OVS S.p.A. (OVS.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

+184.0%

€16.80

vs €5.92 price

Levered DCF

€17.55

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.17

Distress zone

Rating

B+

Overall 3 / 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	25.05×	16.48×	11.63×	15.71×	12.89×	6.52×	-2.75×	11.45×
P/B	1.34×	0.97×	0.66×	0.69×	0.71×	0.31×	0.53×	0.35×
P/S	0.67×	0.51×	0.37×	0.39×	0.45×	0.22×	0.27×	0.2×
EV / EBITDA	7.34×	5.4×	4.89×	5.6×	5.12×	8.05×	10.72×	6.08×
Gross margin	61.0%	59.6%	58.8%	57.0%	58.3%	57.0%	56.7%	55.7%
Operating margin	10.5%	9.1%	8.1%	5.8%	3.4%	-4.8%	7.4%	5.3%
Net margin	2.7%	3.0%	3.2%	2.5%	3.4%	3.3%	-9.9%	1.7%
Current ratio	0.9×	0.93×	0.96×	0.97×	0.94×	1.01×	0.91×	1.16×
Debt / equity	1.57×	1.44×	1.4×	1.47×	1.45×	1.83×	1.73×	0.48×
Interest coverage	2.36×	1.86×	2.22×	1.73×	0.73×	-0.72×	1.46×	5.86×
Dividend yield	2.2%	2.9%	2.8%	1.8%	0.0%	0.0%	0.0%	0.0%
Payout ratio	56.0%	48.8%	31.5%	28.9%	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	5.4%	5.8%	5.8%	4.3%	5.4%	4.6%	-19.3%	2.9%
Return on invested capital	4.9%	4.6%	4.2%	2.8%	1.4%	1.0%	4.8%	4.1%
Return on assets	1.6%	1.8%	1.9%	1.4%	1.8%	1.3%	-5.3%	1.3%
Free cash flow yield	19.5%	23.7%	36.6%	29.2%	47.6%	2.3%	45.7%	-22.5%
Earnings yield	4.0%	6.0%	8.8%	6.3%	7.6%	14.9%	-36.1%	8.4%
Enterprise value	€2.5B	€2.1B	€1.8B	€1.8B	€1.8B	€1.6B	€1.6B	€690.6M
Net debt / EBITDA	3.81×	3.14×	3.22×	3.7×	3.31×	6.84×	8.12×	3.41×
Cash conversion cycle (days)	67	55	60	77	73	217	69	60