New Moto Guzzi Door Mats Available Now
Years ago, the Valeo starts were known for having magnets come unglued. You would lose power, or the thing would totally jam and not turn. You can get rebuild parts for those from Euromotoelectrics.https://www.euromotoelectrics.com/category-s/1670.htm
The one at Euromotoelectric (the cheaper one) is the same as the one Charlie posted on ebay. Being a true Guzzisti, I'd get the ebay offering. I've used, have and repaired/rebuilt, both and don't see any difference. Since the magnet-dropping issue was solved many years ago they all work fine. It's possible yours has a magnet coming loose, or just needs rebuilt. Or, like Roy says, it might be the rest of the circuitry - relay, connections, etc. But if you're not going to fix the old one, send it to me.