Brunello Cucinelli S.p.A. (BC.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

+4.6%

€92.31

vs €88.22 price

Levered DCF

€50.97

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.58

Safe 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	49.46×	59.89×	52.43×	58.07×	77.82×	-75.96×	40.99×	40.4×
P/B	12.25×	14.63×	13.64×	12.28×	13.06×	9.37×	7.21×	7.24×
P/S	4.75×	5.61×	5.29×	5.11×	5.8×	4.46×	3.53×	3.72×
EV / EBITDA	18.45×	21.62×	19.93×	19.51×	24.46×	34.77×	15.75×	21.87×
Gross margin	18.2%	48.4%	52.9%	49.4%	46.5%	46.0%	47.8%	36.2%
Operating margin	16.2%	16.6%	16.4%	14.6%	10.8%	2.7%	13.7%	12.5%
Net margin	9.6%	9.3%	10.1%	8.8%	7.5%	-5.9%	8.6%	9.1%
Current ratio	1.42×	1.4×	1.24×	1.24×	1.41×	1.25×	1.34×	1.85×
Debt / equity	2.17×	1.96×	1.52×	1.8×	2.11×	2.62×	1.88×	0.27×
Interest coverage	2.69×	7.31×	6.01×	5.19×	6.57×	1.15×	4.67×	11.11×
Dividend yield	1.0%	0.9%	0.9%	0.7%	0.0%	0.0%	1.0%	0.9%
Payout ratio	50.9%	55.3%	46.3%	40.1%	0.0%	-3.4%	38.8%	36.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.7%	24.4%	25.9%	21.1%	16.9%	-12.4%	17.7%	17.8%
Return on invested capital	9.2%	10.2%	11.7%	8.6%	6.7%	1.5%	7.4%	14.1%
Return on assets	6.7%	6.8%	8.3%	6.1%	4.6%	-3.0%	5.3%	10.2%
Free cash flow yield	1.7%	1.2%	2.2%	3.3%	3.7%	-0.4%	3.0%	1.3%
Earnings yield	2.0%	1.7%	1.9%	1.7%	1.3%	-1.3%	2.4%	2.5%
Enterprise value	€7.7B	€7.9B	€6.6B	€5.3B	€4.7B	€3B	€2.6B	€2.1B
Net debt / EBITDA	2.37×	2.11×	1.7×	2.11×	2.97×	6.93×	2.93×	0.21×
Cash conversion cycle (days)	101	142	117	125	174	208	176	136