Italmobiliare S.p.A. (ITM.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

+55.8%

€38.78

vs €24.90 price

Levered DCF

-€61.66

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.21

Grey zone

Rating

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	20.72×	11.64×	17.66×	51.1×	9.85×	18.09×	15.99×	29.71×
P/B	0.77×	0.71×	0.72×	0.7×	0.83×	0.93×	0.75×	0.69×
P/S	1.48×	1.55×	2×	2.21×	2.79×	3.81×	1.76×	1.7×
EV / EBITDA	9.24×	7.23×	8.04×	10.55×	7.67×	11.05×	6.89×	14.06×
Gross margin	42.6%	63.4%	62.4%	58.9%	40.8%	36.2%	44.0%	18.8%
Operating margin	10.8%	17.4%	14.2%	13.2%	31.5%	26.1%	16.8%	8.7%
Net margin	7.2%	13.3%	11.3%	4.3%	28.4%	21.0%	11.0%	5.7%
Current ratio	1.63×	1.71×	2.31×	2.2×	3.42×	3.32×	4.53×	2.96×
Debt / equity	0.38×	0.33×	0.23×	0.2×	0.1×	0.11×	0.13×	0.16×
Interest coverage	0×	5.15×	2.66×	1.46×	39×	5.09×	0×	3.32×
Dividend yield	3.3%	13.5%	3.6%	7.4%	2.9%	6.2%	2.3%	2.9%
Payout ratio	68.3%	157.4%	62.9%	380.9%	28.6%	111.2%	36.3%	87.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.7%	6.1%	4.0%	1.4%	8.4%	5.1%	4.7%	2.3%
Return on invested capital	3.1%	4.5%	2.9%	2.5%	5.3%	2.7%	4.2%	2.4%
Return on assets	2.2%	3.7%	2.7%	0.9%	6.2%	3.5%	3.3%	1.5%
Free cash flow yield	-4.3%	-4.9%	-0.4%	-11.2%	2.1%	4.9%	8.8%	0.4%
Earnings yield	4.8%	8.6%	5.6%	1.9%	10.2%	5.5%	6.3%	3.4%
Enterprise value	€1.6B	€1.5B	€1.4B	€1.3B	€1.4B	€1.3B	€945.6M	€858.6M
Net debt / EBITDA	2.51×	1.8×	1.44×	1.6×	0.06×	0.16×	-0.51×	1.16×
Cash conversion cycle (days)	198	208	155	176	67	80	72	70