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Tabella1

Marazzi spa

Valutazione “a muzzo” by Zener

Free risk rate 3.70% Patrimonio netto - E - 504,472 71.28%


Coeff. Rischio specifico 2.50%
Coef. Rischio settoriale 2.50% Posizione finanziaria netta – D - 203,214 28.72%
Beta 1.10
Costo del capitale proprio 9.20% Capitale investito - CE - 707,686 100.00%

Costo del capitale di terzi 7.00% 4.20% N° azioni / 000 102,232


Tax rate 40.00 0.4

Wacc 1.21% 6.56% 7.76% 0.0776 1.0776

% di crescita perpetua “g” 1.50% 0.0150 1.0150 0.063

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Ricavi 964,065 1,022,000 1,073,100 1,116,000 1,145,150 1,168,054 1,172,000 1,195,400 1,219,300 1,243,700

Ebit 117,678 128,678 131,700 133,923 137,418 142,503 143,000 145,840 148,800 151,730

Tax rate 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%

Imposte 47,071 51,471 52,680 53,569 54,967 57,001 57,200 58,336 59,520 60,692

Ammortamenti 55,057 55,000 55,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000

Accantonamenti 6,026 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 0

Variaz. CCN -40,295 -9,000 -8,000 -8,000 -8,000 -8,000 -8,000 -8,000 -8,000 -8,000

Investimenti -50,000 -35,000 -35,000 -35,000 -35,000 -35,000 -35,000 -35,000 -35,000 -35,000

Free Cash Flow 41,395 91,707 94,520 85,854 87,951 91,002 91,300 93,004 94,780 93,038

Anno 1 2 3 4 5 6 7 8 9 10

Discount 1.0776 1.1613 1.2515 1.3486 1.4534 1.5662 1.6878 1.8189 1.9601 2.1123

D. F. cash Flow 38,412 78,968 75,527 63,659 60,515 58,103 54,094 51,133 48,355 44,047

Somma dfcf 38,412 117,381 192,907 256,566 317,082 375,185 429,279 480,413 528,768 572,815

Media dfcf 57,281 Multipli


Valore finale 928,137 2006 2007 2008

Somma dfcf 572,815 Capitalizz. 1,297,737,505 1,297,737,505 1,297,737,505 Indici 2006 2007 2008

PFN 203,214 az. ord. 102,232,000 102,232,000 102,232,000 Ev 1,501,149,505 1,492,737,505 1,467,737,505

Minority 0.00 az. risp. 0 0 0 ev/ebitda 8.36 7.71 7.22

Surplus assets 0.00 PFN negativa 203,412,000 195,000,000 170,000,000 ev/sales 1.56 1.46 1.37

Valore equity 1,297,738 PFN positiva 0 0 0 BVPS 4.93 5.33 5.71

Ricavi 964,065,000 1,022,000,000 1,073,100,000 ROE 11.50% 11.66% 11.85%

Valore per azione 12.694 Mol – ebitda 179,570,000 193,570,000 203,352,000 ROI 16.62% 17.40% 17.47%

EBIT 117,678,000 128,678,000 131,700,000 ROS 12.21% 12.59% 12.27%

Utile netto 57,992,000 63,492,000 69,200,000 EPS 0.567 0.621 0.677

Patrimonio 504,472,000 544,450,000 584,000,000 PE – PU 22.38 20.44 18.75

Cap. inv. 707,884,000 739,450,000 754,000,000 PBV 2.57 2.38 2.22

Ord. 12.694 12.694 12.694 debt/equity 0.40 0.36 0.29

Risp. 0.000 .000 .000 Profit margin 6.02% 6.21% 6.45%

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