F.I.L.A. - Fabbrica Italiana Lapis ed Affini S.p.A. (FILA.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

+581.2%

€63.28

vs €9.29 price

Levered DCF

€46.37

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.04

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	15.02×	6.45×	2.61×	13.92×	12.96×	53.94×	30.55×	67.2×
P/B	0.38×	0.84×	0.78×	0.89×	1.33×	1.51×	2.21×	1.87×
P/S	0.38×	0.86×	0.57×	0.46×	0.76×	0.76×	1.07×	1×
EV / EBITDA	4.19×	4.29×	2.62×	7.31×	7.78×	11.2×	11.96×	10.31×
Gross margin	27.3%	26.4%	25.4%	35.4%	38.9%	37.1%	36.6%	33.2%
Operating margin	11.4%	10.4%	10.1%	9.5%	12.0%	8.1%	8.8%	7.3%
Net margin	2.5%	13.3%	21.9%	3.3%	5.8%	1.4%	3.5%	1.5%
Current ratio	2.7×	3.41×	2.69×	2.04×	2.49×	2.19×	2.32×	2.85×
Debt / equity	0.52×	0.57×	0.75×	1.38×	1.55×	1.96×	1.77×	1.93×
Interest coverage	2.63×	2.42×	2×	1.73×	3.28×	1.6×	1.75×	1.55×
Dividend yield	18.6%	6.7%	1.4%	3.3%	1.2%	0.0%	0.6%	0.6%
Payout ratio	281.1%	43.4%	3.6%	46.3%	16.1%	0.0%	17.0%	43.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.5%	13.0%	29.9%	6.3%	10.2%	2.8%	7.2%	2.8%
Return on invested capital	4.3%	4.5%	6.2%	5.4%	5.3%	2.7%	5.1%	1.9%
Return on assets	1.4%	6.9%	14.3%	2.1%	3.2%	0.8%	2.1%	0.8%
Free cash flow yield	17.3%	14.8%	23.1%	20.2%	22.3%	13.0%	12.9%	4.5%
Earnings yield	6.6%	15.5%	38.3%	7.1%	7.7%	1.9%	3.3%	1.5%
Enterprise value	€406.9M	€707.6M	€749.9M	€793.3M	€926.7M	€939.7M	€1.2B	€1B
Net debt / EBITDA	1.94×	1.1×	1.06×	4.05×	3.62×	5.67×	4.77×	4.46×
Cash conversion cycle (days)	200	204	167	219	242	247	232	271