Grifal S.p.A. (GRAL.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

-424.6%

-€1.60

vs €0.49 price

Levered DCF

-€9.63

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

0.58

Distress zone

Rating

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	-3.89×	125×	30.17×	57.26×	-56.95×	-25.36×	78.41×	118.16×
P/B	0.8×	1.03×	1.46×	1.4×	2.86×	1.66×	3.85×	6.08×
P/S	0.34×	0.48×	0.7×	0.66×	1.58×	1.2×	2.02×	2.58×
EV / EBITDA	18.59×	7.01×	8.31×	10.13×	28.56×	34.04×	17.74×	23.13×
Gross margin	-9.3%	1.1%	41.1%	41.0%	36.9%	17.9%	29.3%	27.5%
Operating margin	-6.7%	4.1%	6.8%	3.4%	6.3%	1.5%	4.6%	5.4%
Net margin	-8.7%	0.4%	2.3%	1.1%	-2.8%	-4.7%	2.6%	2.2%
Current ratio	0.88×	0.96×	1.22×	1.03×	1.17×	1.6×	1.4×	1.1×
Debt / equity	2×	1.26×	1.39×	1.09×	0.77×	0.66×	0.48×	0.73×
Interest coverage	-1.47×	1.25×	2.81×	2.6×	7.8×	1.52×	4.79×	3.87×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.7%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	57.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-20.6%	0.8%	4.9%	2.4%	-5.0%	-6.5%	4.9%	5.1%
Return on invested capital	-3.8%	1.7%	4.0%	1.9%	5.2%	0.9%	5.6%	5.1%
Return on assets	-5.1%	0.3%	1.5%	0.8%	-2.0%	-3.0%	2.3%	2.0%
Free cash flow yield	-25.1%	4.1%	3.0%	-27.0%	-11.8%	-8.0%	-3.3%	-7.2%
Earnings yield	-25.8%	0.8%	3.3%	1.7%	-1.8%	-3.9%	1.3%	0.8%
Enterprise value	€39.6M	€40.2M	€45.6M	€43.9M	€60.1M	€30.8M	€44M	€51.1M
Net debt / EBITDA	12.95×	3.74×	3.43×	4.42×	5.94×	7.57×	1.83×	2.48×
Cash conversion cycle (days)	102	100	50	95	86	107	-47	91