Sanlorenzo S.p.A. (SL.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

+72.1%

€61.25

vs €35.60 price

Levered DCF

€29.96

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.58

Grey 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	10.07×	11.03×	15.86×	17.19×	25.61×	16.5×	19.01×	39.02×
P/B	2.08×	2.61×	4.1×	4.43×	5.7×	3.06×	3.36×	4.42×
P/S	1.08×	1.18×	1.7×	1.56×	1.94×	1.07×	1.01×	1.26×
EV / EBITDA	5.98×	6.32×	8.28×	9.47×	13.37×	8.16×	9×	14.61×
Gross margin	11.7%	14.3%	28.2%	62.4%	52.7%	55.0%	53.4%	50.0%
Operating margin	11.5%	14.5%	14.5%	12.6%	10.7%	9.2%	8.5%	6.2%
Net margin	10.7%	10.7%	10.7%	9.1%	7.6%	6.5%	5.3%	3.3%
Current ratio	1.39×	1.25×	1.31×	1.29×	1.36×	1.34×	1.26×	1.28×
Debt / equity	0.32×	0.33×	0.21×	0.35×	0.44×	0.49×	0.5×	0.81×
Interest coverage	19.66×	37.41×	71.89×	99.06×	60.61×	25.66×	10.27×	9.56×
Dividend yield	3.2%	3.1%	1.6%	1.6%	0.8%	0.0%	0.7%	0.1%
Payout ratio	32.4%	33.8%	24.8%	27.8%	20.3%	0.0%	14.1%	2.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.7%	23.6%	25.9%	25.7%	22.3%	18.6%	17.6%	11.5%
Return on invested capital	12.5%	16.1%	20.0%	18.7%	15.7%	12.9%	13.4%	7.9%
Return on assets	8.7%	9.3%	11.0%	10.0%	8.6%	6.9%	6.2%	3.3%
Free cash flow yield	1.9%	-1.6%	4.9%	7.4%	3.7%	2.7%	0.3%	10.5%
Earnings yield	9.9%	9.1%	6.3%	5.8%	3.9%	6.1%	5.2%	2.6%
Enterprise value	€1.1B	€1.1B	€1.4B	€1.2B	€1.3B	€564.6M	€530.7M	€518.8M
Net debt / EBITDA	0.1×	0.04×	-0.71×	-0.36×	-0.43×	-0.05×	0.27×	1.09×
Cash conversion cycle (days)	74	54	33	-28	25	5	-45	-7