Report
Cosmin Filker ...
  • Marcel Goldmann
  • Matthias Greiffenberger

GBC Italian Champions 2025 english - 11.11.2025

Dear Investors,

This year, we are once again presenting Italian small and mid-cap companies that we consider to be particularly promising in our study "GBC Italian Champions". As was the case last year, our selection is highly diversified across sectors and covers a wide range of company sizes. Nine companies from last year's study have made it into this year's selection again. This means that we are presenting four new investment ideas in this update to the study.

This year, too, it is worth looking beyond national borders. While the German capital market no longer seems to be an attractive option for many companies, the Italian capital market remains as popular as ever. While IPO activity in Germany has been at a low level for years, new companies are constantly being listed on the Milan Stock Exchange. In Germany, new issues have almost come to a standstill in recent years. After only three IPOs took place in 2023, 2024 was not significantly better with five IPOs. In contrast, the Milan Stock Exchange recorded unbroken high IPO activity with 35 IPOs in 2023 and 23 in 2024.

The greater willingness of Italian companies to go public is likely due, among other things, to structural advantages. These include, for example, multiple voting rights, which enable better control by the founders and good protection against takeovers. This is a particularly good argument for medium-sized companies to orient themselves towards the capital market. In addition, issuers can benefit from tax advantages when going public. The high status enjoyed by equities is also reflected in the planned Fondo Nazionale Strategico investment initiative. Under the umbrella of the state investment bank Cassa Depositi e Prestiti (CDP), over €700 million is to be invested specifically in medium-sized and smaller Italian companies. Even though the fund is aimed at institutional investors and qualified private investors, it is expected that increased market liquidity and generally higher demand for "second-tier" equities could prove to be price drivers for these stocks.

That is why, dear investors, we are presenting the GBC Best of Italy 2025 selection on the following pages. We present a series of promising companies from a variety of sectors with attractive valuations, which we believe could be an attractive addition to your portfolio.

The ‘GBC Italian Champions Study 2025’ contains assessments of the following companies:

Casta Diva Group S.p.A. (ISIN: IT0005003782)
Cembre S.p.A. (ISIN: IT0001128047)
Energy S.p.A. (ISIN: IT0005500712)
Fine Foods & Pharmaceuticals N.T.M. S.p.A. (ISIN: IT0005215329)
Franchetti S.p.A. (ISIN: IT0005508574)
Lindbergh S.p.A. (ISIN: IT0005469272)
Lottomatica Group S.p.A. (ISIN: IT0005541336)
Redfish Longterm Capital S.p.A. (ISIN: IT0005549354)
Reply S.p.A. (ISIN: IT0005282865)
Sanlorenzo S.p.A. (ISIN: IT0003549422)
Siav S.p.A. (ISIN: IT0005504128)
Somec S.p.A. (ISIN: IT0005329815)

We hope you enjoy reading this and wish you success in your investments.

Cosmin Filker
Deputy Chief Analyst
Underlyings
CASTA DIVA GROUP S.P.A.

Casta Diva Group SpA, formerly Blue Note SpA is, an Italy-based company engaged in the entertainment industry. The Company is a jazz club located in New York and Milano. It offers the international jazz scene with influences ranging from jazz, blues, latin and brasilian music. The Company provides live music during the season time. In addition, it prepares and serves food, wines and soft drinks to its customers. The Company, thought its online store, sells gifts vouchers, membership cards, clothes and accessories, including shopping bags, charms and magnets. It operates through Anteprima Video Srl.

Cembre

Cembre SPA. Cembre SpA is an Italy-based manufacturer of electrical compression connectors and cable accessories for panel building and installation, medium voltage cables and other applications. The Company also manufactures mechanical, pneumatic and hydraulic tools for installing electrical connectors and for cutting cables, and terminal blocks. Cembre SpA operates through several subsidiaries based in the United Kingdom, France, Spain, Norway, Germany, the United States and Italy.

Energy S.p.A

Fine Foods Pharmaceuticals NTM

Fine Foods & Pharmaceuticals NTM SpA, formerly Innova Italy 1 SpA, is an Italy-based pharmaceutical company. It is specialized in the manufacturing of pharmaceutical products for third parties. The Company manages three segments: Pharmaceuticals, Nutraceuticals and Medical Devices. The Pharmaceuticals segment includes powders and granules, tablets, coated tablets and hard gelatin capsules, packaged in sachets, blisters and bottles. The Nutraceuticals segment includes soluble and effervescent powders and granules, soluble, effervescent and chewable tablets, coated tablets and hard gelatin capsules packaged in bags, sachets, sticks, jars, tablet bottles, blisters and strips. The Medical Devices segment includes tablets, capsules, powders, granules and cover the areas for gastrointestinal, oral and throat treatment and the weight management. Medical Devices marked CE (European Conformity) are available for licensing.

Franchetti S.p.A.

LINDBERGH S.P.A.

LOTTOMATICA GROUP S.P.A.

REDFISH LONGTERM CAPITAL SPA

Reply S.p.A.

Reply is engaged in the provision of consulting, system integration and digital services, dedicated to the creation, design and implementation of solutions based on new communication channels and digital media. Co. is consisting of a network of specialist companies, supports European industries belonging to the Telco & Media, Manufacturing & Retail, Bank & Insurances and Public Administration segments, in defining and developing new business models utilizing Big Data, Cloud Computing, CRM, Mobile, Social Media and Internet of Things paradigms.

Sanlorenzo

Sanlorenzo SpA is an Italy-based company active in the luxury market as a shipyard specialized in the design, manufacturing and distribution of yachts and superyachts over 30m. It manufactures tailor-made yachts and superyachts. The Shipyard has three business divisions: Yacht Division, which manufactures composite 24-38 meters yachts; Superyacht Division, manufacturing 40-68 meters aluminum and steel superyachts and Bluegame Division, producing 13-21 meters sports utility yachts in composite. All the Company's products are marketed under the Sanlorenzo and Bluegame brands. The Company's manufacturing activities are carried out through four shipyards located in La Spezia, Ameglia, Viareggio and Massa. It operates in Europe, the Americas, Asia Pacific (APAC) and Middle East and Africa (MEA). In addition, it cooperates with a network of more than 1,500 artisan companies and count on an international distribution and service network for customers worldwide.

SIAV S.P.A.

Somec

Somec SpA is an Italy-based holding company, which designs and manufactures glass envelopes for cruise ships and special architectural projects. The Company provides products, systems and services based on clients' needs. It supplies prefabricated balconies, balcony sliding and hinged doors, balcony automatic doors, balcony balustrades and partitions, as well as wheelhouse windows, glass walls for public spaces, windscreens, special glazing for solarium, skywalks and skylights, fire-rated doors and glazing. Through its subsidiaries, the Company operates in the shipyards, in dry-docks and navigation to guarantee the product installation, renovation and maintenance. The Company operates in Italy, Germany, Spain, Finland, France, Japan, Australia, North and Central America.

Provider
GBC AG
GBC AG

Die GBC AG mit Sitz in Augsburg ist eines der führenden bankenunabhängigen Investmenthäuser in Deutschland und erfahrener Emissionsexperte für den deutschen Mittelstand.

Die GBC AG kennt als eigentümergeführtes Unternehmen die Bedürfnisse des deutschen Mittelstandes im Finanzierungsbereich und ist ein unabhängiger und verlässlicher Partner bei allen Fragestellungen rund um den Kapitalmarkt.

In der GBC Gruppe bietet die GBC AG Unternehmensanalysen & Research, Kapitalmarkt- & Finanzierungsberatungen sowie Kapitalmarktkonferenzen.

Die GBC Kapital GmbH ergänzt die Leistungen in der Gruppe um das Corporate Finance in den Bereichen Platzierung & Vermittlung von Anleihen und Aktien

Analysts
Cosmin Filker

Marcel Goldmann

Matthias Greiffenberger

Other Reports on these Companies
Other Reports from GBC AG

ResearchPool Subscriptions

Get the most out of your insights

Get in touch