B&C Speakers S.p.A. (BEC.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

+123.7%

€24.49

vs €10.95 price

Levered DCF

€35.79

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

4.81

Safe zone

Rating

A+

Overall 4 / 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	16.34×	10.43×	14.45×	11.15×	30×	57.5×	18.01×	12.47×
P/B	3.04×	3.36×	4.38×	3.73×	5.26×	4.2×	6.06×	5.12×
P/S	1.67×	1.85×	2.15×	1.66×	3.3×	3.45×	2.76×	2.13×
EV / EBITDA	9.19×	8.56×	9.48×	7.57×	18.38×	25.23×	12.78×	11.71×
Gross margin	33.5%	36.9%	36.9%	36.6%	37.3%	37.9%	38.6%	37.7%
Operating margin	16.1%	19.0%	22.8%	21.6%	12.7%	14.5%	18.3%	17.4%
Net margin	10.2%	17.7%	14.9%	14.9%	11.0%	6.0%	15.3%	17.1%
Current ratio	3.31×	3.25×	2.67×	2.24×	2.38×	3.37×	2.61×	2.63×
Debt / equity	0.4×	0.32×	0.48×	0.65×	0.8×	0.8×	0.71×	0.63×
Interest coverage	5.27×	26.98×	30.03×	63.23×	25.18×	21.41×	49.46×	112.7×
Dividend yield	6.6%	4.1%	3.2%	2.5%	1.9%	1.9%	3.5%	4.0%
Payout ratio	107.3%	43.2%	46.5%	28.4%	57.1%	111.1%	63.8%	49.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.6%	32.2%	30.3%	33.4%	17.5%	7.3%	33.6%	41.1%
Return on invested capital	14.4%	24.1%	22.2%	21.2%	8.2%	8.1%	18.6%	25.0%
Return on assets	11.1%	20.4%	16.2%	15.3%	7.8%	3.6%	16.5%	20.5%
Free cash flow yield	6.6%	5.6%	8.4%	0.7%	0.9%	6.1%	6.7%	6.0%
Earnings yield	6.1%	9.6%	6.9%	8.9%	3.3%	1.7%	5.6%	8.0%
Enterprise value	€173.3M	€193.6M	€209.9M	€154.8M	€164M	€117.7M	€168M	€127.4M
Net debt / EBITDA	0.41×	0.36×	0.34×	0.88×	1.65×	1.6×	0.98×	1.02×
Cash conversion cycle (days)	184	193	174	186	209	247	173	174