Webuild S.p.A. (WBD.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

-529.4%

-€9.09

vs €2.12 price

Levered DCF

€15.04

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.84

Distress zone

Rating

B+

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	14.25×	14.25×	14.15×	136.63×	-6.3×	7.37×	-66.53×	-9.4×
P/B	2.01×	1.64×	1.19×	0.86×	1.22×	0.74×	0.63×	0.83×
P/S	0.27×	0.25×	0.19×	0.18×	0.32×	0.25×	0.18×	0.14×
EV / EBITDA	10.24×	5.53×	3.42×	5.06×	12.46×	14.21×	5.47×	8.07×
Gross margin	28.7%	29.1%	28.9%	29.1%	27.5%	26.7%	27.4%	24.7%
Operating margin	5.1%	4.7%	4.9%	2.5%	-0.6%	9.3%	5.4%	1.4%
Net margin	1.9%	1.8%	1.3%	0.1%	-5.0%	3.3%	-0.5%	1.1%
Current ratio	1.04×	1.06×	1.08×	1.18×	1.15×	1.28×	1.36×	1.26×
Debt / equity	1.83×	1.72×	1.72×	1.66×	1.67×	2.51×	1.61×	2.77×
Interest coverage	1.28×	0.99×	1.09×	0.56×	-0.11×	1.78×	1.78×	0.47×
Dividend yield	2.4%	2.5%	3.1%	4.0%	2.5%	2.6%	0.1%	3.8%
Payout ratio	33.5%	36.8%	45.1%	548.0%	-16.1%	19.6%	-3.8%	48.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.3%	11.4%	8.2%	0.6%	-19.2%	9.7%	-1.6%	6.5%
Return on invested capital	6.3%	5.6%	5.1%	1.2%	-0.7%	5.5%	-1.5%	2.0%
Return on assets	1.3%	1.1%	0.8%	0.1%	-2.5%	1.2%	-0.3%	0.7%
Free cash flow yield	-16.6%	10.4%	80.7%	-18.2%	52.0%	2.9%	0.2%	-62.1%
Earnings yield	7.1%	6.9%	6.9%	0.7%	-15.7%	13.1%	-2.5%	7.8%
Enterprise value	€4B	€2.5B	€1.3B	€2.1B	€2.2B	€2.2B	€2.1B	€1.9B
Net debt / EBITDA	1.6×	-0.59×	-1.15×	1.72×	1.59×	7.27×	3.18×	5.13×
Cash conversion cycle (days)	142	23	61	45	69	108	37	40