Iveco Group N.V. (IVG.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

+355.5%

€65.49

vs €14.38 price

Levered DCF

€55.77

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.36

Distress zone

Rating

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	17.54×	7.13×	10×	10.3×	53.21×	-6.74×	32.61×	16.57×
P/B	1.81×	0.92×	0.93×	0.64×	1.2×	1.21×	1.02×	1.01×
P/S	0.37×	0.16×	0.13×	0.1×	0.22×	0.26×	0.23×	0.23×
EV / EBITDA	5.74×	3.63×	4.37×	3.76×	9.32×	43.88×	9.02×	7.58×
Gross margin	15.6%	17.3%	16.7%	13.7%	14.0%	9.1%	13.8%	15.2%
Operating margin	5.1%	6.8%	6.6%	3.9%	3.7%	-1.8%	3.6%	5.6%
Net margin	2.1%	2.3%	1.3%	1.0%	0.4%	-3.9%	0.7%	1.4%
Current ratio	0.92×	1.96×	1.09×	0.99×	1.3×	0.89×	0.92×	0.89×
Debt / equity	2.19×	2.36×	2.52×	1.88×	2.53×	2.34×	1.92×	1.77×
Interest coverage	2.03×	4.31×	3.99×	3.19×	4.88×	-2.37×	4.18×	4.22×
Dividend yield	1.8%	3.6%	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%
Payout ratio	30.8%	26.1%	0.0%	0.7%	0.0%	0.0%	1.2%	0.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.3%	12.9%	9.3%	6.2%	2.3%	-18.0%	3.1%	6.1%
Return on invested capital	4.3%	7.0%	8.9%	3.8%	1.9%	-1.5%	2.6%	4.3%
Return on assets	1.5%	1.8%	1.2%	0.9%	0.3%	-2.6%	0.5%	1.1%
Free cash flow yield	16.9%	9.9%	16.8%	41.8%	-0.9%	5.8%	7.9%	-3.0%
Earnings yield	5.7%	14.0%	10.0%	9.8%	1.9%	-14.9%	3.1%	6.1%
Enterprise value	€8.1B	€5.4B	€5.5B	€3.7B	€7.8B	€7.6B	€7.5B	€7.1B
Net debt / EBITDA	2.19×	1.97×	2.64×	2.25×	6.04×	28.03×	5.73×	4.64×
Cash conversion cycle (days)	116	105	-31	-15	-12	-14	-1	3