BPER Banca S.p.A. (BPE.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

+754.2%

€110.77

vs €12.97 price

Levered DCF

€71.84

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.25

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	12.47×	6.19×	2.93×	1.86×	4.92×	4.26×	5.83×	3.94×
P/B	1.38×	0.76×	0.47×	0.34×	0.38×	0.16×	0.43×	0.36×
P/S	2.52×	1.14×	0.6×	0.57×	0.65×	0.35×	0.81×	0.63×
EV / EBITDA	12.06×	8.08×	9.6×	-1.64×	-11.44×	-3.01×	14.79×	17.28×
Gross margin	82.3%	78.5%	79.5%	90.9%	93.5%	93.4%	90.7%	90.0%
Operating margin	30.1%	26.9%	23.4%	29.2%	17.5%	6.7%	15.2%	13.7%
Net margin	20.1%	18.4%	20.6%	30.5%	13.3%	8.1%	13.8%	15.9%
Current ratio	0.09×	0.09×	0.1×	0.13×	0.23×	0.2×	0.07×	0.07×
Debt / equity	1.59×	1.75×	2.69×	1.26×	1.09×	1.16×	1.65×	1.81×
Interest coverage	1.99×	1.25×	1.14×	3.2×	2.69×	1.02×	1.63×	1.36×
Dividend yield	4.7%	5.2%	4.1%	3.4%	2.4%	0.3%	3.4%	3.5%
Payout ratio	59.2%	31.9%	11.9%	6.3%	11.6%	1.4%	19.6%	13.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.0%	12.4%	16.2%	18.2%	7.8%	3.8%	7.4%	9.2%
Return on invested capital	3.0%	3.3%	-2.9%	-2.5%	-1.4%	0.5%	1.3%	1.1%
Return on assets	0.9%	1.0%	1.1%	1.0%	0.4%	0.3%	0.5%	0.6%
Free cash flow yield	39.2%	-30.3%	-80.5%	459.6%	39.6%	-86.1%	9.7%	4.5%
Earnings yield	8.0%	16.2%	34.2%	53.5%	20.4%	23.4%	17.1%	25.4%
Enterprise value	€37.4B	€19.5B	€19.5B	-€2.7B	-€11.9B	-€1.1B	€8.9B	€8B
Net debt / EBITDA	4.72×	4.5×	7.41×	-3.29×	-13.92×	-5.67×	11.11×	13.87×
Cash conversion cycle (days)	-460	-343	-3,280	-18,253	-34,398	-1,591	-1,193	-1,067