Founded by the charismatic Nerio Alessandri and based in the small town of Cesena, the manufacturer of top-of-the-range sports machines is not just a preferred supplier to the Olympic Committee; it is also a superb entrepreneurial and economic success story.

Its sales have doubled in ten years, and its operating profit tripled over the same period. At the cutting edge of innovation, Technogym is a prolific cash machine whose recent expansion has been entirely self-financed.

In fact, over the period 2014-2023, its financial position has gone from a worrying level of debt to a cash surplus of EUR127 million.

The annual results published earlier this week confirm the continuation of this fine momentum, with 12% growth by 2023 and operating profit reaching a new record. Fitness is in, and Technogym is taking full advantage.

Even overcapitalized, Technogym's financial performance is excellent, with a return on equity in excess of 20%. And it's not just its management that's exemplary - the quality of its investor communications is equally so.

The market values Technogym almost structurally at between twenty and thirty times earnings. Every time the stock has hit this low, it has immediately rebounded. All the more reason to keep a close eye on it.