Dexelance S.p.A. (DEX.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

+4897.5%

€102.45

vs €2.05 price

Levered DCF

€112.89

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.49

Distress zone

Rating

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
P/E	-6.39×	13.18×	9.03×	-50.91×	26.67×	33.94×	41.48×
P/B	0.76×	1.38×	1.64×	5.13×	4.71×	5.72×	6.88×
P/S	0.35×	0.73×	0.87×	1.51×	2.08×	2.74×	2.26×
EV / EBITDA	8.89×	5.3×	6.13×	30.48×	12.87×	24.05×	16.22×
Gross margin	24.7%	61.0%	33.6%	37.5%	32.9%	35.4%	30.7%
Operating margin	-7.0%	8.5%	12.1%	11.2%	10.1%	6.3%	10.7%
Net margin	-5.5%	5.5%	9.7%	-3.0%	7.8%	8.0%	5.5%
Current ratio	1.13×	1.16×	1.29×	0.78×	0.87×	1.24×	1.11×
Debt / equity	1.11×	0.61×	1.19×	2.16×	1.15×	2.08×	1.58×
Interest coverage	-2.23×	2.82×	3.09×	8.31×	3.53×	3.48×	0×
Dividend yield	0.0%	0.0%	0.3%	0.0%	0.0%	0.0%	0.1%
Payout ratio	0.0%	0.0%	2.5%	0.0%	0.0%	0.0%	3.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-11.9%	10.5%	18.1%	-10.1%	17.8%	16.7%	16.8%
Return on invested capital	-5.3%	5.3%	7.0%	-56.9%	7.3%	3.8%	6.1%
Return on assets	-3.2%	3.8%	5.9%	-2.2%	5.5%	4.1%	3.6%
Free cash flow yield	3.7%	13.8%	5.0%	7.7%	8.5%	5.7%	1.9%
Earnings yield	-15.6%	7.6%	11.1%	-2.0%	3.8%	2.9%	2.4%
Enterprise value	€217.3M	€306.2M	€395.2M	€385.7M	€341.9M	€369M	€347.5M
Net debt / EBITDA	4.24×	1.22×	2.2×	6.65×	1.52×	4.39×	2.14×
Cash conversion cycle (days)	66	-4	23	-4	-4	11	17