Ascopiave S.p.A. (ASC.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

+698.3%

€23.39

vs €2.93 price

Levered DCF

€0.59

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.75

Distress zone

Rating

B+

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	8.25×	16.18×	13.24×	16×	16.52×	14×	58.95×	14.65×
P/B	0.78×	0.7×	0.58×	0.6×	0.87×	0.95×	0.98×	1.47×
P/S	2.93×	2.9×	2.7×	3.18×	5.57×	4.93×	6.83×	1.12×
EV / EBITDA	8.47×	9.11×	8.75×	11.02×	15.78×	13.53×	23.52×	17.8×
Gross margin	62.7%	95.1%	58.9%	67.1%	77.4%	76.5%	73.5%	23.1%
Operating margin	27.7%	25.2%	25.4%	19.5%	25.1%	31.9%	17.3%	9.5%
Net margin	35.5%	17.5%	20.0%	20.0%	33.6%	35.8%	11.6%	7.7%
Current ratio	0.77×	1.64×	0.75×	0.6×	0.41×	0.57×	0.73×	0.99×
Debt / equity	0.69×	0.5×	0.53×	0.54×	0.45×	0.42×	0.31×	0.42×
Interest coverage	4.17×	3.47×	3.3×	5.13×	16.98×	30.51×	17.14×	47.5×
Dividend yield	4.5%	5.1%	5.8%	6.9%	4.6%	5.9%	8.8%	6.1%
Payout ratio	37.4%	84.7%	77.9%	109.5%	76.5%	80.8%	519.1%	89.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.5%	4.2%	4.3%	3.8%	5.2%	6.9%	1.7%	10.1%
Return on invested capital	3.5%	2.8%	3.0%	1.9%	2.1%	4.1%	1.2%	5.9%
Return on assets	4.7%	2.5%	2.5%	2.0%	3.3%	4.3%	1.1%	5.3%
Free cash flow yield	16.0%	3.4%	-16.7%	2.2%	-0.3%	-0.3%	-2.0%	6.0%
Earnings yield	12.2%	6.0%	7.4%	6.3%	6.0%	7.3%	1.7%	6.8%
Enterprise value	€1.3B	€984.9M	€883.1M	€907.3M	€1.1B	€1.1B	€1.1B	€772M
Net debt / EBITDA	3.83×	3.62×	3.92×	4.7×	5.02×	4.01×	4.57×	2.76×
Cash conversion cycle (days)	-98	-1,945	-973	-5,658	-183	-247	-227	3