Sanlorenzo rides the wave of Italian luxury

Buy signal | Free publication | 11 Jun 2025

Summary of Sanlorenzo Spa

Sanlorenzo is an Italian shipbuilder specialising in custom luxury yachts. Founded in 1958, the company is one of the world's leading builders of top-of-the-range superyachts, with an artisanal approach and exclusive designs. Listed on the stock exchange since 2019, Sanlorenzo combines Italian tradition and technological innovation to serve a demanding international clientele.

Valuation of Sanlorenzo

Turnover : 4.5/5 - 2024: €1,029.64m (+14.9% vs 2023); Sustained growth: steady growth since 2019 (€518.99m); Resilience: growth even during the pandemic; Performance: doubling of sales in 5 years
Net profit : 3.5/5 - 2024: €103.12m (+10.8% vs 2023); Net margin: 10.0% in 2024, stable at around 10%; Growth: 282% growth since 2019; Moderate volatility: some fluctuations but positive trend
Debt : 2.5/5 - Negative net debt: €110.67m in 2025 (forecast); Improvement: Gradual reduction in debt; Liquidity: Positive net cash position; Risk: Cyclical sector requiring monitoring.
Return on equity (ROE) : 4/5 - 2024: 25.76% (excellent level); Trend: Continued high levels >17%. Performance: ROE above industry standards; Efficiency: Optimum use of equity capital
Market performance : 3/5 - Current share price: €32 (+6.85%); Volatility: Luxury sector sensitive to economic cycles; Recommendations: Consensus "Buy" with a target of €28.05; Potential: Attractive valuation vs fundamentals

Average : 3.4/5

Forecasts for 2025-2027

Revenues

2025: 998,13 M€ (-3,1%)
2026: 1 016 M€ (+1,8%)
2027: 1 061,9 M€ (+4,5%)

Net Result

2025: 105,2 M€ (+2,0%)
2026: 107,767 M€ (+2,4%)
2027: 113,333 M€ (+5,2%)

EBITDA

2025: 186,833 M€
2026: 190,1 M€
2027: 200,7 M€

Estimated share value

End 2025: €34-38 (+7% to +20%)
End 2026: 40-45€ (+26% to +42%)
End 2027: €47-53 (+48% to +67%)

Growth in the luxury goods market
Geographic expansion
Product innovation
Operational optimisation

Summary

Sanlorenzo SpA, Italy's leading luxury superyacht manufacturer, is enjoying exceptional growth, with sales of €1.03 billion in 2024 (+14.9%). This financial analysis reveals an ROE of 25.76%, a stable net margin of 10% and a positive net cash position. Forecasts for 2025-2027 predict a share price of between €34 and €53. A niche sector with high barriers to entry, Sanlorenzo is benefiting from growth in the global luxury goods market.
Sanlorenzo has an attractive investment profile, with solid fundamentals, sustained growth and a leading position in the luxury superyacht market. Despite exposure to economic cycles, the company demonstrates remarkable resilience and encouraging medium-term growth prospects.

Signal : Buy
Budget/Investment : Moderate
Reinforcement required : No
Exposure : Medium
Horizon : 3 years
Potential profitability : +48% to +67%
Ref. ISIN code : IT0003549422