Lottomatica Group S.p.A. (LTMC.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

+162.3%

€70.12

vs €26.73 price

Levered DCF

€51.88

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.26

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
P/E	32×	32.92×	33.76×	28.28×	-35.65×	-41×
P/B	17.15×	6.24×	4.6×	40.15×	-84.5×	15.89×
P/S	2.48×	1.61×	1.39×	1.47×	2.53×	5.31×
EV / EBITDA	10.51×	8.06×	7.56×	9.07×	19.67×	26.91×
Gross margin	40.1%	32.7%	40.5%	36.7%	79.0%	83.7%
Operating margin	20.1%	32.7%	20.9%	18.0%	4.1%	-1.5%
Net margin	7.8%	4.9%	4.1%	5.1%	-7.1%	-12.9%
Current ratio	0.49×	0.75×	1.82×	0.95×	0.75×	1.25×
Debt / equity	6.35×	3.9×	4.27×	36.24×	-62.25×	5.09×
Interest coverage	2.42×	3.19×	1.6×	2.12×	0.4×	-0.13×
Dividend yield	1.4%	2.1%	0.1%	0.9%	12.1%	0.4%
Payout ratio	43.3%	68.1%	2.9%	26.8%	-433.9%	-17.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	53.6%	19.0%	13.7%	140.3%	235.7%	-38.5%
Return on invested capital	10.9%	13.1%	6.5%	6.6%	1.8%	-0.6%
Return on assets	5.0%	2.9%	2.1%	2.6%	-2.7%	-4.7%
Free cash flow yield	8.0%	14.3%	12.4%	15.6%	3.9%	5.6%
Earnings yield	3.1%	3.1%	3.0%	3.5%	-2.8%	-2.4%
Enterprise value	€7.5B	€5.1B	€4.1B	€3.7B	€3.5B	€2.6B
Net debt / EBITDA	2.69×	2.94×	3.36×	4×	7.93×	5.37×
Cash conversion cycle (days)	-19	-4	10	16	-109	-163