Amplifon S.p.A.
Health Care company listed on Borsa Italiana. Business description not available yet.
Priced within the modelled range
5-year outlook: Not shown because confidence is low: Earnings-based DCF disagrees strongly.
Other models: EUR 5.62–20.76 (median 11.37). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Free-cash-flow DCF using Fiscal year 2025 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 3% growth, 2.9% terminal growth, and 10.5% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 3% (limited from 22.74% because the latest annual revenue declined), discount rate 10.50%, terminal growth 2.90%. See a worked example.
Blended growth assumption: 22.7% (sector default 6.8%, own revenue history 4.2%, analyst revenue consensus 40.0%).
Analyst consensus expects revenue growth of 40.8% a year; the growth assumption used is 3.0%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — EUR 11.45 (+2.5%)
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EPS-based Gordon proxy
— EUR 5.62 (-49.7%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 11.45 (+2.5%)
Not used: Free cash flow is 3.2x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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FCFF (steady state)
— EUR 11.37 (+1.8%)
Not used: Free cash flow is 3.2x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/EBITDA (12x)
— EUR 20.76 (+85.9%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 11.44 (+2.5%)
Not used: Free cash flow is 3.2x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/Sales (Rule of 40)
— EUR 45.72 (+309.3%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 6.91 | -61.8% |
| Base EUR 11.45 | 2.4% |
| Bull EUR 19.34 | 42.3% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At EUR 11.17 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.9%, discount 10.5%).
Compare: the market implies 2.6% a year, this model assumes 3.0%. The model is more optimistic than the price, which is why it reads as undervalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 8.5% | 9.5% | 10.5% | 11.5% | 12.5% |
|---|---|---|---|---|---|
| -1.0% | 13.95 | 10.85 | 8.56 | 6.81 | 5.41 |
| 1.0% | 15.89 | 12.47 | 9.95 | 8.01 | 6.48 |
| 3.0% | 17.99 | 14.22 | 11.45 | 9.32 | 7.63 |
| 5.0% | 20.25 | 16.11 | 13.05 | 10.71 | 8.86 |
| 7.0% | 22.68 | 18.13 | 14.78 | 12.21 | 10.18 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 72 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +3.2% a year | 12 / 20 |
| Balance sheet | net debt 2.2x EBITDA | 10 / 20 |
| Margins | EBITDA margin 20% | 10 / 20 |
Peers in Health Care
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| AMP.MI (this company) | EUR 11.17 | 8.7% | 41.1 | – | 2.6% | 72 |
| ZEAL.CO Zealand Pharma A/S | DKK 235.70 | 35.7% | 6.1 | 0.9 | – | 72 |
| CI Cigna | USD 301.48 | 28.8% | 12.4 | 1.9 | 2.0% | 70 |
| CVS CVS Health | USD 81.33 | 12.4% | 9.5 | 1.3 | 3.3% | 70 |
| BAVA.CO Bavarian Nordic A/S | DKK 239.80 | 12.4% | 11.8 | 1.4 | – | 92 |
| INCY Incyte | USD 118.01 | 8.8% | 18.4 | 4.6 | – | 100 |
| ZBH Zimmer Biomet | USD 106.85 | 0.5% | 26.6 | 1.6 | 0.9% | 90 |
| GSK.L GSK plc | GBP 18.50 | -3.2% | 17.3 | 4.0 | 3.6% | 92 |
| SAN.PA Sanofi | EUR 82.64 | -4.2% | 12.9 | – | 4.7% | 92 |
| Peer median | 12.7 | 1.6 | ||||
Annual financial statement
Saved annual report · Fiscal year 2025 · Yahoo Finance annual statements · period ended 31 Dec 2025 , annual figures reported by Yahoo Finance
| Revenue | EUR 2,395,705,000 |
|---|---|
| EBITDA | EUR 506,536,000 |
| EBIT | EUR 191,459,000 |
| Net income | EUR 91,334,000 |
| Free cash flow | EUR 296,358,000 |
| Capital expenditures | EUR -118,409,000 |
| Debt | EUR 1,820,811,000 |
| Cash | EUR 308,882,000 |
| Working capital | EUR -493,340,000 |
| Shares outstanding | 219,937,482 |
| Reported dividends per share | EUR 0.2900 |