Digital Bros S.p.A. (DIB.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

-22.4%

€7.81

vs €10.06 price

Levered DCF

€4.67

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.31

Safe zone

Rating

B-

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	FY2018
P/E	-22.6×	-19.71×	-56×	26.88×	12.65×	10.98×	20.43×	-58.73×
P/B	1.43×	1.9×	0.98×	1.83×	2.66×	3.18×	3.87×	1.43×
P/S	1.37×	2.31×	1.08×	2.21×	2.73×	2.36×	2.24×	1.2×
EV / EBITDA	2.73×	15.36×	4.79×	7.6×	6.29×	5.55×	9.1×	24.96×
Gross margin	79.7%	30.4%	67.6%	69.7%	65.6%	60.0%	41.7%	32.2%
Operating margin	0.1%	8.8%	5.2%	21.3%	26.7%	20.5%	14.7%	-1.7%
Net margin	-6.0%	-11.7%	-1.9%	8.2%	21.6%	21.5%	11.0%	-2.0%
Current ratio	1.09×	0.55×	0.61×	0.61×	0.83×	1.11×	1.18×	1.63×
Debt / equity	0.09×	0.22×	0.35×	0.42×	0.19×	0.15×	0.29×	0.39×
Interest coverage	0×	2.59×	1.67×	1.93×	75.81×	56.16×	22.04×	-2.1×
Dividend yield	0.0%	0.0%	0.0%	1.0%	0.7%	0.6%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	26.5%	9.0%	6.7%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-6.3%	-9.6%	-1.7%	6.8%	21.0%	28.9%	19.0%	-2.4%
Return on invested capital	0.1%	4.1%	3.5%	8.6%	15.3%	20.9%	13.9%	-1.5%
Return on assets	-4.6%	-5.8%	-1.0%	3.7%	12.6%	15.9%	9.6%	-1.2%
Free cash flow yield	24.2%	15.0%	10.3%	-14.2%	-9.9%	12.3%	6.3%	-16.7%
Earnings yield	-4.4%	-5.0%	-1.7%	3.7%	7.9%	9.1%	4.9%	-1.6%
Enterprise value	€148.2M	€234.6M	€161.5M	€310.7M	€375.1M	€332.8M	€320.5M	€112.5M
Net debt / EBITDA	-0.01×	1.18×	1×	1.22×	0.24×	-0.32×	0.42×	4.51×
Cash conversion cycle (days)	-288	-44	-331	-337	-308	-209	12	230