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Italian (Borsa Italiana) Market Analysis & Valuation

UpdatedDec 21, 2025
DataAggregated Company Financials
Companies393
  • 7D2.4%
  • 3M5.0%
  • 1Y29.5%
  • YTD27.2%

The market is up 2.4% over the last week, with the Financials sector leading the way, up 4.8%. As for the past 12 months, the market is up 29%. As for the next few years, earnings are expected to grow by 9.9% per annum.

Trending IndustriesSoftwareRenewable Energy

Market Valuation and Performance

Has the Italian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 21 Dec 2025€1.0t€801.4b€65.4b16.5x15.9x1.3x
Tue, 18 Nov 2025€1.0t€801.3b€65.4b16.3x15.7x1.3x
Thu, 16 Oct 2025€982.1b€799.6b€64.2b16.8x15.3x1.2x
Sat, 13 Sep 2025€983.8b€799.6b€64.1b17.8x15.3x1.2x
Mon, 11 Aug 2025€961.6b€798.1b€64.1b17.2x15x1.2x
Wed, 09 Jul 2025€927.2b€806.3b€71.7b16.7x12.9x1.1x
Fri, 06 Jun 2025€930.4b€822.9b€71.8b16x13x1.1x
Sun, 04 May 2025€887.9b€810.7b€70.5b14.9x12.6x1.1x
Tue, 01 Apr 2025€879.8b€821.8b€71.3b14.2x12.3x1.1x
Thu, 27 Feb 2025€816.5b€832.8b€73.4b14.2x11.1x1x
Sat, 25 Jan 2025€767.7b€821.2b€75.3b14.1x10.2x0.9x
Mon, 23 Dec 2024€721.1b€832.0b€76.0b13.7x9.5x0.9x
Wed, 20 Nov 2024€712.6b€834.2b€75.5b13.6x9.4x0.9x
Fri, 18 Oct 2024€742.2b€836.9b€75.3b14.2x9.9x0.9x
Sun, 15 Sep 2024€716.9b€836.7b€75.2b13.9x9.5x0.9x
Tue, 13 Aug 2024€704.7b€848.2b€75.5b13.9x9.3x0.8x
Thu, 11 Jul 2024€750.1b€854.1b€79.1b14.2x9.5x0.9x
Sat, 08 Jun 2024€776.5b€868.8b€79.9b14.7x9.7x0.9x
Mon, 06 May 2024€749.5b€868.4b€76.9b14.6x9.7x0.9x
Wed, 03 Apr 2024€778.8b€885.5b€78.7b14.2x9.9x0.9x
Fri, 01 Mar 2024€725.1b€908.2b€78.7b14.1x9.2x0.8x
Sun, 28 Jan 2024€678.6b€920.6b€76.8b15x8.8x0.7x
Tue, 26 Dec 2023€674.7b€921.3b€77.3b14.6x8.7x0.7x
Thu, 23 Nov 2023€641.8b€923.8b€77.3b14.1x8.3x0.7x
Sat, 21 Oct 2023€609.8b€966.4b€74.2b13.6x8.2x0.6x
Mon, 18 Sep 2023€646.8b€963.3b€73.8b15.4x8.8x0.7x
Wed, 16 Aug 2023€637.7b€953.1b€73.4b15.4x8.7x0.7x
Fri, 14 Jul 2023€639.1b€946.9b€69.5b16x9.2x0.7x
Sun, 11 Jun 2023€614.0b€947.7b€77.3b16.3x7.9x0.6x
Tue, 09 May 2023€627.8b€942.6b€76.5b16.2x8.2x0.7x
Thu, 06 Apr 2023€616.7b€943.1b€67.1b15.7x9.2x0.7x
Sat, 04 Mar 2023€635.9b€946.3b€57.5b16.2x11.1x0.7x
Mon, 30 Jan 2023€610.9b€913.5b€51.8b16.2x11.8x0.7x
Wed, 28 Dec 2022€561.6b€913.8b€51.8b15.7x10.8x0.6x
Price to Earnings Ratio

10.8x


Total Market Cap: €561.6bTotal Earnings: €51.8bTotal Revenue: €913.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Italian Market Price to Earnings3Y Average 10.6x202320242025
Current Market PE
  • Investors are optimistic on the Italian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 15.9x which is higher than its 3-year average PE of 10.6x.
Past Earnings Growth
  • The earnings for Italian listed companies have grown 8.1% per year over the last three years.
  • Meanwhile revenues for these companies have declined 4.3% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, profits are increasing.

Sector Trends

Which sectors have driven the changes within the Italian Market?

IT Market2.36%
Financials4.82%
Telecom1.65%
Real Estate1.41%
Consumer Discretionary1.31%
Materials1.13%
Industrials1.04%
Utilities0.73%
Healthcare-0.21%
Energy-1.45%
Tech-2.34%
Consumer Staples-2.87%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 19.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.8%, which is higher than its past year's earnings growth of 7.4% per year.
  • The Financials sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 8.5x.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 38% over the next 5 years.
  • This is better than its past earnings decline of 60% per year.
  • In contrast, the Utilities sector is expected to see its earnings grow by 3.4% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
UCG UniCredit€70.464.4%
+€4.6b		87.1%PB1.6xFinancials
ISP Intesa Sanpaolo€5.914.3%
+€4.3b		54.3%PB1.5xFinancials
G Assicurazioni Generali€35.735.1%
+€2.6b		32.0%PE14.1xFinancials
BMPS Banca Monte dei Paschi di Siena€8.939.4%
+€2.3b		35.9%PB1xFinancials
RACE Ferrari€322.803.1%
+€1.7b		-21.6%PE35.7xConsumer Discretionary
See more

Market Insights

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€9.91
Stellantis
7D
-1.3%
1Y
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BPE
€11.47
BPER Banca
7D
6.6%
1Y
90.7%

BPE: Higher Fair Value And Index Moves Will Shape Balanced Risk Outlook

The analyst fair value estimate for BPER Banca has risen from approximately EUR 7.55 to EUR 11.20, as analysts incorporate stronger expectations for revenue growth, slightly higher profitability, and a sector-leading position reflected in a series of recent price target hikes across the Street. Analyst Commentary Recent Street research on BPER Banca presents a more nuanced picture, with some Bearish analysts tempering enthusiasm despite the higher consensus fair value.
TPRO
€12.30
Technoprobe
7D
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1Y
112.3%
ENI
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Eni
7D
-0.3%
1Y
24.9%
UCG
€70.46
UniCredit
7D
4.4%
1Y
87.1%

UCG: Earnings Guidance And Capital Returns Will Support Further Upside Potential

Analysts have lifted their price target on UniCredit by approximately EUR 4 to EUR 84.30, citing slightly stronger expected revenue growth, improved profit margins and a modestly lower discount rate that together support a higher fair value multiple. Analyst Commentary Bullish analysts continue to see upside in UniCredit's equity story, with recent target price revisions reflecting confidence in the bank's ability to sustain earnings growth and capital returns.
G
€35.73
Assicurazioni Generali
7D
5.1%
1Y
32.0%

G: Potential RedClick Sale And Reporting Visibility Will Shape Measured Future Upside

Analysts have modestly raised their price target on Assicurazioni Generali to €35.10 from €34.11, reflecting slightly stronger expected profit margins and a higher justified future P/E multiple. What's in the News Reports indicate Generali is weighing a potential sale of its Irish unit RedClick, less than two years after acquiring it from Liberty Mutual, as part of a broader strategic review of options for the business (Bloomberg).
FCT
€16.41
Fincantieri
7D
-10.8%
1Y
140.4%
FBK
€22.15
FinecoBank Banca Fineco
7D
6.6%
1Y
33.2%

FBK: Future Performance Will Reflect Premium Positioning And Balanced Earnings Outlook

FinecoBank Banca Fineco's analyst price target has been nudged higher to approximately EUR 23.10 from about EUR 21.40, as analysts highlight slightly faster expected revenue growth, modestly improved profit margins, and a steady premium valuation multiple supporting the upgrade. Analyst Commentary Analyst sentiment on FinecoBank Banca Fineco remains constructive, with the latest move in the price target to about EUR 23.10 signaling confidence in the bank's ability to deliver on earnings growth and maintain a premium valuation versus peers.
RACE
€322.80
Ferrari
7D
3.1%
1Y
-21.6%

RACE: Future Capital Returns Will Drive Attractive Shareholder Upside Potential

Analysts have trimmed their price target on Ferrari to approximately $466 per share, down from about $545. They cited slightly lower expectations for revenue growth, profit margins, and future valuation multiples that still support a premium but a less aggressive long term outlook.
PST
€21.50
Poste Italiane
7D
4.7%
1Y
58.7%

PST: Market Will Focus On Interest Income And Dividend Payout Stability

Analysts have nudged their consolidated price target for Poste Italiane slightly higher to about EUR 23, reflecting broadly supportive views on valuation and earnings quality despite only modest tweaks to growth and profitability assumptions. Analyst Commentary Recent Street research continues to frame Poste Italiane as a relatively resilient income and rate sensitive name, with most targets clustering just above EUR 21 and moving toward the EUR 23 level.
ISP
€5.91
Intesa Sanpaolo
7D
4.3%
1Y
54.3%

ISP: Incremental Actions And Earnings Visibility Will Sustain Balanced Risk And Reward

Analysts have nudged their price target on Intesa Sanpaolo slightly higher, to about EUR 6.18 from EUR 6.17. This reflects a modestly lower discount rate and stable growth and profitability expectations, supported by recent research that highlights room for incremental improvements without requiring major strategic shifts.
CPR
€5.68
Davide Campari-Milano
7D
-5.1%
1Y
-5.6%

CPR: Margin Momentum Will Drive Stronger Earnings Expectations Into 2025

Analysts have nudged their average price target on Davide Campari-Milano slightly higher to about EUR 6.88 from EUR 6.76, reflecting stronger margin expectations and a series of recent target hikes and rating upgrades, despite somewhat softer revenue growth assumptions. Analyst Commentary Recent research updates show a gradual improvement in sentiment around Davide Campari-Milano, with several price target increases and rating upgrades balanced by more cautious views on valuation and growth visibility.
AMP
€13.65
Amplifon
7D
-2.4%
1Y
-45.0%

AMP: Shares Will Rebound As Margin Plan Overcomes Weak End Markets

Analysts have trimmed their price target on Amplifon to EUR 17 from EUR 17.86, reflecting slightly weaker assumptions for margin recovery and growth as they balance concerns over soft end markets with a still constructive view on the stock's longer term risk/reward profile. Analyst Commentary Recent Street research reflects a more nuanced stance on Amplifon, with mixed views on the balance between near term earnings pressure and medium term value creation.
TEN
€16.21
Tenaris
7D
-5.6%
1Y
-9.7%

TEN: Buyback Completion And Interim Dividend Will Support Steady Outlook

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BMPS
€8.93
Banca Monte dei Paschi di Siena
7D
9.4%
1Y
35.9%

BMPS: Index Inclusions Will Support Continued Upward Momentum

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PIRC
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Pirelli & C
7D
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1Y
6.4%

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