Atresmedia Corporación de Medios de Comunicación, S.A. (A3M.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+44.3%

€8.44

vs €5.85 price

Levered DCF

€8.52

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.49

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.43×	8.25×	4.79×	6.38×	6.3×	26.18×	6.69×	11.18×
P/B	1.5×	1.19×	1.08×	1.05×	1.37×	1.39×	1.79×	2.33×
P/S	1.23×	1.07×	0.92×	0.83×	0.86×	0.81×	0.8×	1×
EV / EBITDA	9.6×	4.65×	4.69×	4.66×	4.2×	11.95×	5.29×	6.63×
Gross margin	52.6%	50.7%	27.1%	55.9%	54.9%	50.7%	51.9%	50.6%
Operating margin	7.8%	17.4%	8.0%	17.9%	17.6%	5.0%	16.8%	17.1%
Net margin	6.9%	13.1%	19.3%	13.0%	13.5%	3.0%	12.1%	9.0%
Current ratio	1.98×	1.48×	1.75×	1.56×	1.75×	1.54×	1.44×	1.26×
Debt / equity	0.27×	0.23×	0.27×	0.41×	0.51×	0.59×	0.68×	0.77×
Interest coverage	8.27×	17.06×	6.17×	15.89×	13.02×	4.12×	14.46×	21.64×
Dividend yield	13.3%	10.3%	11.0%	13.2%	5.4%	0.0%	12.9%	11.5%
Payout ratio	235.7%	84.2%	52.6%	83.8%	34.2%	0.0%	85.8%	127.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.5%	14.5%	22.5%	16.5%	21.6%	5.1%	26.9%	21.0%
Return on invested capital	5.0%	10.9%	6.6%	10.8%	12.7%	3.3%	15.3%	12.5%
Return on assets	4.2%	8.0%	11.7%	7.5%	8.4%	1.8%	9.2%	6.5%
Free cash flow yield	6.0%	16.8%	16.7%	14.5%	23.4%	13.9%	19.4%	11.7%
Earnings yield	5.6%	12.2%	20.9%	15.7%	15.8%	3.7%	15.1%	9.0%
Enterprise value	€1B	€869.5M	€824.7M	€826.6M	€762.4M	€752.1M	€995.4M	€1.2B
Net debt / EBITDA	-0.51×	-0.61×	0.03×	0.61×	0.06×	1.65×	1.13×	1.3×
Cash conversion cycle (days)	48	-106	-48	-159	-204	-200	-166	-186