Cembre S.p.A. (CMB.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

-45.2%

€42.20

vs €77.00 price

Levered DCF

€45.34

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

10.15

Safe zone

Rating

A-

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	24.62×	16.46×	15.31×	16.07×	22.65×	16.68×	18.46×	15×
P/B	4.97×	3.19×	3.04×	2.73×	3.25×	1.93×	2.5×	2.23×
P/S	4.75×	3.04×	2.81×	2.58×	3.43×	2.29×	2.73×	2.36×
EV / EBITDA	15.7×	10.46×	9.15×	9.43×	12.04×	8.49×	10.64×	9.34×
Gross margin	34.9%	56.0%	55.9%	52.9%	54.7%	57.6%	54.1%	53.9%
Operating margin	23.4%	22.9%	24.2%	21.4%	20.4%	18.3%	18.5%	19.7%
Net margin	19.1%	18.5%	18.3%	16.0%	15.1%	13.8%	14.8%	15.7%
Current ratio	2.92×	3.58×	4.24×	3.11×	2.6×	2.5×	3.06×	2.91×
Debt / equity	0.09×	0.05×	0.03×	0.08×	0.15×	0.18×	0.1×	0.06×
Interest coverage	95.61×	69.75×	118.08×	152.04×	127.09×	88.42×	81.14×	137×
Dividend yield	2.7%	4.3%	3.8%	3.9%	2.6%	4.8%	3.8%	3.9%
Payout ratio	67.8%	71.0%	57.5%	63.0%	59.5%	79.3%	69.4%	58.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.0%	19.4%	19.8%	17.0%	14.4%	11.6%	13.5%	14.9%
Return on invested capital	17.4%	18.0%	18.7%	15.2%	12.1%	9.7%	12.0%	13.4%
Return on assets	15.5%	15.7%	16.4%	13.2%	10.6%	8.6%	10.7%	11.7%
Free cash flow yield	2.9%	2.4%	4.8%	2.9%	4.6%	6.8%	5.6%	-0.9%
Earnings yield	4.0%	6.1%	6.5%	6.2%	4.4%	6.0%	5.4%	6.7%
Enterprise value	€1.2B	€698M	€610.8M	€514.4M	€552.6M	€307.2M	€395.7M	€333.6M
Net debt / EBITDA	0.01×	-0.03×	-0.21×	0.01×	-0.45×	-0.23×	-0.15×	-0.21×
Cash conversion cycle (days)	210	264	269	259	253	321	266	261