CIR S.p.A. - Compagnie Industriali Riunite (CIR.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

+1798.8%

€14.24

vs €0.75 price

Levered DCF

€15.88

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.27

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	21.63×	4.99×	11.54×	1,086.25×	13.17×	44×	13.56×	18.04×
P/B	0.77×	0.8×	0.61×	0.64×	0.75×	0.67×	0.88×	0.61×
P/S	0.34×	0.35×	0.26×	0.21×	0.28×	0.28×	0.18×	0.11×
EV / EBITDA	5.37×	5.27×	6.7×	5.9×	5.5×	7.32×	5.94×	3.4×
Gross margin	8.8%	65.2%	11.0%	42.7%	45.7%	45.9%	42.4%	40.2%
Operating margin	5.8%	5.5%	3.7%	3.8%	4.1%	0.4%	4.0%	3.6%
Net margin	1.6%	7.3%	1.8%	-0.0%	0.9%	0.9%	1.3%	0.6%
Current ratio	1.47×	1.4×	1.26×	1.34×	1.39×	1.37×	1.37×	1.14×
Debt / equity	1.32×	1.43×	1.91×	2.02×	2.12×	2.17×	4.05×	1.6×
Interest coverage	1.89×	1.54×	0.96×	1.52×	1.6×	0.14×	1.78×	2.38×
Dividend yield	3.1%	10.6%	1.5%	0.6%	0.7%	0.0%	2.6%	10.5%
Payout ratio	67.6%	50.7%	20.8%	-1033.9%	22.3%	0.0%	35.9%	189.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.6%	16.7%	4.4%	-0.0%	2.4%	2.1%	6.5%	3.4%
Return on invested capital	3.0%	3.0%	-0.1%	1.8%	2.3%	0.3%	1.5%	1.3%
Return on assets	1.1%	4.8%	1.0%	-0.0%	0.5%	0.5%	0.7%	0.5%
Free cash flow yield	18.1%	12.1%	24.3%	14.9%	17.0%	8.1%	14.7%	22.7%
Earnings yield	4.6%	20.8%	7.2%	-0.1%	3.2%	3.2%	7.4%	5.5%
Enterprise value	€1.5B	€1.6B	€1.7B	€1.8B	€1.8B	€1.8B	€1.8B	€892.6M
Net debt / EBITDA	3.12×	3.22×	4.94×	4.31×	3.81×	5.18×	4.71×	2.19×
Cash conversion cycle (days)	7	-43	36	3	-16	-32	-36	-11