Unipol Gruppo S.p.A. (UNI.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

-88.1%

€3.04

vs €25.48 price

Levered DCF

€49.58

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.1

Distress 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	9.67×	7.8×	3.26×	6.07×	5.28×	3.84×	3.94×	6.02×
P/B	1.38×	0.89×	0.44×	0.52×	0.43×	0.36×	0.53×	0.48×
P/S	0.99×	0.6×	0.28×	0.3×	0.23×	0.2×	0.23×	0.17×
EV / EBITDA	8.59×	8.56×	3.77×	5.55×	4.85×	5.7×	4.81×	4.65×
Gross margin	39.3%	36.6%	27.8%	31.8%	43.0%	35.4%	39.4%	38.1%
Operating margin	14.2%	9.5%	12.0%	8.2%	6.7%	7.7%	8.2%	8.4%
Net margin	10.2%	7.7%	8.4%	4.9%	4.4%	5.3%	5.7%	2.9%
Current ratio	9.61×	2.89×	1.56×	54.17×	86.19×	108.98×	97.59×	105.21×
Debt / equity	0.59×	0.69×	0.61×	0.75×	0.55×	0.69×	0.67×	0.84×
Interest coverage	10.89×	5.9×	8.41×	5.76×	5.63×	5.88×	7.17×	6.56×
Dividend yield	6.6%	4.2%	10.8%	10.1%	12.1%	5.3%	3.6%	5.3%
Payout ratio	64.3%	32.6%	35.2%	61.1%	64.1%	20.4%	14.3%	31.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.3%	11.5%	13.4%	8.6%	8.1%	9.3%	13.5%	8.0%
Return on invested capital	1.7%	1.3%	1.8%	0.6%	0.7%	0.7%	0.9%	0.9%
Return on assets	1.6%	1.3%	1.4%	0.7%	0.8%	0.9%	1.2%	0.5%
Free cash flow yield	28.2%	19.0%	6.8%	35.5%	42.3%	18.5%	37.5%	116.6%
Earnings yield	10.3%	12.8%	30.6%	16.6%	18.8%	26.0%	25.4%	16.7%
Enterprise value	€19.3B	€13.2B	€6.8B	€6B	€5.7B	€6.8B	€7B	€6.4B
Net debt / EBITDA	2.2×	3.11×	1.77×	2.61×	2×	3.43×	2.38×	2.89×
Cash conversion cycle (days)	16	30	0	26	30	41	-20	-18