Banco di Desio e della Brianza S.p.A. (BDB.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

+14.8%

€17.57

vs €15.30 price

Levered DCF

€6.73

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.6

Distress zone

Rating

C+

Overall 2 / 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	9.74×	7.21×	2.03×	5×	7.37×	15.18×	8.47×	6.33×
P/B	0.83×	0.62×	0.36×	0.37×	0.37×	0.35×	0.36×	0.25×
P/S	2.05×	0.99×	0.67×	0.76×	0.79×	0.74×	0.72×	0.48×
EV / EBITDA	20.95×	15.32×	6.85×	40.06×	0.66×	21.1×	22.27×	27.89×
Gross margin	93.1%	70.8%	67.8%	90.3%	92.1%	92.0%	90.6%	88.9%
Operating margin	31.9%	20.5%	27.8%	20.4%	11.7%	6.7%	12.0%	9.3%
Net margin	21.0%	13.8%	32.7%	15.1%	10.6%	5.0%	8.3%	7.6%
Current ratio	0.06×	0.11×	0.16×	0.08×	118.61×	0.1×	0.05×	0.02×
Debt / equity	2.72×	2.42×	2.09×	5.04×	1.55×	1.74×	1.92×	1.65×
Interest coverage	0.92×	0.7×	0.86×	2.11×	1.48×	0.84×	1.27×	0.83×
Dividend yield	4.8%	3.9%	5.4%	4.5%	2.1%	0.0%	3.4%	6.2%
Payout ratio	47.3%	28.2%	11.0%	22.5%	15.2%	0.0%	29.7%	39.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.5%	8.7%	17.8%	7.3%	5.0%	2.4%	4.2%	4.0%
Return on invested capital	1.5%	1.6%	1.9%	-1.0%	0.8%	0.4%	0.8%	0.8%
Return on assets	0.7%	0.7%	1.3%	0.5%	0.3%	0.2%	0.3%	0.3%
Free cash flow yield	-20.6%	-63.7%	144.3%	198.8%	-7.6%	3.6%	0.1%	9.2%
Earnings yield	10.2%	13.9%	49.1%	19.9%	13.5%	6.8%	11.6%	15.8%
Enterprise value	€4.6B	€3.2B	€1.6B	€5.2B	€52.4M	€1.1B	€1.8B	€1.5B
Net debt / EBITDA	15.3×	11.04×	4.7×	36.9×	-4.42×	14.3×	17.9×	23.78×
Cash conversion cycle (days)	-56	-35	-35	-7,166	-1,751	-201	-192	-121