Credito Emiliano S.p.A. (CE.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

+227.1%

€63.94

vs €19.55 price

Levered DCF

€98.05

After debt service

Piotroski score

4 / 9

Average

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	8.35×	5.98×	4.96×	6.91×	5.54×	7.23×	8.51×	9.02×
P/B	1.12×	0.86×	0.72×	0.67×	0.56×	0.47×	0.6×	0.65×
P/S	1.77×	1.21×	1×	1.28×	1.24×	1.06×	1.2×	1.21×
EV / EBITDA	11.79×	4.09×	1.41×	24.94×	-5.22×	-10.5×	8.91×	12.32×
Gross margin	79.1%	71.9%	74.1%	91.6%	94.0%	95.2%	92.6%	92.8%
Operating margin	29.4%	29.8%	29.6%	27.0%	29.6%	18.3%	20.7%	19.6%
Net margin	21.0%	20.3%	20.2%	18.5%	22.4%	14.6%	14.0%	13.6%
Current ratio	42.78×	0.15×	-0.37×	0.11×	0.26×	0.27×	0.09×	0.05×
Debt / equity	1.64×	1.2×	1.37×	4.58×	0.92×	0.92×	1.25×	1.25×
Interest coverage	1.54×	1.06×	1.14×	3.23×	4.94×	3.81×	2.78×	2.71×
Dividend yield	4.9%	6.0%	4.0%	4.5%	3.4%	0.0%	3.9%	4.0%
Payout ratio	41.2%	35.7%	20.0%	31.4%	18.8%	0.0%	32.9%	35.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.3%	14.4%	14.5%	9.7%	10.2%	6.4%	7.0%	7.3%
Return on invested capital	0.9%	2.1%	5.4%	-2.9%	-3.6%	0.8%	0.9%	0.9%
Return on assets	0.9%	0.9%	0.8%	0.5%	0.5%	0.4%	0.4%	0.4%
Free cash flow yield	4.8%	-51.5%	112.6%	143.3%	-0.3%	-1.9%	4.1%	4.3%
Earnings yield	11.9%	16.7%	20.2%	14.4%	18.1%	13.8%	11.7%	11.2%
Enterprise value	€11.5B	€4.2B	€1.3B	€14.3B	-€2.9B	-€3.6B	€3.4B	€4B
Net debt / EBITDA	6.42×	0.45×	-1.59×	21×	-8.71×	-14.81×	4.41×	7.22×
Cash conversion cycle (days)	-111	49	2,753	-11,120	-6,484	-856	-479	-434