Tessellis S.p.A. (TSL.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

-2457.5%

-€1.71

vs €0.07 price

Levered DCF

-€2.00

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.55

Distress zone

Rating

—

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
P/E	-0.93×	-2.13×	-2.14×	-4.83×	-6.66×	-2.73×	0.74×	-3.21×
P/B	-3.78×	5.49×	1.22×	-1.23×	-2.03×	-0.8×	-1.38×	-1.1×
P/S	0.25×	0.58×	0.79×	0.69×	1.03×	0.31×	0.37×	0.68×
EV / EBITDA	9.73×	8.15×	16.3×	6.17×	8.79×	3.49×	14.7×	27.81×
Gross margin	28.4%	-14.5%	25.6%	27.0%	26.4%	30.4%	30.9%	30.8%
Operating margin	-22.1%	-23.7%	-33.6%	-10.9%	-9.9%	-13.0%	-20.6%	-10.9%
Net margin	-26.7%	-27.0%	-36.9%	-14.3%	-15.4%	-11.5%	50.4%	0.4%
Current ratio	0.19×	0.24×	0.43×	0.31×	0.2×	0.45×	0.49×	0.18×
Debt / equity	-7.32×	3.84×	1.64×	-1.23×	-1.33×	-1.78×	-3.84×	-1.41×
Interest coverage	-4.72×	-7.75×	-8.34×	-2.08×	-1.8×	-3×	-6.8×	-4.05×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Return on equity	404.7%	-255.6%	-56.7%	25.3%	30.4%	29.4%	-186.1%	-0.6%
Return on invested capital	-35.4%	-33.1%	-14.3%	-35.6%	-32.4%	-32.4%	-23.7%	-27.8%
Return on assets	-19.9%	-20.6%	-10.7%	-14.4%	-14.7%	-9.1%	24.0%	0.3%
Free cash flow yield	2.6%	-6.3%	-23.8%	-4.6%	-13.6%	6.1%	-30.6%	-54.4%
Earnings yield	-107.0%	-46.6%	-46.6%	-20.6%	-15.0%	-36.7%	134.8%	0.6%
Enterprise value	€152.7M	€219.9M	€177.6M	€188.8M	€241.2M	€132.7M	€214.3M	€319.9M
Net debt / EBITDA	6.28×	3.19×	9.03×	2.9×	3.39×	2.31×	10.47×	15.59×
Cash conversion cycle (days)	-218	-96	-201	-205	-136	-313	-90	-277