Directa S.I.M.p.A. (D.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

+338.3%

€33.83

vs €7.72 price

Levered DCF

€43.01

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.99

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	7.76×	6.72×	7.89×	10.74×	16.34×	21.06×	-1,296.15×	0×
P/B	1.85×	1.65×	1.73×	2.01×	3.23×	2.96×	3.76×	0×
P/S	1.94×	1.66×	1.59×	1.89×	2.64×	3.06×	5.58×	0×
EV / EBITDA	9×	6.51×	5.58×	11.37×	11.31×	13.93×	19.84×	6.91×
Gross margin	74.7%	76.2%	21.1%	12.2%	15.5%	9.2%	-25.8%	100.0%
Operating margin	36.7%	36.7%	29.9%	23.8%	26.5%	-3.0%	50.1%	-5.1%
Net margin	25.1%	24.7%	20.1%	17.6%	16.1%	14.9%	-0.4%	-4.5%
Current ratio	0.22×	1.68×	1.68×	1.51×	1.41×	1.66×	28.23×	0×
Debt / equity	1.77×	1.5×	1.45×	1.91×	1.77×	1.96×	3.26×	5.61×
Interest coverage	69.32×	7.08×	2.28×	3.05×	2.78×	-0.19×	1.72×	0×
Dividend yield	5.8%	4.2%	4.6%	4.1%	0.0%	0.0%	0.0%	0.0%
Payout ratio	44.6%	28.3%	36.6%	44.2%	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	24.0%	24.6%	21.8%	18.7%	19.7%	14.4%	-0.3%	-4.9%
Return on invested capital	9.7%	11.2%	11.7%	8.0%	8.0%	-0.7%	-2.6%	-0.8%
Return on assets	8.3%	9.2%	8.4%	6.1%	5.6%	4.5%	-0.1%	-0.7%
Free cash flow yield	18.3%	20.7%	39.5%	6.9%	4.5%	6.7%	15.4%	0.0%
Earnings yield	12.9%	14.9%	12.6%	9.3%	6.1%	4.9%	-0.1%	0.0%
Enterprise value	€175.7M	€125.2M	€107M	€107.7M	€119.1M	€84M	€103.8M	€81.5M
Net debt / EBITDA	4.01×	2.58×	2.19×	5.01×	3.14×	5.55×	9.22×	6.91×
Cash conversion cycle (days)	210	-495	-195	-205	-64	602	2,106	0