Pharmanutra S.p.A. (PHN.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

-11.0%

€63.93

vs €71.80 price

Levered DCF

€51.33

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

9.31

Safe zone

Rating

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	25.98×	31.45×	42.41×	39.94×	53.1×	25.93×	26.9×	17.5×
P/B	7.28×	8.41×	10.02×	11.83×	16.19×	9.65×	8.05×	6.1×
P/S	3.95×	4.5×	5.4×	7.23×	10.71×	6.22×	4.21×	3.19×
EV / EBITDA	15.25×	16.6×	20.94×	24.31×	35.64×	24.48×	16.77×	11.17×
Gross margin	22.6%	71.3%	48.4%	36.2%	47.2%	36.4%	33.6%	29.4%
Operating margin	23.0%	23.6%	23.1%	27.6%	27.4%	22.6%	22.8%	25.5%
Net margin	15.2%	14.3%	12.7%	18.0%	20.2%	24.1%	15.7%	18.3%
Current ratio	2.35×	2.38×	2.12×	2.28×	3.31×	3.63×	2.29×	2.63×
Debt / equity	0.29×	0.39×	0.51×	0.35×	0.14×	0.04×	0.23×	0.22×
Interest coverage	27.86×	15.94×	19.58×	69.19×	78.21×	53.95×	177.88×	189.15×
Dividend yield	1.8%	1.6%	1.4%	1.1%	0.9%	1.2%	2.1%	2.1%
Payout ratio	48.0%	49.2%	60.1%	45.5%	47.1%	31.6%	57.3%	37.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	28.0%	26.7%	23.6%	29.5%	30.5%	37.3%	30.0%	35.0%
Return on invested capital	20.1%	17.6%	14.4%	19.0%	24.7%	31.7%	22.7%	26.9%
Return on assets	16.0%	14.1%	11.4%	15.0%	19.3%	27.2%	17.3%	20.6%
Free cash flow yield	3.2%	3.1%	-0.2%	-1.4%	2.1%	2.9%	3.1%	3.8%
Earnings yield	3.8%	3.2%	2.4%	2.5%	1.9%	3.9%	3.7%	5.7%
Enterprise value	€521.6M	€531.4M	€554.3M	€598.2M	€706.9M	€349.2M	€219.2M	€139.5M
Net debt / EBITDA	0.06×	0.27×	0.34×	-0.18×	-1.16×	-1.04×	-0.56×	-0.77×
Cash conversion cycle (days)	31	15	46	15	47	51	43	61