DiaSorin S.p.A. (DIA.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

+33.5%

€106.82

vs €80.00 price

Levered DCF

€92.93

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.62

Safe zone

Rating

B+

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	24.86×	29.54×	32.49×	31.27×	30.78×	37.55×	35.95×	24.98×
P/B	2.42×	3.09×	3.38×	4.96×	7×	9.76×	7.44×	5.61×
P/S	3.21×	4.69×	4.53×	5.53×	7.73×	10.57×	8.94×	5.91×
EV / EBITDA	10.32×	15.62×	16.63×	16.82×	20.42×	23.35×	22.14×	15.12×
Gross margin	58.6%	65.9%	64.6%	66.2%	66.6%	68.4%	69.2%	68.1%
Operating margin	25.5%	21.8%	18.8%	25.8%	33.9%	36.8%	30.8%	30.6%
Net margin	13.0%	15.9%	13.9%	17.7%	25.1%	28.1%	24.9%	23.6%
Current ratio	1.47×	3.51×	3.07×	3.1×	3.21×	4.46×	4.33×	3×
Debt / equity	0.5×	0.56×	0.78×	0.89×	1.02×	0.04×	0.03×	0.03×
Interest coverage	12.44×	9.37×	7.37×	10.2×	19.23×	95.92×	52.98×	44.89×
Dividend yield	1.7%	1.1%	1.1%	0.8%	0.6%	0.6%	0.8%	3.7%
Payout ratio	40.8%	32.6%	36.9%	23.7%	17.6%	21.0%	28.0%	91.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.8%	10.4%	10.4%	15.9%	22.8%	26.0%	20.7%	22.4%
Return on invested capital	8.2%	6.5%	5.7%	8.1%	10.7%	23.0%	18.7%	20.1%
Return on assets	5.4%	5.7%	5.0%	7.1%	9.6%	19.9%	16.5%	17.5%
Free cash flow yield	5.3%	4.3%	5.1%	3.7%	3.0%	2.5%	2.8%	4.0%
Earnings yield	4.1%	3.4%	3.1%	3.2%	3.3%	2.7%	2.8%	4.0%
Enterprise value	€4.5B	€6.2B	€6.1B	€8.6B	€10.6B	€9B	€6.2B	€3.9B
Net debt / EBITDA	1.44×	1.68×	2.48×	2.16×	1.93×	-0.79×	-0.46×	-0.2×
Cash conversion cycle (days)	228	281	256	219	253	233	262	248