Sabaf S.p.A. (SAB.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

+268.1%

€39.39

vs €10.70 price

Levered DCF

€53.24

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.5

Distress zone

Rating

B-

Overall 2 / 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	33.21×	27.55×	66.77×	12.26×	11.27×	12.14×	15.4×	10.57×
P/B	1.14×	1.14×	1.27×	1.2×	2.21×	1.5×	1.34×	1.4×
P/S	0.62×	0.66×	0.86×	0.74×	1.02×	0.92×	0.98×	1.09×
EV / EBITDA	6.49×	6.48×	11.53×	8.42×	7.06×	6.66×	7.47×	6.08×
Gross margin	14.2%	54.7%	33.8%	32.2%	51.2%	53.4%	53.3%	56.0%
Operating margin	4.3%	6.2%	4.6%	8.6%	13.0%	8.6%	7.2%	15.3%
Net margin	1.9%	2.4%	1.3%	6.0%	9.1%	7.6%	6.4%	10.4%
Current ratio	1.73×	1.62×	2.08×	1.87×	1.89×	1.3×	1.74×	1.86×
Debt / equity	0.65×	0.58×	0.65×	0.69×	0.91×	0.55×	0.55×	0.51×
Interest coverage	1.4×	3.81×	2.52×	10.89×	30.78×	11.42×	11.32×	20.07×
Dividend yield	4.6%	4.6%	0.0%	3.6%	2.3%	2.3%	4.0%	3.7%
Payout ratio	153.5%	125.0%	0.0%	43.9%	25.8%	28.1%	61.1%	38.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.4%	4.2%	1.9%	9.8%	19.7%	12.4%	8.7%	13.3%
Return on invested capital	3.8%	3.9%	-2102.1%	8.0%	11.7%	8.3%	5.4%	8.9%
Return on assets	1.5%	2.0%	0.9%	4.6%	7.6%	5.5%	4.0%	6.8%
Free cash flow yield	10.5%	6.3%	9.9%	11.3%	-0.6%	4.3%	18.7%	8.4%
Earnings yield	3.0%	3.7%	1.5%	8.1%	8.9%	8.2%	6.5%	9.5%
Enterprise value	€237.9M	€255M	€273.6M	€274M	€336.3M	€218.8M	€196.6M	€211.8M
Net debt / EBITDA	1.75×	1.66×	2.89×	2.65×	1.41×	1.5×	1.68×	1.35×
Cash conversion cycle (days)	136	147	134	140	124	114	151	215