A2A S.p.A. (A2A.MI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-83.1%

€0.40

vs €2.37 price

Levered DCF

-€0.27

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.29

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.63×	7.68×	8.86×	9.62×	10.75×	10.83×	12.85×	14.55×
P/B	1.22×	1.24×	1.37×	0.99×	1.41×	1.14×	1.58×	1.59×
P/S	0.53×	0.54×	0.4×	0.17×	0.47×	0.61×	0.73×	0.79×
EV / EBITDA	6.7×	5.39×	5.81×	5.18×	7.04×	6.8×	7.02×	7.56×
Gross margin	11.4%	12.5%	19.8%	10.7%	19.9%	29.7%	27.6%	30.9%
Operating margin	6.7%	10.5%	7.0%	3.0%	5.8%	8.3%	9.6%	9.4%
Net margin	5.5%	6.9%	4.5%	1.7%	4.4%	5.5%	5.5%	5.5%
Current ratio	1.05×	1.12×	1.11×	1.15×	1.05×	1.31×	1.18×	1.09×
Debt / equity	1.23×	1.34×	1.5×	1.77×	1.35×	1.27×	1.1×	1.17×
Interest coverage	4.12×	6.04×	5.16×	6.75×	8.35×	7.01×	6.08×	5.2×
Dividend yield	4.6%	4.8%	5.2%	7.4%	4.7%	6.0%	4.2%	3.6%
Payout ratio	44.3%	37.0%	45.8%	70.6%	49.2%	66.2%	56.0%	52.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.7%	15.9%	15.5%	10.3%	13.4%	10.3%	11.8%	11.0%
Return on invested capital	4.4%	6.6%	6.3%	2.9%	5.8%	4.5%	5.5%	4.8%
Return on assets	3.5%	4.3%	3.5%	1.9%	2.8%	3.0%	3.6%	3.3%
Free cash flow yield	13.0%	6.1%	-5.8%	0.5%	1.2%	-3.5%	5.9%	10.5%
Earnings yield	10.4%	12.8%	11.3%	10.4%	9.5%	9.0%	7.5%	6.9%
Enterprise value	€12.6B	€12.5B	€10.7B	€8.1B	€9.4B	€7.5B	€8.4B	€8B
Net debt / EBITDA	2.86×	2.48×	2.66×	2.74×	3.08×	3.15×	2.67×	2.88×
Cash conversion cycle (days)	-10	-5	-4	-7	9	18	15	10