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Sanlorenzo S.p.A (SL) Fair Value & Analysis

Consumer Cyclical · IT · Market cap €1.3B · ISIN IT0003549422

What is Sanlorenzo S.p.A really worth?

SS Sanlorenzo S.p.A SL · MI
Price€38.92
Fair Value€37.41
Upside−3.9%
Quality54/100

A solid business, currently priced close to our fair value of €37.41.

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Strengths

Solidly profitable · 10.4% net margin
Low debt · generates free cash flow
Ranks above peers (10/14)

Risks

!Expensive Growth (revenue 5y +15.8 %/yr)
!Moderate moat 59/100
!Weak on valuation: 28 out of 100
!Weak on future: 26 out of 100

For context

·2.70% dividend yield
Evidence: High Range €20.65 – €59.86

Fair value as of: Sep 1, 2026

From 24 valuation models · updated 4 days ago

Share price −0.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The model range is unusually wide (€20.65 to €59.86). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.

Price vs Fair Value (5 years)

€42.07 €20.34 Fair Value €37.41 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.

How to read this chart

60‑month range €20.34 – €42.07 · fair‑value band €20.65 – €59.86 · the €38.92 price screens above the €37.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.

Full chart & analysis →

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Analysis

Sanlorenzo S.p.A (SL) currently trades at €38.92, while our model-based Fair Value estimate is €37.41, implying the stock looks roughly 4.0% fairly valued today. The Quality Score stands at 54/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Growth Earnings group reads highest at a median of €60.24 per share, and 11 of the 24 models we run sit above the €38.92 price. Bear case: the Asset-Based group reads lowest at €9.81, and 13 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Sanlorenzo S.p.A generated revenue of €1.0B at a net margin of 10.4%. Revenue grew 5.2% year over year. It earns a return on equity of 21.9%. The balance sheet holds a net cash position of €116M. Fundamentals as of Sep 1, 2026

Our scenario range runs from €20.65 (bear case) to €59.86 (bull case); at €38.92, the current price sits within 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 1% below its 52-week high and 43% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 26% fair-value upside, at −4%, SL screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €1.35 per share, which is 3.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence €8.15 €12.42 €19.02 80
Growth DCF €8.04 €11.76 €17.14 78
Owner Earnings €32.14 €52.87 €84.94 75
All 24 models by family
DCF Models
FCF DCF best evidence €8.15 €12.42 €19.02 80
Owner Earnings €32.14 €52.87 €84.94 75
5Y Revenue Exit €20.54 €38.51 €63.65 70
5Y EBITDA Exit €27.06 €52.06 €84.18 73
5Y P/E Exit €33.11 €64.60 €101.42 69
10Y Revenue Exit €14.83 €29.34 €52.75 64
10Y EBITDA Exit €19.56 €38.44 €68.54 65
10Y P/E Exit €23.24 €46.88 €81.81 61
Earnings-Based
Graham-Dodd €20.65 €98.39 €135.37 64
Lynch FV €26.19 €37.41 €48.63 61
PEG = 1.0 €26.19 €37.41 €48.63 57
EPV €19.69 €22.12 €24.14 74
Multiples
P/E Multiple €50.10 €66.80 €83.50 63
P/S Multiple €28.29 €37.73 €47.16 58
P/B Multiple €38.71 €51.62 €64.52 55
EV/EBIT €45.79 €60.42 €75.04 66
EV/EBITDA €41.54 €54.75 €67.95 67
EV/Revenue €28.34 €39.65 €50.97 54
Asset-Based
NCAV (Graham) €7.32 €9.81 €14.65 54
Growth DCF
Growth DCF €8.04 €11.76 €17.14 78
Rev-Margin DCF €20.54 €37.68 €59.94 71
Economic Profit
Residual Income €17.18 €22.81 €75.72 64
ROIC Compounder €21.33 €26.83 €33.70 72
Growth Earnings
Growth-Adj P/E €42.17 €60.24 €78.31 67

Widest divergence: Growth Earnings (€60.24) versus Asset-Based (€9.81). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 12.8
P/S ratio 1.23 P/E × margin
EPS (TTM) €3.05 price ÷ EPS = P/E 12.8
Dividend yield 2.7% payout 34.4%
Net margin 9.7% FY2025
Return on equity 21.9% TTM
More key figures
Profitability
Return on assets (EBIT) 11.9% avg 5y
Operating margin 11.5% TTM
Growth
Revenue (TTM) €1.0B TTM
Revenue growth (YoY) +5.2% 3y avg +10.8%
EPS growth (YoY) +4.1%
Balance sheet & cash flow
Free cash flow €20.6M FY2025
Net cash €116M FY2023

Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 54/100

Of which business quality 54 · Market factors (momentum, volatility) 68

Profitability 69
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 16
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 31
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 60
Price trend over the last 3–12 months (market factor)
52W Momentum 75
Distance to the 52-week high (market factor)
Net Issuance 78
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Sanlorenzo S.p.A. designs, builds, and sells boats and pleasure boats in Italy, rest of Europe, the Asia-Pacific, the United States, the Middle East, and internationally. It operates through four divisions: Yacht, Superyacht, Bluegame, and Nautor Swan.

Full company description

Sanlorenzo S.p.A. designs, builds, and sells boats and pleasure boats in Italy, rest of Europe, the Asia-Pacific, the United States, the Middle East, and internationally. It operates through four divisions: Yacht, Superyacht, Bluegame, and Nautor Swan. The company provides maintenance and charter services for various vessels, as well as sells its new and pre-owned yachts. It also designs, manufactures, and markets motor, sport utility, and sailing yachts under the Sanlorenzo and Bluegame brands. The company was formerly known as Cantieri Navali San Lorenzo SpA and changed its name to Sanlorenzo S.p.A. in 2005. The company was founded in 1958 and is based in Ameglia, Italy.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sanlorenzo S.p.A reported revenue of €1.1B in FY2025 versus €674M in FY2021, a compound +13.4%/yr. Reported net income was €107M in FY2025, compounding +20.5%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
€1.1B
Latest YoY
+8.0%
Avg. revenue 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.
+10.8%
Avg. revenue 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.
+15.8%
Avg. revenue growth/yr (7Y) 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.
+16.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+27.6% (24.9 + 2.7)
Revenue +13.4%/yr
FY21 €674M
FY22 €818M
FY23 €854M
FY24 €1.0B
FY25 €1.1B
Net income +20.5%/yr
FY21 €51.0M
FY22 €74.2M
FY23 €92.8M
FY24 €103M
FY25 €107M

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Cite: Fair Value Calculator (2026). "Sanlorenzo S.p.A Fair Value". https://www.fairvalue-calculator.com/stock/SL

Peer Group

Recreational Vehicles · 37 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 54 · Above median
Fair Value upside −4% · Above median
Return on equity (TTM) 22% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 10% · Top 25%
Operating margin (TTM) 12% · Top 25%
Revenue growth 5% · Above median
Dividend yield (TTM) 2.7% · Below median
Debt / equity 0.16× · Lower than median

Valuation Multiples vs Recreational Vehicles median · lower = cheaper

P/E (TTM) 12.8× · Cheaper than median
P/B 2.98× · Pricier than 75% of peers
P/S (TTM) 1.48× · Pricier than 75% of peers
P/FCF 75.0× · Pricier than 75% of peers
EV/EBITDA 8.5× · Cheaper than median

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE28 · sector 28
FUTURE26 · sector 3
PAST88 · sector 12
HEALTH92 · sector 89
DIVIDEND54 · sector 58

Insider activity: 45/100

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

Similar stocks

10 more Recreational Vehicles stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).

Stock Price Fair Value vs Fair Value
Zhejiang Cfmoto Power Co 603129 ¥283.50 ¥199.10 −30%
Brunswick Corporation BC $82.30 $13.56 −84%
BRP Inc DOO C$88.23 C$86.81 −2%
Polaris Inc PII $63.78 $29.83 −53%
THOR Industries, Inc THO $77.02 $97.14 +26%
Trigano S.A TRI €152.20 €273.48 +80%
Patrick Industries, Inc PATK $81.30 $85.54 +5%
Harley-Davidson, Inc HOG $27.60 $64.09 +132%
LCI Industries, LCII $101.98 $156.35 +53%
Ferretti S.p.A 9638 HK$36.00 HK$51.23 +42%

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Frequently asked questions

Is Sanlorenzo S.p.A (SL) overvalued or undervalued?
As of Sep 1, 2026, our model estimates a fair value of €37.41 versus a price of €38.92, about −4% upside (fairly valued).
What is the fair value of SL?
Our model-based fair value for Sanlorenzo S.p.A is €37.41 (as of Sep 1, 2026), built from audited fundamentals. The current price: €38.92.
What is the quality score of SL?
Sanlorenzo S.p.A has a Quality Score of 54/100. 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 Sanlorenzo S.p.A (SL)?
Sanlorenzo S.p.A reported trailing-twelve-month revenue of about €1.0B (latest available figure, as of Sep 1, 2026).
What is the net profit margin of SL?
The net profit margin of Sanlorenzo S.p.A is about 10.4%, meaning it keeps roughly 10.4% of revenue as net income. Based on the latest reported figures.
Does Sanlorenzo S.p.A pay a dividend?
Sanlorenzo S.p.A currently shows a dividend yield of about 2.70% relative to its recent price (as of Sep 1, 2026).
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