FNM S.p.A. (FNM.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

+1701.5%

€7.31

vs €0.41 price

Levered DCF

€4.25

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.37

Distress zone

Rating

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	2.77×	3.11×	2.38×	2.65×	6.53×	10.25×	10.01×	7.66×
P/B	0.45×	0.51×	0.55×	0.65×	1.29×	0.54×	0.7×	0.53×
P/S	0.23×	0.21×	0.27×	0.28×	0.47×	0.88×	1.13×	0.83×
EV / EBITDA	2.37×	2.57×	2.83×	4.35×	5.93×	2.19×	4.35×	3.89×
Gross margin	65.2%	58.8%	58.3%	51.2%	51.0%	26.0%	3.3%	4.8%
Operating margin	17.7%	7.6%	12.3%	13.5%	11.3%	-14.7%	11.2%	12.0%
Net margin	8.3%	6.5%	11.0%	10.4%	7.2%	8.5%	11.2%	10.9%
Current ratio	0.59×	1.04×	1.12×	1.09×	1.1×	0.95×	1.16×	1.48×
Debt / equity	1.79×	2.47×	2.38×	3.19×	4.7×	0.34×	0.61×	0.52×
Interest coverage	8.24×	2.58×	4.55×	7.01×	2.65×	-16.36×	7.75×	19.11×
Dividend yield	3.9%	5.3%	5.1%	4.7%	3.1%	0.0%	3.2%	4.0%
Payout ratio	10.9%	16.9%	12.4%	12.6%	20.2%	0.0%	32.3%	30.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.3%	15.8%	22.8%	24.1%	19.8%	5.3%	7.0%	6.9%
Return on invested capital	8.6%	3.2%	5.1%	4.6%	3.2%	-5.0%	3.2%	3.2%
Return on assets	3.2%	2.5%	3.8%	3.4%	2.1%	2.1%	2.8%	3.1%
Free cash flow yield	19.8%	56.5%	68.3%	30.4%	38.3%	-24.4%	13.0%	29.0%
Earnings yield	35.9%	31.4%	41.1%	37.1%	15.3%	9.8%	10.0%	13.0%
Enterprise value	€601.5M	€615.5M	€647.6M	€853.1M	€887.3M	€149.5M	€340.7M	€295.9M
Net debt / EBITDA	1.56×	1.78×	1.97×	3.41×	4.15×	-1.44×	0.48×	1.02×
Cash conversion cycle (days)	-269	33	-477	107	12	108	260	267