MeritValue

NATUZZI S P A

NTZdata completeness 88%8 fiscal years on file
The thesis, from the filings

NATUZZI S P A earns about -15% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2020FY 2021FY 2022FY 2023FY 2024
Revenue€328.3M1€427.4M2€468.5M3€328.6M3€318.8M3
Net income−€24.7M4€3.59M5−€540,0006−€16.1M6−€15.2M6
Operating cash flow€12.3M7€537,0008€18.7M9€3.21M9€1.72M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt€16.4M10€17.4M11€17.3M12€2.98M13€18.7M14
Cash & equivalents€48.2M15€53.5M16€54.5M17€33.6M18€20.3M18
Diluted shares54.9M54.9M55.1M55.1M55.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
€9.81
your share of equity
Profit it earned you last year
−€2.75
Free cash flow it threw off
—
Debt you’d be carrying
€3.4

10 shares is a claim on €9.81 of net worth that earned you −€2.75 last year, against €3.4 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-15% avg · 5y
FY20 -37%FY21 10%FY22 4%FY23 -30%FY24 -21%

It earned an average -15% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 14% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 20-F filed 2023-05-01 · period ending 2020-12-31 · accession 0000950170-23-016048 (Revenue)
  2. 20-F filed 2024-04-30 · period ending 2021-12-31 · accession 0000950170-24-050376 (Revenue)
  3. 20-F filed 2025-04-30 · periods ending 2022-12-31, 2023-12-31, 2024-12-31 · accession 0000950170-25-060771 (Revenue)
  4. 20-F filed 2023-05-01 · period ending 2020-12-31 · accession 0000950170-23-016048 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F filed 2024-04-30 · period ending 2021-12-31 · accession 0000950170-24-050376 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F filed 2025-04-30 · periods ending 2022-12-31, 2023-12-31, 2024-12-31 · accession 0000950170-25-060771 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F filed 2023-05-01 · period ending 2020-12-31 · accession 0000950170-23-016048 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F filed 2024-04-30 · period ending 2021-12-31 · accession 0000950170-24-050376 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F filed 2025-04-30 · periods ending 2022-12-31, 2023-12-31, 2024-12-31 · accession 0000950170-25-060771 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F filed 2022-05-02 · period ending 2020-12-31 · accession 0000950170-22-006788 (Borrowings)
  11. 20-F filed 2023-05-01 · period ending 2021-12-31 · accession 0000950170-23-016048 (Borrowings)
  12. 20-F filed 2024-04-30 · period ending 2022-12-31 · accession 0000950170-24-050376 (Borrowings)
  13. 20-F filed 2024-04-30 · period ending 2023-12-31 · accession 0000950170-24-050376 (DebtCurrent)
  14. 20-F filed 2025-04-30 · period ending 2024-12-31 · accession 0000950170-25-060771 (Borrowings)
  15. 20-F filed 2022-05-02 · period ending 2020-12-31 · accession 0000950170-22-006788 (CashAndCashEquivalents)
  16. 20-F filed 2023-05-01 · period ending 2021-12-31 · accession 0000950170-23-016048 (CashAndCashEquivalents)
  17. 20-F filed 2024-04-30 · period ending 2022-12-31 · accession 0000950170-24-050376 (CashAndCashEquivalents)
  18. 20-F filed 2025-04-30 · periods ending 2023-12-31, 2024-12-31 · accession 0000950170-25-060771 (CashAndCashEquivalents)