Toscana Aeroporti S.p.A. (TYA.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

+1352.9%

€255.72

vs €17.60 price

Levered DCF

€47.06

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.91

Grey zone

Rating

A-

Overall 4 / 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	21.49×	15.6×	16.91×	46.2×	-45.89×	-20.45×	22.89×	18.14×
P/B	2.83×	2.36×	2.04×	2.16×	2.36×	2.39×	2.72×	2.23×
P/S	2.44×	2.15×	1.74×	2.38×	5.1×	5.16×	2.27×	1.81×
EV / EBITDA	9.75×	7.98×	8.07×	17.2×	501.48×	-23.25×	10.66×	9.09×
Gross margin	52.1%	51.3%	31.6%	21.3%	-2.7%	-1.0%	20.6%	19.4%
Operating margin	17.5%	24.7%	21.2%	8.0%	-45.1%	-29.6%	16.3%	15.7%
Net margin	11.3%	13.8%	10.2%	5.2%	-11.2%	-25.2%	9.9%	10.0%
Current ratio	0.86×	0.83×	0.49×	0.65×	0.86×	1.13×	0.52×	0.57×
Debt / equity	0.82×	0.81×	1×	1.4×	1.47×	1.44×	0.44×	0.36×
Interest coverage	3.05×	4.37×	3.73×	2.39×	-10.25×	-21.42×	38.18×	36.94×
Dividend yield	2.1%	2.7%	3.4%	3.3%	0.0%	0.0%	4.0%	3.8%
Payout ratio	46.3%	42.7%	57.8%	149.7%	0.0%	0.0%	92.1%	68.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.1%	15.1%	12.0%	4.7%	-5.2%	-11.7%	11.9%	12.3%
Return on invested capital	6.5%	8.8%	7.5%	1.2%	-3.2%	-4.1%	7.7%	8.2%
Return on assets	5.0%	5.8%	4.2%	1.4%	-1.6%	-3.8%	5.3%	5.7%
Free cash flow yield	7.7%	8.8%	5.9%	9.9%	-6.7%	-17.2%	4.2%	6.1%
Earnings yield	4.6%	6.4%	5.9%	2.2%	-2.2%	-4.9%	4.4%	5.5%
Enterprise value	€419.5M	€335.4M	€292.6M	€298.2M	€334.5M	€332.3M	€356.9M	€291.5M
Net debt / EBITDA	1.66×	1.63×	2.17×	4.8×	142.91×	-5.41×	0.99×	0.88×
Cash conversion cycle (days)	-129	-101	-56	-80	127	96	-54	-37