GVS S.p.A. (GVS.MI) | Investment Case

1. Company Snapshot

1.a. Company Description

GVS S.p.A., together with its subsidiaries, produces and sells filter solutions for applications in the healthcare and life science, energy and mobility, and health and safety sectors in Italy and internationally.The company offers health and safety products, such as hand dryer and vacuum cleaner filters; double nailstation, kidney nailstation, rectangle nail station with storage cupboard, and rectangular nailstation products; fume extraction and HVAC building products; and disposable masks, half masks, integra masks, powered air purifying respirators, replacement filters, supplied air respirators, spare parts, and accessories.It also provides autoclave filters, insufflation and ventilation filters and kits, machine filters, respiratory and anesthesia filters, smoke evacuation filters and kits, spirometry filters and accessories, suction filters, and tracheal humidifier filters; healthcare liquid products, such as bacterial air vents, blood filters, infusion disc filters, IV and liquid filters, IV flow regulators, medical components, transducer protectors; and capsule and cartridge filters, disc and sheet membranes, DNA/RNA test kits, filter papers, microbiology products, microfiltration devices, microporous and track etched roll membranes, protein microarrays, and environmental monitoring and western blotting products.

In addition, the company offers energy and mobility products, such as fuel tank and fuel pump filters, gears, throttle plates and shafts, reservoir filters, SCR urea systems; ABS, ESP, and brake systems; EV applications and batteries; injection, tank vapour ventilation, and transmission products; ventilation systems; and viral shield cabin air and engine air intake filters.GVS S.p.A. was formerly known as GVS S.r.l. and changed its name to GVS S.p.A. in 2001.The company was founded in 1979 and is headquartered in Zola Predosa, Italy.

GVS S.p.A. is a subsidiary of GVS Group S.p.A.

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1.b. Last Insights on GVS

GVS S.p.A. faced challenges in the recent quarter, primarily due to currency headwinds and volume pressures. Despite these obstacles, the company reported improved EBITDA margins, indicating effective cost management. However, the impact of unfavorable exchange rates and lower volumes on revenue growth was notable. According to the Q3 2025 earnings call, strategic advancements were made, but the company navigates a complex environment. No information on share buybacks or new product launches was available. (Source: GVS SpA Q3 2025 Earnings Call Highlights)

1.c. Company Highlights

Last Price	3.92
Change Percentage	1.56%
Open	3.88
Previous Close	3.85
Market Cap ( Millions)	732
Volume	221474
Year High	5.72
Year Low	3.74
M A 50	4.38
M A 200	4.57

FCF Yield	0.30%
Dividend Yield	0.00%
ROE	3.67%
Debt / Equity	76.93%
Net Debt / EBIDTA	328.87%
Price To Book	1.73
Price Earnings Ratio	48.09
Price To FCF	336.99
Price To sales	1.7
EV / EBITDA	12.29

2. Transcript Summary

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3. NewsRoom

GVS SpA (STU:4YQ) Q3 2025 Earnings Call Highlights: Strong EBITDA Margin and Strategic Growth ...

Nov -20

Source:

Discovering Europe's Undiscovered Gems in July 2025

Jul -10

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GVS SpA (STU:4YQ) Q1 2025 Earnings Call Highlights: Strong Net Income Growth Amid Operational ...

May -16

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.61%)

6. Segments

Healthcare & Life Sciences

Expected Growth: 4.5%

GVS S.p.A.'s Healthcare & Life Sciences segment growth of 4.5% is driven by increasing demand for medical devices, diagnostic tools, and pharmaceuticals. Expanding healthcare infrastructure, aging population, and rising healthcare expenditure in emerging markets also contribute to growth. Additionally, advancements in biotechnology, genomics, and precision medicine fuel innovation and adoption in the sector.

Health & Safety

Expected Growth: 4.2%

GVS S.p.A.'s 4.2% growth in Health & Safety is driven by increasing demand for personal protective equipment (PPE) and rising awareness of workplace safety. Government regulations and standards, such as OSHA, also contribute to growth. Additionally, the COVID-19 pandemic has accelerated the need for PPE, further boosting the segment's expansion.

Energy & Mobility

Expected Growth: 5.5%

GVS Energy & Mobility's 5.5% growth driven by increasing adoption of electric vehicles, rising demand for sustainable energy solutions, and growing investments in renewable energy infrastructure. Additionally, government incentives and regulations supporting low-carbon transportation and energy efficiency contribute to the segment's growth.

7. Detailed Products

Air Filters

GVS S.p.A. offers a wide range of air filters designed to capture contaminants and pollutants, ensuring clean air in various industries such as automotive, aerospace, and industrial manufacturing.

Liquid Filters

GVS S.p.A. provides a variety of liquid filters that effectively remove impurities and contaminants from fluids, ensuring the quality and purity of liquids in industries such as pharmaceutical, biotechnology, and food processing.

Membrane Filters

GVS S.p.A. offers a range of membrane filters designed to separate particles and contaminants from fluids, used in industries such as biotechnology, pharmaceutical, and water treatment.

Vent Filters

GVS S.p.A. provides vent filters designed to protect equipment and systems from contamination, used in industries such as aerospace, automotive, and industrial manufacturing.

Custom Filters

GVS S.p.A. offers custom filter solutions designed to meet specific customer requirements, used in various industries such as aerospace, automotive, and industrial manufacturing.

8. GVS S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for GVS S.p.A. is medium due to the presence of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of large customers and the availability of alternative suppliers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the presence of multiple suppliers and the lack of concentration in the supply market.

Threat Of New Entrants

The threat of new entrants is medium due to the presence of barriers to entry, such as high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several competitors and the high level of competition in the market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	58.11%
Debt Cost	8.79%
Equity Weight	41.89%
Equity Cost	8.79%
WACC	8.79%
Leverage	138.70%

11. Quality Control: GVS S.p.A. passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Porvair

A-Score: 5.0/10

Value: 4.0

Growth: 5.8

Quality: 6.8

Yield: 1.2

Momentum: 7.5

Volatility: 5.0

1-Year Total Return ->

Aker Carbon Capture

A-Score: 4.0/10

Value: 7.6

Growth: 3.3

Quality: 3.0

Yield: 10.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

KATEK

A-Score: 3.8/10

Value: 7.6

Growth: 7.2

Quality: 2.3

Yield: 0.0

Momentum: 4.0

Volatility: 1.7

1-Year Total Return ->

Envipco

A-Score: 3.5/10

Value: 4.8

Growth: 5.2

Quality: 2.7

Yield: 0.0

Momentum: 7.5

Volatility: 1.0

1-Year Total Return ->

LiqTech International

A-Score: 3.5/10

Value: 8.0

Growth: 3.1

Quality: 2.9

Yield: 0.0

Momentum: 7.0

Volatility: 0.0

1-Year Total Return ->

GVS

A-Score: 1.8/10

Value: 2.3

Growth: 1.9

Quality: 3.9

Yield: 0.0

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

9.98%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.79%

GVS S.p.A. - IT0005411209

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on GVS

1.c. Company Highlights

Lower Growth

More Volatile

Expensive

Earnings Miss

Lower Yield

Revenues Beats

Revenues Miss

Fairly Valued

Weak Momentum

Earnings Beats

Stable Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.61%)

6. Segments

Healthcare & Life Sciences

Expected Growth: 4.5%

Health & Safety

Expected Growth: 4.2%

Energy & Mobility

Expected Growth: 5.5%

7. Detailed Products

Air Filters

Liquid Filters

Membrane Filters

Vent Filters

Custom Filters

8. GVS S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: GVS S.p.A. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.91$

Current Price

3.92$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA