BFF Bank S.p.A. (BFF.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

+385.6%

€10.03

vs €2.07 price

Levered DCF

€7.93

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-0.6

Distress zone

Rating

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	25.68×	8×	11.22×	5.88×	6.69×	9.32×	9.71×	8.48×
P/B	1.94×	1.97×	2.54×	1.81×	2.3×	1.82×	2.41×	2.13×
P/S	2.79×	2.22×	2.46×	2.7×	3.85×	3.14×	3.47×	3.12×
EV / EBITDA	13.68×	6.88×	6.34×	2.05×	4.2×	12.75×	25.9×	23.07×
Gross margin	58.6%	50.6%	55.9%	81.7%	88.4%	82.5%	81.6%	82.9%
Operating margin	13.6%	38.8%	30.0%	65.2%	57.6%	46.1%	46.3%	49.7%
Net margin	10.9%	27.7%	21.9%	45.7%	57.9%	33.9%	35.4%	36.9%
Current ratio	0.1×	0.04×	0.08×	0.14×	0.11×	0.08×	0.06×	0.1×
Debt / equity	0.67×	0.86×	0.32×	0.32×	0.66×	2.18×	6.5×	6.18×
Interest coverage	0.33×	0.79×	0.68×	3.56×	4.97×	2.64×	2.51×	2.9×
Dividend yield	0.0%	5.9%	8.3%	14.1%	12.8%	0.0%	10.1%	12.3%
Payout ratio	0.0%	46.9%	92.9%	83.5%	85.4%	0.0%	98.9%	103.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.6%	24.6%	22.6%	30.6%	34.5%	19.7%	24.7%	25.2%
Return on invested capital	3.3%	4.6%	4.1%	3.4%	5.8%	2.7%	2.3%	2.3%
Return on assets	0.6%	1.8%	1.4%	1.7%	1.8%	1.5%	1.7%	1.9%
Free cash flow yield	8.9%	0.6%	-11.3%	9.1%	35.9%	11.6%	7.8%	14.7%
Earnings yield	3.9%	12.5%	8.9%	16.9%	15.0%	10.8%	10.2%	11.8%
Enterprise value	€1.4B	€2.2B	€1.6B	€702.1M	€868.5M	€1.6B	€3.3B	€2.9B
Net debt / EBITDA	-3.43×	1.41×	-1.42×	-1.95×	-2.15×	6.23×	18.72×	16.96×
Cash conversion cycle (days)	39	-11	-1	-32	-142	-18	-4	-11