Orsero S.p.A. (ORS.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

+244.4%

€48.42

vs €14.06 price

Levered DCF

€45.50

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.93

Grey 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	11.66×	7.99×	6.14×	7.12×	11.39×	8.82×	52.42×	15.61×
P/B	1.25×	0.84×	1.23×	1.14×	1.18×	0.68×	0.72×	0.82×
P/S	0.2×	0.14×	0.19×	0.19×	0.19×	0.1×	0.11×	0.13×
EV / EBITDA	5.17×	4.92×	4.57×	4.37×	5.92×	4.69×	7.01×	5.77×
Gross margin	9.0%	9.3%	11.1%	9.9%	8.8%	8.4%	7.7%	93.0%
Operating margin	2.7%	2.8%	4.2%	3.3%	2.2%	1.8%	0.8%	1.2%
Net margin	1.7%	1.7%	3.1%	2.7%	1.7%	1.2%	0.2%	0.8%
Current ratio	1.25×	1.21×	1.27×	1.33×	1.22×	1.24×	1.23×	1.52×
Debt / equity	0.61×	0.78×	0.88×	0.68×	0.8×	0.89×	1.22×	0.74×
Interest coverage	4.02×	3.66×	5.58×	9.79×	6.33×	4.65×	1.96×	4.58×
Dividend yield	3.0%	5.5%	2.2%	2.3%	1.7%	0.0%	1.9%	1.6%
Payout ratio	35.4%	44.2%	13.3%	16.1%	19.2%	0.0%	103.7%	25.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.7%	10.5%	20.0%	16.0%	10.4%	7.7%	1.3%	5.3%
Return on invested capital	7.8%	6.9%	12.0%	10.0%	5.9%	4.3%	1.0%	2.9%
Return on assets	4.2%	3.9%	7.1%	6.2%	3.7%	2.7%	0.4%	1.9%
Free cash flow yield	10.6%	11.0%	21.9%	11.1%	11.5%	-3.3%	-22.8%	12.1%
Earnings yield	8.6%	12.5%	16.3%	14.0%	8.8%	11.3%	1.9%	6.5%
Enterprise value	€430.9M	€328.2M	€408.3M	€298.6M	€293M	€210.3M	€234.4M	€158.1M
Net debt / EBITDA	1.07×	1.7×	1.32×	1×	1.73×	2.27×	3.78×	1.26×
Cash conversion cycle (days)	9	9	6	10	11	18	17	12