Distribuzione Elettrica Adriatica S.p.A. (DEA.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

-1452.2%

-€104.12

vs €7.70 price

Levered DCF

€20.08

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.2

Distress zone

Rating

S-

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022
P/E	10.12×	11.17×	26.91×	26.14×
P/B	0.76×	0.79×	0.72×	0.8×
P/S	1.63×	1.91×	2.72×	2.16×
EV / EBITDA	3.93×	4.8×	9.04×	7.91×
Gross margin	100.6%	59.3%	50.1%	90.0%
Operating margin	28.2%	25.6%	34.8%	12.9%
Net margin	16.1%	17.1%	10.1%	8.3%
Current ratio	0.82×	1.14×	0.83×	1.37×
Debt / equity	0.17×	0.17×	0.16×	0.27×
Interest coverage	9.27×	99.46×	12.89×	9.79×
Dividend yield	3.1%	1.1%	0.0%	0.7%
Payout ratio	31.2%	12.8%	0.0%	17.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	7.5%	7.1%	2.7%	3.1%
Return on invested capital	7.4%	5.3%	5.1%	2.6%
Return on assets	4.6%	4.3%	1.8%	2.1%
Free cash flow yield	4.5%	-4.3%	2.2%	2.5%
Earnings yield	9.9%	8.9%	3.7%	3.8%
Enterprise value	€65.1M	€64.9M	€54.8M	€33.9M
Net debt / EBITDA	0.06×	0.13×	1.16×	1.57×
Cash conversion cycle (days)	11,070	-28	44	-174