Professional
Added to YB: 2026-04-02
Pitch date: 2026-03-13
SOL.MI [bullish]
SOL S.p.A.
+4.48%
current return
Author Info
No bio for this author
Company Info
SOL S.p.A. produces and distributes technical and medical gases for industry and healthcare facilities in Italy and internationally.
Market Cap
EUR 5.0B
Pitch Price
EUR 51.11
Price Target
N/A
Dividend
0.82%
EV/EBITDA
12.60
P/E
29.82
EV/Sales
3.04
Sector
Chemicals
Category
growth
Baumann Capital New Position: SOL Group
SOL.MI (new position): Italian industrial gas + homecare dual-engine compounder. €2bn sales, 50/50 split but 55% healthcare exposure. Vivisol serves 750k patients (13% CAGR since 2010), largest home respiratory in Italy/Belgium/Netherlands. Demographics + hospital-to-home shift = sustained growth. 39 ASUs, 50 filling plants, 80% recurring rev, 95%+ contract renewals. Family owns 60%, never sold. Growth capex masks strong normalized owner earnings. Risks: reimbursement pressure, cyclical industrial volumes. Moat: century-old irreplicable infrastructure, regional gas oligopolies, regulatory approvals, high switching costs.
Read full article (9 min)