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Racing Force S.P.A. (RFG) Fair Value & Analysis

Consumer Cyclical · IT · Market cap €122M

RF Racing Force S.P.A. RFG · MI
Price€5.26
Fair Value€3.89
Upside-26.1%
Quality45/100
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Expensive Growth
Thin margins · 7.4% net margin
Low debt · negative free cash flow
Trails peers (4/13)
Narrow moat 39/100
Evidence: High Range €2.72 – €5.05 Share as image

Fair value as of: Jul 18, 2026

From 16 valuation models · updated 23 days ago

Share price +3.1% over the past month.

Below-average quality, and screening another 26% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (€5.05). The favourable scenario is already priced in.
  • Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (€2.72 to €5.05) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€5.66 €3.41 Fair Value €3.89 Nov 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

57‑month range €3.41 – €5.66 · fair‑value band €2.72 – €5.05 · the €5.26 price screens above the €3.89 fair value. Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Racing Force S.P.A. (RFG) currently trades at €5.26, while our model-based Fair Value estimate is €3.89, implying the stock looks roughly 26.1% overvalued today. The Quality Score stands at 45/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Racing Force S.P.A. generated revenue of €73.1M at a net margin of 7.4%. Revenue grew 20.4% year over year. It earns a return on equity of 8.8%. Net debt stands at €8.3M. Fundamentals as of Jul 18, 2026

Our scenario range runs from €2.72 (bear case) to €5.05 (bull case); at €5.26, the current price sits above 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 4% below its 52-week high and 24% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 2% fair-value upside, at -26%, RFG screens richer 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
Residual Income €1.75 €1.84 €1.90 76
ROIC Compounder €1.62 €1.82 €1.98 72
Gordon GGM €0.6300 €1.05 €1.37 70
All 16 models by family
Earnings-Based
Graham-Dodd €1.36 €6.31 €8.66 54
Lynch FV €1.66 €2.38 €3.09 50
PEG = 1.0 €1.66 €2.38 €3.09 46
EPV €1.62 €1.82 €1.98 59
Dividend Discount
Gordon GGM €0.6300 €1.05 €1.37 70
DDM Multi-Stage €0.6300 €1.00 €1.13 61
Multiples
P/E Multiple €3.29 €4.39 €5.48 63
P/S Multiple €2.42 €3.22 €4.03 58
P/B Multiple €2.54 €3.39 €4.24 55
EV/EBIT €3.60 €4.82 €6.04 53
EV/EBITDA €3.81 €5.10 €6.39 54
EV/Revenue €2.19 €3.16 €4.13 43
Asset-Based
NCAV (Graham) €1.14 €1.53 €2.29 50
Economic Profit
Residual Income €1.75 €1.84 €1.90 76
ROIC Compounder €1.62 €1.82 €1.98 72
Growth Earnings
Growth-Adj P/E €2.72 €3.89 €5.05 68

Widest divergence: Growth Earnings (€3.89) versus Dividend Discount (€1.00). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) €73.1M
Revenue growth (YoY) +20.4%
Net margin 7.4%
Return on equity 8.8%
Free cash flow −€2.9M FY2025
P/E ratio 22.5
More key figures
Operating margin 3.1%
EPS (TTM) €0.2000
EPS growth (YoY) +193%
Net debt €8.3M FY2025

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

Quality Score breakdown

Overall quality 45/100

Of which business quality 49 · Market factors (momentum, volatility) 61

Profitability 50
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 39
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 13
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 65
Distance to the 52-week high (market factor)
Net Issuance 59
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

Racing Force S.P.A. engages in the production of safety equipment for the racing and motorsport industry in the Americas, Asia, Oceania, Europe, the Middle East, and Africa.

Full company description

Racing Force S.P.A. engages in the production of safety equipment for the racing and motorsport industry in the Americas, Asia, Oceania, Europe, the Middle East, and Africa. It offers racewear, car parts, and accessories under the OMP brand; helmets for various forms of car racing under the Bell Racing Helmets brand; communication technology for the sports industry under the Zeronoise brand; motorsport clothing and accessories under the Racing Spirit brand; head protection solutions under the High Protection Systems brand. The company also provides safety components, including fireproof and anti-abrasive suits, helmets, intercoms, gloves, shoes, and others, as well as safety components for racing cars, such as seats, seat belts, steering wheels, roll bars, fire extinguishers and other car components. It sells its products to dealers, distributors, teams, car manufacturers, and individuals under OMP, Bell Helmets, Zeronoise, Racing Spirit, B2 Helmets, and Sports Mini Line brands. The company was founded in 1973 and is based in Ronco Scrivia, Italy. Racing Force S.P.A. operates as a subsidiary of SAYE s.p.a.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Racing Force S.P.A. reported revenue of €73.1M in FY2025 versus €46.7M in FY2021, a compound +11.9%/yr. Reported net income was €5.4M in FY2025, compounding +6.8%/yr from FY2021.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
€73.1M
Latest YoY
+11.4%
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.
+7.5%
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.
+16.7%
Revenue +11.9%/yr
FY21 €46.7M
FY22 €58.9M
FY23 €62.7M
FY24 €65.7M
FY25 €73.1M
Net income +6.8%/yr
FY21 €4.2M
FY22 €7.5M
FY23 €4.8M
FY24 €5.8M
FY25 €5.4M

RFG screens 26% overvalued. Compare with ANTA Sports Products Limited →

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Cite: Fair Value Calculator (2026). "Racing Force S.P.A. Fair Value". https://www.fairvalue-calculator.com/stock/RFG

Peer Group

Leisure · 190 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 45 · Below median
Fair Value upside −26% · Below median
Return on equity (TTM) 9% · Above median
Return on assets 5% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 3% · Below median
Revenue growth 20% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.12× · Higher than median

Valuation Multiples vs Leisure median · lower = cheaper

P/E (TTM) 22.5× · Pricier than median
P/B 2.27× · Pricier than median
P/S (TTM) 1.93× · Pricier than median
EV/EBITDA 14.4× · 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 0 · sector 14
FUTURE 100 · sector 18
PAST 35 · sector 19
HEALTH 94 · sector 94
DIVIDEND 0 · sector 51

VALUE 0: the price sits above our fair-value range.

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 Leisure stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
ANTA Sports Products Limited 2020 HK$74.15 HK$119.29 +61%
Pop Mart International Group 9992 HK$160.20 HK$227.30 +42%
Amer Sports, Inc AS $36.44 $16.16 -56%
Hasbro, Inc HAS $81.55 $83.38 +2%
Life Time Group LTH $42.15 $16.15 -62%
Acushnet Holdings GOLF $114.78 $37.79 -67%
Li Ning Company 2331 HK$14.80 HK$29.26 +98%
Benefit Systems S.A BFT 5,255 PLN 3,714 PLN -29%
Ninebot Limited 689009 ¥37.82 ¥39.17 +4%
Asmodee Group ASMDEEB kr 145.70 kr 41.90 -71%

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Frequently asked questions

Is Racing Force S.P.A. (RFG) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of €3.89 versus a price of €5.26, about −26% (overvalued).
What is the fair value of RFG?
Our model-based fair value for Racing Force S.P.A. is €3.89 (as of Jul 18, 2026), built from audited fundamentals. The current price is €5.26.
What is the quality score of RFG?
Racing Force S.P.A. has a Quality Score of 45/100. 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 Racing Force S.P.A. (RFG)?
Racing Force S.P.A. reported trailing-twelve-month revenue of about €73.1M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of RFG?
The net profit margin of Racing Force S.P.A. is about 7.4%, meaning it keeps roughly 7.4% 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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