Alfio Bardolla Training Group S.p.A. (ABTG.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

+203.9%

€2.31

vs €0.76 price

Levered DCF

€1.96

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.34

Distress zone

Rating

B-

Overall 2 / 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	-83×	28.38×	27.53×	-16×	33.64×	15.26×	-7.17×	-6.88×
P/B	2.13×	2.87×	2.79×	2.59×	3.91×	1.58×	2.08×	1.55×
P/S	0.48×	0.58×	0.7×	0.67×	1.33×	0.78×	0.76×	0.88×
EV / EBITDA	7.36×	5.59×	4.69×	5.18×	5.07×	2.83×	72.01×	-53.38×
Gross margin	3.9%	73.5%	23.9%	20.5%	28.6%	26.3%	9.2%	9.1%
Operating margin	0.8%	1.9%	16.1%	-1.9%	7.8%	16.0%	-2.7%	-6.8%
Net margin	-0.6%	2.0%	2.5%	-4.1%	4.1%	5.1%	-10.7%	-12.9%
Current ratio	1.33×	1.44×	1.6×	1.38×	0.98×	0.77×	0.74×	0.77×
Debt / equity	0.46×	0.1×	0.19×	0.3×	0.26×	0.14×	0.13×	0.16×
Interest coverage	11.37×	5.23×	34.78×	-5.56×	31.35×	12.65×	-13.95×	-5.96×
Dividend yield	0.0%	3.0%	0.0%	2.6%	3.6%	3.0%	0.0%	2.7%
Payout ratio	0.0%	84.7%	0.0%	-42.4%	116.8%	46.3%	0.0%	-18.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.6%	10.1%	10.1%	-15.9%	12.1%	10.3%	-29.1%	-22.8%
Return on invested capital	-2.6%	3.2%	19.9%	-4.4%	8.9%	15.4%	-6.0%	-8.7%
Return on assets	-1.1%	4.9%	4.3%	-6.8%	5.5%	4.9%	-11.4%	-12.5%
Free cash flow yield	-21.0%	8.4%	10.2%	14.9%	-3.7%	-2.1%	16.4%	-19.0%
Earnings yield	-1.2%	3.5%	3.6%	-6.1%	3.1%	6.5%	-14.0%	-14.7%
Enterprise value	€10.4M	€11.8M	€11.9M	€9.8M	€18.7M	€6.9M	€8.4M	€8.9M
Net debt / EBITDA	1.03×	-0.65×	-0.71×	-0.42×	-0.03×	-0.18×	-2.87×	-2.94×
Cash conversion cycle (days)	15	-86	0	-11	14	-16	-22	25