Cellularline S.p.A. (CELL.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

+1565.1%

€45.12

vs €2.71 price

Levered DCF

€9.01

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.87

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	-1.46×	8.62×	13.18×	-0.78×	-21.28×	6.86×	7.44×	3.76×
P/B	0.55×	0.35×	0.35×	0.45×	0.4×	0.45×	0.67×	0.63×
P/S	0.34×	0.3×	0.3×	0.42×	0.75×	0.91×	0.96×	1.3×
EV / EBITDA	3.77×	3.49×	3.9×	-1.66×	18.52×	13.6×	4.95×	4.43×
Gross margin	4.8%	40.1%	38.6%	35.5%	43.6%	43.0%	46.0%	50.6%
Operating margin	-25.4%	4.9%	3.1%	-55.4%	0.1%	-3.3%	14.5%	21.5%
Net margin	-23.2%	3.4%	2.3%	-54.6%	-3.5%	13.3%	13.0%	34.5%
Current ratio	2.2×	2.22×	1.68×	1.98×	2.56×	2.54×	3.12×	3.03×
Debt / equity	0.32×	0.31×	0.37×	0.39×	0.22×	0.28×	0.26×	0.33×
Interest coverage	-12×	3.72×	1.24×	-33.36×	0.08×	-1.39×	11.45×	20.01×
Dividend yield	3.7%	3.7%	0.0%	1.7%	0.0%	7.0%	4.5%	0.0%
Payout ratio	-5.3%	32.3%	0.0%	-1.3%	0.0%	47.6%	33.4%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-37.6%	4.1%	2.7%	-57.6%	-1.9%	6.7%	9.0%	16.7%
Return on invested capital	-27.9%	4.0%	2.2%	-41.1%	0.0%	7.3%	6.6%	7.2%
Return on assets	-20.9%	2.5%	1.5%	-34.9%	-1.4%	4.7%	5.9%	10.4%
Free cash flow yield	25.9%	33.3%	17.2%	0.5%	17.0%	1.2%	8.9%	8.8%
Earnings yield	-68.5%	11.6%	7.6%	-128.5%	-4.6%	14.7%	13.5%	26.6%
Enterprise value	€60.9M	€71M	€83.1M	€98.9M	€120.2M	€143.9M	€155.7M	€143.5M
Net debt / EBITDA	0.49×	1.1×	1.67×	-0.68×	5.77×	4.64×	0.66×	0.67×
Cash conversion cycle (days)	139	161	179	213	232	293	171	229