Immsi S.p.A. (IMS.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

-345.0%

-€1.32

vs €0.54 price

Levered DCF

-€1.46

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.15

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	1,833.33×	29.77×	10.16×	5.16×	12.06×	14.46×	8.33×	5.38×
P/B	0.96×	0.82×	0.85×	0.58×	0.64×	0.61×	0.8×	0.58×
P/S	0.12×	0.1×	0.1×	0.07×	0.09×	0.1×	0.12×	0.09×
EV / EBITDA	4.68×	4.1×	3.25×	3.05×	3.81×	4.84×	4.44×	4.46×
Gross margin	13.0%	38.2%	25.5%	35.9%	37.6%	38.6%	40.4%	42.4%
Operating margin	0.6%	7.4%	8.0%	6.8%	5.7%	4.8%	6.0%	6.9%
Net margin	0.0%	0.3%	0.9%	1.3%	0.7%	0.7%	1.4%	1.7%
Current ratio	0.63×	0.61×	0.65×	0.71×	0.71×	0.66×	0.67×	0.64×
Debt / equity	5.88×	5.06×	4.53×	4.16×	4.57×	4.62×	4.27×	4.53×
Interest coverage	0.11×	1.57×	1.99×	2.93×	2.03×	1.36×	1.86×	1.78×
Dividend yield	2.2%	6.6%	9.5%	7.3%	0.0%	0.0%	0.0%	0.0%
Payout ratio	4172.4%	197.4%	96.4%	37.7%	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	0.1%	2.7%	8.3%	11.3%	5.3%	4.3%	9.6%	10.8%
Return on invested capital	0.3%	4.6%	6.5%	6.4%	3.6%	2.4%	2.8%	2.8%
Return on assets	0.0%	0.3%	0.8%	1.1%	0.5%	0.5%	1.1%	1.2%
Free cash flow yield	36.4%	-50.6%	-14.1%	46.7%	26.2%	18.1%	26.0%	10.2%
Earnings yield	0.1%	3.4%	9.8%	19.4%	8.3%	6.9%	12.0%	18.6%
Enterprise value	€1.2B	€1.1B	€1B	€876.7M	€917.1M	€950.7M	€1B	€1B
Net debt / EBITDA	3.93×	3.46×	2.64×	2.56×	3.19×	4.13×	3.59×	3.85×
Cash conversion cycle (days)	-10	-37	-42	-64	-65	-66	-46	-34