ACEA S.p.A. (ACE.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

-309.7%

-€44.45

vs €21.20 price

Levered DCF

-€24.51

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.6

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	9.78×	11.97×	10.02×	9.79×	12.76×	12.8×	13.86×	9.23×
P/B	1.69×	1.58×	1.24×	1.2×	1.88×	1.86×	2.11×	1.45×
P/S	1.74×	0.93×	0.65×	0.55×	1.04×	1.13×	1.29×	0.88×
EV / EBITDA	8.63×	6.77×	6.48×	6.78×	7.54×	7.52×	7.73×	5.97×
Gross margin	19.7%	43.8%	37.0%	44.9%	52.3%	55.7%	53.0%	32.7%
Operating margin	16.1%	16.5%	13.5%	11.3%	15.1%	16.6%	17.0%	16.8%
Net margin	17.8%	7.8%	6.5%	5.6%	8.2%	8.8%	9.3%	9.5%
Current ratio	0.69×	0.74×	0.77×	0.74×	0.98×	0.81×	0.93×	1.06×
Debt / equity	2.04×	2.26×	2.39×	2.54×	2.45×	2.45×	2.21×	2.15×
Interest coverage	2.63×	4.5×	3.96×	6.55×	6.4×	5.89×	5.29×	4.77×
Dividend yield	3.4%	3.8%	4.9%	5.3%	2.4%	2.6%	1.9%	5.5%
Payout ratio	33.2%	45.0%	49.4%	52.3%	30.9%	32.7%	26.0%	50.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.3%	13.2%	12.4%	12.2%	14.8%	14.5%	15.3%	15.7%
Return on invested capital	2.9%	4.9%	4.5%	4.4%	5.1%	5.3%	5.4%	5.4%
Return on assets	3.7%	2.7%	2.5%	2.5%	2.9%	2.9%	3.2%	3.3%
Free cash flow yield	2.5%	7.4%	-1.1%	-11.8%	-5.6%	-2.2%	-0.6%	4.3%
Earnings yield	10.2%	8.4%	10.0%	10.2%	7.9%	7.8%	7.2%	10.8%
Enterprise value	€9.7B	€9.1B	€8.3B	€8B	€8.5B	€7.8B	€7.2B	€5.2B
Net debt / EBITDA	4.46×	3.82×	4.18×	4.46×	4.01×	4.01×	3.52×	3.07×
Cash conversion cycle (days)	-134	-137	-113	-87	-216	-282	-394	-117