Saipem S.p.A. (SPM.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

-120.1%

-€0.86

vs €4.30 price

Levered DCF

€17.69

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.68

Distress zone

Rating

C-

Overall 1 / 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	15.13×	15.69×	16.39×	-7.06×	-0.37×	-1.03×	23.26×	-3.64×
P/B	1.84×	1.96×	1.23×	1.09×	2.8×	0.39×	0.57×	0.43×
P/S	0.31×	0.34×	0.25×	0.23×	0.14×	0.16×	0.25×	0.2×
EV / EBITDA	4.13×	4.36×	4.12×	6.27×	-1.88×	-10.92×	3.86×	6.93×
Gross margin	12.1%	23.3%	18.4%	17.1%	-7.8%	19.0%	24.7%	22.9%
Operating margin	4.6%	4.2%	3.7%	1.0%	-32.6%	-2.9%	5.0%	0.4%
Net margin	2.0%	2.1%	1.5%	-2.1%	-37.8%	-15.4%	0.1%	-5.5%
Current ratio	1.1×	1.14×	1.18×	1.1×	1×	1.31×	1.35×	1.4×
Debt / equity	1.18×	1.19×	1.3×	1.47×	12.07×	1.18×	0.92×	0.74×
Interest coverage	3.81×	3.35×	2.3×	0.57×	-17.6×	-1.58×	3.74×	0.38×
Dividend yield	6.8%	0.0%	0.0%	0.0%	2.8%	6.0%	2.7%	0.9%
Payout ratio	106.7%	0.0%	0.0%	0.0%	-1.1%	-6.1%	516.7%	-3.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.8%	12.1%	7.5%	-10.1%	-756.7%	-38.9%	0.3%	-11.9%
Return on invested capital	6.0%	5.3%	3.8%	1.6%	-35.8%	-3.1%	2.3%	0.5%
Return on assets	2.2%	2.1%	1.4%	-1.7%	-21.4%	-10.1%	0.1%	-4.0%
Free cash flow yield	23.4%	14.7%	3.5%	-44.4%	-22.7%	-17.3%	40.3%	13.1%
Earnings yield	6.4%	6.2%	6.1%	-9.3%	-269.8%	-98.6%	0.5%	-27.4%
Enterprise value	€7.1B	€5.8B	€3.9B	€3.2B	€3.4B	€3.1B	€3.7B	€3B
Net debt / EBITDA	1.29×	0.64×	1.04×	1.9×	-1.38×	-6.85×	1.49×	2.95×
Cash conversion cycle (days)	43	42	2	-6	64	8	15	4