Intercos S.p.A. (ICOS.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

+1710.9%

€227.09

vs €12.54 price

Levered DCF

-€9.03

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.62

Safe zone

Rating

B-

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	21.27×	27.84×	26.48×	234.75×	50.21×	36.5×	32.44×	28.63×
P/B	2.19×	2.81×	3.08×	5.49×	6.55×	5.18×	5.76×	6.81×
P/S	1.02×	1.26×	1.39×	20.43×	31.16×	2.3×	1.96×	1.95×
EV / EBITDA	8.28×	10.78×	11.65×	11.85×	25.93×	19.5×	13.53×	14.22×
Gross margin	18.7%	19.4%	20.2%	110.1%	111.2%	20.5%	23.8%	22.1%
Operating margin	8.5%	7.9%	8.7%	68.2%	68.7%	10.5%	10.0%	10.0%
Net margin	4.8%	4.6%	5.3%	8.7%	45.4%	6.3%	6.0%	6.8%
Current ratio	1.78×	1.81×	1.11×	2.09×	3.65×	1.51×	1.09×	1.45×
Debt / equity	0.52×	0.6×	0.58×	1.01×	1.17×	1.5×	1.1×	1.52×
Interest coverage	2.79×	8.11×	9.14×	12.62×	7.53×	3.61×	3.78×	3.94×
Dividend yield	1.8%	1.3%	1.2%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	37.9%	37.1%	30.6%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.3%	10.2%	11.7%	2.3%	9.5%	14.2%	17.7%	23.9%
Return on invested capital	8.0%	7.0%	8.5%	5.1%	6.5%	7.4%	9.7%	10.3%
Return on assets	5.1%	4.6%	5.3%	1.1%	4.1%	4.4%	6.0%	6.7%
Free cash flow yield	5.8%	4.1%	3.5%	-0.3%	-0.5%	3.6%	2.9%	3.4%
Earnings yield	4.7%	3.6%	3.8%	0.4%	1.5%	2.7%	3.1%	3.5%
Enterprise value	€1.2B	€1.4B	€1.5B	€1.4B	€1.5B	€1.6B	€1.6B	€1.6B
Net debt / EBITDA	0.72×	0.74×	0.83×	1.54×	2.89×	2.21×	1.51×	1.89×
Cash conversion cycle (days)	52	51	60	334	-8,969	56	63	58