Franchi Umberto Marmi S.p.A. (FUM.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

+417.7%

€15.48

vs €2.99 price

Levered DCF

€8.90

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.21

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	16.82×	16.72×	17.2×	17.92×	31.87×	26.18×	17.96×	-174.47×
P/B	0.97×	1.45×	1.91×	2.73×	3.21×	3.8×	4.84×	0.91×
P/S	1.57×	2.18×	3.01×	4.1×	5.09×	5.3×	4.56×	0.91×
EV / EBITDA	7.54×	8.04×	9.12×	10.07×	13.91×	18.23×	9.29×	-0.17×
Gross margin	28.4%	55.6%	56.4%	61.2%	43.1%	37.1%	99.4%	99.7%
Operating margin	13.1%	20.6%	22.6%	33.2%	34.8%	27.1%	-1.3%	-0.6%
Net margin	9.4%	13.0%	17.5%	22.8%	15.9%	20.3%	25.6%	-0.5%
Current ratio	3.43×	3.06×	2.47×	2.86×	2.96×	4.33×	213.4×	215.87×
Debt / equity	0.28×	0.38×	0.36×	0.38×	0.29×	0.17×	0.03×	0×
Interest coverage	9.56×	12.33×	23.72×	60.05×	69.17×	218.29×	-14.15×	-7.6×
Dividend yield	2.7%	3.0%	4.2%	2.7%	2.2%	2.4%	3.3%	21.4%
Payout ratio	46.1%	50.0%	73.1%	48.2%	69.2%	63.9%	58.6%	-3735.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.7%	8.6%	11.1%	15.2%	10.1%	14.5%	27.2%	-0.5%
Return on invested capital	4.1%	6.6%	6.9%	10.8%	9.9%	12.9%	-1.2%	-0.6%
Return on assets	3.8%	5.3%	6.3%	9.6%	6.1%	11.0%	27.0%	-0.5%
Free cash flow yield	15.2%	-0.4%	1.9%	5.8%	6.6%	-0.0%	3.0%	16.0%
Earnings yield	5.9%	6.0%	5.8%	5.6%	3.1%	3.8%	5.6%	-0.6%
Enterprise value	€136.4M	€208.8M	€237.1M	€324.1M	€337.5M	€268.4M	€236.6M	-€5M
Net debt / EBITDA	0.92×	1.3×	0.53×	0.42×	0.27×	-0.1×	-2.31×	-2.1×
Cash conversion cycle (days)	307	423	329	266	253	336	9,868	33,272