Piaggio & C. S.p.A. (PIA.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

+47.5%

€3.01

vs €2.04 price

Levered DCF

€0.39

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.13

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	18.96×	11.47×	11.38×	11.67×	16.88×	30.79×	21.15×	18.2×
P/B	1.63×	1.85×	2.52×	2.38×	2.54×	2.59×	2.56×	1.66×
P/S	0.43×	0.45×	0.53×	0.48×	0.61×	0.73×	0.65×	0.47×
EV / EBITDA	4.87×	4.58×	4.63×	4.71×	5.79×	7.36×	6.29×	5.27×
Gross margin	12.7%	22.6%	26.0%	23.9%	21.2%	22.8%	23.3%	23.6%
Operating margin	4.5%	8.7%	9.1%	7.6%	6.7%	5.4%	6.9%	6.7%
Net margin	2.3%	4.0%	4.6%	4.1%	3.6%	2.4%	3.1%	2.6%
Current ratio	0.7×	0.76×	0.76×	0.83×	0.84×	0.74×	0.78×	0.87×
Debt / equity	1.76×	1.63×	1.49×	1.46×	1.59×	1.76×	1.63×	1.64×
Interest coverage	1.39×	2.79×	3.87×	5.13×	3.87×	2.35×	3.3×	2.51×
Dividend yield	4.4%	8.9%	7.6%	5.4%	3.9%	3.4%	5.3%	3.0%
Payout ratio	82.9%	102.7%	87.6%	62.9%	66.0%	104.9%	110.8%	54.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.6%	16.1%	21.9%	20.3%	14.9%	8.4%	12.2%	9.2%
Return on invested capital	3.8%	8.7%	11.0%	9.7%	6.5%	4.1%	5.6%	4.6%
Return on assets	2.0%	3.6%	4.9%	4.3%	3.3%	1.9%	2.9%	2.3%
Free cash flow yield	11.4%	-5.0%	2.3%	8.8%	7.1%	5.5%	7.6%	5.0%
Earnings yield	5.3%	8.7%	8.7%	8.5%	5.9%	3.2%	4.8%	5.5%
Enterprise value	€1.2B	€1.3B	€1.5B	€1.4B	€1.4B	€1.4B	€1.4B	€1.1B
Net debt / EBITDA	2.3×	1.87×	1.37×	1.27×	1.57×	2.25×	1.94×	2.17×
Cash conversion cycle (days)	-24	-38	-49	-65	-72	-79	-59	-42