Gas Plus S.p.A. (GSP.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

+191.5%

€21.34

vs €7.32 price

Levered DCF

€19.81

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.51

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	15.32×	11.5×	2.3×	31.17×	46.54×	-2.35×	-170.42×	-54.01×
P/B	1.23×	0.63×	0.5×	0.56×	0.86×	0.46×	0.5×	0.47×
P/S	1.83×	1.1×	0.72×	0.45×	1.73×	1.14×	1.13×	1.13×
EV / EBITDA	3.91×	3.11×	2.34×	1.82×	9.03×	-1.71×	7.55×	6.29×
Gross margin	19.2%	16.9%	49.8%	47.8%	31.1%	22.3%	33.8%	35.8%
Operating margin	20.5%	20.2%	30.5%	28.0%	12.6%	-151.0%	3.9%	2.7%
Net margin	11.9%	9.6%	31.3%	1.4%	3.7%	-48.1%	-0.7%	-2.1%
Current ratio	1.03×	0.86×	0.77×	0.76×	0.74×	0.7×	0.89×	0.78×
Debt / equity	0.19×	0.23×	0.31×	0.43×	0.6×	0.51×	0.37×	0.27×
Interest coverage	3.79×	2.56×	4.19×	11.67×	2.95×	-32.12×	0.79×	0.49×
Dividend yield	2.9%	4.5%	1.9%	2.1%	0.0%	0.0%	0.0%	0.0%
Payout ratio	44.1%	52.2%	4.4%	65.0%	0.2%	-0.0%	-0.8%	-0.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.0%	5.4%	21.5%	1.8%	1.8%	-19.3%	-0.3%	-0.9%
Return on invested capital	5.0%	3.6%	10.2%	0.9%	2.3%	-7.8%	0.5%	0.4%
Return on assets	3.8%	2.4%	9.6%	0.6%	0.6%	-7.5%	-0.1%	-0.4%
Free cash flow yield	16.6%	25.3%	-4.6%	34.4%	2.0%	-21.1%	-7.6%	12.1%
Earnings yield	6.5%	8.7%	43.3%	3.2%	2.1%	-42.2%	-0.6%	-1.9%
Enterprise value	€308.2M	€168.4M	€164.8M	€154.8M	€228.6M	€167.2M	€172.8M	€141.4M
Net debt / EBITDA	0.07×	0.44×	0.72×	0.59×	3.25×	-0.88×	2.95×	1.85×
Cash conversion cycle (days)	33	53	2	-2	31	88	36	-19