Alerion Clean Power S.p.A. (ARN.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

-71.2%

€4.92

vs €17.08 price

Levered DCF

-€10.11

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.14

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	10.6×	8.94×	21.45×	24.39×	32.83×	17.67×	7×	39.31×
P/B	2.32×	2.34×	4.46×	5.82×	7.04×	2.69×	0.93×	0.98×
P/S	4.34×	3.57×	7.32×	6.41×	10.75×	5.14×	2.04×	2.43×
EV / EBITDA	9.78×	6.94×	13.73×	9.88×	18.01×	14.13×	10.51×	5.07×
Gross margin	47.8%	92.7%	92.6%	94.1%	90.1%	85.7%	89.6%	92.0%
Operating margin	51.7%	56.4%	38.7%	70.0%	61.1%	38.2%	38.6%	44.9%
Net margin	41.0%	39.9%	34.2%	26.2%	32.8%	29.2%	29.4%	6.2%
Current ratio	2.8×	1.89×	2.71×	2.39×	1.89×	1.59×	3.52×	0.94×
Debt / equity	2.41×	2.53×	2.73×	2.29×	2.67×	3.07×	4×	0.95×
Interest coverage	3.34×	3.32×	2.64×	9.1×	3.98×	1.42×	1.73×	1.35×
Dividend yield	3.3%	3.9%	2.5%	1.4%	1.0%	2.0%	1.2%	1.7%
Payout ratio	35.3%	34.7%	54.1%	35.3%	32.2%	34.6%	8.1%	65.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.9%	26.1%	20.8%	23.8%	21.5%	15.3%	13.3%	2.5%
Return on invested capital	6.9%	8.5%	4.9%	7.3%	7.0%	4.4%	2.7%	2.8%
Return on assets	5.6%	5.7%	4.7%	5.8%	4.8%	3.3%	2.4%	0.7%
Free cash flow yield	-10.4%	-5.4%	1.3%	7.4%	2.1%	8.8%	22.3%	-29.8%
Earnings yield	9.4%	11.2%	4.7%	4.1%	3.0%	5.7%	14.4%	2.5%
Enterprise value	€1.7B	€1.3B	€2B	€2.2B	€2.1B	€1B	€539.7M	€203.2M
Net debt / EBITDA	3.99×	2.25×	3.72×	2.06×	4.17×	6.58×	7.65×	1.69×
Cash conversion cycle (days)	-987	-721	-1,844	-677	-181	-68	-311	-2,947