Convergenze S.p.A. Società Benefit (CVG.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

-409.1%

-€5.16

vs €1.67 price

Levered DCF

-€6.66

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.88

Grey zone

Rating

B-

Overall 2 / 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	26.41×	10.12×	20.2×	-23.91×	92.22×	26.3×	34.74×	103.95×
P/B	1.89×	1.96×	1.83×	3.82×	3.74×	3.57×	9.7×	14.55×
P/S	0.51×	0.49×	0.46×	0.7×	1.2×	1.1×	1.07×	1.4×
EV / EBITDA	5.29×	3.87×	5.48×	25.91×	13.46×	9.5×	11.75×	17.12×
Gross margin	40.1%	13.9%	37.1%	-0.2%	22.2%	27.0%	25.3%	27.4%
Operating margin	4.7%	7.9%	4.4%	-2.5%	-0.2%	13.9%	5.9%	4.5%
Net margin	1.9%	4.7%	2.3%	-2.8%	1.3%	4.3%	3.1%	1.3%
Current ratio	1.02×	0.7×	0.83×	0.78×	1.04×	1.09×	0.64×	0.71×
Debt / equity	0.77×	0.81×	1.1×	1.42×	1.01×	0.6×	0.68×	1.14×
Interest coverage	2.38×	3.34×	1.89×	-1.98×	-0.15×	10.47×	4.61×	3.37×
Dividend yield	1.1%	1.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	29.9%	12.0%	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	7.2%	19.0%	9.1%	-15.5%	4.1%	13.8%	27.9%	14.0%
Return on invested capital	3.9%	11.0%	5.4%	-5.4%	-0.3%	18.0%	18.4%	8.2%
Return on assets	2.3%	6.0%	2.6%	-4.3%	1.3%	5.2%	6.3%	2.6%
Free cash flow yield	1.2%	7.3%	6.4%	-20.4%	-13.5%	-10.5%	3.5%	-1.2%
Earnings yield	3.8%	9.7%	4.9%	-4.1%	1.1%	3.9%	2.9%	1.0%
Enterprise value	€17.7M	€17.6M	€15.9M	€25.9M	€24.3M	€20.4M	€18.5M	€20.6M
Net debt / EBITDA	1.42×	1.04×	1.92×	6.16×	1.28×	1.14×	0.34×	1.02×
Cash conversion cycle (days)	-12	10	-1	22	-33	-50	-40	-44