Company Valuation: Pirelli & C. S.p.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 6,108 4,004 4,927 5,474 6,353 6,509 - -
Change - -34.45% 23.05% 11.1% 16.06% 2.46% - -
Enterprise Value (EV) 1 9,015 6,557 7,189 7,400 7,455 7,772 7,419 6,997
Change - -27.27% 9.64% 2.94% 0.75% 4.25% -4.54% -5.7%
P/E ratio 20.4x 9.53x 10.3x 11.6x 11.7x 13x 11.8x 11.1x
PBR 1.24x 0.75x 0.9x 0.93x 0.94x 0.98x 0.95x 0.91x
PEG - 0.2x 0.7x -5.57x 1.83x -1.63x 1.1x 1.66x
Capitalization / Revenue 1.15x 0.61x 0.74x 0.81x 0.94x 0.95x 0.92x 0.89x
EV / Revenue 1.69x 0.99x 1.08x 1.09x 1.1x 1.14x 1.04x 0.95x
EV / EBITDA 7.45x 4.66x 4.97x 4.87x 4.82x 4.93x 4.53x 4.12x
EV / EBIT 11.1x 6.71x 7.18x 6.98x 6.89x 7.13x 6.49x 5.9x
EV / FCF 20.1x 11.7x 13.9x 16.3x 9.64x 15.5x 13.4x 11.6x
FCF Yield 4.97% 8.56% 7.2% 6.15% 10.4% 6.47% 7.45% 8.6%
Dividend per Share 2 0.161 0.218 0.198 0.198 0.24 0.2545 0.2671 0.2998
Rate of return 2.64% 5.44% 4.02% 3.62% 4.1% 4.24% 4.45% 5%
EPS 2 0.3 0.42 0.48 0.47 0.5 0.4601 0.5085 0.5424
Distribution rate 53.7% 51.9% 41.3% 42.1% 48% 55.3% 52.5% 55.3%
Net sales 1 5,332 6,616 6,650 6,773 6,776 6,844 7,107 7,337
EBITDA 1 1,211 1,408 1,446 1,520 1,548 1,575 1,639 1,697
EBIT 1 815.8 977.8 1,002 1,060 1,081 1,090 1,142 1,186
Net income 1 302.8 435.9 479.1 501.1 530.7 494.3 537.4 561.8
Net Debt 1 2,907 2,553 2,262 1,926 1,102 1,263 909.9 487.3
Reference price 2 6.108 4.004 4.927 5.474 5.856 6.000 6.000 6.000
Nbr of stocks (in thousands) 10,00,000 10,00,000 10,00,000 10,00,000 10,84,882 10,84,882 - -
Announcement Date 23/02/22 22/02/23 06/03/24 26/02/25 25/02/26 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.04x1.14x4.93x4.24% 751.65Cr
22.15x1.76x11.31x0.19% 549.67Cr
5.92x0.52x3.09x4.35% 532.43Cr
31.07x3.95x17.3x0.76% 434.67Cr
21.31x1.18x7.23x3.75% 350.1Cr
15.83x0.96x6.54x1.68% 264.45Cr
13.99x1.01x7.4x2.43% 261.63Cr
9.63x - - 5% 223.5Cr
11.09x - - - 162.86Cr
18.78x1.02x7.98x1.15% 135.42Cr
Average 16.28x 1.44x 8.22x 2.62% 366.64Cr
Weighted average by Cap. 16.49x 1.49x 8.04x 2.74%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation Pirelli & C. S.p.A.