Intred S.p.A. (ITD.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

-193.3%

-€8.19

vs €8.78 price

Levered DCF

-€12.32

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.26

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	19.23×	23.6×	21.15×	26.27×	35×	24.62×	20.74×	14.95×
P/B	2.35×	2.7×	3.17×	4.78×	7.44×	4.71×	3.33×	2.09×
P/S	2.86×	2.92×	3.48×	5.03×	7.4×	4.18×	4.19×	2.76×
EV / EBITDA	7.94×	8.04×	8.58×	12×	16.51×	10.78×	9.73×	6.39×
Gross margin	37.2%	96.4%	69.7%	67.4%	99.7%	84.1%	84.7%	79.8%
Operating margin	22.5%	22.4%	44.4%	26.3%	30.3%	21.2%	28.1%	24.4%
Net margin	14.9%	12.5%	16.3%	19.0%	21.3%	16.8%	20.4%	18.7%
Current ratio	0.34×	0.55×	0.66×	0.86×	0.8×	1.11×	1.18×	1.27×
Debt / equity	0.69×	0.72×	0.52×	0.61×	0.25×	0.2×	0.07×	0.14×
Interest coverage	6.99×	6.5×	15.46×	49.56×	77.54×	44.93×	54.06×	55.13×
Dividend yield	1.0%	1.0%	0.6%	0.4%	0.2%	0.3%	0.4%	0.0%
Payout ratio	19.1%	23.0%	13.6%	11.0%	7.4%	7.8%	7.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.2%	11.5%	14.9%	18.1%	21.4%	18.9%	16.2%	14.2%
Return on invested capital	7.1%	6.2%	14.9%	8.9%	15.6%	12.6%	15.2%	12.4%
Return on assets	5.1%	4.4%	6.1%	6.9%	10.1%	10.5%	10.5%	8.8%
Free cash flow yield	-2.6%	-6.3%	-4.9%	-7.2%	1.9%	-4.7%	2.1%	1.4%
Earnings yield	5.2%	4.3%	4.7%	3.8%	2.9%	4.0%	4.9%	6.8%
Enterprise value	€201.5M	€194M	€195.5M	€240.8M	€294.2M	€151.7M	€80.6M	€40.8M
Net debt / EBITDA	1.66×	1.36×	0.92×	0.58×	-0.3×	-0.03×	-0.98×	-1.03×
Cash conversion cycle (days)	-86	-3,236	-392	-707	-815	-407	-497	-914