MAPS SPA (MAPS.MI) Stock Fundamental Analysis

Europe - Euronext Milan - BIT:MAPS - IT0005364333 - Common Stock

3.06 EUR

+0.02 (+0.66%)

Last: 1/15/2026, 7:00:00 PM

Fundamental Rating

We assign a fundamental rating of 5 out of 10 to MAPS. MAPS was compared to 114 industry peers in the Software industry. While MAPS is still in line with the averages on profitability rating, there are concerns on its financial health. MAPS has a decent growth rate and is not valued too expensively.

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1. Profitability

1.1 Basic Checks

MAPS had positive earnings in the past year.
MAPS had a positive operating cash flow in the past year.
Each year in the past 5 years MAPS has been profitable.
In the past 5 years MAPS always reported a positive cash flow from operatings.

1.2 Ratios

Looking at the Return On Assets, with a value of 3.12%, MAPS is in line with its industry, outperforming 47.90% of the companies in the same industry.
MAPS has a Return On Equity (7.13%) which is in line with its industry peers.
With a decent Return On Invested Capital value of 6.72%, MAPS is doing good in the industry, outperforming 60.50% of the companies in the same industry.
MAPS had an Average Return On Invested Capital over the past 3 years of 5.29%. This is significantly below the industry average of 13.49%.
The 3 year average ROIC (5.29%) for MAPS is below the current ROIC(6.72%), indicating increased profibility in the last year.

		Industry Rank	Sector Rank
ROA	3.12%
ROE	7.13%
ROIC	6.72%

ROA(3y)3.32%

ROA(5y)3.66%

ROE(3y)8.11%

ROE(5y)9.49%

ROIC(3y)5.29%

ROIC(5y)4.69%

1.3 Margins

MAPS has a Profit Margin of 5.87%. This is comparable to the rest of the industry: MAPS outperforms 53.78% of its industry peers.
In the last couple of years the Profit Margin of MAPS has declined.
With a decent Operating Margin value of 11.21%, MAPS is doing good in the industry, outperforming 63.03% of the companies in the same industry.
MAPS's Operating Margin has been stable in the last couple of years.
MAPS's Gross Margin of 77.70% is fine compared to the rest of the industry. MAPS outperforms 62.18% of its industry peers.
In the last couple of years the Gross Margin of MAPS has grown nicely.

		Industry Rank	Sector Rank
OM	11.21%
PM (TTM)	5.87%
GM	77.7%

OM growth 3Y9.6%

OM growth 5Y0.31%

PM growth 3Y-15.7%

PM growth 5Y-12.24%

GM growth 3Y6.68%

GM growth 5Y1.59%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

MAPS has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
Compared to 1 year ago, MAPS has about the same amount of shares outstanding.
Compared to 5 years ago, MAPS has more shares outstanding
MAPS has a better debt/assets ratio than last year.

2.2 Solvency

MAPS has an Altman-Z score of 1.94. This is not the best score and indicates that MAPS is in the grey zone with still only limited risk for bankruptcy at the moment.
With a Altman-Z score value of 1.94, MAPS is not doing good in the industry: 61.34% of the companies in the same industry are doing better.
MAPS has a debt to FCF ratio of 216.87. This is a negative value and a sign of low solvency as MAPS would need 216.87 years to pay back of all of its debts.
MAPS has a worse Debt to FCF ratio (216.87) than 60.50% of its industry peers.
MAPS has a Debt/Equity ratio of 0.35. This is a healthy value indicating a solid balance between debt and equity.
Looking at the Debt to Equity ratio, with a value of 0.35, MAPS is in line with its industry, outperforming 40.34% of the companies in the same industry.

		Industry Rank	Sector Rank
Debt/Equity	0.35
Debt/FCF	216.87
Altman-Z	1.94

ROIC/WACC0.77

WACC8.75%

2.3 Liquidity

A Current Ratio of 1.64 indicates that MAPS should not have too much problems paying its short term obligations.
MAPS has a better Current ratio (1.64) than 60.50% of its industry peers.
MAPS has a Quick Ratio of 1.06. This is a normal value and indicates that MAPS is financially healthy and should not expect problems in meeting its short term obligations.
The Quick ratio of MAPS (1.06) is worse than 64.71% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	1.64
Quick Ratio	1.06

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WACC

Debt/Equity

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Altman-Z score

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3. Growth

3.1 Past

MAPS shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 68.09%, which is quite impressive.
The Earnings Per Share has been decreasing by -6.38% on average over the past years.
Looking at the last year, MAPS shows a small growth in Revenue. The Revenue has grown by 5.11% in the last year.
Measured over the past years, MAPS shows a quite strong growth in Revenue. The Revenue has been growing by 13.05% on average per year.

EPS 1Y (TTM)68.09%

EPS 3Y-11.01%

EPS 5Y-6.38%

EPS Q2Q%-2.54%

Revenue 1Y (TTM)5.11%

Revenue growth 3Y7.92%

Revenue growth 5Y13.05%

Sales Q2Q%17.72%

3.2 Future

MAPS is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 40.35% yearly.
Based on estimates for the next years, MAPS will show a quite strong growth in Revenue. The Revenue will grow by 12.31% on average per year.

EPS Next Y-0.83%

EPS Next 2Y36.01%

EPS Next 3Y40.35%

EPS Next 5YN/A

Revenue Next Year9.61%

Revenue Next 2Y11.84%

Revenue Next 3Y12.48%

Revenue Next 5Y12.31%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.

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4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 20.40, the valuation of MAPS can be described as rather expensive.
Compared to the rest of the industry, the Price/Earnings ratio of MAPS indicates a somewhat cheap valuation: MAPS is cheaper than 77.31% of the companies listed in the same industry.
MAPS's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 28.82.
With a Price/Forward Earnings ratio of 10.14, the valuation of MAPS can be described as very reasonable.
Based on the Price/Forward Earnings ratio, MAPS is valued cheaper than 90.76% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 25.95. MAPS is valued rather cheaply when compared to this.

		Industry Rank	Sector Rank
PE	20.4
Fwd PE	10.14

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of MAPS indicates a rather cheap valuation: MAPS is cheaper than 87.39% of the companies listed in the same industry.
MAPS's Price/Free Cash Flow ratio is a bit more expensive when compared to the industry. MAPS is more expensive than 60.50% of the companies in the same industry.

		Industry Rank	Sector Rank
P/FCF	570.74
EV/EBITDA	7.12

4.3 Compensation for Growth

MAPS has a very decent profitability rating, which may justify a higher PE ratio.
A more expensive valuation may be justified as MAPS's earnings are expected to grow with 40.35% in the coming years.