Anima Holding S.p.A. (ANIM.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

+224.1%

€22.98

vs €7.09 price

Levered DCF

€17.11

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.58

Grey 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	7.4×	9.08×	8.72×	10.39×	6.32×	8.82×	11.22×	9.94×
P/B	1.05×	1.27×	0.91×	0.91×	1.05×	1.06×	1.31×	0.99×
P/S	1.38×	1.57×	1.26×	1.25×	1.24×	1.4×	1.63×	1.14×
EV / EBITDA	4.99×	6.2×	6.23×	5.68×	4.08×	4.71×	7.5×	8.08×
Gross margin	37.9%	38.4%	38.0%	30.5%	36.0%	35.1%	32.2%	27.9%
Operating margin	26.8%	25.3%	27.6%	19.8%	30.4%	29.6%	22.2%	17.4%
Net margin	18.6%	17.2%	14.6%	11.9%	19.5%	15.7%	14.4%	11.5%
Current ratio	5.22×	2.49×	1.37×	2.37×	1.99×	0.92×	0.32×	0.3×
Debt / equity	0.44×	0.37×	0.44×	0.43×	0.41×	0.23×	0.25×	0.52×
Interest coverage	30.96×	27.56×	22.04×	15.53×	30.39×	29.94×	15.79×	21.91×
Dividend yield	7.4%	3.8%	5.5%	7.5%	5.2%	5.3%	3.7%	4.8%
Payout ratio	55.0%	34.9%	47.9%	78.8%	33.0%	47.2%	41.7%	48.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.2%	13.9%	10.4%	8.7%	16.5%	11.9%	11.6%	9.9%
Return on invested capital	9.5%	10.0%	9.0%	6.3%	13.2%	11.4%	9.3%	6.4%
Return on assets	9.0%	8.5%	6.2%	5.2%	9.4%	7.0%	6.5%	5.5%
Free cash flow yield	20.9%	13.5%	-9.9%	6.3%	27.0%	9.3%	8.5%	-19.7%
Earnings yield	13.5%	11.0%	11.5%	9.5%	15.7%	11.2%	8.9%	10.1%
Enterprise value	€2.2B	€2.4B	€1.7B	€1.4B	€1.5B	€1.4B	€2B	€1.9B
Net debt / EBITDA	0.56×	0.79×	1.62×	0.48×	0.03×	0.05×	1.19×	2.79×
Cash conversion cycle (days)	-35	-40	-39	-31	-22	-36	-33	-373