Fine Foods & Pharmaceuticals N.T.M. S.p.A. (FF.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

+467.9%

€35.44

vs €6.24 price

Levered DCF

€142.30

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.53

Distress zone

Rating

C-

Overall 1 / 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	23.95×	23.44×	-62.43×	-22.54×	-258.39×	18.1×	-100×	10.88×
P/B	1.82×	1.45×	1.73×	1.54×	2.5×	1.73×	1.84×	0.63×
P/S	0.97×	0.79×	0.87×	0.99×	1.9×	1.41×	1.71×	0.68×
EV / EBITDA	8.79×	7.35×	16.49×	85.94×	46.89×	8.95×	29.22×	2.55×
Gross margin	14.1%	32.9%	27.2%	25.9%	28.7%	28.5%	29.0%	29.5%
Operating margin	6.1%	6.0%	0.4%	-0.8%	4.0%	6.2%	4.6%	6.8%
Net margin	4.0%	3.3%	-1.4%	-4.6%	-0.7%	7.7%	-1.7%	6.2%
Current ratio	1.75×	1.36×	1.1×	1.96×	1.56×	2.25×	3.11×	3.64×
Debt / equity	0.65×	0.41×	0.52×	0.9×	0.75×	0.15×	0.21×	0.19×
Interest coverage	5.02×	4.32×	0.21×	-0.73×	7.44×	22.27×	15.14×	18.4×
Dividend yield	1.4%	1.5%	1.1%	1.9%	0.9%	1.1%	0.8%	0.0%
Payout ratio	33.9%	36.0%	-69.6%	-40.7%	-224.6%	20.5%	-80.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.5%	6.2%	-2.8%	-7.1%	-1.0%	9.5%	-1.9%	5.8%
Return on invested capital	5.0%	5.3%	0.5%	-0.5%	0.9%	5.3%	-99.7%	4.5%
Return on assets	3.6%	3.4%	-1.5%	-3.2%	-0.5%	6.4%	-1.4%	4.2%
Free cash flow yield	-1.2%	5.8%	-0.1%	-6.0%	-5.9%	6.0%	-0.3%	-98.8%
Earnings yield	4.1%	4.3%	-1.6%	-4.6%	-0.4%	5.5%	-1.0%	9.2%
Enterprise value	€292.8M	€227M	€267.3M	€314.8M	€462.3M	€261.3M	€300.9M	€47.7M
Net debt / EBITDA	1.44×	1.14×	2.92×	30.07×	9.5×	0.61×	2.77×	-2.5×
Cash conversion cycle (days)	51	47	76	88	63	24	46	50