Safilo Group S.p.A. (SFL.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

+31.4%

€2.68

vs €2.04 price

Levered DCF

€5.44

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.14

Safe zone

Rating

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	16.08×	17.32×	-15.42×	11.71×	22.08×	-3.32×	-1.13×	-4.47×
P/B	2.06×	0.93×	1×	1.54×	1.44×	1.7×	1×	0.15×
P/S	0.82×	0.39×	0.37×	0.58×	0.48×	0.31×	0.36×	0.11×
EV / EBITDA	8.4×	5.29×	8.21×	5.75×	5.15×	-28.63×	-2.13×	6.87×
Gross margin	58.0%	56.6%	58.7%	55.5%	46.0%	39.1%	43.6%	49.8%
Operating margin	6.5%	4.9%	0.7%	4.5%	2.7%	-10.7%	-1.8%	0.8%
Net margin	5.0%	2.2%	-2.4%	5.0%	2.2%	-9.4%	-35.0%	-3.6%
Current ratio	1.71×	1.93×	1.89×	1.91×	1.81×	1.59×	1.78×	1.35×
Debt / equity	0.25×	0.34×	0.42×	0.47×	0.59×	2.17×	0.41×	0.33×
Interest coverage	3.97×	2.63×	0.37×	2.92×	1.22×	-4.72×	-1.3×	0.86×
Dividend yield	0.0%	0.2%	0.1%	0.1%	0.2%	0.0%	0.0%	0.0%
Payout ratio	0.6%	3.4%	-2.2%	1.6%	5.3%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.5%	5.4%	-6.5%	13.2%	6.5%	-50.9%	-96.0%	-5.0%
Return on invested capital	8.6%	5.4%	1.3%	5.8%	2.3%	-11.2%	-3.1%	0.8%
Return on assets	6.5%	2.6%	-2.9%	5.6%	2.3%	-8.0%	-39.6%	-2.7%
Free cash flow yield	10.0%	16.8%	9.1%	-1.1%	-0.6%	-9.6%	-7.3%	-29.0%
Earnings yield	6.1%	5.8%	-6.5%	8.6%	4.5%	-29.9%	-96.4%	-33.6%
Enterprise value	€855.6M	€479M	€462.9M	€742.9M	€563.6M	€465.8M	€415.5M	€129.3M
Net debt / EBITDA	0.45×	1.03×	1.47×	0.88×	0.86×	-13.65×	-0.38×	1.75×
Cash conversion cycle (days)	101	128	126	191	169	181	187	207