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AIRTIME PARTECIPAZIONI S.P.A. (ALMEX) AI Stock Analysis

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FR:ALMEX

AIRTIME PARTECIPAZIONI S.P.A.

(Paris:ALMEX)

Select Model
Rating:51Neutral
Price Target:EUR 3.00â–¼(-0.66% Downside)
Action:reiterated
Date:10/13/26

The score is held back primarily by weak financial performance quality (recent losses and unstable revenue), with technical indicators also leaning negative due to longer-term downtrend signals and negative MACD. Improved 2025 cash flow and a generally manageable balance sheet provide partial support, but valuation is constrained by losses (negative P/E) and no dividend yield data.

Positive Factors
Manageable LeverageVery low debt relative to equity in 2024 provides financial flexibility and reduces the burden of interest and refinancing obligations. This gives the company greater capacity to withstand operating volatility and preserve resources for portfolio management or future investment.
Negative Factors
Revenue VolatilityExtreme year-to-year revenue swings make the earnings base difficult to forecast and weaken confidence in the durability of operating performance. Such instability can complicate portfolio planning, resource allocation, and the assessment of sustainable revenue momentum over coming quarters.

AIRTIME PARTECIPAZIONI S.P.A. (ALMEX) vs. iShares MSCI France ETF (EWQ)

-100%-80%-60%-40%-20%0%20%FR:ALMEX-84.90%EWQ-1.36%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
EUR 25.23M
Dividend Yield
―
Average Volume (3M)
44.87K
Price to Earnings (P/E)
-0.5
Beta (1Y)
-0.27
Revenue Growth
-79.91%
EPS Growth
-194.46%
Country
France
Employees
11
Sector
Communication Services
Sector Strength
60
Industry
Telecommunications Services

AIRTIME PARTECIPAZIONI S.P.A. Business Overview & Revenue Model

Company Description

Mexedia Società Per Azioni S.B. is an Italian technology firm specializing in the telecommunications and business services industries. The company provides diverse technological solutions designed to streamline interactions between businesses and the...

AIRTIME PARTECIPAZIONI S.P.A. Financial Statement Overview

Summary

Mixed fundamentals. The income statement is the key weakness with highly volatile revenue and sizable net losses in 2024–2025, reducing earnings quality and predictability. Offsetting this, the balance sheet shows generally manageable leverage and meaningful equity, while 2025 cash flow improved sharply with strong operating and free cash flow, though cash generation has been volatile historically.

Income Statement

34Negative

Balance Sheet

63Positive

Cash Flow

71Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue27.85M118.09M72.90M323.87M140.84M131.80M
Gross Profit5.33M10.22M7.40M22.23M11.84M10.21M
EBITDA9.49M-14.91M-23.65M12.30M8.01M7.05M
Net Income-41.23M-17.60M-20.01M4.47M4.43M2.96M
Balance Sheet
Total Assets22.63M183.52M157.52M168.52M96.93M85.27M
Cash, Cash Equivalents and Short-Term Investments189.00K2.42M1.70M548.00K2.67M5.63M
Total Debt4.45M5.83M327.00K41.82M29.05M24.02M
Total Liabilities10.35M157.61M116.81M101.68M34.26M27.27M
Stockholders Equity12.28M36.36M47.36M66.84M62.67M57.99M
Cash Flow
Free Cash Flow-14.00K22.06M1.57M-10.62M-2.24M-73.43M
Operating Cash Flow-14.00K31.65M8.26M53.00K-2.09M-18.35M
Investing Cash Flow-1.63M-30.67M-12.64M-12.28M-268.00K-55.08M
Financing Cash Flow-211.00K-256.00K5.53M12.77M5.02M79.06M

AIRTIME PARTECIPAZIONI S.P.A. Technical Analysis

Technical Analysis SentimentNegative
Last Price3.02

Price Trends

50DMA3.34Negative
100DMA3.84Negative
200DMA6.44Negative

Market Momentum

MACD-0.08Positive
RSI37.70Neutral
STOCH7.59Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALMEX, the sentiment is Negative. The current price of 3.02 is below the 20-day moving average (MA) of 3.26, below the 50-day MA of 3.34, and below the 200-day MA of 6.44, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 37.70 is Neutral, neither overbought nor oversold. The STOCH value of 7.59 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ALMEX.

AIRTIME PARTECIPAZIONI S.P.A. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (60)

Financial Indicators

FR:ALMEX against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
Sector *60Neutral$48.67B4.58-11.27%4.14%2.83%-41.78%
FR:ALAUDFR:ALAUD58NeutralEUR 25.31M-51.15-0.24%―28.03%-171.24%
FR:ALBONFR:ALBON52NeutralEUR 109.88M16.733.86%4.16%10.05%894.79%
FR:ALMEXFR:ALMEX51NeutralEUR 25.23M-0.50――-79.91%-194.46%
FR:LTAFR:LTA37UnderperformEUR 832.48M54.281.26%4.65%――

* Communication Services Sector Average

Performance Comparison

-50%0%50%FR:ALMEXFR:LTAFR:IDIPFR:ALBONFR:ALAUDDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
FR:ALMEX and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
FR:ALMEXAIRTIME PARTECIPAZIONI S.P.A.3.02-20.98-87.42%
FR:LTAALTAMIR22.80-4.69-17.06%
FR:IDIPInstitut de Developpement Industriel SA IDI67.00-2.73-3.92%
FR:ALBONCompagnie Lebon SA96.2011.0212.94%
FR:ALAUDAudacia SA3.560.123.40%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 13, 2026