Banca IFIS S.p.A. (IF.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

+2101.7%

€221.27

vs €10.05 price

Levered DCF

€137.25

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.05

Distress zone

Rating

A-

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	4.76×	6.88×	5.15×	4.97×	9.08×	7.12×	6.09×	5.62×
P/B	0.74×	0.64×	0.49×	0.44×	0.57×	0.32×	0.49×	0.57×
P/S	1.51×	1.07×	0.87×	1.03×	1.47×	0.82×	1.18×	1.77×
EV / EBITDA	19.92×	15.64×	20.03×	12.38×	16.81×	15.54×	13.7×	11.73×
Gross margin	89.0%	58.3%	63.6%	83.3%	81.6%	81.9%	100.0%	100.1%
Operating margin	36.4%	23.6%	25.2%	31.0%	24.1%	15.4%	40.8%	34.2%
Net margin	31.7%	15.5%	17.0%	20.6%	16.2%	11.5%	19.4%	31.4%
Current ratio	0.07×	0.12×	16.32×	0.14×	0.14×	0.23×	0.13×	0.11×
Debt / equity	3.52×	2.12×	3.08×	1.73×	1.64×	1.44×	1.47×	1.37×
Interest coverage	0×	0.57×	0.69×	1.85×	1.31×	0.85×	2.26×	1.52×
Dividend yield	7.9%	9.9%	10.3%	14.6%	9.1%	0.0%	7.5%	6.5%
Payout ratio	37.6%	68.3%	53.2%	72.6%	82.6%	0.0%	45.6%	36.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.5%	9.3%	9.5%	8.9%	6.3%	4.5%	8.0%	10.1%
Return on invested capital	3.1%	2.1%	1.0%	1.8%	1.4%	1.1%	3.5%	2.5%
Return on assets	1.5%	1.2%	1.1%	1.1%	0.8%	0.6%	1.2%	1.6%
Free cash flow yield	-10.6%	-20.1%	48.7%	54.5%	5.8%	32.3%	16.9%	7.7%
Earnings yield	21.0%	14.5%	19.4%	20.1%	11.0%	14.0%	16.5%	17.8%
Enterprise value	€8.2B	€4.2B	€5.1B	€2.8B	€2.8B	€1.7B	€2.6B	€2.5B
Net debt / EBITDA	16.14×	11.5×	16.8×	9.31×	11.37×	11.06×	9.79×	7.9×
Cash conversion cycle (days)	-569	-40	-84	-324	-226	-175	155	43,062