Banco BPM S.p.A. (BAMI.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

+328.9%

€57.13

vs €13.32 price

Levered DCF

€90.89

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.22

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	9.43×	6.1×	5.69×	7.4×	6.95×	131.16×	3.9×	-50.64×
P/B	1.18×	0.8×	0.51×	0.39×	0.3×	0.22×	0.26×	0.29×
P/S	1.98×	1.14×	0.82×	0.95×	0.83×	0.61×	0.57×	0.56×
EV / EBITDA	15.23×	9.46×	5.49×	5.11×	-21.06×	46.42×	11.64×	-28,985.54×
Gross margin	71.7%	66.0%	63.9%	88.7%	91.4%	89.8%	90.3%	89.3%
Operating margin	30.9%	25.1%	20.1%	19.0%	13.7%	-5.5%	15.9%	-5.1%
Net margin	22.5%	18.6%	14.3%	12.9%	11.9%	0.5%	14.9%	-1.1%
Current ratio	10.16×	0.15×	0.2×	66.85×	0.34×	0.17×	0.1×	0.04×
Debt / equity	2×	2.01×	1.71×	1.29×	1.23×	1.44×	1.57×	1.65×
Interest coverage	1.21×	0.74×	0.56×	1.69×	1.6×	-0.54×	1.64×	-0.48×
Dividend yield	8.7%	12.3%	4.8%	5.7%	2.3%	0.0%	0.0%	0.0%
Payout ratio	76.8%	75.4%	27.6%	42.1%	15.9%	0.0%	0.0%	-0.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.4%	13.1%	9.0%	5.3%	4.3%	0.2%	6.7%	-0.6%
Return on invested capital	1.0%	2.7%	1.6%	1.0%	-1.6%	0.0%	1.1%	-0.1%
Return on assets	1.0%	1.0%	0.6%	0.4%	0.3%	0.0%	0.5%	-0.0%
Free cash flow yield	26.1%	43.0%	79.1%	-318.5%	488.5%	280.0%	-11.9%	-4.6%
Earnings yield	11.4%	16.3%	17.5%	13.6%	14.3%	0.8%	26.0%	-2.0%
Enterprise value	€43.7B	€27.3B	€11.3B	€6.8B	-€19.7B	€2.5B	€13.4B	€17.6B
Net debt / EBITDA	8.86×	5.39×	1.99×	1.32×	-25.33×	-4.81×	8.99×	-24,040.15×
Cash conversion cycle (days)	115	145	146	-13,470	-32,983	-96	-104	-63