Nexi S.p.A. (NEXI.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

+72.8%

€7.76

vs €4.49 price

Levered DCF

€18.75

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.43

Distress zone

Rating

C+

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	-1.53×	41.23×	-9.62×	67×	309.51×	81.7×	212.71×	265.41×
P/B	0.74×	0.63×	0.86×	0.79×	0.95×	6.63×	5.75×	11.41×
P/S	0.83×	1.09×	1.65×	1.78×	3.86×	6.2×	4.59×	3.39×
EV / EBITDA	-4.53×	5.57×	6.13×	11.46×	28.59×	30.53×	26.98×	32.56×
Gross margin	57.7%	58.2%	40.7%	43.4%	41.5%	47.4%	48.8%	60.3%
Operating margin	13.1%	6.5%	13.0%	8.1%	4.2%	14.9%	11.4%	3.2%
Net margin	-53.8%	2.7%	-17.4%	2.6%	1.2%	7.7%	2.2%	1.3%
Current ratio	6.3×	17.41×	3.93×	4.28×	2.96×	5.81×	6.39×	4.56×
Debt / equity	0.96×	0.73×	0.64×	0.57×	0.61×	1.8×	1.4×	5.61×
Interest coverage	3.24×	1.05×	2.01×	4.16×	1.49×	8.67×	1.38×	0.36×
Dividend yield	6.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.1%
Payout ratio	-9.2%	1.8%	-0.3%	1.1%	5.0%	0.4%	2.4%	280.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-47.8%	1.5%	-9.1%	1.1%	0.3%	8.3%	2.7%	4.3%
Return on invested capital	4.1%	0.8%	3.1%	0.9%	0.5%	2.6%	3.4%	0.3%
Return on assets	-16.7%	0.7%	-3.9%	0.5%	0.1%	2.0%	0.7%	0.4%
Free cash flow yield	15.5%	7.7%	8.0%	5.8%	-0.4%	1.7%	-2.8%	-1.1%
Earnings yield	-65.0%	2.4%	-10.6%	1.4%	0.3%	1.2%	0.5%	0.4%
Enterprise value	€9B	€14.7B	€16.1B	€16.2B	€17.6B	€12.9B	€9.3B	€7.9B
Net debt / EBITDA	-1.92×	2.98×	2.44×	4.62×	9.63×	6.22×	5×	10.62×
Cash conversion cycle (days)	-69	153	221	173	222	216	256	272