Banca Monte dei Paschi di Siena S.p.A. (BMPS.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

+43.0%

€15.48

vs €10.83 price

Levered DCF

€20.77

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.24

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	5.93×	4.39×	1.87×	-9.62×	13.64×	-3.24×	-7.3×	29.09×
P/B	1.22×	0.74×	0.38×	0.25×	0.68×	0.95×	0.89×	0.9×
P/S	3.41×	1.31×	0.64×	0.5×	1.09×	1.41×	1.78×	1.9×
EV / EBITDA	5.5×	4.04×	0.62×	3.51×	-12.08×	8.5×	54.32×	89.68×
Gross margin	91.6%	64.1%	65.5%	84.3%	82.4%	81.9%	85.2%	85.7%
Operating margin	43.8%	22.3%	28.3%	-15.5%	6.7%	-34.7%	1.3%	-1.8%
Net margin	64.1%	29.7%	34.2%	-4.6%	8.0%	-43.4%	-24.9%	6.5%
Current ratio	0.21×	0.2×	0.22×	0.19×	0.3×	0.38×	0.16×	0.13×
Debt / equity	0.87×	1.08×	1.3×	1.31×	2.06×	2.87×	2.63×	1.99×
Interest coverage	0×	0.62×	0.82×	-0.98×	0.38×	-1.91×	0.09×	-0.13×
Dividend yield	6.7%	3.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	35.7%	16.1%	0.0%	-0.0%	0.0%	-0.0%	-0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.0%	16.7%	20.6%	-2.3%	5.0%	-29.2%	-12.5%	3.1%
Return on invested capital	5.3%	3.2%	3.5%	-0.4%	0.4%	-2.0%	-1.6%	0.5%
Return on assets	2.3%	1.6%	1.7%	-0.1%	0.2%	-1.1%	-0.8%	0.2%
Free cash flow yield	10.0%	-10.0%	43.3%	429.0%	-15.7%	-3.8%	-2.6%	-40.8%
Earnings yield	18.8%	22.7%	53.4%	-9.2%	7.3%	-30.8%	-13.9%	3.4%
Enterprise value	€12.6B	€6.7B	€1.2B	-€1.4B	-€6.1B	-€9.4B	€18.2B	€17.6B
Net debt / EBITDA	-1.55×	-1.13×	-1.37×	8.52×	-20.46×	13.45×	32.19×	48.4×
Cash conversion cycle (days)	291	-29	-34	-114	-148	-154	-188	-184