FinecoBank Banca Fineco S.p.A. (FBK.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

+20.7%

€25.30

vs €20.96 price

Levered DCF

€17.46

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.42

Distress zone

Rating

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	20.94×	15.69×	13.59×	22.17×	24.9×	25.28×	22.74×	21.88×
P/B	5.32×	4.29×	3.79×	4.96×	5.45×	4.84×	4.7×	5.45×
P/S	10.31×	6.24×	5.54×	8.56×	9.86×	9.16×	8.28×	7.19×
EV / EBITDA	13.87×	9.43×	7.37×	13.05×	15.75×	12.19×	13.67×	14.55×
Gross margin	99.6%	92.6%	93.7%	98.2%	99.2%	98.8%	97.9%	98.0%
Operating margin	71.0%	57.1%	58.2%	54.7%	51.8%	51.8%	48.9%	48.0%
Net margin	49.1%	39.7%	40.6%	38.8%	39.9%	36.3%	36.7%	32.6%
Current ratio	39.02×	17.21×	0.15×	0.05×	0.06×	0.09×	0.05×	0.01×
Debt / equity	0.65×	0.34×	0.4×	0.29×	0.33×	0.04×	0.05×	0×
Interest coverage	10.96×	7.74×	9.22×	30.64×	66.37×	43.31×	23.06×	24.52×
Dividend yield	3.6%	4.4%	3.9%	2.7%	3.7%	0.3%	3.1%	3.5%
Payout ratio	75.6%	69.3%	52.9%	60.3%	90.3%	8.2%	71.0%	77.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.3%	27.3%	27.8%	22.4%	22.0%	19.2%	20.9%	24.7%
Return on invested capital	1.7%	1.8%	15.5%	-9.7%	-12.8%	9.2%	12.8%	9.7%
Return on assets	1.7%	1.9%	1.8%	1.2%	1.1%	1.0%	1.0%	1.0%
Free cash flow yield	7.0%	1.3%	13.5%	2.7%	-2.4%	13.1%	-18.5%	0.8%
Earnings yield	4.8%	6.4%	7.3%	4.5%	4.0%	4.0%	4.4%	4.5%
Enterprise value	€13.4B	€9.1B	€6.6B	€8.2B	€8.2B	€5.9B	€5.6B	€5.3B
Net debt / EBITDA	-0.22×	-1.19×	-1.87×	-1.95×	-2.33×	-4.58×	-2.32×	-0.01×
Cash conversion cycle (days)	-19	17	8,299	-55,611	-120,814	-108	-65	-64