Gel S.p.A. (GEL.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

-26.1%

€1.58

vs €2.14 price

Levered DCF

€12.37

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.89

Grey zone

Rating

B-

Overall 2 / 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	91.83×	19.13×	48.83×	17.1×	7.07×	535.71×	28.46×	17.86×
P/B	1.39×	1.01×	0.91×	1.08×	1.36×	0.64×	0.78×	1.12×
P/S	1×	0.69×	0.66×	0.69×	0.75×	0.38×	0.39×	0.52×
EV / EBITDA	11.96×	7.6×	8.49×	7.71×	6.19×	8.32×	4.91×	5.44×
Gross margin	16.3%	18.2%	28.2%	18.1%	31.2%	26.4%	26.8%	31.0%
Operating margin	3.8%	6.2%	6.3%	5.4%	8.1%	1.8%	5.3%	7.7%
Net margin	1.1%	3.6%	1.3%	4.1%	10.8%	0.1%	1.4%	2.9%
Current ratio	2.69×	2.57×	2.64×	1.15×	2.08×	2.4×	1.8×	1.69×
Debt / equity	0.66×	0.68×	0.66×	0.67×	0.81×	0.83×	0.71×	0.64×
Interest coverage	2.81×	17.05×	3.58×	6.66×	13.96×	3.08×	5.9×	2.71×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.5%	5.3%	1.9%	6.4%	19.5%	0.1%	2.7%	6.3%
Return on invested capital	1.3%	3.1%	1.6%	4.3%	7.8%	-0.2%	3.0%	5.8%
Return on assets	0.7%	2.5%	0.9%	3.1%	8.2%	0.0%	1.1%	2.6%
Free cash flow yield	14.0%	27.0%	-4.8%	-6.6%	-8.2%	-19.1%	35.4%	-9.6%
Earnings yield	1.1%	5.2%	2.0%	5.9%	14.3%	0.2%	3.5%	5.6%
Enterprise value	€17.2M	€13.8M	€15M	€17M	€17.7M	€7.8M	€7.6M	€12.4M
Net debt / EBITDA	1.7×	1.81×	2.87×	2.34×	1.29×	2.58×	0.72×	1.44×
Cash conversion cycle (days)	154	162	220	167	123	157	119	153