Cairo Communication S.p.A. (CAI.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

+273.9%

€7.68

vs €2.06 price

Levered DCF

€7.20

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.17

Distress zone

Rating

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	9.4×	7.18×	6.24×	6.21×	5.37×	10.5×	8.77×	7.98×
P/B	0.66×	0.57×	0.44×	0.38×	0.53×	0.36×	0.81×	1.1×
P/S	0.38×	0.3×	0.22×	0.19×	0.26×	0.17×	0.32×	0.39×
EV / EBITDA	2.73×	2.59×	2.5×	2.72×	2.37×	4.2×	4.23×	3.89×
Gross margin	3.5%	91.4%	29.7%	26.0%	30.2%	26.9%	34.2%	38.3%
Operating margin	9.8%	9.4%	7.9%	6.5%	9.6%	3.1%	7.1%	9.0%
Net margin	4.0%	4.1%	3.5%	3.0%	4.8%	1.7%	3.6%	4.9%
Current ratio	0.99×	0.96×	0.88×	0.83×	0.91×	0.77×	0.76×	0.79×
Debt / equity	0.35×	0.37×	0.38×	0.44×	0.51×	0.72×	0.89×	0.56×
Interest coverage	6.71×	7.54×	5.43×	5.87×	8.82×	4.69×	4.63×	6.13×
Dividend yield	3.8%	11.0%	12.8%	18.1%	2.0%	0.0%	8.5%	2.8%
Payout ratio	36.5%	79.6%	81.3%	113.1%	10.6%	0.0%	74.1%	22.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.0%	7.9%	7.0%	6.1%	9.9%	3.5%	9.3%	13.8%
Return on invested capital	5.3%	5.6%	5.3%	4.8%	6.3%	2.2%	4.9%	8.0%
Return on assets	2.3%	2.5%	2.2%	1.8%	2.8%	0.9%	2.3%	3.7%
Free cash flow yield	18.5%	25.6%	28.0%	5.6%	46.9%	46.6%	30.3%	18.2%
Earnings yield	10.5%	13.8%	15.8%	16.0%	18.6%	9.7%	11.5%	12.5%
Enterprise value	€503.3M	€456.8M	€394.6M	€378.9M	€422M	€419.2M	€717.5M	€671.8M
Net debt / EBITDA	0.67×	0.73×	0.96×	1.28×	0.83×	2.5×	2.07×	1.1×
Cash conversion cycle (days)	28	-912	-35	-14	-25	-10	-11	-20