SeSa S.p.A. (SES.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

+170.8%

€244.53

vs €90.30 price

Levered DCF

€160.12

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.68

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.09×	18.48×	19.32×	20.42×	29.14×	34.04×	19.74×	14.64×
P/B	2.82×	2.28×	3.52×	4.6×	6.8×	6.39×	3.42×	1.95×
P/S	0.36×	0.32×	0.48×	0.6×	0.91×	0.88×	0.43×	0.28×
EV / EBITDA	5.22×	3.95×	5.82×	7.66×	13.33×	14.58×	9.56×	6.17×
Gross margin	12.1%	12.1%	7.1%	7.2%	7.1%	6.3%	6.3%	4.3%
Operating margin	2.7%	3.9%	4.4%	4.7%	4.8%	4.2%	3.6%	3.4%
Net margin	2.0%	1.9%	2.5%	2.9%	3.1%	2.6%	2.2%	1.9%
Current ratio	1.26×	1.29×	1.35×	1.33×	1.34×	1.48×	1.51×	1.51×
Debt / equity	1.31×	1.07×	0.98×	0.95×	1.29×	1.19×	1.43×	0.95×
Interest coverage	2.28×	2.1×	2.66×	6.5×	11.11×	9.68×	8.28×	6.98×
Dividend yield	1.4%	1.8%	1.0%	0.8%	0.6%	0.0%	1.3%	2.2%
Payout ratio	25.0%	29.3%	19.8%	16.5%	17.9%	1.0%	25.7%	31.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.6%	13.9%	18.2%	22.5%	23.3%	18.8%	17.3%	13.4%
Return on invested capital	4.9%	6.4%	7.8%	9.2%	11.0%	9.5%	8.5%	7.5%
Return on assets	3.1%	2.8%	3.7%	4.4%	6.0%	4.8%	4.3%	3.3%
Free cash flow yield	12.0%	5.9%	6.5%	4.6%	5.6%	4.4%	2.0%	3.4%
Earnings yield	5.5%	6.1%	5.2%	4.9%	3.4%	2.9%	5.1%	6.8%
Enterprise value	€1.3B	€929.3M	€1.4B	€1.5B	€2.1B	€1.7B	€814.4M	€388.3M
Net debt / EBITDA	0.1×	-0.37×	-0.66×	-0.9×	-0.12×	-0.3×	0.77×	-0.64×
Cash conversion cycle (days)	13	25	18	15	4	12	25	34