Racing Force S.p.A. (RFG.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

-97.4%

€0.14

vs €5.30 price

Levered DCF

€5.35

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.38

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
P/E	24.9×	18.33×	27.68×	17.19×	33.28×	94.04×
P/B	2.19×	1.74×	2.79×	3.58×	4.76×	15.55×
P/S	1.87×	1.6×	2.16×	2.22×	3.05×	3.77×
EV / EBITDA	15.49×	10.33×	15.25×	11.46×	17.45×	29.98×
Gross margin	57.4%	61.0%	60.9%	62.5%	58.3%	59.7%
Operating margin	7.5%	9.9%	10.0%	15.0%	11.8%	8.4%
Net margin	7.4%	8.8%	7.7%	12.8%	8.9%	4.0%
Current ratio	2.02×	2.85×	2.5×	2.08×	2.05×	1.21×
Debt / equity	0.36×	0.23×	0.28×	0.48×	0.71×	3.11×
Interest coverage	5.5×	8.48×	10.78×	13.2×	6.43×	4.52×
Dividend yield	1.8%	2.2%	1.7%	1.3%	0.9%	0.0%
Payout ratio	45.3%	39.9%	48.3%	22.3%	30.9%	1.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	8.7%	9.6%	9.9%	20.7%	13.9%	16.6%
Return on invested capital	5.4%	7.6%	8.2%	13.8%	8.4%	5.5%
Return on assets	5.2%	6.4%	6.1%	10.7%	6.4%	3.1%
Free cash flow yield	0.0%	-1.4%	-3.8%	-1.0%	1.5%	1.0%
Earnings yield	4.0%	5.5%	3.5%	5.8%	2.9%	1.1%
Enterprise value	€153M	€109.5M	€142.8M	€138.4M	€145.8M	€148.6M
Net debt / EBITDA	1.68×	0.4×	0.81×	0.64×	0.42×	4.28×
Cash conversion cycle (days)	284	286	256	217	136	164