Ariston Holding N.V. (ARIS.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

+194.4%

€9.84

vs €3.34 price

Levered DCF

€15.09

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.59

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
P/E	11.74×	507.35×	11.9×	22.37×	21.57×	9.49×	3.26×
P/B	1.03×	0.89×	1.53×	3.14×	3.38×	2.05×	0×
P/S	0.58×	0.47×	0.73×	1.31×	1.5×	0.55×	0.17×
EV / EBITDA	6.83×	9×	6.8×	10.83×	11.09×	4.79×	0.51×
Gross margin	45.9%	37.1%	40.5%	31.6%	33.9%	38.0%	39.3%
Operating margin	6.6%	2.4%	9.1%	8.0%	8.6%	9.0%	7.9%
Net margin	4.9%	0.1%	6.1%	5.8%	6.9%	5.8%	5.2%
Current ratio	1.31×	1.34×	1.56×	2.31×	1.75×	1.26×	0×
Debt / equity	0.52×	0.63×	0.68×	0.92×	0.56×	1.33×	0×
Interest coverage	5.14×	1.3×	7.98×	15.88×	18.81×	13.68×	22.35×
Dividend yield	1.9%	5.0%	2.1%	1.5%	1.6%	14.1%	10.6%
Payout ratio	22.3%	2524.0%	25.3%	33.1%	35.4%	133.0%	34.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.7%	0.2%	12.7%	13.9%	15.5%	21.7%	0.0%
Return on invested capital	6.6%	0.4%	7.4%	7.1%	9.1%	8.9%	51.8%
Return on assets	3.7%	0.1%	4.9%	4.9%	5.9%	5.3%	0.0%
Free cash flow yield	10.1%	15.0%	6.3%	1.6%	3.8%	22.8%	51.3%
Earnings yield	8.5%	0.2%	8.3%	4.4%	4.6%	10.6%	30.6%
Enterprise value	€2.1B	€1.8B	€2.9B	€3.1B	€2.8B	€1.1B	€107.5M
Net debt / EBITDA	1.74×	2.72×	1.35×	-0.23×	-0.79×	0.64×	-0.87×
Cash conversion cycle (days)	49	51	73	46	19	17	-63