Moncler S.p.A. (MONC.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

-13.4%

€38.43

vs €44.40 price

Levered DCF

€38.73

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.55

Safe 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	23.77×	21.6×	24.54×	21.9×	43.26×	42.13×	28.22×	22.09×
P/B	3.92×	3.85×	4.68×	4.59×	6.8×	7.79×	7.72×	6.87×
P/S	4.82×	4.44×	5.04×	5.12×	8.31×	8.8×	6.2×	5.17×
EV / EBITDA	11.84×	10.84×	12.47×	12.85×	20.52×	21.88×	15.17×	14.66×
Gross margin	78.1%	78.1%	77.1%	67.7%	67.2%	63.4%	68.4%	77.4%
Operating margin	29.2%	29.5%	30.0%	29.8%	28.3%	25.6%	30.2%	29.2%
Net margin	20.0%	20.6%	20.5%	23.3%	19.2%	20.9%	22.0%	23.4%
Current ratio	2.42×	2.16×	1.89×	1.68×	1.64×	2.47×	2.08×	2.4×
Debt / equity	0.29×	0.27×	0.26×	0.31×	0.37×	0.44×	0.57×	0.09×
Interest coverage	21.34×	27.13×	27.64×	29.48×	24.82×	16.02×	22.62×	320.01×
Dividend yield	2.3%	2.3%	2.0%	1.2%	0.7%	0.0%	1.0%	1.0%
Payout ratio	56.4%	48.6%	49.6%	26.5%	30.7%	0.0%	28.1%	21.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.3%	17.8%	19.0%	20.9%	15.7%	18.5%	27.5%	31.1%
Return on invested capital	12.5%	13.8%	15.1%	16.2%	11.2%	13.5%	17.6%	29.2%
Return on assets	10.5%	11.6%	12.3%	13.1%	9.2%	10.9%	14.0%	20.4%
Free cash flow yield	4.9%	6.0%	4.9%	3.7%	4.3%	2.5%	4.6%	5.1%
Earnings yield	4.2%	4.6%	4.1%	4.6%	2.3%	2.4%	3.6%	4.5%
Enterprise value	€15B	€13.6B	€14.9B	€13.3B	€17B	€12.5B	€10.1B	€6.9B
Net debt / EBITDA	-0.08×	-0.18×	-0.13×	0.03×	-0.02×	-0.37×	-0.03×	-0.96×
Cash conversion cycle (days)	46	6	-0	3	0	43	-28	-59