Maire Tecnimont S.p.A. (MAIRE.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

-636.4%

-€67.59

vs €12.60 price

Levered DCF

€51.01

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.41

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	16.31×	13.77×	13.08×	11.48×	16.64×	10.11×	7.26×	9.47×
P/B	5.97×	4.55×	3.1×	2.07×	2.77×	1.45×	1.99×	3.42×
P/S	0.61×	0.46×	0.39×	0.3×	0.48×	0.23×	0.25×	0.29×
EV / EBITDA	8.02×	6.39×	6.13×	4.48×	6.87×	4.43×	3.53×	4.09×
Gross margin	12.9%	20.2%	22.7%	18.2%	16.9%	17.3%	20.3%	17.3%
Operating margin	5.3%	5.5%	5.1%	5.0%	5.8%	4.2%	6.2%	5.5%
Net margin	3.7%	3.4%	3.0%	2.6%	2.9%	2.2%	3.4%	3.1%
Current ratio	1.14×	1.12×	1.11×	1.09×	1.15×	1.21×	1.09×	1.13×
Debt / equity	1.75×	1.67×	1.64×	1.83×	1.78×	2.47×	2.29×	1.95×
Interest coverage	4.03×	11.76×	14.47×	18.34×	16.15×	9.5×	2.75×	3.45×
Dividend yield	2.8%	3.0%	2.5%	5.9%	2.8%	0.0%	4.8%	4.0%
Payout ratio	46.1%	41.3%	32.5%	66.9%	45.8%	0.0%	34.6%	38.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	36.5%	33.3%	23.8%	18.3%	16.9%	14.0%	27.7%	35.7%
Return on invested capital	10.7%	11.3%	9.2%	7.5%	7.5%	4.6%	9.0%	51.3%
Return on assets	3.2%	2.7%	2.0%	1.7%	1.6%	1.2%	2.3%	2.9%
Free cash flow yield	5.7%	10.1%	20.5%	24.7%	12.1%	-7.7%	-3.4%	-3.4%
Earnings yield	6.1%	7.3%	7.7%	8.8%	6.1%	9.7%	13.9%	10.4%
Enterprise value	€4.1B	€2.6B	€1.6B	€1.2B	€1.6B	€911.7M	€1B	€1B
Net debt / EBITDA	-0.25×	-0.4×	-0.21×	0.53×	0.88×	1.52×	0.72×	-0.19×
Cash conversion cycle (days)	220	-94	67	359	502	488	147	243