Neodecortech S.p.A. (NDT.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

-5.3%

€5.19

vs €5.48 price

Levered DCF

€19.08

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.15

Grey zone

Rating

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	7.35×	9.72×	16.35×	5.45×	8.78×	10.37×	11.6×	7.15×
P/B	0.63×	0.48×	0.59×	0.6×	0.84×	0.6×	0.74×	0.73×
P/S	0.29×	0.22×	0.27×	0.23×	0.33×	0.29×	0.34×	0.33×
EV / EBITDA	4.56×	4.26×	5.17×	3.61×	4.81×	5.23×	5.25×	4.99×
Gross margin	17.3%	37.3%	20.0%	34.4%	36.2%	39.3%	43.1%	41.9%
Operating margin	4.4%	4.5%	2.8%	5.6%	5.0%	1.8%	4.1%	8.0%
Net margin	3.9%	2.4%	1.7%	4.1%	3.7%	2.7%	3.0%	4.6%
Current ratio	1.43×	1.46×	1.52×	1.44×	1.3×	1.34×	1.14×	1.16×
Debt / equity	0.53×	0.57×	0.49×	0.55×	0.61×	0.77×	0.71×	0.86×
Interest coverage	3.63×	3.01×	1.94×	4.45×	5.91×	1.23×	2.33×	3.99×
Dividend yield	3.9%	0.0%	4.3%	4.3%	2.0%	5.1%	4.4%	4.7%
Payout ratio	29.1%	0.0%	68.8%	23.4%	18.0%	53.2%	50.5%	33.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.4%	5.0%	3.7%	10.9%	9.5%	5.7%	6.5%	10.3%
Return on invested capital	5.1%	4.4%	3.8%	8.1%	6.0%	1.7%	3.7%	7.0%
Return on assets	4.0%	2.3%	1.7%	5.0%	4.0%	2.3%	2.6%	3.8%
Free cash flow yield	25.6%	-17.3%	16.0%	-7.8%	13.9%	7.0%	9.1%	20.3%
Earnings yield	13.5%	10.5%	6.2%	18.3%	11.3%	9.5%	8.7%	14.0%
Enterprise value	€85.2M	€71.8M	€71.7M	€76.9M	€88.3M	€77.1M	€85.5M	€86.9M
Net debt / EBITDA	1.65×	1.97×	1.87×	1.44×	1.6×	2.71×	2.46×	2.52×
Cash conversion cycle (days)	118	116	88	71	57	110	92	91