Added to YB: 2026-04-09
Pitch date: 2026-04-09
BEC.MI [neutral]
B&C Speakers S.p.A.
-2.37%
current return
Author Info
Company Info
B&C Speakers S.p.A. engages in the production and marketing of professional loudspeakers under the B&C brand name in Italy, Latin America, Europe, North America, the Middle East, Africa, and Asia-Pacific.
Market Cap
EUR 122.3M
Pitch Price
EUR 11.27
Price Target
N/A
Dividend
6.25%
EV/EBITDA
7.07
P/E
12.38
EV/Sales
1.31
Sector
Household Durables
Category
value
Make Some Noise
BEC.MI (watchlist): Italian transducer maker w/ 30% avg ROE, 42% ROIC over 19yrs. 75-80% sales direct to OEMs (top customer 20+yrs, ~0% churn). 71% revenue from custom products. -44% from July highs to 7.7x EV/EBIT vs 13.1x historical avg, 12x P/E on depressed 17.1% EBIT margin (20% 19yr avg). 5% organic growth assumed, margin normalization + 10x EV/EBIT re-rating = 20.1% IRR. Risks: customer concentration (29% top client), China rare earth supply, potential downmarket move. Family CEO 53% stake, proven M&A (18Sound 0.5x EV/S, Eminence 0.24x EV/S). 5.9% div yield. Author considering vs m-up holdings.
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