Arnoldo Mondadori Editore S.p.A. (MN.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

+485.8%

€11.21

vs €1.91 price

Levered DCF

€6.93

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.29

Distress zone

Rating

A-

Overall 4 / 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	10.1×	9.22×	8.75×	9.05×	12×	86.78×	18.73×	-2.5×
P/B	1.68×	1.75×	1.9×	1.82×	2.42×	2.27×	3.15×	3.12×
P/S	0.6×	0.59×	0.6×	0.52×	0.66×	0.53×	0.6×	0.5×
EV / EBITDA	4.76×	4.44×	4.7×	5.25×	8.09×	8.65×	7.12×	7.64×
Gross margin	58.1%	70.0%	33.1%	62.0%	61.7%	60.4%	60.0%	61.4%
Operating margin	9.1%	9.8%	9.3%	8.0%	7.2%	2.0%	7.7%	7.0%
Net margin	5.8%	6.4%	6.9%	5.8%	5.5%	0.6%	3.2%	-19.9%
Current ratio	0.97×	1.05×	0.95×	0.94×	0.98×	1.13×	1.09×	0.98×
Debt / equity	0.67×	0.81×	0.65×	0.78×	1.13×	1.29×	1.35×	1.66×
Interest coverage	7.36×	6.66×	6.98×	17.62×	8.98×	1.81×	9.77×	9.61×
Dividend yield	6.6%	5.7%	5.2%	4.7%	0.0%	0.0%	0.0%	0.0%
Payout ratio	67.5%	52.0%	46.0%	42.6%	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	16.3%	19.1%	21.7%	20.1%	20.1%	2.6%	16.6%	-124.8%
Return on invested capital	9.7%	10.0%	10.6%	9.5%	9.3%	2.9%	8.6%	6.5%
Return on assets	5.0%	5.3%	6.0%	5.2%	4.3%	0.5%	3.0%	-16.0%
Free cash flow yield	12.9%	14.0%	14.8%	13.7%	14.8%	15.6%	10.7%	8.4%
Earnings yield	9.7%	10.9%	11.4%	11.0%	8.3%	1.2%	5.3%	-40.0%
Enterprise value	€719.2M	€696.4M	€685.5M	€638.2M	€689.2M	€502.8M	€720.4M	€595.8M
Net debt / EBITDA	1.08×	0.92×	0.95×	1.37×	1.86×	1.92×	1.83×	1.96×
Cash conversion cycle (days)	-9	-54	2	-13	-6	13	-30	-169