Salvatore Ferragamo S.p.A. (SFER.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

+122.9%

€14.32

vs €6.43 price

Levered DCF

€13.87

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.31

Grey zone

Rating

C+

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	-27.43×	-16.51×	76.06×	39.26×	47.94×	-40.67×	36.06×	33.87×
P/B	2.31×	1.81×	2.79×	3.65×	4.97×	3.86×	4.14×	3.94×
P/S	1.4×	1.08×	1.74×	2.19×	3.34×	3.05×	2.3×	2.21×
EV / EBITDA	12.26×	12.82×	10.49×	10.25×	13.36×	25.4×	11.37×	13.87×
Gross margin	70.7%	71.5%	72.6%	72.0%	68.8%	62.9%	64.9%	64.0%
Operating margin	1.1%	-4.7%	6.2%	10.2%	12.6%	-7.2%	10.9%	11.1%
Net margin	-5.1%	-6.6%	2.3%	5.6%	6.9%	-7.6%	6.3%	6.6%
Current ratio	1.68×	1.58×	1.79×	2×	2.08×	2.3×	1.79×	2.63×
Debt / equity	1.16×	1.28×	1.1×	0.8×	0.96×	1.09×	0.95×	0.05×
Interest coverage	0.44×	-1.8×	3.08×	7.94×	9.34×	-3.58×	7.69×	89.57×
Dividend yield	1.2%	1.5%	2.3%	2.1%	0.0%	0.0%	1.8%	2.2%
Payout ratio	-33.5%	-24.3%	177.9%	81.5%	0.0%	0.0%	65.7%	72.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-8.4%	-11.0%	3.6%	9.3%	10.3%	-9.6%	11.4%	11.7%
Return on invested capital	0.8%	-3.0%	2.6%	5.8%	6.4%	-3.7%	7.2%	10.9%
Return on assets	-3.3%	-4.0%	1.4%	4.0%	4.3%	-3.9%	4.7%	7.4%
Free cash flow yield	5.1%	8.9%	2.3%	7.7%	8.7%	2.2%	5.9%	3.7%
Earnings yield	-3.6%	-6.1%	1.3%	2.5%	2.1%	-2.5%	2.8%	3.0%
Enterprise value	€1.9B	€1.7B	€2.5B	€3B	€4B	€3.1B	€3.7B	€2.8B
Net debt / EBITDA	3.32×	4.23×	2.16×	0.74×	0.75×	3.49×	1.56×	-0.85×
Cash conversion cycle (days)	248	230	184	139	137	266	186	158