SYS-DAT S.p.A. (SYS.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

+107.3%

€17.54

vs €8.46 price

Levered DCF

€35.05

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.91

Grey zone

Rating

B+

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
P/E	27.73×	25.9×	26.07×	30.42×	30.42×
P/B	3.06×	2.84×	5.78×	6.93×	8.7×
P/S	2.13×	2.82×	2.38×	2.91×	3.79×
EV / EBITDA	12.32×	11.8×	10.99×	14.82×	17.15×
Gross margin	61.8%	62.2%	63.2%	64.0%	63.8%
Operating margin	10.4%	14.6%	15.9%	16.4%	18.5%
Net margin	7.7%	10.8%	9.1%	9.7%	12.4%
Current ratio	2.33×	3.24×	1.78×	2.04×	2.42×
Debt / equity	0.5×	0.12×	0.35×	0.52×	0.64×
Interest coverage	40.29×	46.53×	31.5×	41.59×	45.3×
Dividend yield	0.7%	0.4%	0.6%	0.6%	0.6%
Payout ratio	18.1%	10.7%	15.6%	17.9%	18.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	11.1%	10.9%	22.1%	23.1%	28.5%
Return on invested capital	6.3%	7.6%	11.8%	12.8%	14.0%
Return on assets	5.2%	6.2%	6.9%	7.6%	9.3%
Free cash flow yield	6.7%	3.0%	4.5%	3.5%	3.8%
Earnings yield	3.6%	3.8%	3.8%	3.3%	3.3%
Enterprise value	€200.9M	€144.1M	€102.7M	€105M	€102.9M
Net debt / EBITDA	0.62×	-1.47×	-0.84×	-0.79×	-1.27×
Cash conversion cycle (days)	33	31	34	20	6