Italgas S.p.A. (IG.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

-140.1%

-€3.60

vs €8.98 price

Levered DCF

-€9.70

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.9

Distress 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	14.42×	9.17×	9.59×	10.38×	13.44×	10.83×	10.46×	12.97×
P/B	2.53×	1.79×	1.84×	1.99×	2.59×	2.42×	2.82×	3.06×
P/S	2.76×	1.75×	1.61×	1.93×	2.33×	2.04×	2.42×	2.52×
EV / EBITDA	11.06×	8.27×	9.07×	9.17×	9.66×	8.54×	9.65×	9.34×
Gross margin	43.6%	68.6%	62.1%	34.2%	34.4%	38.0%	36.5%	67.5%
Operating margin	32.8%	31.1%	48.2%	24.0%	25.1%	26.3%	25.3%	32.3%
Net margin	19.2%	19.0%	16.9%	18.7%	17.3%	18.7%	22.9%	19.4%
Current ratio	0.91×	0.73×	0.72×	1.32×	1.57×	0.99×	0.75×	0.84×
Debt / equity	2.99×	2.92×	3.04×	3.1×	3.37×	3.11×	3.05×	3.03×
Interest coverage	4.87×	5.33×	12.58×	8.77×	8.26×	10.33×	6.66×	11.4×
Dividend yield	3.6%	6.8%	6.4%	6.0%	5.0%	5.3%	4.7%	4.1%
Payout ratio	51.9%	62.6%	61.5%	62.2%	67.0%	57.5%	49.8%	53.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.6%	19.5%	19.3%	19.3%	19.2%	22.1%	26.7%	23.6%
Return on invested capital	4.8%	5.5%	9.8%	4.0%	4.1%	4.7%	4.4%	6.4%
Return on assets	3.6%	4.0%	3.9%	3.7%	3.6%	4.2%	5.1%	4.6%
Free cash flow yield	5.6%	4.7%	-6.9%	-5.4%	0.4%	0.3%	0.6%	18.1%
Earnings yield	7.0%	10.9%	10.5%	9.7%	7.4%	9.1%	9.5%	7.7%
Enterprise value	€20.6B	€11.2B	€10.9B	€10.3B	€9.9B	€8.9B	€8.9B	€8B
Net debt / EBITDA	5.87×	5.04×	5.57×	5.43×	4.87×	4.52×	4.87×	4.56×
Cash conversion cycle (days)	88	5	46	53	51	54	58	-18