Banca Mediolanum S.p.A. (BMED.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

+182.4%

€62.75

vs €22.22 price

Levered DCF

€72.56

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.15

Distress 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	11.59×	7.56×	7.73×	11.3×	8.95×	12.03×	11.51×	14.43×
P/B	3.2×	2.1×	1.84×	1.96×	2.22×	1.9×	2.77×	1.8×
P/S	2.82×	2.82×	2.62×	3.86×	0.99×	1.64×	1.11×	1.7×
EV / EBITDA	11.87×	5.23×	13.86×	18.43×	1.21×	7.77×	7.75×	7.2×
Gross margin	92.3%	80.4%	79.1%	94.7%	99.2%	97.7%	98.9%	96.3%
Operating margin	28.0%	48.2%	44.0%	43.2%	13.8%	16.7%	12.7%	19.4%
Net margin	24.3%	37.2%	33.9%	34.0%	11.1%	13.7%	9.7%	11.8%
Current ratio	0.19×	0.04×	0×	18.51×	34.66×	0.03×	7.62×	0.04×
Debt / equity	0.67×	0.1×	2.5×	3.31×	0.02×	0.03×	0.06×	0.05×
Interest coverage	3.88×	2.46×	2.11×	8.2×	16.56×	7.25×	11.73×	5.21×
Dividend yield	6.3%	6.9%	6.3%	7.6%	11.6%	0.0%	4.6%	7.9%
Payout ratio	73.4%	52.2%	48.8%	86.4%	104.3%	0.0%	53.2%	114.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	27.5%	27.8%	23.8%	17.3%	24.7%	15.9%	24.1%	12.4%
Return on invested capital	1.4%	2.9%	1.7%	3.1%	4.0%	1.6%	2.9%	0.9%
Return on assets	1.4%	1.3%	1.1%	0.7%	1.0%	0.7%	1.1%	0.5%
Free cash flow yield	35.4%	13.4%	-28.5%	38.9%	13.3%	-1.0%	5.1%	8.4%
Earnings yield	8.6%	13.2%	12.9%	8.8%	11.2%	8.3%	8.7%	6.9%
Enterprise value	€17.2B	€7.6B	€14.8B	€13.1B	€1.1B	€4.5B	€6.1B	€3.3B
Net debt / EBITDA	1.97×	-0.61×	7.91×	10.34×	-5.59×	-1.26×	-0.53×	-0.87×
Cash conversion cycle (days)	-65	-66	-889	-23,344	9,362	-640	-8,275	-396