DHH S.p.A (DHH.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

+29.6%

€28.64

vs €22.10 price

Levered DCF

€20.90

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.76

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	26.82×	31.08×	22.46×	95.94×	23.94×	34.94×	206.58×	86.16×
P/B	3.16×	4.06×	2.14×	3.31×	3.95×	1.31×	1.65×	1.18×
P/S	2.96×	3.01×	1.42×	2.47×	3.86×	2.3×	1.84×	1.4×
EV / EBITDA	8.59×	9.63×	5.43×	11.35×	11.64×	11.68×	20.98×	14.09×
Gross margin	18.1%	35.4%	35.6%	32.6%	43.3%	44.9%	40.8%	42.5%
Operating margin	19.3%	18.3%	17.9%	15.9%	18.5%	10.8%	2.1%	2.7%
Net margin	11.1%	9.7%	6.4%	2.5%	16.1%	6.6%	0.9%	1.6%
Current ratio	1.62×	1.28×	1.19×	1.23×	1.22×	1.59×	1.22×	1.57×
Debt / equity	0.54×	0.6×	0.73×	0.77×	0.66×	0.46×	0.04×	0.01×
Interest coverage	8.55×	6.71×	6.75×	12.65×	24.38×	27.82×	4.65×	3.76×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	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	11.8%	13.1%	9.6%	3.4%	16.5%	3.7%	0.8%	1.4%
Return on invested capital	8.1%	9.2%	7.8%	3.9%	9.9%	2.8%	1.0%	1.5%
Return on assets	5.8%	6.2%	4.2%	1.4%	8.6%	2.0%	0.6%	1.0%
Free cash flow yield	3.6%	2.1%	5.9%	6.7%	3.0%	6.3%	-2.8%	2.4%
Earnings yield	3.7%	3.2%	4.5%	1.0%	4.2%	2.9%	0.5%	1.2%
Enterprise value	€118.4M	€115.2M	€56.1M	€79.3M	€79.8M	€20.2M	€10.3M	€6.3M
Net debt / EBITDA	-0.08×	0.28×	0.65×	0.9×	0.5×	-0.74×	-4.49×	-5.87×
Cash conversion cycle (days)	3	-2	-5	-37	24	-30	-22	50