Esprinet S.p.A.

0NFS.L

Technology Distributors · Technology

Price

7.10 GBp

-0.04 (-0.56%)

Market Cap

£351.0M

Exchange

London Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Exceptional

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Share count falling — buybacks

−1.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 50.2M (2021) → 49.2M (2025)

Winston Score History

The full picture

Esprinet is an Italian company that acts as a middleman between technology manufacturers and the businesses or stores that sell tech products. It distributes computers, servers, software, smartphones, and other electronics to retailers, resellers, and corporate customers across Europe. It is one of the largest technology distributors in Southern Europe, operating primarily in Italy, Spain, and Portugal.

Esprinet makes money by buying technology products in bulk from manufacturers like HP, Apple, and Microsoft, then reselling them at a small markup to thousands of business customers. The company's thin gross margin of around 5.5% is typical for distribution businesses, where volume and logistics efficiency matter more than pricing power. Its main competitive advantage is its established supplier relationships and regional scale, but the business faces ongoing pressure from manufacturers selling more directly to end customers, which could shrink the role of traditional distributors over time.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+473.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

43.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~1 months

€154M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Esprinet S.p.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

5.6%

Thin — 5.6% gross margin

Profit after running costs

Operating Margin

0.9%

Thin — 0.9% operating margin

Return on the money invested

ROCE

6.5%

Weak — 6.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+5.2%

Slow sales growth (+5.2% YoY)

Profit growth

EPS YoY

+22.2%

Earnings growing fast (+22.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

157%

Turns 157% of profit into real cash

Spare cash per sale

FCF Margin

0.7%

Thin free cash flow (0.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.02

Elevated debt (1.02)

Covers its interest

Interest Cover

9.10x

Comfortably covers interest (9.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.4x

Fair value — P/E 15.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+2.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

4.83%

Healthy income — 4.83% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+92.6%

Dividend growing fast (92.6% YoY)

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