De'Longhi S.p.A. (DLG.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%

€29.00

vs €43.62 price

Levered DCF

€36.49

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.82

Safe zone

Rating

Overall 4 / 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	17.22×	14.69×	18.28×	17.78×	15.15×	19.24×	17.45×	17.6×
P/B	2.73×	2.19×	2.53×	1.9×	3.01×	3.04×	2.37×	3.05×
P/S	1.45×	1.31×	1.49×	1×	1.47×	1.64×	1.34×	1.56×
EV / EBITDA	8.53×	7.6×	9.53×	9.22×	9.24×	11.29×	9.36×	9.82×
Gross margin	38.6%	32.0%	42.3%	25.5%	30.4%	30.9%	29.5%	30.4%
Operating margin	12.1%	12.4%	16.0%	7.9%	11.8%	11.1%	9.5%	11.7%
Net margin	8.3%	8.9%	8.1%	5.6%	9.7%	8.5%	7.7%	8.9%
Current ratio	1.82×	1.7×	1.87×	2.18×	1.69×	1.77×	2.61×	2.11×
Debt / equity	0.25×	0.31×	0.46×	0.55×	0.6×	0.54×	0.43×	0.32×
Interest coverage	20.28×	147.28×	258.63×	22.32×	60.23×	49.76×	48.5×	58.77×
Dividend yield	3.4%	2.2%	1.6%	4.0%	1.7%	2.1%	2.0%	4.6%
Payout ratio	59.0%	32.5%	28.9%	70.2%	25.9%	40.2%	34.4%	80.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.6%	15.0%	13.8%	10.7%	19.8%	15.8%	13.5%	17.3%
Return on invested capital	11.7%	10.3%	13.0%	6.6%	10.9%	9.3%	9.0%	13.1%
Return on assets	7.7%	7.2%	6.6%	5.0%	7.9%	6.8%	6.8%	8.7%
Free cash flow yield	8.2%	8.4%	10.7%	0.7%	7.8%	9.8%	6.2%	3.8%
Earnings yield	5.7%	6.8%	5.5%	5.6%	6.6%	5.2%	5.7%	5.7%
Enterprise value	€5B	€4.2B	€4.2B	€3.3B	€4.6B	€3.9B	€2.6B	€3B
Net debt / EBITDA	-0.82×	-0.68×	-0.96×	0.38×	-0.18×	0.05×	-0.8×	-0.76×
Cash conversion cycle (days)	-24	-2	-10	35	16	28	72	72