Recordati Industria Chimica e Farmaceutica S.p.A. (REC.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

+133.2%

€123.46

vs €52.95 price

Levered DCF

€110.97

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.72

Safe 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	22.47×	25.05×	25.93×	25.49×	30.21×	26.2×	20.87×	19.62×
P/B	5.2×	5.56×	5.97×	5.15×	8.42×	7.31×	6.42×	6.37×
P/S	3.81×	4.46×	4.84×	4.3×	7.37×	6.44×	5.2×	4.54×
EV / EBITDA	13.54×	15.85×	15.98×	16.8×	21.42×	17.99×	16.12×	13.46×
Gross margin	68.3%	68.3%	68.3%	69.4%	72.9%	71.9%	70.5%	70.7%
Operating margin	27.5%	27.3%	26.8%	23.6%	31.0%	32.4%	31.4%	32.7%
Net margin	16.9%	17.8%	18.7%	16.9%	24.4%	24.5%	24.9%	23.1%
Current ratio	1.59×	1.61×	1.2×	1.28×	1.36×	1.34×	1.38×	1.43×
Debt / equity	1.29×	1.33×	0.87×	1.11×	0.72×	0.83×	0.92×	0.82×
Interest coverage	7.25×	7.83×	7.49×	13.54×	27.94×	26.8×	23.15×	19.85×
Dividend yield	2.7%	2.4%	2.4%	2.9%	1.9%	2.3%	2.5%	2.9%
Payout ratio	60.3%	60.9%	63.2%	73.8%	56.2%	59.9%	51.8%	57.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.1%	22.2%	23.1%	20.2%	27.9%	27.8%	30.8%	32.4%
Return on invested capital	12.1%	10.8%	13.3%	9.8%	16.9%	15.1%	16.2%	18.2%
Return on assets	8.4%	8.1%	9.2%	7.8%	13.7%	13.1%	13.1%	14.4%
Free cash flow yield	5.1%	5.1%	1.0%	4.6%	3.5%	2.9%	-1.6%	4.7%
Earnings yield	4.4%	4.0%	3.9%	3.9%	3.3%	3.8%	4.8%	5.1%
Enterprise value	€12B	€12.6B	€11.3B	€9.4B	€12.4B	€10.2B	€8.7B	€6.8B
Net debt / EBITDA	2.3×	2.73×	1.75×	2.56×	1.29×	1.54×	1.79×	1.23×
Cash conversion cycle (days)	168	184	156	202	116	176	118	104