Brembo S.p.A. (BRE.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

-43.4%

€5.95

vs €10.51 price

Levered DCF

€10.49

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.95

Grey 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	14.26×	11.09×	11.81×	11.61×	18.7×	25.69×	15.58×	12.27×
P/B	1.3×	1.26×	1.74×	1.77×	2.3×	2.41×	2.65×	2.43×
P/S	0.81×	0.75×	0.93×	0.93×	1.46×	1.58×	1.38×	1.1×
EV / EBITDA	6.17×	4.81×	6.24×	6.38×	8.95×	10.45×	7.78×	6.36×
Gross margin	28.2%	55.2%	46.0%	45.4%	53.8%	54.7%	54.3%	53.1%
Operating margin	8.8%	10.2%	10.7%	10.5%	10.3%	8.2%	12.3%	13.1%
Net margin	5.7%	6.8%	7.9%	8.0%	7.7%	6.2%	8.9%	9.0%
Current ratio	1.29×	1.55×	1.38×	1.46×	1.56×	1.67×	1.26×	1.14×
Debt / equity	0.6×	0.54×	0.48×	0.5×	0.55×	0.64×	0.48×	0.4×
Interest coverage	6.46×	7.72×	9.5×	20.61×	21.74×	9.43×	18.25×	21.25×
Dividend yield	3.2%	3.3%	2.5%	2.6%	1.8%	0.0%	2.0%	2.5%
Payout ratio	45.7%	36.4%	29.8%	29.8%	33.0%	0.0%	30.9%	30.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	11.4%	14.8%	15.3%	12.2%	9.4%	17.0%	19.9%
Return on invested capital	6.2%	7.8%	10.2%	9.9%	7.5%	6.3%	11.7%	14.4%
Return on assets	4.4%	5.7%	7.3%	7.6%	5.9%	4.3%	8.4%	9.4%
Free cash flow yield	5.7%	0.5%	6.9%	1.7%	4.2%	4.1%	1.5%	5.5%
Earnings yield	7.0%	9.0%	8.5%	8.7%	5.3%	3.9%	6.4%	8.2%
Enterprise value	€3.7B	€3.3B	€4.1B	€3.9B	€4.5B	€3.9B	€3.9B	€3.1B
Net debt / EBITDA	1.21×	0.55×	0.74×	0.87×	0.83×	1.03×	0.69×	0.28×
Cash conversion cycle (days)	63	50	36	59	49	20	17	-7