Davide Campari-Milano N.V. (CPR.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

-53.3%

€3.01

vs €6.43 price

Levered DCF

€9.91

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.5

Grey 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	19.1×	35.41×	35.24×	31.6×	51.44×	54.94×	30.15×	28.35×
P/B	1.72×	1.87×	3.98×	3.99×	6.11×	5.3×	3.9×	3.94×
P/S	2.18×	2.35×	3.99×	3.96×	6.67×	5.98×	5.06×	4.97×
EV / EBITDA	11.91×	19.1×	20.5×	20.17×	30.67×	35.84×	21.2×	19.43×
Gross margin	60.3%	57.6%	58.3%	58.9%	59.7%	57.9%	60.9%	60.1%
Operating margin	18.6%	12.8%	18.5%	19.0%	18.4%	13.1%	21.0%	22.2%
Net margin	11.4%	6.6%	11.3%	12.3%	13.1%	10.6%	16.7%	17.3%
Current ratio	2.22×	2.37×	1.98×	2×	2.02×	2.06×	1.49×	2.36×
Debt / equity	0.66×	0.74×	0.77×	0.67×	0.65×	0.77×	0.55×	0.6×
Interest coverage	5.39×	3.34×	7.63×	13.98×	12.85×	5.78×	8.8×	10.52×
Dividend yield	1.2%	1.1%	0.6%	0.6%	0.4%	0.6%	0.6%	0.7%
Payout ratio	22.5%	38.7%	20.4%	20.3%	21.6%	33.5%	18.6%	19.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.0%	5.2%	11.3%	12.4%	12.0%	9.4%	12.9%	13.7%
Return on invested capital	5.8%	3.9%	6.5%	6.8%	6.5%	5.1%	7.7%	7.7%
Return on assets	4.3%	2.4%	5.0%	5.5%	5.6%	4.1%	6.4%	6.5%
Free cash flow yield	5.8%	2.9%	-1.4%	0.2%	2.3%	1.8%	2.9%	2.9%
Earnings yield	5.2%	2.8%	2.8%	3.1%	2.0%	1.8%	3.3%	3.5%
Enterprise value	€8.5B	€9.4B	€13.3B	€12B	€15.2B	€11.6B	€9.9B	€9.2B
Net debt / EBITDA	2.6×	4.45×	2.52×	2.29×	1.49×	3.08×	1.29×	1.46×
Cash conversion cycle (days)	344	341	266	198	197	164	265	248