SOL S.p.A. (SOL.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

-17.6%

€49.61

vs €60.20 price

Levered DCF

€17.86

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.9

Safe zone

Rating

Overall 3 / 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	26.6×	22.79×	17.27×	12.04×	21.36×	12.28×	19.44×	19.26×
P/B	3.91×	3.28×	2.71×	1.96×	2.75×	2×	1.7×	1.89×
P/S	2.5×	2.09×	1.7×	1.16×	1.72×	1.3×	1.05×	1.19×
EV / EBITDA	11.2×	9.49×	7.88×	6.06×	8.77×	6.04×	6.42×	6.7×
Gross margin	16.5%	72.4%	43.1%	21.0%	22.5%	47.1%	45.1%	43.4%
Operating margin	15.2%	14.7%	15.3%	14.0%	12.2%	14.4%	9.8%	10.8%
Net margin	9.4%	9.2%	9.8%	9.7%	8.0%	10.6%	5.5%	6.2%
Current ratio	2.43×	2.18×	2.2×	1.96×	1.88×	2.36×	2.13×	2.31×
Debt / equity	0.73×	0.56×	0.67×	0.56×	0.66×	0.82×	0.83×	0.63×
Interest coverage	8.94×	9.59×	12.8×	18.18×	14.42×	14.47×	10.64×	10.57×
Dividend yield	0.8%	1.1%	1.2%	1.4%	1.0%	1.3%	1.7%	1.5%
Payout ratio	21.2%	25.6%	20.5%	16.3%	22.3%	15.4%	32.2%	28.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.7%	14.4%	15.7%	16.3%	12.8%	16.2%	8.8%	9.8%
Return on invested capital	9.2%	9.9%	9.9%	10.1%	8.3%	9.6%	5.4%	6.2%
Return on assets	6.9%	6.9%	7.5%	7.8%	6.2%	7.3%	3.9%	4.7%
Free cash flow yield	0.6%	1.4%	2.6%	3.3%	2.3%	4.7%	2.1%	3.3%
Earnings yield	3.8%	4.4%	5.8%	8.3%	4.7%	8.1%	5.2%	5.2%
Enterprise value	€4.9B	€3.7B	€2.9B	€1.9B	€2.2B	€1.5B	€1.2B	€1.2B
Net debt / EBITDA	1.11×	0.87×	1.11×	1.02×	1.26×	0.98×	1.51×	1.14×
Cash conversion cycle (days)	93	52	94	90	72	77	80	84