Caleffi S.p.A. (CLF.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

+751.7%

€6.56

vs €0.77 price

Levered DCF

€3.50

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.91

Grey 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	7.58×	6.49×	8.58×	6.68×	6.52×	2.99×	184.4×	-24.23×
P/B	0.51×	0.43×	0.66×	0.7×	1.12×	0.65×	1.44×	1.69×
P/S	0.23×	0.19×	0.27×	0.26×	0.36×	0.19×	0.37×	0.43×
EV / EBITDA	4.67×	4.56×	5.52×	4.65×	4.3×	3.62×	10.41×	45.25×
Gross margin	9.2%	43.4%	25.6%	22.8%	26.5%	27.5%	23.3%	17.7%
Operating margin	5.1%	4.8%	4.8%	6.3%	8.8%	9.0%	1.8%	-1.9%
Net margin	3.0%	2.9%	3.3%	3.8%	5.7%	6.2%	0.2%	-1.8%
Current ratio	2.33×	2.01×	2.17×	2.12×	2.08×	2.15×	1.61×	1.58×
Debt / equity	0.54×	0.58×	0.66×	0.89×	1.18×	1.56×	1.7×	1.12×
Interest coverage	5.64×	2.81×	3.26×	10.61×	8.2×	18.69×	2.7×	-3.92×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.7%	6.5%	8.0%	10.3%	17.5%	21.4%	0.8%	-7.0%
Return on invested capital	5.3%	5.1%	5.7%	6.1%	8.7%	8.9%	1.0%	-2.5%
Return on assets	3.1%	2.8%	3.5%	3.8%	5.7%	5.6%	0.2%	-2.0%
Free cash flow yield	18.5%	26.9%	6.7%	5.0%	28.4%	31.1%	7.7%	17.8%
Earnings yield	13.2%	15.2%	12.1%	14.8%	15.6%	32.9%	0.5%	-4.1%
Enterprise value	€24.7M	€24.1M	€30.6M	€28M	€34.8M	€27.6M	€37.4M	€33.3M
Net debt / EBITDA	2.04×	2.46×	2.65×	2.12×	1.57×	2.23×	5.25×	15.42×
Cash conversion cycle (days)	181	194	189	173	180	185	186	136