TXT e-solutions S.p.A. (TXT.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

+337.3%

€195.68

vs €44.75 price

Levered DCF

€262.58

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.37

Grey 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	17.01×	28.31×	14.9×	12.71×	15.13×	20.74×	253.54×	167.6×
P/B	2.34×	3.01×	2.04×	1.39×	1.28×	1.08×	1.39×	1.1×
P/S	1×	1.48×	1.03×	1.01×	1.23×	1.34×	1.92×	2.37×
EV / EBITDA	8.69×	15.03×	8.43×	9.7×	11.29×	13.65×	27.26×	53.48×
Gross margin	38.6%	25.0%	15.7%	72.5%	78.5%	80.3%	80.5%	83.3%
Operating margin	11.6%	8.4%	9.0%	9.2%	10.0%	4.6%	6.0%	4.6%
Net margin	5.9%	5.2%	6.9%	8.0%	8.2%	6.5%	0.8%	1.4%
Current ratio	1.65×	1.43×	1.42×	1.63×	1.85×	2.27×	2.95×	4.6×
Debt / equity	1.27×	1.22×	0.99×	1.05×	0.95×	0.62×	0.57×	0.57×
Interest coverage	6.76×	5.3×	7.65×	12.09×	21.63×	7.36×	8.02×	7.41×
Dividend yield	0.8%	0.7%	0.9%	0.0%	0.4%	0.0%	5.1%	12.4%
Payout ratio	13.7%	18.5%	13.8%	0.0%	6.6%	0.0%	1290.3%	2072.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.7%	10.6%	13.6%	11.0%	8.5%	5.2%	0.5%	0.7%
Return on invested capital	8.3%	5.1%	6.2%	4.3%	3.9%	1.7%	0.5%	1.3%
Return on assets	4.3%	3.5%	5.1%	4.0%	3.5%	2.6%	0.3%	0.4%
Free cash flow yield	6.6%	3.7%	3.5%	10.8%	5.9%	-2.5%	-2.0%	0.9%
Earnings yield	5.9%	3.5%	6.7%	7.9%	6.6%	4.9%	0.4%	0.6%
Enterprise value	€509.1M	€575.2M	€306.9M	€233.5M	€170.8M	€133M	€148.6M	€138.3M
Net debt / EBITDA	1.93×	3.26×	2.06×	3.39×	3.43×	4.2×	6.43×	16.87×
Cash conversion cycle (days)	95	105	110	146	214	224	205	250