Esprinet S.p.A.

0NFS.L

Technology Distributors · Technology

Price

7.33 GBp

+0.13 (+1.81%)

Market Cap

£362.4M

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 13, 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.

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Quality

Gross Margin

5.6%

Thin — 5.6% gross margin

Operating Margin

0.9%

Thin — 0.9% operating margin

ROCE

1.2%

Weak — 1.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+5.2%

Slow sales growth (+5.2% YoY)

EPS YoY

+22.2%

Earnings growing fast (+22.2% YoY)

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

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

157%

Turns 157% of profit into real cash

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

Debt / Equity

1.02

Elevated debt (1.02)

Interest Cover

9.10x

Comfortably covers interest (9.1x)

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

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Valuation

P/E Ratio (TTM)

0.2x

Attractive valuation — P/E 0.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-13.5

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

4.83%

Healthy income — 4.83% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+92.6%

Dividend growing fast (92.6% YoY)

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