Maps S.p.A. (MAPS.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

-94.7%

€0.12

vs €2.26 price

Levered DCF

-€4.05

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.32

Distress zone

Rating

B-

Overall 2 / 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	69.53×	22.43×	41.22×	15.57×	17.86×	20.64×	14.23×	15×
P/B	1.51×	1.62×	1.71×	2.32×	2.49×	1.96×	3.05×	5.54×
P/S	1.26×	1.4×	1.22×	1.58×	1.86×	1.08×	1.73×	1.62×
EV / EBITDA	9.48×	7×	10.12×	10.12×	11.15×	8.58×	7.63×	11.14×
Gross margin	9.0%	15.6%	18.8%	12.7%	34.4%	30.4%	38.9%	38.1%
Operating margin	5.5%	12.3%	4.4%	10.9%	9.2%	4.1%	20.0%	15.9%
Net margin	1.8%	6.3%	3.0%	10.2%	10.4%	5.0%	11.9%	11.0%
Current ratio	1.72×	2.05×	2.06×	2.17×	2.67×	2.46×	2.52×	2.37×
Debt / equity	0.62×	0.52×	0.82×	1.22×	0.89×	1.27×	0.88×	1.47×
Interest coverage	2.66×	6.99×	2.34×	7.27×	184.13×	5.58×	30.13×	47.72×
Dividend yield	0.0%	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%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.2%	7.4%	4.1%	15.0%	13.9%	9.2%	21.0%	37.5%
Return on invested capital	1.8%	5.3%	2.7%	6.3%	5.6%	2.4%	12.3%	12.4%
Return on assets	0.9%	3.5%	1.7%	5.1%	5.4%	2.9%	7.7%	9.0%
Free cash flow yield	3.3%	16.2%	3.0%	-22.2%	-5.1%	-15.5%	-15.6%	-13.1%
Earnings yield	1.4%	4.5%	2.4%	6.5%	5.6%	4.7%	6.9%	6.8%
Enterprise value	€52.5M	€48.7M	€51.3M	€56.6M	€51.5M	€29.5M	€33.1M	€27.5M
Net debt / EBITDA	2.31×	1×	2.61×	2.66×	1.43×	2.22×	1.05×	1.27×
Cash conversion cycle (days)	229	201	195	442	196	175	214	136