Comer Industries S.p.A. (COM.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

+15.3%

€51.90

vs €45.00 price

Levered DCF

€83.44

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.61

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	21.21×	13.25×	9.05×	9.11×	22.34×	11.03×	13.27×	2.23×
P/B	2.31×	1.64×	1.68×	1.86×	2.54×	1.68×	1.91×	0.39×
P/S	1.45×	0.94×	0.7×	0.67×	1.46×	0.61×	0.61×	0.09×
EV / EBITDA	9.7×	5.85×	4.61×	5.29×	13.75×	5.38×	6.09×	1.92×
Gross margin	17.4%	44.4%	45.5%	43.2%	36.9%	37.5%	14.6%	15.7%
Operating margin	10.1%	10.5%	11.8%	10.3%	9.5%	7.6%	6.3%	6.4%
Net margin	6.9%	7.1%	7.7%	7.3%	6.6%	5.5%	4.6%	4.1%
Current ratio	1.59×	1.68×	1.49×	1.83×	1.55×	1.68×	1.7×	1.54×
Debt / equity	0.38×	0.29×	0.32×	0.68×	0.76×	0.25×	0.34×	0.6×
Interest coverage	21.62×	7.66×	9.2×	14.88×	38.45×	34.3×	12.06×	17.98×
Dividend yield	1.8%	4.0%	2.5%	1.7%	1.2%	3.0%	5.0%	10.0%
Payout ratio	37.4%	53.3%	22.9%	15.8%	25.9%	32.8%	66.0%	22.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	12.4%	18.5%	20.4%	11.4%	15.2%	14.3%	17.7%
Return on invested capital	7.0%	8.0%	11.9%	9.7%	4.8%	11.6%	9.7%	10.7%
Return on assets	5.0%	6.0%	7.9%	7.3%	3.4%	7.1%	6.4%	6.0%
Free cash flow yield	5.5%	5.5%	19.4%	7.3%	5.3%	15.2%	6.2%	18.5%
Earnings yield	4.7%	7.5%	11.0%	11.0%	4.5%	9.0%	7.5%	44.8%
Enterprise value	€1.4B	€959.7M	€946.3M	€974.6M	€1.1B	€238.2M	€274.6M	€71.1M
Net debt / EBITDA	0.72×	0.42×	0.46×	0.81×	2.31×	-0.06×	0.62×	0.97×
Cash conversion cycle (days)	92	83	85	85	126	77	78	83