Iren S.p.A. (IRE.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

-191.8%

-€2.21

vs €2.40 price

Levered DCF

€0.25

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.86

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	11.13×	9.14×	9.85×	8.17×	11.04×	11.21×	15.33×	11.05×
P/B	1.11×	0.86×	0.9×	0.69×	1.32×	1.15×	1.57×	1.24×
P/S	0.51×	0.41×	0.39×	0.24×	0.69×	0.75×	0.85×	0.68×
EV / EBITDA	7.33×	2.23×	2.51×	1.23×	7.05×	6.71×	7.77×	6.49×
Gross margin	41.0%	32.3%	29.1%	20.1%	31.4%	38.2%	33.1%	34.8%
Operating margin	6.2%	8.7%	7.3%	6.0%	9.2%	11.3%	10.7%	13.2%
Net margin	4.7%	4.5%	4.0%	2.9%	6.2%	6.5%	5.6%	6.0%
Current ratio	0.9×	0.89×	0.83×	1.05×	1×	1.28×	1.17×	1.23×
Debt / equity	1.72×	0.21×	0.23×	0.04×	1.53×	1.66×	1.53×	1.53×
Interest coverage	2.41×	3.18×	2.84×	5.29×	5.95×	5.46×	4.45×	3.88×
Dividend yield	5.4%	7.7%	7.0%	8.4%	4.4%	5.4%	4.2%	4.2%
Payout ratio	59.3%	70.7%	69.3%	69.7%	49.3%	62.3%	63.5%	46.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.1%	9.3%	9.1%	8.2%	11.8%	10.0%	10.3%	11.1%
Return on invested capital	3.0%	3.8%	3.7%	3.6%	4.4%	3.7%	4.3%	5.1%
Return on assets	2.5%	2.2%	2.2%	1.9%	2.9%	2.5%	2.7%	2.8%
Free cash flow yield	1.6%	10.3%	-7.4%	9.8%	5.7%	5.0%	5.6%	12.2%
Earnings yield	9.1%	10.9%	10.1%	12.0%	8.9%	8.7%	6.6%	8.9%
Enterprise value	€8.2B	€2.8B	€2.7B	€1.2B	€6.7B	€5.8B	€6.7B	€5.7B
Net debt / EBITDA	4.38×	0.23×	0.2×	-0.69×	3.49×	3.55×	3.64×	3.4×
Cash conversion cycle (days)	-52	-19	-44	-13	-32	29	-9	28