Intesa Sanpaolo S.p.A. (ISP.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

+7.8%

€6.33

vs €5.88 price

Levered DCF

-€5.14

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.23

Distress zone

Rating

B-

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	10.96×	8.04×	6.29×	9.04×	10.32×	10.61×	9.79×	7.96×
P/B	1.58×	1.07×	0.76×	0.66×	0.69×	0.53×	0.73×	0.59×
P/S	2.64×	1.55×	1.18×	1.58×	1.8×	1.43×	1.87×	1.49×
EV / EBITDA	11.25×	11.97×	7.4×	2.13×	-0.09×	11.5×	15.96×	12.13×
Gross margin	73.2%	63.1%	62.0%	84.8%	89.8%	90.0%	85.1%	85.4%
Operating margin	32.4%	26.9%	26.2%	23.9%	21.3%	9.0%	25.8%	25.1%
Net margin	23.9%	19.3%	18.8%	17.2%	17.2%	13.4%	19.0%	18.9%
Current ratio	0.91×	0.12×	0.23×	0.27×	0.31×	0.2×	0.08×	0.15×
Debt / equity	0.9×	2.25×	2.22×	1.61×	1.59×	1.63×	1.7×	1.71×
Interest coverage	1.21×	0.73×	0.69×	1.57×	2.09×	0.9×	1.74×	1.71×
Dividend yield	6.0%	8.4%	8.9%	7.4%	9.2%	0.0%	8.4%	10.8%
Payout ratio	66.6%	67.3%	55.6%	67.7%	96.6%	0.4%	82.8%	85.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.3%	13.3%	12.1%	7.2%	6.6%	5.0%	7.5%	7.5%
Return on invested capital	-256.6%	1.7%	1.4%	0.8%	0.7%	0.4%	0.9%	0.8%
Return on assets	1.0%	0.9%	0.8%	0.4%	0.4%	0.3%	0.5%	0.5%
Free cash flow yield	0.0%	-60.2%	-39.2%	250.0%	15.7%	-6.2%	7.2%	11.6%
Earnings yield	9.1%	12.5%	15.9%	10.9%	9.5%	9.4%	10.2%	12.6%
Enterprise value	€161.8B	€164.7B	€91.8B	€16.5B	-€642M	€52.7B	€109.9B	€77.3B
Net debt / EBITDA	4.09×	6.92×	3.49×	-3.05×	-6.59×	3.9×	10×	7.1×
Cash conversion cycle (days)	0	-34	-35	-171	-333	-294	-169	-163