Professional
Added to YB: 2026-09-03
Pitch date: 2026-08-25
DLG.MI [bullish]
De'Longhi S.p.A.
-2.06%
current return
Author Info
Voss Capital is a hedge fund looking for value-oriented special situations. Sign up for the newsletter.
Company Info
De'Longhi S.p.A. produces and distributes coffee machines, small appliances for food preparation, coffee, nutrition, and cooking machines, air conditioning and portable heaters, domestic cleaning and ironing, and home care products.
Market Cap
EUR 6.3B
Pitch Price
EUR 40.82
Price Target
N/A
Dividend
2.01%
EV/EBITDA
10.07
P/E
18.58
EV/Sales
1.57
Sector
Household Durables
Category
value
Voss Value Fund New Position: De'Longhi S.p.A.
DLG.MI: De’Longhi is evolving from a diversified appliance maker into a coffee-equipment powerhouse, with coffee now ~70% of revenue. Professional Coffee generates 34% of EBITDA on 18% of revenue, carries ~30% margins and grew 33% year over year in Q2 2026. At ~8x 2026 EBITDA, a segment-based valuation implies Pro Coffee is valued near zero; greater disclosure, margin-enhancing mix and a potential IPO or spin-off offer paths to recognition, though timing rests with the controlling family.
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