Emak S.p.A. (EM.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

+621.8%

€5.52

vs €0.77 price

Levered DCF

€5.97

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.86

Grey 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	11.12×	25.07×	9.17×	6.14×	10.58×	9.15×	11.52×	7.94×
P/B	0.54×	0.52×	0.64×	0.7×	1.37×	0.82×	0.71×	1.02×
P/S	0.25×	0.24×	0.32×	0.31×	0.59×	0.38×	0.34×	0.46×
EV / EBITDA	5.35×	5.95×	5.3×	4.86×	6.63×	5.8×	6.23×	5.77×
Gross margin	49.3%	19.6%	47.5%	47.4%	48.0%	47.2%	47.1%	47.3%
Operating margin	5.6%	4.1%	6.6%	7.7%	9.0%	7.0%	5.1%	7.5%
Net margin	2.2%	1.0%	3.4%	5.0%	5.5%	4.1%	3.0%	5.6%
Current ratio	2.06×	2.12×	2.11×	2.27×	1.87×	2.07×	1.85×	1.94×
Debt / equity	0.94×	1.02×	0.94×	0.98×	0.88×	1×	0.86×	0.81×
Interest coverage	3×	1.42×	2.55×	7.85×	15.19×	7.96×	4.85×	9.08×
Dividend yield	3.4%	5.1%	5.9%	6.4%	2.1%	0.0%	4.9%	2.9%
Payout ratio	37.6%	127.3%	55.5%	40.5%	22.6%	0.0%	56.8%	23.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.9%	2.1%	6.8%	11.1%	12.8%	8.8%	6.2%	12.5%
Return on invested capital	4.3%	2.6%	5.1%	5.9%	7.7%	6.1%	3.7%	6.1%
Return on assets	1.9%	0.8%	2.8%	4.5%	4.9%	3.3%	2.5%	5.0%
Free cash flow yield	15.9%	5.9%	19.1%	-4.0%	3.6%	16.0%	11.6%	3.1%
Earnings yield	9.0%	4.0%	10.6%	15.9%	9.4%	10.7%	8.7%	12.2%
Enterprise value	€341.4M	€355.8M	€366.3M	€371.2M	€488.9M	€300.6M	€282.5M	€310.5M
Net debt / EBITDA	2.99×	3.54×	2.71×	2.36×	1.94×	2.34×	2.94×	1.91×
Cash conversion cycle (days)	259	197	267	243	197	199	223	218