Indel B S.p.A. (INDB.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

+278.2%

€76.02

vs €20.10 price

Levered DCF

€158.27

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.9

Grey 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	4.99×	11.63×	12.97×	10.87×	6.31×	21.02×	8.01×	12.13×
P/B	0.73×	1.07×	1.07×	1.08×	1.35×	1.41×	1.39×	1.73×
P/S	0.49×	0.67×	0.61×	0.58×	0.82×	1.05×	0.83×	0.95×
EV / EBITDA	6.89×	7.29×	6.46×	6.21×	6.31×	7.96×	5.47×	6.3×
Gross margin	17.4%	5.7%	18.1%	27.9%	29.6%	29.9%	30.3%	30.5%
Operating margin	4.9%	6.7%	5.4%	7.3%	15.5%	7.4%	13.8%	11.5%
Net margin	9.9%	5.4%	4.7%	5.4%	13.0%	5.0%	10.3%	7.9%
Current ratio	2.31×	1.97×	2.02×	2.04×	1.79×	2.16×	2.08×	2.25×
Debt / equity	0.34×	0.21×	0.33×	0.38×	0.33×	0.51×	0.37×	0.31×
Interest coverage	6.13×	22.33×	12.32×	5.92×	19.88×	6.14×	32.31×	27.03×
Dividend yield	4.3%	3.5%	3.3%	4.3%	1.9%	0.0%	3.2%	2.8%
Payout ratio	21.3%	42.6%	43.3%	47.0%	12.3%	0.0%	25.6%	34.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.7%	8.7%	8.2%	10.0%	21.4%	6.7%	17.4%	14.3%
Return on invested capital	4.4%	6.2%	4.8%	6.5%	14.1%	4.2%	12.3%	10.2%
Return on assets	8.6%	5.3%	4.7%	5.3%	11.5%	3.4%	9.7%	7.9%
Free cash flow yield	10.8%	8.1%	18.3%	-8.1%	-3.0%	7.7%	6.1%	8.2%
Earnings yield	20.0%	8.1%	7.7%	9.2%	15.9%	4.8%	12.5%	8.3%
Enterprise value	€118.9M	€143.6M	€142.9M	€159.1M	€165.5M	€134.8M	€138.7M	€145.5M
Net debt / EBITDA	0.99×	0.53×	0.34×	1.11×	0.49×	0.27×	0.5×	0.25×
Cash conversion cycle (days)	185	124	122	152	123	130	111	120