Miguel, António FreitasDi Maria, Walter Giuseppe2025-09-022025-06-172025-05-21http://hdl.handle.net/10362/187366This master’s thesis presents a comprehensive analysis of Technogym’s financial performance, business model, and competitive positioning in the global wellness and fitness industry. By evaluating the company’s strategic initiatives, sources of competitive advantage, and expansion potential, the research assesses the opportunities and challenges shaping its future growth.Grounded in detailed financial forecasts and valuation models, this equity research report aims to estimate the fair value of Technogym’s stock, providing a structured foundation for assessing its investment potential.engCompany valuationFitness equipmentIndustryCorporate wellnessHospitalityEarning per ShareBorsa Italiana listingStrategic partnershipmaster thesis203991273