Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Circle SpAMIL:CIRC +0.37%83 Intrinsic Value: Projected FCF is €1.25 as of Sep. 07, 2026. GuruFocus rates MIL:CIRC with a GF Score™ of 83/100 and a GF Value™ of €12.15 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 1,474 Software companies, Circle SpA ranks worse than 92.4% on this metric.
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company. The details of how we calculate the intrinsic value of stocks are described in detail here.
As of today (2026-09-07), Circle SpA's Intrinsic Value: Projected FCF is €1.25. The stock price of Circle SpA is €13.65. Therefore, Circle SpA's Price-to-Intrinsic-Value-Projected-FCF of today is 10.9.
The historical rank and industry rank for Circle SpA's Intrinsic Value: Projected FCF or its related term are showing as below:
MIL:CIRC'
s Price-to-Projected-FCF Range Over the Past 10 Years
Min: 6.67 Med: 57.71 Max: 69.5
Current: 10.92
During the past 11 years, the highest Price-to-Intrinsic-Value-Projected-FCF of Circle SpA was 69.50. The lowest was 6.67. And the median was 57.71.
MIL:CIRC's Price-to-Projected-FCF is ranked worse than 92.4% of 1474
companies
in the Software industry
Industry Median: 1.44
vs MIL:CIRC: 10.92
Circle SpA (MIL:CIRC) Intrinsic Value: Projected FCF Explanation
The growth multiple is capped between 8.35 and 17.74.
Total Stockholders Equity weighting is more art than science and it should always be revisited in more detail when researching a company. Weightings from 0% to 100% to more than 100% are possible. 80% was chosen as a happy median after taking the above ideas into consideration.
Circle SpA's Price-to-Intrinsic-Value-Projected-FCF for today is calculated as
Price-to-Intrinsic-Value-Projected-FCF
=
Share Price
/
Intrinsic Value: Projected FCF
=
13.65
/
1.2479260528778
=
10.94
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Circle SpA Intrinsic Value: Projected FCF Related Terms
Circle SpA Intrinsic Value: Projected FCF Historical Data
* Premium members only.
The historical data trend for Circle SpA's Intrinsic Value: Projected FCF can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MIL:CIRC vs IBM, ACN, CTSH: Intrinsic Value: Projected FCF Comparison
For the Information Technology Services subindustry, Circle SpA's Price-to-Projected-FCF, along with its competitors' market caps and Price-to-Projected-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Circle SpA Price-to-Projected-FCF vs Software Industry
For the Software industry and Technology sector, Circle SpA's Price-to-Projected-FCF distribution charts can be found below:
* The bar in red indicates where Circle SpA's Price-to-Projected-FCF falls into.
Circle SpA Intrinsic Value: Projected FCF Calculation
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company.
The details of how we calculate the intrinsic value of stocks are described in detail here.
This method smooths out the free cash flow over the past 6-7 years, multiplies the results by a growth multiple, and adds a portion of Total Stockholders Equity.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Intrinsic Value: Projected FCF of €1.25 mean?
Circle SpA (MIL:CIRC) has a Intrinsic Value: Projected FCF of €1.25 as of Sep. 07, 2026. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Circle SpA and its competitors. According to the industry distribution chart, Circle SpA ranks #1362 out of 1474 companies in the Software industry, placing it in the top 92.4%.
Is Circle SpA's Intrinsic Value: Projected FCF too high?
Circle SpA's current Intrinsic Value: Projected FCF is €1.25. Based on the distribution chart, Circle SpA ranks #1362 out of 1474 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Circle SpA has a GF Score™ of 83/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Circle SpA's Intrinsic Value: Projected FCF compare to IBM and ACN?
According to the Software industry distribution chart, Circle SpA ranks #1362 out of 1474 companies for Intrinsic Value: Projected FCF. This places Circle SpA in the lower half of its industry. The industry median Intrinsic Value: Projected FCF is 1.44. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Intrinsic Value: Projected FCF for a Software company?
The median Intrinsic Value: Projected FCF among Software companies is 1.44, based on 1,474 companies in the industry. Companies in the top quartile (top 25%) have a Intrinsic Value: Projected FCF significantly above this median, while those in the bottom quartile fall well below. However, Intrinsic Value: Projected FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Intrinsic Value: Projected FCF mean?
A high Intrinsic Value: Projected FCF can signal that a stock is expensive relative to its fundamentals. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Circle SpA and its competitors. For the Software industry, the median Intrinsic Value: Projected FCF is 1.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Circle SpA's current Intrinsic Value: Projected FCF is €1.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Circle SpA stock overvalued right now?
Based on GuruFocus' analysis, Circle SpA (MIL:CIRC) is currently considered Modestly Overvalued. The stock's GF Value™ is €12.15, compared to a current price of €13.65 — trading 12.3% above its estimated fair value. The current Intrinsic Value: Projected FCF is €1.25. Circle SpA's overall GF Score™ is 83/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Intrinsic Value: Projected FCF calculated?
Intrinsic Value: Projected FCF is calculated from a company's financial statements. For Circle SpA (MIL:CIRC), the current Intrinsic Value: Projected FCF is €1.25 as of Sep. 07, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Circle SpA (MIL:CIRC) Overvalued in 2026?
Based on GuruFocus' analysis, Circle SpA stock appears to be overvalued.
The current stock price of €13.65 is trading 12.3% above its estimated GF Value™ of €12.15.
GuruFocus considers Circle SpA to be Modestly Overvalued.
Key valuation signals for MIL:CIRC:
Intrinsic Value: Projected FCF: €1.25
GF Value™: €12.15 vs. price of €13.65 (12.3% above fair value)
No single metric tells the full story. See the MIL:CIRC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Circle SpA is engaged in providing consulting services, technological solutions, and digital marketing services to companies operating predominantly in the logistics and transportation sectors. It provides strategic consulting services in the fields of port management, logistics, and transport, and also develops software solutions to optimize flow management and improve logistics processes. The company's service offerings in the digital marketing sector include; services for the analysis, identification, and use of multi-channel communication tools for the implementation of digital marketing strategies.
83GF Score
Get the complete analysis for MIL:CIRC
Intrinsic Value: Projected FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
MIL:CIRC has been successfully added to your 
