GPI S.p.A. (GPI.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

+233.9%

€50.68

vs €15.18 price

Levered DCF

€36.65

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.21

Distress zone

Rating

B+

Overall 3 / 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	28.5×	3.04×	52.47×	42.53×	26.72×	9.82×	13.5×	13.97×
P/B	1.51×	1.02×	1.23×	1.67×	2.82×	1.45×	1.82×	1.91×
P/S	0.87×	0.64×	0.68×	1.21×	0.91×	0.44×	0.54×	0.64×
EV / EBITDA	9.43×	7.31×	11.5×	11.61×	10.22×	6.08×	8.21×	9.46×
Gross margin	14.5%	13.4%	13.5%	11.8%	12.1%	12.2%	13.4%	18.5%
Operating margin	6.2%	4.7%	4.0%	5.0%	7.3%	7.1%	6.4%	5.6%
Net margin	3.1%	20.9%	1.3%	2.8%	3.4%	4.5%	4.0%	4.6%
Current ratio	1.64×	1.37×	1.38×	2.28×	1.48×	1.62×	1.57×	1.78×
Debt / equity	1.59×	0.94×	1.84×	1.05×	1.99×	2.5×	2.31×	1.89×
Interest coverage	1.19×	0.91×	0.85×	1.67×	3.76×	3.99×	4.44×	4.28×
Dividend yield	3.8%	7.8%	5.0%	2.2%	2.7%	0.0%	4.1%	3.7%
Payout ratio	109.4%	23.6%	258.7%	95.0%	72.3%	0.0%	54.9%	51.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.3%	33.7%	2.4%	3.9%	10.5%	14.7%	13.5%	13.7%
Return on invested capital	3.0%	2.2%	0.2%	1.5%	4.8%	5.7%	4.5%	3.7%
Return on assets	1.5%	10.9%	0.7%	1.4%	2.6%	2.9%	2.8%	3.2%
Free cash flow yield	3.7%	-4.9%	7.3%	-4.7%	-2.7%	-2.6%	-1.3%	1.2%
Earnings yield	3.5%	32.9%	1.9%	2.3%	3.7%	10.2%	7.4%	7.2%
Enterprise value	€839.2M	€559.8M	€674M	€502M	€463.6M	€240.9M	€237.6M	€214.3M
Net debt / EBITDA	4.25×	3.18×	6.6×	1.98×	3.69×	3.1×	3.79×	3.78×
Cash conversion cycle (days)	244	214	209	217	168	150	105	114