Carel Industries S.p.A. (CRL.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%

€14.58

vs €26.60 price

Levered DCF

€20.15

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.58

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	37.77×	33.11×	35.43×	37.41×	53.81×	54.79×	39.59×	28.65×
P/B	5.83×	4.77×	6.66×	11.4×	17.15×	12.02×	9.7×	7.53×
P/S	4.42×	3.58×	3.85×	4.26×	6.24×	5.78×	4.19×	3.13×
EV / EBITDA	23.3×	20.28×	18.56×	22.5×	32.37×	30.72×	22.93×	19.99×
Gross margin	24.1%	45.6%	26.2%	42.0%	43.7%	46.4%	44.7%	42.4%
Operating margin	12.3%	11.5%	16.1%	15.9%	15.1%	14.1%	14.0%	13.4%
Net margin	11.7%	10.8%	10.9%	11.3%	11.5%	10.6%	10.6%	10.8%
Current ratio	1.7×	1.88×	1.69×	1.63×	1.62×	1.92×	1.77×	1.66×
Debt / equity	0.26×	0.35×	0.49×	0.95×	1.02×	1.02×	0.87×	0.97×
Interest coverage	9.6×	6.1×	9.68×	29.22×	29.72×	26.24×	25.17×	47.99×
Dividend yield	0.7%	1.0%	0.7%	0.6%	0.5%	0.6%	0.7%	3.4%
Payout ratio	25.2%	34.1%	25.4%	24.1%	24.4%	34.1%	28.5%	97.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.4%	14.4%	18.8%	30.2%	31.7%	22.0%	24.5%	26.0%
Return on invested capital	8.6%	7.3%	11.5%	13.2%	12.7%	10.8%	12.5%	12.3%
Return on assets	8.5%	7.4%	7.7%	9.7%	9.7%	8.5%	10.0%	9.7%
Free cash flow yield	3.9%	3.1%	3.0%	1.8%	1.3%	2.3%	1.9%	1.0%
Earnings yield	2.6%	3.0%	2.8%	2.7%	1.8%	1.8%	2.5%	3.5%
Enterprise value	€2.8B	€2.1B	€2.5B	€2.4B	€2.7B	€2B	€1.4B	€947M
Net debt / EBITDA	0.03×	0.5×	0.23×	0.91×	0.68×	0.88×	0.98×	1.25×
Cash conversion cycle (days)	73	98	104	103	91	81	87	108