EL.En. S.p.A. (ELN.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

-45.6%

€8.80

vs €16.18 price

Levered DCF

€7.92

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.93

Safe zone

Rating

A-

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	25.78×	18.25×	16.25×	20.65×	27.33×	25.54×	24.29×	14.68×
P/B	2.71×	2.43×	2.27×	3.63×	4.6×	2.31×	2.87×	1.24×
P/S	1.89×	1.65×	1.13×	1.69×	2.17×	1.27×	1.59×	0.72×
EV / EBITDA	11.54×	8.58×	8.66×	11.65×	14.59×	12.13×	12.65×	5.54×
Gross margin	42.9%	42.2%	36.4%	36.1%	36.1%	33.3%	38.1%	38.1%
Operating margin	12.2%	13.8%	11.3%	12.0%	11.4%	7.4%	9.5%	8.7%
Net margin	7.3%	9.1%	7.0%	8.2%	8.0%	5.0%	6.5%	4.9%
Current ratio	3.1×	3.73×	1.94×	1.8×	1.7×	1.95×	2.06×	2.31×
Debt / equity	0.09×	0.12×	0.21×	0.26×	0.22×	0.24×	0.17×	0.1×
Interest coverage	37.19×	33.1×	43.3×	51.82×	51.45×	32.37×	36.8×	37.59×
Dividend yield	1.7%	1.8%	2.4%	1.5%	0.8%	0.0%	1.2%	3.1%
Payout ratio	43.1%	33.0%	39.2%	31.3%	20.7%	0.6%	29.7%	46.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.5%	13.4%	13.9%	17.6%	16.9%	9.0%	11.7%	8.4%
Return on invested capital	10.2%	9.9%	11.5%	13.0%	12.9%	7.8%	9.8%	8.9%
Return on assets	6.9%	7.0%	6.7%	7.5%	7.0%	4.3%	6.1%	4.7%
Free cash flow yield	5.4%	7.9%	-0.1%	-1.4%	5.1%	6.5%	2.5%	-5.8%
Earnings yield	3.9%	5.5%	6.2%	4.8%	3.7%	3.9%	4.1%	6.7%
Enterprise value	€978.7M	€835M	€726.5M	€1.1B	€1.1B	€451M	€579.8M	€189.2M
Net debt / EBITDA	-1.61×	-1.03×	-0.68×	-0.88×	-1.58×	-1.86×	-1.29×	-1.76×
Cash conversion cycle (days)	160	172	139	123	96	113	118	130