MeritValue

Stevanato Group S.p.A.

STVNdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Stevanato Group S.p.A. earns about 12% on invested capital, but has diluted owners by 2% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near €4.79 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue€843.9M1€983.7M2€1.09B3€1.1B3€1.19B3
Net income€134.3M4€142.8M5€145.6M6€117.8M6€139.8M6
Operating cash flow€133.3M7€103.3M8€105.2M9€155.8M9€286.1M9
Capital expenditure€107.7M10€235M11€433.2M12€302.6M12€263.8M12
Free cash flow (derived)€25.6M7−€131.7M8−€328M9−€146.8M9€22.3M9
Total debt€220.2M13€197.5M14€377.6M15€412.1M16€455.1M16
Cash & equivalents€411M17€228.7M18€69.6M18€98.3M18€130.6M18
Diluted shares295.5M295.5M295.5M302.8M302.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
€49.08
your share of equity
Profit it earned you last year
€4.62
Free cash flow it threw off
€0.74
Debt you’d be carrying
€15.03

10 shares is a claim on €49.08 of net worth that earned you €4.62 and generated €0.74 of cash last year, against €15.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 21%FY22 15%FY23 10%FY24 7%FY25 8%

It earned an average 12% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 5y

Share count is up 2% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 107% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
€4.79
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings€139.8M
  • growthAssumed0.0%
Graham Number
€7.5
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0000950170-24-027928 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0000950170-25-034633 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-26-091540 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0000950170-24-027928 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0000950170-25-034633 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001193125-26-091540 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0000950170-24-027928 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0000950170-25-034633 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001193125-26-091540 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0000950170-24-027928 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0000950170-25-034633 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001193125-26-091540 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0000950170-23-005846 (Borrowings)
  14. 20-F · period ending 2022-12-31 · accession 0000950170-24-027928 (Borrowings)
  15. 20-F · period ending 2023-12-31 · accession 0000950170-25-034633 (Borrowings)
  16. 20-F · period ending 2024-12-31 · accession 0001193125-26-091540 (Borrowings)
  17. 20-F · period ending 2021-12-31 · accession 0000950170-25-034633 (CashAndCashEquivalents)
  18. 20-F · period ending 2022-12-31 · accession 0001193125-26-091540 (CashAndCashEquivalents)