Amplifon S.p.A. (AMP.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

+317.4%

€47.06

vs €11.28 price

Levered DCF

€36.00

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.53

Distress zone

Rating

Overall 3 / 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	32.74×	38.23×	45.39×	34.75×	67.74×	75.6×	52.29×	30.22×
P/B	3.03×	4.87×	6.41×	6.01×	11.52×	9.51×	8.18×	5.13×
P/S	1.26×	2.32×	3.12×	2.94×	5.47×	4.89×	3.28×	2.24×
EV / EBITDA	8.62×	12.57×	16.07×	14.71×	25.35×	23.63×	18.63×	17.25×
Gross margin	8.8%	56.6%	24.3%	55.5%	56.9%	55.5%	53.8%	47.5%
Operating margin	8.5%	10.7%	11.7%	13.2%	12.6%	10.8%	10.2%	11.3%
Net margin	3.8%	6.0%	6.9%	8.4%	8.1%	6.5%	6.3%	7.4%
Current ratio	0.59×	0.62×	0.53×	0.56×	0.73×	1.25×	0.67×	0.85×
Debt / equity	1.82×	1.5×	1.38×	1.45×	1.74×	1.95×	1.92×	1.53×
Interest coverage	3.43×	4.45×	5.95×	9.08×	8.89×	5.92×	6.83×	11.15×
Dividend yield	2.2%	1.2%	0.9%	0.9%	0.5%	0.0%	0.5%	0.8%
Payout ratio	71.5%	45.1%	42.1%	32.6%	31.3%	0.0%	28.5%	24.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	12.6%	14.1%	17.2%	17.1%	12.6%	15.6%	16.9%
Return on invested capital	4.6%	5.9%	6.6%	7.1%	6.3%	4.5%	5.4%	6.2%
Return on assets	2.3%	3.6%	4.2%	5.0%	4.5%	3.1%	3.8%	4.5%
Free cash flow yield	9.8%	6.5%	3.9%	5.5%	3.3%	4.3%	4.0%	3.4%
Earnings yield	3.0%	2.6%	2.2%	2.9%	1.5%	1.3%	1.9%	3.3%
Enterprise value	€4.5B	€7B	€8.4B	€7.6B	€12B	€8.6B	€6.9B	€3.9B
Net debt / EBITDA	2.87×	2.56×	2.54×	2.58×	2.83×	2.78×	3.24×	3.65×
Cash conversion cycle (days)	4	-53	-5	-52	-31	-11	4	-11