Aquafil S.p.A. (ECNL.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

+849.3%

€13.02

vs €1.37 price

Levered DCF

€0.86

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.33

Distress zone

Rating

C+

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	-25.93×	-4.77×	-6.75×	10.77×	36.48×	414.53×	35×	15.08×
P/B	0.93×	0.49×	1.39×	1.79×	2.57×	1.95×	2.26×	3.16×
P/S	0.23×	0.14×	0.3×	0.46×	0.68×	0.55×	0.58×	0.81×
EV / EBITDA	5.87×	5.19×	10.76×	6.16×	8.91×	9.1×	10.45×	8.9×
Gross margin	23.0%	20.2%	27.9%	29.8%	31.6%	35.1%	31.4%	31.7%
Operating margin	1.3%	-0.6%	-1.5%	5.5%	3.8%	2.0%	3.2%	7.4%
Net margin	-0.9%	-3.0%	-4.5%	4.3%	1.9%	0.1%	1.6%	5.4%
Current ratio	1.9×	1.54×	1.64×	1.79×	1.68×	2.34×	2.03×	2.02×
Debt / equity	2.87×	2.17×	3.29×	2.1×	2.19×	3.37×	2.39×	1.83×
Interest coverage	0.43×	-0.17×	-0.54×	4.49×	2.85×	1.14×	2.4×	7.53×
Dividend yield	0.0%	0.0%	6.9%	1.9%	0.0%	0.0%	3.8%	2.7%
Payout ratio	0.0%	0.0%	-46.4%	20.7%	0.0%	0.0%	136.3%	40.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.6%	-10.3%	-20.6%	16.6%	7.0%	0.5%	6.3%	20.9%
Return on invested capital	1.2%	-0.6%	-1.6%	5.2%	3.0%	1.5%	2.9%	7.8%
Return on assets	-0.8%	-2.5%	-3.7%	4.0%	1.6%	0.1%	1.5%	5.4%
Free cash flow yield	9.3%	1.9%	20.6%	-16.6%	12.7%	13.1%	-4.9%	-8.0%
Earnings yield	-3.9%	-21.2%	-14.8%	9.3%	2.7%	0.2%	2.8%	6.6%
Enterprise value	€333.5M	€290.5M	€428.6M	€571.8M	€570M	€465.8M	€571.7M	€613.5M
Net debt / EBITDA	3.73×	3.81×	6.38×	2.78×	2.81×	4.27×	4.58×	2.32×
Cash conversion cycle (days)	172	92	82	120	74	132	134	115