UniCredit S.p.A. (UCG.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

-6.6%

€68.21

vs €73.00 price

Levered DCF

-€177.93

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.22

Distress zone

Rating

B-

Overall 2 / 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	10.29×	6.6×	4.81×	4.31×	14.56×	-5.84×	13.42×	5.58×
P/B	1.68×	1.04×	0.66×	0.43×	0.48×	0.29×	0.47×	0.38×
P/S	4.83×	1.4×	0.94×	1.03×	1.35×	0.77×	1.18×	0.87×
EV / EBITDA	20.25×	9.43×	12.37×	1.01×	47.22×	24.28×	18.92×	20.13×
Gross margin	97.2%	56.9%	56.4%	78.6%	83.8%	83.3%	81.6%	82.5%
Operating margin	58.3%	27.5%	25.5%	27.2%	8.0%	-11.3%	12.3%	14.9%
Net margin	47.0%	20.8%	21.2%	24.1%	9.4%	-12.6%	13.7%	16.5%
Current ratio	0.24×	0.12×	0.12×	94.62×	149.05×	0.37×	44.83×	0.1×
Debt / equity	2.98×	1.97×	3×	1.82×	4.61×	2.25×	2.05×	1.94×
Interest coverage	0×	0.64×	0.59×	1.28×	0.49×	-0.68×	0.67×	0.85×
Dividend yield	4.4%	7.6%	5.8%	6.2%	2.6%	3.4%	4.5%	6.0%
Payout ratio	45.4%	50.9%	25.7%	26.4%	36.9%	-20.8%	38.7%	31.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.3%	15.6%	14.8%	10.2%	3.4%	-4.7%	5.5%	7.3%
Return on invested capital	2.7%	2.8%	-6.1%	1.6%	0.4%	-0.4%	0.7%	1.0%
Return on assets	1.3%	1.2%	1.2%	0.8%	0.2%	-0.3%	0.4%	0.5%
Free cash flow yield	9.1%	-12.8%	-99.2%	33.1%	-29.1%	480.8%	-63.5%	-150.0%
Earnings yield	9.7%	14.9%	22.6%	23.5%	7.0%	-16.3%	11.7%	18.9%
Enterprise value	€277B	€133.6B	€161.8B	€8.7B	€154.4B	-€26.3B	€98.2B	€87.1B
Net debt / EBITDA	11.96×	4.83×	9.16×	-2.19×	38.02×	39.98×	13.34×	15.12×
Cash conversion cycle (days)	-510	21	-2,553	-10,146	-19,594	-19	-7,098	-106