GVS S.p.A. (GVS.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

+29.3%

€7.49

vs €5.79 price

Levered DCF

€3.07

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.54

Grey zone

Rating

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	38.9×	25.74×	71.45×	28.93×	27.05×	26.75×	0.45×	0.65×
P/B	1.64×	1.9×	2.92×	2.16×	6.24×	8.76×	0.16×	0.21×
P/S	1.69×	1.99×	2.3×	1.81×	5.43×	5.83×	0.07×	0.07×
EV / EBITDA	9.81×	10.31×	15.64×	13.68×	16.92×	16.29×	1.89×	2.66×
Gross margin	26.0%	69.1%	22.6%	49.8%	60.9%	65.8%	60.4%	59.7%
Operating margin	12.1%	13.6%	10.3%	11.6%	27.4%	30.0%	19.8%	16.2%
Net margin	4.3%	7.7%	3.2%	6.2%	19.9%	21.4%	14.3%	10.9%
Current ratio	1.2×	1.72×	1.67×	0.63×	2.6×	2.78×	1.94×	1.93×
Debt / equity	0.71×	0.77×	1.48×	1.57×	0.86×	0.4×	1.75×	2.52×
Interest coverage	1.59×	2.95×	2.05×	5.14×	32.25×	33.41×	10.53×	6.83×
Dividend yield	0.0%	0.0%	0.0%	0.0%	1.2%	0.1%	55.5%	33.4%
Payout ratio	0.0%	0.0%	0.0%	0.0%	33.6%	2.2%	25.2%	21.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.2%	7.4%	4.1%	7.4%	22.9%	32.2%	35.1%	32.5%
Return on invested capital	4.7%	5.4%	3.6%	3.5%	12.9%	23.1%	13.1%	9.6%
Return on assets	2.1%	3.6%	1.4%	2.4%	11.1%	18.9%	11.2%	8.0%
Free cash flow yield	1.3%	7.0%	7.5%	7.5%	1.8%	3.9%	278.9%	213.2%
Earnings yield	2.6%	3.9%	1.4%	3.4%	3.7%	3.7%	220.6%	153.8%
Enterprise value	€949.6M	€1.1B	€1.3B	€1.1B	€2B	€2.1B	€121.7M	€148.7M
Net debt / EBITDA	2.4×	2.3×	3.7×	4.78×	1×	-0.21×	1.65×	2.39×
Cash conversion cycle (days)	111	157	99	162	194	119	137	138