Cash flow doValue S.p.A.

Equities

DOV

IT0005610958

Corporate Financial Services

Real-time Borsa Italiana Other stock markets 07:26:01 2025-01-14 am EST			5-day change	1st Jan Change
1.416 ^EUR	+0.43%		+2.61%	-1.53%

Jan. 08	Milan stock market up slightly, Leonardo strong, banks well with illimity after Opas	RE
Jan. 03	NPL, partnership between UniCredit and Prelios coming soon	AN

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Published financial data: DOVALUE S.P.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	331M	377M	524M	516M	422M
Gain (Loss) on Sale of Investment, Total (Rev)	-	-	-	-	-
Interest And Invest. Income (Rev)	-	-	-	-	-
Other Revenues, Total	28.04M	40.88M	39.41M	41.76M	58.12M
Total Revenues	359M	418M	564M	558M	480M
Cost of Goods Sold, Total	36.04M	45.58M	56.68M	45.72M	24.99M
Gross Profit	323M	373M	507M	512M	455M
Selling General & Admin Expenses, Total	202M	267M	318M	329M	302M
Depreciation & Amortization - (IS)	40.79M	63.66M	92.71M	69.81M	29.5M
Amortization of Goodwill and Intangible Assets - (IS)	-	-	-	-	-
Other Operating Expenses	-6.07M	3.31M	9.7M	214K	-5.01M
Other Operating Expenses, Total	236M	334M	421M	399M	326M
Operating Income	86.55M	38.59M	86.54M	113M	129M
Interest Expense, Total	-6.95M	-17.88M	-31.22M	-76.9M	-63.98M
Interest And Investment Income	611K	464K	8.98M	1.93M	3.06M
Net Interest Expenses	-6.34M	-17.41M	-22.24M	-74.98M	-60.93M
Income (Loss) On Equity Invest.	-	1K	83K	-	768K
Other Non Operating Income (Expenses)	-1.38M	-7.06M	-1.4M	26.42M	26.33M
EBT, Excl. Unusual Items	78.84M	14.12M	62.98M	64.11M	94.71M
Restructuring Charges	-	-	-10.2M	-	-
Merger & Related Restructuring Charges	-9.1M	-	-	-	-
Impairment of Goodwill	-	-	-	-	-12.53M
Gain (Loss) On Sale Of Investments	1.74M	-2M	1.31M	-1.2M	-2.53M
Asset Writedown	-	-	-3.55M	-1.34M	-50.71M
Insurance Settlements	-	-	-	4.1M	-
Legal Settlements	-2.09M	-387K	-922K	-318K	-3.3M
Other Unusual Items	-	-	-2.94M	-4.13M	1.01M
EBT, Incl. Unusual Items	69.38M	11.73M	46.67M	61.22M	26.65M
Income Tax Expense	28M	34.88M	13.5M	34.74M	40.29M
Earnings From Continuing Operations	41.38M	-23.14M	33.17M	26.48M	-13.64M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	41.38M	-23.14M	33.17M	26.48M	-13.64M
Minority Interest	-3.06M	1.2M	-9.43M	-9.97M	-4.19M
Net Income - (IS)	38.32M	-21.94M	23.74M	16.5M	-17.83M
Net Income to Common Incl Extra Items	38.32M	-21.94M	23.74M	16.5M	-17.83M
Net Income to Common Excl. Extra Items	38.32M	-21.94M	23.74M	16.5M	-17.83M
Per Share Items
Net EPS - Basic	2.4	-1.39	1.5	1.04	-1.13
Basic EPS - Continuing Operations	2.4	-1.39	1.5	1.04	-1.13
Basic Weighted Average Shares Outstanding	15.97M	15.81M	15.83M	15.82M	15.81M
Net EPS - Diluted	2.4	-1.4	1.5	1.04	-1.15
Diluted EPS - Continuing Operations	2.4	-1.4	1.5	1.04	-1.15
Diluted Weighted Average Shares Outstanding	15.97M	15.81M	15.83M	15.82M	15.81M
Normalized Basic EPS	2.89	0.63	1.89	1.9	3.48
Normalized Diluted EPS	2.89	0.63	1.89	1.9	3.48
Dividend Per Share	-	1.31	2.5	3	-
Payout Ratio	110.3	-8.54	87.27	237.18	-269.16
Supplemental Items
EBITDA	114M	79.94M	156M	156M	164M
EBITA	112M	77.45M	153M	153M	160M
EBIT	86.55M	38.59M	86.54M	113M	129M
EBITDAR	-	80.27M	156M	156M	164M
Total Revenues (As Reported)	366M	419M	565M	560M	482M
Effective Tax Rate - (Ratio)	40.36	297.26	28.92	56.75	151.19
Total Current Taxes	10.43M	10.24M	31.26M	27.26M	27.17M
Total Deferred Taxes	22.83M	-268K	-18.88M	7.48M	14.87M
Normalized Net Income	46.21M	10.02M	29.93M	30.1M	55.01M
Interest on Long-Term Debt	716K	580K	674K	963K	1.3M
Non-Cash Pension Expense	-	777K	-	3M	2.64M
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Marketing Expenses	2.09M	3.6M	4.5M	4.9M	4.26M
Selling and Marketing Expenses	2.09M	3.6M	4.5M	4.9M	4.26M
General and Administrative Expenses	54.88M	79.68M	92.21M	93.24M	84.26M
Net Rental Expense, Total	-	338K	59K	25K	5K
Imputed Operating Lease Interest Expense	-	101K	25.16K	25.26K	4.1K
Imputed Operating Lease Depreciation	-	237K	33.84K	-263	898
Maintenance & Repair Expenses, Total	-	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	7.09M	3.1M	1.03M	5.56M	-5.85M
Total Stock-Based Compensation	7.09M	3.1M	1.03M	5.56M	-5.85M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	128M	132M	167M	134M	112M
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	128M	132M	167M	134M	112M
Accounts Receivable, Total	177M	181M	206M	205M	200M
Other Receivables	10.59M	25.34M	42.21M	18.62M	23.4M
Notes Receivable	-	-	-	-	-
Total Receivables	188M	206M	249M	223M	223M
Inventory	137K	55K	55K	55K	1K
Prepaid Expenses	-	-	-	-	-
Other Current Assets, Total	10.7M	12.74M	14.9M	25.67M	45.25M
Total Current Assets	327M	352M	430M	383M	381M
Gross Property Plant And Equipment	38.69M	76.48M	88.09M	120M	123M
Accumulated Depreciation	-14.93M	-40.36M	-53.94M	-60.69M	-73.97M
Net Property Plant And Equipment	23.77M	36.12M	34.15M	59.14M	48.68M
Long-term Investments	33.59M	63.64M	54.87M	52.14M	45.47M
Goodwill	138M	193M	237M	237M	224M
Other Intangibles, Total	203M	384M	308M	290M	249M
Accounts Receivable Long-Term	14.94M	1.24M	5.44M	1.06M	602K
Loans Receivable Long-Term	-	75K	-	53K	40K
Deferred Tax Assets Long-Term	90.74M	94.7M	113M	102M	78.35M
Other Long-Term Assets, Total	192K	1.65M	2.14M	2.43M	3.77M
Total Assets	831M	1.13B	1.18B	1.13B	1.03B
Liabilities
Accounts Payable, Total	46.97M	51.82M	73.71M	70.38M	85.38M
Accrued Expenses, Total	22.07M	63.12M	78.54M	48.92M	52.04M
Short-term Borrowings	-	-	7.61M	4.54M	25.51M
Current Portion of Long-Term Debt	79.99M	86.62M	9.99M	9.74M	9.66M
Current Portion of Leases	7.36M	10.03M	8.11M	11.83M	11.7M
Current Income Taxes Payable	7.85M	6.54M	26.55M	10.48M	-
Unearned Revenue Current, Total	-	-	121K	352K	426K
Other Current Liabilities	52.54M	65.8M	46.04M	74.09M	52.52M
Total Current Liabilities	217M	284M	251M	230M	237M
Long-Term Debt	286M	457M	555M	554M	553M
Long-Term Leases	10.67M	18.76M	18.26M	38.11M	29.8M
Unearned Revenue Non Current	-	-	168K	356K	275K
Pension & Other Post Retirement Benefits	8.54M	16.34M	10.26M	9.11M	8.41M
Deferred Tax Liability Non Current	24.89M	77.47M	54.35M	51M	42.62M
Other Non Current Liabilities	58.86M	67.52M	102M	62.55M	55.67M
Total Liabilities	605M	921M	991M	946M	927M
Common Stock, Total	41.28M	41.28M	41.28M	41.28M	41.28M
Retained Earnings	170M	152M	188M	141M	78.96M
Treasury Stock	-184K	-103K	-4.68M	-4.33M	-6.1M
Comprehensive Income and Other	13.98M	-29.21M	-67.86M	-41.41M	-61.11M
Total Common Equity	225M	164M	157M	137M	53.03M
Minority Interest	-	41.26M	37.36M	44.36M	51.66M
Total Equity	225M	206M	194M	181M	105M
Total Liabilities And Equity	831M	1.13B	1.18B	1.13B	1.03B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	15.77M	15.87M	15.81M	15.82M	15.7M
ECS Total Common Shares Outstanding	15.77M	15.87M	15.81M	15.82M	15.7M
Book Value / Share	14.29	10.36	9.91	8.63	3.38
Tangible Book Value	-116M	-413M	-389M	-390M	-421M
Tangible Book Value Per Share	-7.33	-26.03	-24.59	-24.67	-26.8
Total Debt	384M	572M	599M	618M	630M
Net Debt	255M	440M	433M	484M	517M
Debt Equivalent Oper. Leases	-	2.7M	472K	200K	40K
Minority Interest, Total (Incl. Fin. Div)	-	41.26M	37.36M	44.36M	51.66M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Finished Goods, Total	137K	55K	55K	55K	1K
Buildings, Total	24.91M	45.9M	54.89M	69.97M	72.3M
Machinery, Total	10.16M	13.41M	14.98M	32.7M	33.13M
Full Time Employees	-	3.21K	3.2K	3.21K	3.11K
Accumulated Allowance for Doubtful Accounts (Supple)	11.24M	1.7M	2.8M	1.68M	1.1M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	38.32M	-21.94M	23.74M	16.5M	-17.83M
Depreciation & Amortization - CF	7.73M	13.37M	14.72M	16.63M	18.07M
Amortization of Goodwill and Intangible Assets - (CF)	25.73M	38.86M	66.8M	40.09M	31.63M
Depreciation & Amortization, Total	33.45M	52.23M	81.52M	56.72M	49.7M
Amortization of Deferred Charges, Total - (CF)	6.92M	10.41M	9.49M	13.47M	17.22M
(Gain) Loss on Sale of Investments - (CF)	-1.68M	1.98M	-1.36M	868K	3.07M
Asset Writedown & Restructuring Costs	-	-	3.55M	1.34M	26.11M
Provision for Credit Losses	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-83K	-	-768K
Stock-Based Compensation (CF)	5.93M	3.1M	1.03M	5.56M	-5.85M
Provision and Write-off of Bad Debts	-	1.04M	1.75M	-329K	-525K
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	7.3M	61.7M	-8.49M	-37.33M	-24.12M
Change in Trading Asset Securities	999K	-	-9.99M	-7K	-
Change In Accounts Receivable	11.36M	15.32M	-32.92M	6.51M	824K
Change In Accounts Payable	11.03M	-707K	21.88M	-3.33M	15M
Change in Other Net Operating Assets	-10.81M	-24.18M	33.48M	2.33M	8.67M
Cash from Operations	103M	98.95M	124M	62.3M	71.51M
Capital Expenditure	-1.42M	-7.12M	-4.19M	-3.95M	-1.99M
Sale of Property, Plant, and Equipment	12K	-	-	-	-
Cash Acquisitions	-357M	-235M	-	-	-
Divestitures	-	-	440K	-	-
Sale (Purchase) of Intangible assets	-6.93M	-12.87M	-61.01M	-27.11M	-19.37M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	408K	154K	-	-	-
Cash from Investing	-365M	-254M	-64.77M	-31.06M	-21.36M
Long-Term Debt Issued, Total	406M	253M	302M	87M	25M
Total Debt Issued	406M	253M	302M	87M	25M
Long-Term Debt Repaid, Total	-46.98M	-90.89M	-299M	-107M	-20.41M
Total Debt Repaid	-46.98M	-90.89M	-299M	-107M	-20.41M
Repurchase of Common Stock	-	-	-4.6M	-	-2.12M
Common Dividends Paid	-42.26M	-1.88M	-20.72M	-39.14M	-47.99M
Common & Preferred Stock Dividends Paid	-42.26M	-1.88M	-20.72M	-39.14M	-47.99M
Other Financing Activities, Total	-	-	-2.5M	-5M	-26.52M
Cash from Financing	317M	160M	-24.66M	-63.65M	-72.04M
Net Change in Cash	54.53M	4.32M	34.18M	-32.4M	-21.89M
Supplemental Items
Cash Interest Paid	6.57M	9.32M	18.14M	24M	23.86M
Cash Income Tax Paid (Refund)	10.55M	13.36M	12.14M	42.48M	26M
Levered Free Cash Flow	80.47M	124M	49.49M	60.92M	46.57M
Unlevered Free Cash Flow	84.81M	135M	69M	109M	86.56M
Change In Net Working Capital	8.4M	-64.91M	11.92M	6.12M	33.48M
Net Debt Issued / Repaid	359M	162M	3.17M	-19.51M	4.59M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	9.43	2.53	4.69	6.09	7.45
Return on Total Capital	12.85	3.53	6.98	8.84	10.48
Return On Equity %	18.07	-11.22	17.56	14.12	-9.55
Return on Common Equity	16.73	-11.82	15.19	11.26	-18.81
Margin Analysis
Gross Profit Margin %	89.96	89.1	89.95	91.8	94.79
SG&A Margin	56.16	63.86	56.43	59.04	62.88
EBITDA Margin %	31.84	19.11	27.7	28.03	34.18
EBITA Margin %	31.29	18.52	27.2	27.39	33.4
EBIT Margin %	24.12	9.23	15.35	20.2	26.8
Income From Continuing Operations Margin %	11.53	-5.53	5.88	4.75	-2.84
Net Income Margin %	10.68	-5.25	4.21	2.96	-3.72
Net Avail. For Common Margin %	10.68	-5.25	4.21	2.96	-3.72
Normalized Net Income Margin	12.88	2.4	5.31	5.4	11.47
Levered Free Cash Flow Margin	22.43	29.56	8.78	10.92	9.71
Unlevered Free Cash Flow Margin	23.64	32.23	12.24	19.54	18.05
Asset Turnover
Asset Turnover	0.63	0.44	0.49	0.48	0.44
Fixed Assets Turnover	26.1	13.97	16.05	11.96	8.9
Receivables Turnover (Average Receivables)	2.4	2.11	2.71	2.51	2.08
Inventory Turnover (Average Inventory)	102.82	474.81	1.03K	831.2	892.61
Short Term Liquidity
Current Ratio	1.51	1.24	1.72	1.66	1.61
Quick Ratio	1.46	1.19	1.66	1.55	1.41
Operating Cash Flow to Current Liabilities	0.47	0.35	0.49	0.27	0.3
Days Sales Outstanding (Average Receivables)	152.39	173.66	134.82	145.33	175.08
Days Outstanding Inventory (Average Inventory)	3.55	0.77	0.35	0.44	0.41
Average Days Payable Outstanding	352.68	397.34	404.2	575.22	1.14K
Cash Conversion Cycle (Average Days)	-196.75	-222.91	-269.02	-429.45	-964.37
Long Term Solvency
Total Debt/Equity