Fiera Milano - Public Comps and Valuation Multiples

Fiera Milano Overview

About Fiera Milano

Fiera Milano SpA is a trade fair company. Its operating segments include Italian Exhibitions Business, Foreign Exhibitions Business, and Congresses. The Italian Exhibitions and Foreign Exhibitions segment covers all activities for organizing and hosting exhibitions and other events in Italy and abroad through the use, promotion, and offer of furnished exhibition spaces, project support, and ancillary services. It also engages in stand-fitting, technical, and exhibition site services. The Congresses segment covers the management of conferences and events. It generates the majority of the revenue from Italian exhibitions.

Founded

1920

HQ

Employees

745

Website

fieramilano.it

Sectors

Events

Financials

LTM Revenue $401M

LTM EBITDA $133M

EV

$841M

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Fiera Milano Financials

As of September 2025, Fiera Milano reported last 12-month revenue of $401M and EBITDA of $133M.

In the same period, Fiera Milano achieved $45.8M in LTM net income.

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Fiera Milano P&L

In the most recent fiscal year, Fiera Milano reported revenue of $316M and EBITDA of $102M.

Fiera Milano expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$401M	XXX	$316M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$313M	XXX	XXX	XXX
Gross Margin	n/a	XXX	99%	XXX	XXX	XXX
EBITDA	$133M	XXX	$102M	XXX	XXX	XXX
EBITDA Margin	33%	XXX	32%	XXX	XXX	XXX
EBIT	$71.9M	XXX	$30.3M	XXX	XXX	XXX
EBIT Margin	18%	XXX	10%	XXX	XXX	XXX
Net Profit	$45.8M	XXX	$22.3M	XXX	XXX	XXX
Net Margin	11%	XXX	7%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Fiera Milano including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $401M. EBITDA for the last twelve months was $133M. In the most recent fiscal year, Fiera Milano achieved $316M in revenue and $102M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$401M	Analyst estimates available to subscribers	$316M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$313M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	99.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$133M	Analyst estimates available to subscribers	$102M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	33.2% EBITDA margin	Analyst estimates available to subscribers	32.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$71.9M	Analyst estimates available to subscribers	$30.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	17.9% EBIT margin	Analyst estimates available to subscribers	9.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$45.8M	Analyst estimates available to subscribers	$22.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	11.4% net profit margin	Analyst estimates available to subscribers	7.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Fiera Milano

This financial data table provides comprehensive performance metrics for Fiera Milano, a company based in Italy. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Fiera Milano generated $401M in revenue over the last twelve months.
The company achieved $133M in EBITDA over the last twelve months.
Net income over the last twelve months reached $45.8M.

Fiscal Year Performance

In the most recent fiscal year, Fiera Milano reported $316M in total revenue.
Fiscal year EBITDA was $102M.
The company maintained a gross profit margin of 99.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 32.3%.
Net profit margin reached 7.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Fiera Milano. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Fiera Milano Stock Performance

Fiera Milano has current market cap of EUR 521M (or $602M), and EV of EUR 728M (or $841M).

Market Cap Evolution

Fiera Milano Stock Data

As of October 17, 2025, Fiera Milano's stock price is EUR 7 (or $8).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$841M	$602M	XXX	XXX	XXX	XXX	$0.63

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Fiera Milano Valuation Multiples

Fiera Milano's trades at 2.7x EV/Revenue multiple, and 8.2x EV/EBITDA.

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Fiera Milano Financial Valuation Multiples

As of October 17, 2025, Fiera Milano has market cap of $602M and EV of $841M.

Equity research analysts estimate Fiera Milano's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Fiera Milano has a P/E ratio of 13.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$602M	XXX	$602M	XXX	XXX	XXX
EV (current)	$841M	XXX	$841M	XXX	XXX	XXX
EV/Revenue	2.1x	XXX	2.7x	XXX	XXX	XXX
EV/EBITDA	6.3x	XXX	8.2x	XXX	XXX	XXX
EV/EBIT	11.7x	XXX	27.8x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	13.1x	XXX	27.0x	XXX	XXX	XXX
EV/FCF	14.9x	XXX	13.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Fiera Milano Margins & Growth Rates

Fiera Milano's last 12 month revenue growth is 5%

Fiera Milano's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.4M for the same period.

Fiera Milano's rule of 40 is 41% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Fiera Milano's rule of X is 46% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Fiera Milano Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	5%	XXX	16%	XXX	XXX	XXX
EBITDA Margin	33%	XXX	32%	XXX	XXX	XXX
EBITDA Growth	-8%	XXX	10%	XXX	XXX	XXX
Rule of 40	41%	XXX	38%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	46%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	4%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	89%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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