Aeffe S.p.A. (AEF.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

+873.4%

€1.18

vs €0.12 price

Levered DCF

-€2.88

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.05

Distress zone

Rating

—

Ratios by fiscal year

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

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
P/E	4.34×	-2.78×	-13.46×	23×	-4.8×	16.62×	14.78×	20.15×
P/B	0.87×	1.14×	1.11×	2.29×	0.75×	1.18×	1.46×	1.54×
P/S	0.34×	0.27×	0.34×	0.83×	0.4×	0.56×	0.68×	0.71×
EV / EBITDA	2.93×	125.98×	10.31×	13.19×	159.96×	6.34×	6.34×	8.09×
Gross margin	4.4%	9.5%	30.8%	30.7%	25.7%	35.6%	32.9%	33.5%
Operating margin	-23.0%	-6.6%	0.9%	3.1%	-7.7%	7.3%	9.3%	8.6%
Net margin	7.7%	-9.8%	-2.5%	3.6%	-8.4%	3.2%	4.8%	3.6%
Current ratio	1.39×	1.08×	1.2×	1.43×	1.39×	1.39×	1.46×	1.35×
Debt / equity	1.77×	3.39×	2.31×	1.69×	1.24×	0.97×	0.38×	0.53×
Interest coverage	-4.47×	-1.85×	0.49×	2.31×	-4.89×	5.1×	56.67×	22.92×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Return on equity	19.8%	-40.6%	-8.2%	10.1%	-15.8%	6.8%	10.2%	7.9%
Return on invested capital	-9.8%	-5.0%	0.8%	3.0%	-4.6%	3.5%	6.6%	5.6%
Return on assets	4.9%	-6.9%	-1.8%	2.7%	-4.8%	2.3%	4.1%	3.0%
Free cash flow yield	1.8%	-13.7%	-47.7%	16.2%	-1.6%	4.2%	7.3%	6.0%
Earnings yield	22.6%	-35.6%	-7.4%	4.4%	-21.1%	5.8%	7.0%	5.1%
Enterprise value	€237.8M	€343.7M	€353.7M	€446.7M	€254.3M	€340.3M	€275M	€279.5M
Net debt / EBITDA	1.88×	92.91×	6.76×	5.07×	90.38×	2.58×	0.81×	1.58×
Cash conversion cycle (days)	117	129	116	85	137	107	97	108