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Italian digital consulting network of specialized agencies helping large enterprises with cloud, CRM, data and AI transformation.
Italian digital consulting network of specialized agencies helping large enterprises with cloud, CRM, data and AI transformation.
Sells specialist consulting and project work through a network of small companies, each focused on one technology or industry, so clients buy expertise by the day or by the project and revenue follows consultants' billable time. Founder Mario Rizzante remains chairman and controlling shareholder.
In one line: Italy's digital consulting network, like a smaller EPAM/Capgemini.
Moat: narrow (process know-how, customer qualification). Deep client relationships and hyperscaler partner certifications built over many engagements.
Headquarters: Turin, Italy · Founded: 1996 · Employees: 16,624
Size Reply (REY.MI) is an Italy Industrials company (Miscellaneous Commercial Services) with a market value of $5.46B, the 43rd largest of 123 Italy companies the cockpit tracks. Shares closed at €130.60 on 6 Nov 2026.
Performance Over six months the shares gained 40.5%, against +12.9% for the median peer and +3.1% for the Italy market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 6.0% over the last twelve months (peer median +7.5%); the operating margin is 13.2% (peer median 12.8%).
Valuation It trades at 17.0× forward earnings against a peer median of 14.6× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.3 points above its cost of capital (8.3% WACC).
Next results Next results expected around 16 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.54B | €2.45B | €2.30B | €2.12B | €1.89B |
| Revenue growth | — | +7% | +8% | +12% | — |
| Gross profit | €929M | €905M | €852M | €828M | €769M |
| EBITDA | €404M | €392M | €414M | €328M | €321M |
| Net income | €258M | €251M | €211M | €187M | €191M |
| Free cash flow | €264M | €280M | €296M | €221M | €143M |
| Capital expenditure | €53.5M | €45.9M | €56.8M | €29.3M | €41.8M |
| Total debt | n/a | €174M | €189M | €212M | €244M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Reply REY.MI | $5.46B | +41% | +6% | 13% | 17.0× | 2.9% |
| Accenture ACN | $154B | +44% | +6% | 15% | 17.8× | 3.7% |
| Capgemini CAP.PA | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% |
| EPAM Systems EPAM | $8.22B | +61% | +11% | 10% | 11.3× | 9.4% |
| Atos ATO.PA | $555M | -35% | -14% | 6% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | REY.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.0% | +7.7% | 10th lowest of 20 |
| 6-month return | +40.5% | +12.9% | 2nd highest of 20 |
| Distance from 52-week high | -3.3% | -12.3% | 3rd highest of 21 |
| Revenue growth (TTM) | +6.0% | +7.5% | 8th lowest of 21 |
| Operating margin | 13.2% | 12.8% | 9th highest of 21 |
| Forward P/E | 17.0× | 14.6× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 2.9% | 4.1% | 10th least demanding of 19 |
| Growth delivered (Del g) | +14.4% | +12.7% | 7th highest of 19 |
| Hurdle (Req g minus delivered) | -11.5 pp | -10.3 pp | 9th least demanding of 19 |
| ROIC minus cost of capital | +13.3 pp | +4.3 pp | 2nd highest of 16 |
| EV / EBITDA | 11.1× | 10.0× | 7th most expensive of 18 |
| Net debt / EBITDA | -1.0× | 1.7× | 6th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Reply REY.MI | Italy | $5.46B | +41% | +6% | 13% | 17.0× | 2.9% | +14.4% |
| FTI Consulting FCN | United States | $5.33B | +19% | +8% | 10% | 18.7× | -3.6% | +9.0% |
| Beijing Compass Technology Development 300803.SZ | China | $5.91B | -23% | +12% | 0% | 174.6× | 46.9% | +25.3% |
| Nexi NEXI.MI | Italy | $5.93B | +18% | +1% | 13% | 7.0× | 1.5% | +30.5% |
| Aalberts AALB.AS | Netherlands | $4.87B | +6% | 0% | 10% | 14.6× | 12.9% | +3.4% |
| L&T Technology Services LTTS.NS | India | $4.79B | +13% | +2% | 15% | 29.4× | 31.0% | +15.1% |
| Dizal Pharmaceutical 688192.SS | China | $4.68B | +18% | +720% | 69% | 9.5× | -8.4% | +95.9% |
| Elis ELIS.PA | France | $6.44B | -12% | +5% | 13% | 12.0× | 10.1% | +11.3% |
| Teleperformance TEP.PA | France | $4.60B | +3% | -3% | 10% | 5.0× | -10.2% | +12.2% |
| Edenred EDEN.PA | France | $6.52B | +15% | +3% | 30% | 12.0× | -8.0% | +13.9% |
| Brink's BCO | United States | $4.54B | +3% | +7% | 10% | 11.8× | 0.1% | +7.3% |
| Airtel Mobile Commerce AMC.L | United Kingdom | $7.05B | n/a | +30% | 48% | n/a | 11.5% | +30.3% |
| Genpact G | United States | $7.07B | +30% | +7% | 16% | 9.9× | -7.5% | +6.5% |
| Iss A/s ISS.CO | Denmark | $7.08B | +13% | +4% | 5% | 15.3× | -6.1% | +3.7% |
| East Buy 1797.HK | Hong Kong | $4.11B | +22% | +34% | 11% | 38.5× | 18.4% | +54.3% |
| ALS ALQ.AX | Australia | $7.40B | -3% | +11% | 17% | 23.6× | 23.0% | +13.5% |
| SAI Life Sciences SAILIFE.NS | India | $4.02B | +64% | +27% | 21% | 89.2× | n/a | n/a |
| PhysicsWallah PWL.NS | India | $4.00B | +18% | +35% | 1% | 100.9× | n/a | n/a |
| Centre Testing International 300012.SZ | China | $3.96B | -5% | +15% | 16% | 22.1× | 14.2% | +13.2% |
| Alsok 2331.T | Japan | $3.79B | -1% | +7% | 8% | 13.7× | -6.0% | +4.9% |
| GEO GEO | United States | $3.66B | +28% | +15% | 12% | 13.5× | 6.8% | +2.3% |