Iniziative Bresciane S.p.A. (IB.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

-454.9%

-€28.57

vs €8.05 price

Levered DCF

-€51.10

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.21

Distress zone

Rating

C+

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	65.56×	17.9×	20.56×	-176×	27.71×	17.53×	17.35×	49.95×
P/B	0.86×	1.02×	1.06×	1.3×	1.37×	1.18×	1.52×	1.8×
P/S	3.08×	3.01×	3.26×	5.73×	5.47×	5.28×	3.97×	5.11×
EV / EBITDA	13.45×	8.92×	10.35×	18.29×	11.65×	9.26×	8.39×	11.71×
Gross margin	25.1%	31.6%	59.3%	95.4%	75.1%	76.4%	79.0%	74.4%
Operating margin	9.6%	40.2%	34.5%	-0.3%	16.3%	17.4%	51.0%	35.2%
Net margin	4.8%	16.8%	15.9%	-3.3%	19.7%	30.1%	22.8%	10.1%
Current ratio	0.46×	0.42×	0.65×	0.81×	1.38×	1.45×	0.34×	0.32×
Debt / equity	1.36×	1.43×	1.56×	1.73×	1.51×	0.97×	1.57×	1.8×
Interest coverage	0.57×	2.5×	1.9×	-0.02×	1.56×	1.56×	4.44×	2.85×
Dividend yield	2.4%	4.6%	1.4%	5.0%	4.1%	3.3%	4.3%	3.2%
Payout ratio	154.4%	82.4%	28.5%	-869.8%	112.6%	57.8%	74.4%	159.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.3%	5.7%	5.1%	-0.7%	4.9%	6.7%	8.7%	3.6%
Return on invested capital	0.7%	4.4%	3.8%	0.0%	1.0%	1.8%	4.5%	2.3%
Return on assets	0.5%	2.1%	1.7%	-0.2%	1.8%	3.1%	3.0%	1.1%
Free cash flow yield	14.3%	8.6%	-7.8%	-15.6%	-18.6%	-9.6%	17.3%	3.4%
Earnings yield	1.6%	5.6%	4.9%	-0.6%	3.6%	5.7%	5.7%	2.0%
Enterprise value	€156M	€176.1M	€180.4M	€196.8M	€187.7M	€135.2M	€128.9M	€147M
Net debt / EBITDA	8.01×	5.1×	5.94×	9.78×	5.38×	3.45×	4.21×	5.82×
Cash conversion cycle (days)	62	79	-67	-29	-182	-347	-129	29