Zignago Vetro S.p.A. (ZV.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

+78.5%

€11.82

vs €6.62 price

Levered DCF

€18.10

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.48

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	25.06×	15.93×	10.33×	14.39×	25.29×	26.31×	21.17×	16.55×
P/B	1.91×	2.25×	3.25×	3.95×	5.77×	5.22×	5.02×	3.7×
P/S	1.54×	1.83×	2.43×	2.68×	4.16×	3.91×	3.44×	2.55×
EV / EBITDA	11.34×	8.91×	7.13×	13.91×	17.92×	20.67×	15.44×	12.83×
Gross margin	42.0%	38.9%	46.6%	37.6%	45.8%	45.5%	48.8%	49.0%
Operating margin	6.2%	13.5%	28.8%	11.1%	13.8%	9.4%	14.0%	13.6%
Net margin	6.1%	11.4%	23.5%	18.5%	16.6%	14.9%	16.4%	15.5%
Current ratio	1.63×	1.66×	1.52×	1.57×	1.44×	1.28×	1.11×	1.1×
Debt / equity	0.69×	0.69×	0.69×	1.06×	1.19×	1.09×	1.13×	1×
Interest coverage	3.38×	5.14×	14.55×	41.51×	61.1×	23.8×	40.31×	40.54×
Dividend yield	5.8%	8.0%	4.2%	2.8%	2.1%	3.1%	2.8%	3.8%
Payout ratio	145.4%	128.0%	43.5%	41.0%	52.6%	81.1%	59.5%	62.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.6%	14.0%	31.5%	27.2%	23.0%	19.8%	23.9%	22.5%
Return on invested capital	3.8%	9.6%	19.4%	7.4%	7.3%	5.8%	7.9%	7.8%
Return on assets	3.7%	6.9%	15.1%	10.8%	8.7%	8.0%	9.3%	8.8%
Free cash flow yield	12.5%	7.8%	8.9%	-0.3%	1.9%	3.6%	1.5%	-0.7%
Earnings yield	4.0%	6.2%	9.7%	6.9%	4.0%	3.8%	4.8%	6.1%
Enterprise value	€848.6M	€1B	€1.5B	€1.5B	€1.7B	€1.4B	€1.3B	€907.5M
Net debt / EBITDA	2.19×	1.78×	0.98×	2.28×	2.03×	2.95×	2.42×	2.37×
Cash conversion cycle (days)	161	185	164	134	125	184	174	123