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Italian IT distribution and services group that supplies IT hardware, software and value-added services to businesses.
Italian IT distribution and services group that supplies IT hardware, software and value-added services to businesses.
Buys hardware and software from vendors and resells it with technical services to resellers and businesses, earning a thin margin on each sale with services adding higher margin. It has grown steadily by buying small IT firms.
In one line: An Italian Insight Enterprises/CDW for IT distribution.
Moat: none (scale, distribution). Broad IT distribution scale and vendor relationships in Italy, but distribution is a low-margin, competitive business.
Headquarters: Empoli, Italy · Founded: 1980 · Employees: 6,694
Size SeSa (SES.MI) is an Italy Information Technology company (Electronics Distributors) with a market value of $1.53B, the 65th largest of 123 Italy companies the cockpit tracks. Shares closed at €88.10 on 6 Nov 2026.
Performance Over six months the shares fell 1.3%, against -10.8% for the median peer and +3.1% for the Italy market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 10.6% over the last twelve months (peer median +24.5%); the operating margin is 4.2% (peer median 3.6%).
Valuation It trades at 11.4× forward earnings against a peer median of 15.6× (4th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.0 points above its cost of capital (6.9% WACC).
Next results Next results expected around 17 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €3.62B | €3.57B | €3.21B | €3.16B | €2.87B |
| Revenue growth | — | +11% | +2% | +10% | — |
| Gross profit | €121M | €380M | €370M | €369M | €340M |
| EBITDA | €245M | €190M | €166M | €180M | €157M |
| Net income | €73.4M | €71.7M | €62.2M | €78.3M | €84.5M |
| Free cash flow | €180M | €198M | €101M | €118M | €96.2M |
| Capital expenditure | €77.3M | €63.4M | €57.1M | €39.0M | €36.5M |
| Total debt | €563M | €602M | €652M | €583M | €512M |
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 |
|---|---|---|---|---|---|---|
| SeSa SES.MI | $1.53B | -1% | +11% | 4% | 11.4× | -7.1% |
| Bechtle BC8.DE | $4.72B | +13% | +8% | 5% | 16.8× | 6.9% |
| Computacenter CCC.L | $6.48B | +15% | +54% | 3% | 16.4× | 7.9% |
| Esprinet PRT.MI | $379M | -9% | +5% | 1% | 11.6× | 2.7% |
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 | SES.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.8% | -10.0% | 7th highest of 21 |
| 6-month return | -1.3% | -10.8% | 7th highest of 21 |
| Distance from 52-week high | -18.0% | -37.3% | 4th highest of 21 |
| Revenue growth (TTM) | +10.6% | +24.5% | 8th lowest of 21 |
| Operating margin | 4.2% | 3.6% | 9th highest of 21 |
| Forward P/E | 11.4× | 15.6× | 4th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -7.1% | 0.2% | 3rd least demanding of 9 |
| Growth delivered (Del g) | +12.0% | +7.8% | 3rd highest of 9 |
| Hurdle (Req g minus delivered) | -19.1 pp | -10.1 pp | least demanding of 9 |
| ROIC minus cost of capital | +10.0 pp | +2.7 pp | 4th highest of 21 |
| EV / EBITDA | 6.0× | n/a | — |
| Net debt / EBITDA | 0.1× | 0.6× | 2nd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SeSa SES.MI | Italy | $1.53B | -1% | +11% | 4% | 11.4× | -7.1% | +12.0% |
| Shenzhen Aisidi 002416.SZ | China | $1.44B | -44% | +26% | 1% | 22.1× | n/a | n/a |
| Wuhan P&S Information Technology 300184.SZ | China | $1.63B | -29% | +48% | 5% | 15.8× | n/a | n/a |
| Kyland Technology 300353.SZ | China | $1.42B | -17% | -6% | -6% | 80.9× | n/a | n/a |
| Telling Telecommunication 000829.SZ | China | $1.41B | -21% | +37% | 0% | 153.2× | n/a | n/a |
| Yubico YUBICO.ST | Sweden | $1.40B | +189% | -9% | 9% | 59.8× | 26.3% | +12.4% |
| Shenzhen Yitoa Intelligent Control 300131.SZ | China | $1.68B | -39% | +3% | 0% | n/a | n/a | n/a |
| Daiwabo 3107.T | Japan | $1.79B | +4% | +14% | 3% | 10.8× | -7.7% | +5.3% |
| SINBON Electronics 3023.TW | Taiwan | $1.88B | -11% | +9% | 10% | 15.4× | -0.1% | +7.3% |
| HNA Technology 600751.SS | China | $1.11B | -26% | +33% | 0% | n/a | n/a | n/a |
| Xi'an Novastar Tech 301589.SZ | China | $2.12B | -9% | +15% | 17% | 22.0× | 15.9% | +28.7% |
| ASBISc Enterprises ASB.WA | Poland | $2.17B | +123% | +43% | 4% | 12.6× | 5.9% | +9.5% |
| Shenzhen CECport Technologies 001287.SZ | China | $2.28B | -24% | +138% | 2% | n/a | n/a | n/a |
| Shanghai YCT Electronics 301099.SZ | China | $1.02B | -17% | +106% | 6% | 22.6× | n/a | n/a |
| SoftwareOne SWON.SW | Switzerland | $2.30B | +11% | +62% | 12% | 12.6× | -5.7% | +8.4% |
| Nanjing Sunlord Electronics 300975.SZ | China | $2.40B | -11% | +109% | 8% | n/a | n/a | n/a |
| BIPROGY 8056.T | Japan | $2.47B | -3% | +4% | 10% | 13.1× | -9.5% | +7.1% |
| Tomen Devices 2737.T | Japan | $926M | +41% | +157% | 4% | n/a | n/a | n/a |
| Qi An Xin Technology 688561.SS | China | $2.61B | -15% | -14% | -45% | n/a | n/a | n/a |
| Restar 3156.T | Japan | $877M | +60% | +23% | 4% | 8.1× | n/a | n/a |
| ScanSource SCSC | United States | $871M | -7% | +6% | 3% | 8.4× | 0.4% | +0.5% |