Autostrade Meridionali S.p.A. (AUTME.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

+79.7%

€4.75

vs €2.64 price

Levered DCF

€4.85

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.67

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	-28×	33.77×	50.3×	3.18×	7.62×	20.76×	8×	5.45×
P/B	0.69×	0.62×	1.47×	0.8×	0.63×	0.46×	0.75×	0.7×
P/S	0×	0×	10.85×	2.56×	1.36×	1.26×	1.47×	1.28×
EV / EBITDA	6.42×	9.4×	12.49×	1.1×	11.64×	26.23×	10.85×	9.01×
Gross margin	0.0%	0.0%	64.9%	15.4%	70.5%	61.3%	77.8%	81.3%
Operating margin	0.0%	0.0%	42.6%	116.2%	32.2%	15.7%	34.1%	40.9%
Net margin	0.0%	0.0%	21.7%	80.5%	17.8%	6.1%	18.4%	23.5%
Current ratio	2.97×	2.66×	10.75×	3.64×	1.67×	1.65×	1.61×	1.59×
Debt / equity	0.07×	0.07×	0.02×	0.02×	1.25×	1.35×	1.39×	1.47×
Interest coverage	-601.5×	-69.21×	16.96×	17.9×	5.68×	1.82×	4.86×	5.9×
Dividend yield	0.0%	274.9%	20.9%	292.1%	1.8%	0.0%	4.9%	3.7%
Payout ratio	0.0%	9278.0%	1046.9%	927.8%	13.6%	0.0%	39.2%	20.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.6%	1.8%	2.9%	25.0%	8.2%	2.2%	9.4%	12.8%
Return on invested capital	-6.3%	-7.1%	2.2%	23.8%	4.2%	1.6%	4.8%	6.0%
Return on assets	-1.7%	1.2%	2.4%	17.0%	3.2%	0.8%	3.4%	4.5%
Free cash flow yield	-13.2%	-1.2%	-10.7%	-46.3%	10.8%	0.4%	16.8%	10.7%
Earnings yield	-3.7%	3.0%	2.0%	31.5%	13.1%	4.8%	12.5%	18.3%
Enterprise value	-€9M	€4.8M	€44.5M	€25.7M	€348.7M	€323.7M	€341.6M	€340.6M
Net debt / EBITDA	15.18×	-12.68×	-7.88×	-1.05×	7.57×	19.46×	6.63×	5.93×
Cash conversion cycle (days)	-250,938	0	-1,156	-1,602	-361	-357	-446	-449