ENAV S.p.A. (ENAV.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

-7.1%

€4.90

vs €5.27 price

Levered DCF

€2.43

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.93

Grey 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	27.71×	17.74×	16.38×	20.84×	28.07×	36×	24.18×	20×
P/B	2.18×	1.8×	1.53×	1.78×	1.83×	1.8×	2.49×	2×
P/S	2.6×	2.21×	1.93×	2.36×	2.66×	2.64×	3.31×	2.67×
EV / EBITDA	9.57×	7.27×	7.04×	8.74×	10.76×	10.43×	8.91×	7.55×
Gross margin	10.3%	41.3%	41.7%	15.0%	10.4%	9.0%	17.7%	17.2%
Operating margin	17.6%	18.7%	17.9%	16.3%	12.3%	9.7%	19.7%	19.4%
Net margin	9.5%	12.6%	11.7%	11.6%	9.8%	7.4%	13.7%	13.5%
Current ratio	1.33×	2.46×	1.76×	0.92×	1.02×	1.54×	2.42×	2.44×
Debt / equity	0.5×	0.48×	0.43×	0.5×	0.57×	0.51×	0.3×	0.31×
Interest coverage	7.78×	7.34×	7.4×	14.48×	14.47×	9.67×	25.02×	22.37×
Dividend yield	5.7%	5.6%	5.7%	2.7%	0.0%	5.8%	3.8%	4.4%
Payout ratio	157.1%	98.9%	94.3%	55.6%	0.0%	208.5%	91.2%	88.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.0%	10.2%	9.3%	8.7%	6.7%	5.0%	10.3%	10.1%
Return on invested capital	6.4%	6.5%	6.2%	5.0%	3.6%	3.1%	6.8%	6.6%
Return on assets	4.0%	5.3%	4.8%	4.3%	3.3%	2.5%	5.6%	5.6%
Free cash flow yield	8.9%	7.2%	5.4%	6.5%	-11.4%	-13.6%	7.8%	8.4%
Earnings yield	3.6%	5.7%	6.1%	4.9%	3.7%	2.8%	4.1%	5.0%
Enterprise value	€2.7B	€2.4B	€2.2B	€2.5B	€2.6B	€2.2B	€2.8B	€2.3B
Net debt / EBITDA	0.47×	0.69×	0.99×	1.18×	1.85×	1.13×	-0.33×	0.12×
Cash conversion cycle (days)	147	117	65	112	78	51	76	119