Safilo Group Valuation

Q: What is the Fair Price of SFL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

SFL (€0.87) is trading above our estimate of [[fair value]] (€0.82)

Is SFL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SFL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SFL (€0.87) is trading above our estimate of fair value (€0.82)

Significantly Below Fair Value: SFL is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SFL?

Key metric: As SFL is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for SFL. This is calculated by dividing SFL's market cap by their current revenue.
What is SFL's PS Ratio?
PS Ratio	0.4x
Sales	€1.01b
Market Cap	€359.97m

SFL key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.5x
Enterprise Value/EBITDA	6.2x
PEG Ratio	2.8x

Price to Sales Ratio vs Peers

How does SFL's PS Ratio compare to its peers?

The above table shows the PS ratio for SFL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	0.9x
OVS OVS	0.4x	2.5%	€681.3m
SFER Salvatore Ferragamo	0.9x	2.7%	€936.9m
FPE Fope	2x	11.4%	€125.3m
AEF Aeffe	0.2x	-4.3%	€78.7m
SFL Safilo Group	0.4x	3.4%	€360.0m

Price-To-Sales vs Peers: SFL is good value based on its Price-To-Sales Ratio (0.4x) compared to the peer average (0.9x).

Price to Sales Ratio vs Industry

How does SFL's PS Ratio compare vs other companies in the IT Luxury Industry?

3 Companies	Price / Sales	Estimated Growth	Market Cap
ECNL Aquafil	0.1x	7.0%	US$61.57m
CSP CSP International Fashion Group	0.1x	n/a	US$11.03m
MNL Monnalisa	0.1x	16.7%	US$4.51m

No more companies available in this PS range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: SFL is good value based on its Price-To-Sales Ratio (0.4x) compared to the Italian Luxury industry average (0.5x).

Price to Sales Ratio vs Fair Ratio

What is SFL's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SFL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.4x
Fair PS Ratio	1x

Price-To-Sales vs Fair Ratio: SFL is good value based on its Price-To-Sales Ratio (0.4x) compared to the estimated Fair Price-To-Sales Ratio (1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SFL forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€0.87	€1.25 +43.6%	17.9%	€1.60	€1.00	n/a	5
Nov ’25	€1.00	€1.27 +26.7%	16.3%	€1.60	€1.00	n/a	5
Oct ’25	€1.08	€1.31 +21.5%	12.7%	€1.60	€1.18	n/a	5
Sep ’25	€1.23	€1.34 +8.6%	13.1%	€1.60	€1.18	n/a	4
Aug ’25	€1.03	€1.34 +29.6%	13.1%	€1.60	€1.18	n/a	4
Jul ’25	€1.03	€1.34 +29.6%	13.1%	€1.60	€1.18	n/a	4
Jun ’25	€1.17	€1.37 +16.7%	13.8%	€1.60	€1.18	n/a	4
May ’25	€1.17	€1.34 +14.9%	13.1%	€1.60	€1.18	n/a	4
Apr ’25	€1.20	€1.34 +11.5%	13.1%	€1.60	€1.18	n/a	4
Mar ’25	€1.19	€1.29 +9.1%	17.7%	€1.60	€0.99	n/a	4
Feb ’25	€1.10	€1.29 +18.0%	17.7%	€1.60	€0.99	n/a	4
Jan ’25	€0.91	€1.24 +35.7%	19.1%	€1.60	€0.99	n/a	4
Dec ’24	€0.82	€1.32 +61.6%	16.4%	€1.60	€1.07	n/a	3
Nov ’24	€0.77	€1.45 +89.2%	12.3%	€1.70	€1.30	€1.00	3
Oct ’24	€0.85	€1.52 +78.9%	9.5%	€1.70	€1.35	€1.08	3
Sep ’24	€0.99	€1.52 +53.1%	9.5%	€1.70	€1.35	€1.23	3
Aug ’24	€1.13	€1.67 +47.6%	5.7%	€1.80	€1.60	€1.03	3
Jul ’24	€1.24	€1.70 +36.9%	4.8%	€1.80	€1.60	€1.03	3
Jun ’24	€1.18	€1.70 +44.1%	4.8%	€1.80	€1.60	€1.17	3
May ’24	€1.31	€1.70 +30.3%	4.8%	€1.80	€1.60	€1.17	3
Apr ’24	€1.41	€1.70 +20.6%	4.8%	€1.80	€1.60	€1.20	3
Mar ’24	€1.39	€1.70 +22.4%	4.8%	€1.80	€1.60	€1.19	3
Feb ’24	€1.37	€1.73 +26.7%	7.3%	€1.90	€1.60	€1.10	3
Jan ’24	€1.52	€1.81 +18.7%	9.1%	€2.00	€1.60	€0.91	3
Dec ’23	€1.51	€1.81 +19.3%	9.1%	€2.00	€1.60	€0.82	3
Nov ’23	€1.44	€1.79 +24.4%	8.9%	€2.00	€1.60	€0.77	4

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.