Lindbergh S.p.A. (LDB.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

-150.3%

-€7.00

vs €13.90 price

Levered DCF

-€8.49

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

4.43

Safe 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
P/E	28.89×	92.39×	16×	17.5×	25.4×	19.43×	27.85×
P/B	6.9×	3.53×	3.15×	2.85×	4.46×	11.2×	12.96×
P/S	2.27×	1.26×	0.71×	0.65×	1.49×	1.71×	1.92×
EV / EBITDA	13.13×	7.87×	6.72×	6.32×	11.71×	11.34×	18.65×
Gross margin	46.3%	48.0%	10.2%	9.4%	17.6%	23.6%	25.1%
Operating margin	12.5%	9.8%	6.7%	5.8%	7.4%	12.4%	12.0%
Net margin	7.9%	1.4%	4.4%	3.9%	5.9%	8.8%	6.9%
Current ratio	1.14×	1.32×	0.99×	1.14×	1.06×	1.67×	-3.81×
Debt / equity	0.92×	0.91×	1.02×	1.1×	1.57×	2.45×	2.96×
Interest coverage	25.43×	11.37×	12.38×	7.89×	31.63×	30.23×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.0%	3.8%	19.6%	16.8%	17.6%	57.6%	46.6%
Return on invested capital	11.3%	9.6%	10.3%	8.1%	6.6%	17.0%	10.4%
Return on assets	6.3%	1.1%	5.6%	4.7%	4.2%	87.9%	11.3%
Free cash flow yield	1.7%	-2.5%	0.8%	1.8%	-12.4%	10.6%	0.4%
Earnings yield	3.5%	1.1%	6.2%	5.9%	3.9%	5.1%	3.6%
Enterprise value	€79M	€33.1M	€22.7M	€18.3M	€23.5M	€20.1M	€19.2M
Net debt / EBITDA	0.82×	0.66×	1.19×	1.18×	1.53×	2.56×	3.56×
Cash conversion cycle (days)	31	-9	-135	-2	-72	79	-87