Value held by calmer Italian (5)
I believe the answer is:
merit
'value' is the definition.
(I've seen this in another clue)
'held by calmer italian' is the wordplay.
'held by' says the answer is hidden in the clue.
'MERIT' is hidden within 'calmer italian'.
(Other definitions for merit that I've seen before include "Excellence, desert" , "Have a right" , "Worth; deserve" , "Value" , "Excellence that deserves to be honoured" .)