Mediobanca Banca di Credito Finanziario S.p.A. (MB.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

+547.8%

€164.54

vs €25.40 price

Levered DCF

-€33.31

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.26

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	14.01×	12.04×	9.15×	8.98×	7.65×	10.48×	9.13×	9.52×
P/B	1.25×	1.43×	1.04×	0.81×	0.65×	0.77×	0.57×	0.8×
P/S	2.55×	4.58×	2.21×	2.34×	2.42×	2.84×	1.94×	2.83×
EV / EBITDA	73.47×	16.42×	23.09×	26.67×	16.52×	24.85×	29.07×	27.23×
Gross margin	58.5%	100.0%	61.6%	73.9%	87.7%	86.5%	82.3%	82.5%
Operating margin	23.6%	54.1%	32.4%	36.2%	40.5%	36.2%	28.8%	39.3%
Net margin	18.2%	37.9%	24.1%	26.1%	31.6%	27.0%	21.2%	29.9%
Current ratio	1.21×	0.05×	2.49×	0.12×	0.18×	0.09×	194.2×	24.65×
Debt / equity	4.22×	0.77×	3.02×	3.13×	2.14×	2.08×	2.55×	2.46×
Interest coverage	0.68×	0×	0.84×	1.39×	3.28×	2.69×	1.62×	2.25×
Dividend yield	7.5%	5.7%	9.9%	6.9%	8.4%	0.0%	7.4%	5.3%
Payout ratio	104.9%	68.5%	90.5%	61.8%	63.9%	0.5%	67.8%	50.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.0%	11.9%	11.4%	9.1%	8.5%	7.3%	6.2%	8.4%
Return on invested capital	0.8%	2.0%	1.2%	-4.0%	-2.6%	-2.8%	13.5%	45.4%
Return on assets	1.0%	1.3%	1.3%	1.1%	1.0%	1.0%	0.8%	1.1%
Free cash flow yield	-8.5%	0.0%	4.7%	-35.1%	83.8%	-17.1%	52.6%	-0.2%
Earnings yield	7.1%	8.3%	10.9%	11.1%	13.1%	9.5%	10.9%	10.5%
Enterprise value	€60.7B	€23B	€42B	€40.4B	€20.6B	€29B	€26.1B	€30.7B
Net debt / EBITDA	56.11×	4.95×	16.69×	20.59×	10.97×	17.57×	22.95×	20.3×
Cash conversion cycle (days)	23	0	27	-5,475	-20,451	45	-9,807	-8,961