subsidiaries, engages in publishing of books and magazines in Italy, rest of Europe, and the United States.

Full company description

Arnoldo Mondadori Editore S.p.A., together with its subsidiaries, engages in publishing of books and magazines in Italy, rest of Europe, and the United States. The company offers fiction, non-fiction, poetry, classics, children, and young adult books; art catalogues; and paper books, comics, e-books, luxury, and paperback editions textbooks for the education and teaching sectors. It offers editorial brands for cooking, health, design, technology, science, school, and young people under the CASABELLA, Chi, Cook AROUND, FATTO IN CASA da Benedetta, Focus, Focus Junior, Focus Pico, Focus Scuola, Focus Storia, Focus Wild, Giallo Zafferano, GUIDA TV, INTERNI, mypersonal Trainer, NostroFiglio, NUOVI ARGOMENTI, PLANETA Mamma, smartworld, Soldi online, Studenti, telepiu, WTHEM, sorrisi e canzoni TV, WEBBOH, abbonamenti, ADGAGE MOBILE NEXT, AdKaora, alterbista, HEJ, MONDADORI PORTFOLIO, narae, PLAI, POWER TALENT AGENCY, TAAG, and ZENZERO TALENT AGENCY names. It sells its books under the ABSCONDITA, II BATTELO A VAPORE, CIDEB, BUR Rizolli, CHELSEA GREEN PUBLISHING, DEASCUOLA, DeAgostini LIBRI, frassinelli, libromania, MONDARORI, MONDADORI EDUCATION, MONDADORI ELECTA, STUDIOS, OSCAR, Rizzoli, Rizzoli EDUCATION, Rizzoli Lizard, RIZZOLI NEW YORK, SILVIO BERLUSCON EDITORE, Sperling & Kupfer, START COMICS, and UTET brands. The company markets its products through a network of owned and franchised stores; and e-commerce channels, such as mondadoristore.it. The company was founded in 1907 and is headquartered in Segrate, Italy. Arnoldo Mondadori Editore S.p.A. is a subsidiary of Finanziaria d'investimento Fininvest S.p.A.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Arnoldo Mondadori Editore S.p.A reported revenue of €932M in FY2025 versus €807M in FY2021, a compound +3.6%/yr. Reported net income was €54.0M in FY2025, compounding +5.1%/yr from FY2021.

Growth Quality 62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€932M
Latest YoY
−0.3%
Avg. growth/yr (3Y)
+1.0%
Avg. growth/yr (5Y)
+4.6%
Avg. growth/yr (12Y)
−2.6%
Revenue +3.6%/yr
FY21 €807M
FY22 €903M
FY23 €905M
FY24 €935M
FY25 €932M
Net income +5.1%/yr
FY21 €44.2M
FY22 €52.1M
FY23 €62.4M
FY24 €60.2M
FY25 €54.0M

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Cite: Fair Value Calculator (2026). "Arnoldo Mondadori Editore S.p.A Fair Value". https://www.fairvalue-calculator.com/stock/MN

Peer Group

Publishing · 110 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 61 · Above median
Fair Value upside +61% · Top 25%
Return on equity (TTM) 17% · Top 25%
Return on assets 5% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) -9% · Bottom 25%
Revenue growth 4% · Above median
Dividend yield (TTM) 7.4% · Top 25%
Debt / equity 0.25× · Higher than 75% of peers

Valuation Multiples vs Publishing median · lower = cheaper

P/E (TTM) 11.0× · Cheaper than median
P/B 1.89× · Pricier than median
P/S (TTM) 0.67× · Pricier than median
P/FCF 8.7× · Pricier than 75% of peers
EV/EBITDA 6.7× · Cheaper than median
PEG 5.05× · Pricier 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 39
FUTURE 20 · sector 0
PAST 67 · sector 21
HEALTH 87 · sector 99
DIVIDEND 100 · sector 57

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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Frequently asked questions

Is Arnoldo Mondadori Editore S.p.A (MN) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of €3.46 versus a price of €2.15, about +61% (undervalued).
What is the fair value of MN?
Our model-based fair value for Arnoldo Mondadori Editore S.p.A is €3.46 (as of Jul 18, 2026), built from audited fundamentals. The current price is €2.15.
What is the quality score of MN?
Arnoldo Mondadori Editore S.p.A has a Quality Score of 61/100. 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 Arnoldo Mondadori Editore S.p.A (MN)?
Arnoldo Mondadori Editore S.p.A reported trailing-twelve-month revenue of about €938M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of MN?
The net profit margin of Arnoldo Mondadori Editore S.p.A is about 5.4%, meaning it keeps roughly 5.4% of revenue as net income. Based on the latest reported figures.
Does Arnoldo Mondadori Editore S.p.A pay a dividend?
Arnoldo Mondadori Editore S.p.A currently shows a dividend yield of about 7.37% relative to its recent price (as of Jul 18, 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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