Poste Italiane S.p.A. (PST.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

-0.5%

€23.97

vs €24.09 price

Levered DCF

€18.59

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.03

Distress 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	12.56×	8.84×	7.01×	7.87×	9.54×	8.95×	9.83×	6.51×
P/B	2.01×	1.52×	1.3×	1.33×	1.24×	0.94×	1.36×	1.12×
P/S	1.32×	1.31×	0.67×	0.37×	0.47×	0.36×	0.4×	0.31×
EV / EBITDA	6.94×	29.35×	4.62×	4.57×	8.38×	9.45×	8×	5.71×
Gross margin	17.0%	30.7%	28.1%	28.0%	26.3%	26.4%	26.3%	28.0%
Operating margin	15.3%	18.9%	15.2%	7.2%	5.8%	5.1%	5.4%	5.1%
Net margin	10.5%	14.8%	9.5%	5.0%	5.0%	4.0%	4.1%	4.7%
Current ratio	0.5×	0.54×	0.51×	0.52×	0.51×	0.53×	0.49×	0.47×
Debt / equity	0.76×	8.12×	1.11×	1.51×	1.38×	1.58×	1.45×	1.17×
Interest coverage	15.64×	5.44×	78.38×	46.76×	9.61×	31.75×	30.07×	25.84×
Dividend yield	5.4%	6.6%	6.6%	6.8%	4.4%	5.7%	5.9%	6.0%
Payout ratio	67.9%	58.4%	45.9%	50.8%	42.0%	50.8%	57.7%	39.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.0%	17.2%	18.6%	17.7%	13.0%	10.5%	13.8%	17.3%
Return on invested capital	1.1%	1.0%	1.2%	0.9%	0.7%	0.6%	0.7%	0.7%
Return on assets	0.8%	0.7%	0.7%	0.6%	0.6%	0.4%	0.6%	0.7%
Free cash flow yield	7.3%	13.6%	4.2%	-5.3%	22.8%	11.4%	2.9%	22.6%
Earnings yield	8.0%	11.3%	14.3%	13.3%	10.5%	11.2%	10.2%	15.4%
Enterprise value	€29.2B	€107B	€16.8B	€16.3B	€26.3B	€23.1B	€21.6B	€12.4B
Net debt / EBITDA	0.33×	24.51×	0.93×	1.25×	3.59×	5.02×	3.13×	1.53×
Cash conversion cycle (days)	34	437	12	1	241	211	160	2