Seco S.p.A. (IOT.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

-121.2%

-€0.93

vs €4.40 price

Levered DCF

€0.92

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.33

Safe 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	-248.31×	-11.31×	37.19×	54.98×	236.15×	98.4×	75.66×	87.06×
P/B	2.44×	0.89×	1.52×	2.81×	6.73×	9.06×	10.07×	11.56×
P/S	3.37×	1.31×	2.1×	3×	8.61×	5×	6.05×	7.2×
EV / EBITDA	22.35×	14.15×	10.41×	18.55×	66.58×	34.26×	35.69×	48.91×
Gross margin	17.5%	50.7%	26.4%	38.3%	36.7%	41.1%	37.8%	34.2%
Operating margin	3.9%	-8.4%	11.7%	10.7%	8.4%	9.2%	12.9%	12.6%
Net margin	-1.4%	-11.4%	5.6%	5.5%	3.7%	5.1%	8.0%	8.3%
Current ratio	2.86×	2.86×	2.73×	1.93×	2.11×	2.25×	2.01×	1.99×
Debt / equity	0.43×	0.46×	0.48×	0.78×	1.16×	0.95×	0.73×	0.63×
Interest coverage	0.76×	-1.81×	2.48×	4.02×	6.47×	15.41×	19.55×	15.57×
Dividend yield	0.0%	1.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.8%
Payout ratio	-2.3%	-14.1%	0.0%	0.0%	0.0%	0.0%	0.0%	65.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.0%	-7.7%	4.1%	5.1%	2.9%	9.2%	13.3%	13.3%
Return on invested capital	0.5%	-3.5%	3.9%	4.2%	2.4%	6.8%	8.1%	8.7%
Return on assets	-0.6%	-4.3%	2.2%	2.2%	1.0%	3.4%	5.4%	5.8%
Free cash flow yield	3.9%	6.0%	1.4%	-1.9%	-0.0%	0.4%	-1.6%	-1.9%
Earnings yield	-0.4%	-8.7%	2.7%	1.8%	0.4%	1.0%	1.3%	1.1%
Enterprise value	€715.4M	€293.2M	€506.3M	€735.9M	€1.1B	€415.1M	€409.4M	€404.1M
Net debt / EBITDA	1.54×	2.53×	1.34×	3.25×	6.7×	1.47×	1.06×	0.83×
Cash conversion cycle (days)	162	232	203	210	226	204	216	158