10 micro-caps for 2025
Some ideas on my watchlist for 2025
Some micro-caps ideas across different sectors that, for various reasons, ended up in my watchlist: similar to what I said in the “Stranger things” post, these stocks are typically ignored by big funds (market cap indicatively around or below €150 million) and so quite illiquid. But they also have a very strong financial position (little to no debt or even net cash) and valuations are not demanding at all. They are also often (but not always) coming from a rough year or two, at least in the stock market.
I’ve started creating detailed financial models for some of them, but I just skimmed their business models and haven’t yet done a deep dive on their fundamentals (markets, competitors, risks, valuation, …). As such, I can’t attest to their quality - or lack of it - and whether they are good investments or not: as always, do your own research.
Industrials
1. B&C Speakers
$BEC.MI (Italy): mkt cap €174 ml, performance YTD: -15%
With over 70 years of experience, BEC is a leading producer and distributor of premium electro-acoustic transducers for professional use. The company boasts a presence in 80+ countries, selling its products to OEM companies and 120+ distributors.
Founded in 1946 and listed on Euronext Milan in 2007 (and on Euronext STAR Milan since 2013), BEC is still controlled by the founding Coppini family (54% stake), with Lorenzo Coppini (the founder’s son) as its CEO.
B&C provides a wide and complete product portfolio:
high-frequency drivers
low-frequency drivers
coaxial components
horns
