Avio S.p.A. (AVIO.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

-330.3%

-€72.69

vs €31.57 price

Levered DCF

€81.53

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.25

Grey 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	83.86×	73.16×	40.81×	-693.48×	43.33×	25.77×	17.33×	15.24×
P/B	1.25×	1.44×	0.9×	1.02×	1.24×	1.19×	1.53×	1.3×
P/S	1.48×	0.9×	0.77×	0.74×	1.15×	1.02×	1.15×	0.83×
EV / EBITDA	8.32×	13.49×	8.49×	10.48×	10.43×	8.43×	9.01×	7.58×
Gross margin	20.4%	23.3%	28.4%	19.8%	21.5%	23.0%	20.9%	19.1%
Operating margin	1.3%	2.2%	3.3%	3.2%	4.1%	6.4%	6.4%	6.2%
Net margin	1.8%	1.3%	1.9%	-0.1%	2.6%	4.0%	6.6%	5.5%
Current ratio	250.69×	0.82×	0.84×	0.92×	0.99×	1.05×	1.09×	1.14×
Debt / equity	0.01×	0.04×	0.06×	0.19×	0.16×	0.2×	0.29×	0.21×
Interest coverage	23.99×	6.86×	12.35×	11.78×	21.87×	26.42×	24.37×	56.6×
Dividend yield	0.4%	1.4%	0.0%	1.5%	2.0%	0.0%	2.6%	2.7%
Payout ratio	35.8%	98.6%	0.0%	-1035.0%	86.3%	0.0%	44.3%	41.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.5%	2.0%	2.2%	-0.1%	2.8%	4.7%	8.8%	8.6%
Return on invested capital	0.4%	2.7%	2.6%	2.6%	2.6%	4.2%	4.7%	5.2%
Return on assets	0.6%	0.6%	0.6%	-0.0%	0.7%	1.3%	3.2%	2.9%
Free cash flow yield	16.1%	5.7%	2.3%	11.0%	2.0%	3.5%	7.9%	5.2%
Earnings yield	1.2%	1.4%	2.4%	-0.1%	2.3%	3.9%	5.8%	6.6%
Enterprise value	€279.2M	€346.8M	€193.2M	€226.3M	€316.7M	€299.7M	€396.5M	€320.7M
Net debt / EBITDA	-17.63×	-3.5×	-3.34×	-3.45×	-1.88×	-1.76×	-1.32×	-1.16×
Cash conversion cycle (days)	146	160	154	375	493	358	246	-96