Centrale del Latte d'Italia S.p.A. (CLI.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

+2794.1%

€115.76

vs €4.00 price

Levered DCF

€134.42

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.56

Distress zone

Rating

B-

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	14.61×	8.56×	14.67×	267.27×	21.56×	8.33×	-5.15×	95.79×
P/B	0.91×	0.55×	0.65×	0.65×	0.77×	0.57×	0.59×	0.6×
P/S	0.19×	0.11×	0.13×	0.13×	0.17×	0.19×	0.19×	0.21×
EV / EBITDA	4.08×	3.23×	3.66×	5.14×	0.06×	5.55×	24.16×	14.62×
Gross margin	19.9%	19.5%	18.8%	18.7%	19.9%	27.4%	43.7%	45.9%
Operating margin	1.7%	2.8%	2.6%	0.9%	1.8%	4.1%	-1.8%	0.5%
Net margin	1.3%	1.3%	0.9%	0.0%	0.8%	2.3%	-3.7%	0.2%
Current ratio	0.9×	0.86×	0.86×	0.87×	0.93×	0.96×	0.76×	0.99×
Debt / equity	1.15×	1.21×	1.21×	1.39×	0.17×	1.81×	1.69×	1.36×
Interest coverage	2.34×	1.9×	1.65×	2.06×	2.5×	3.42×	-1.78×	0.58×
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	6.3%	6.4%	4.4%	0.2%	3.6%	6.8%	-11.4%	0.6%
Return on invested capital	2.4%	4.2%	3.9%	0.4%	1.8%	3.0%	-1.9%	-0.5%
Return on assets	1.8%	1.7%	1.2%	0.1%	0.8%	1.8%	-3.1%	0.2%
Free cash flow yield	35.7%	33.0%	81.2%	17.2%	48.0%	44.2%	-6.5%	-29.9%
Earnings yield	6.9%	11.6%	6.9%	0.4%	4.7%	11.8%	-19.2%	1.0%
Enterprise value	€87.7M	€78.8M	€87.6M	€102.9M	€1.4M	€99M	€111.2M	€112M
Net debt / EBITDA	0.96×	1.67×	1.86×	3.08×	-2.11×	3.59×	16.8×	9.63×
Cash conversion cycle (days)	-23	-28	-37	-24	-33	-52	-35	-49