Aalberts N.V. (AALB.AS) 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

-35.4%

€26.42

vs €40.90 price

Levered DCF

€25.32

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.1

Safe zone

Rating

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	20.48×	21.2×	13.69×	12.62×	17.87×	34.4×	19.61×	13.51×
P/B	1.26×	1.49×	1.76×	1.73×	3.01×	2.27×	2.44×	1.94×
P/S	0.99×	1.21×	1.3×	1.24×	2.16×	1.54×	1.56×	1.16×
EV / EBITDA	7.32×	7.85×	7.84×	8.04×	13.05×	12.28×	11.56×	9.29×
Gross margin	62.9%	63.2%	62.4%	62.4%	61.8%	61.6%	62.8%	62.5%
Operating margin	8.4%	9.3%	13.9%	13.8%	17.0%	7.2%	11.3%	11.9%
Net margin	4.8%	5.7%	9.5%	9.8%	12.1%	4.5%	7.9%	8.6%
Current ratio	1.52×	1.38×	1.6×	1.48×	1.26×	1.14×	1.3×	1.35×
Debt / equity	0.45×	0.27×	0.29×	0.38×	0.26×	0.38×	0.45×	0.39×
Interest coverage	5.63×	9.81×	13.79×	21.73×	36.94×	10.24×	13.89×	19.01×
Dividend yield	4.0%	3.3%	2.8%	4.6%	1.0%	2.2%	1.9%	2.2%
Payout ratio	82.9%	69.8%	38.9%	57.5%	18.4%	75.4%	36.7%	30.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.1%	7.0%	12.8%	13.7%	16.8%	6.6%	12.5%	14.4%
Return on invested capital	5.0%	6.0%	10.2%	9.7%	12.8%	5.3%	8.6%	10.2%
Return on assets	3.4%	4.2%	7.6%	7.5%	9.9%	3.6%	6.5%	7.6%
Free cash flow yield	5.6%	4.5%	5.9%	1.1%	2.1%	6.4%	5.0%	6.0%
Earnings yield	4.9%	4.7%	7.3%	7.9%	5.6%	2.9%	5.1%	7.4%
Enterprise value	€4B	€4.4B	€4.9B	€4.8B	€6.9B	€4.6B	€5.2B	€3.8B
Net debt / EBITDA	1.78×	1.07×	0.93×	1.33×	0.93×	1.62×	1.7×	1.44×
Cash conversion cycle (days)	152	186	190	209	152	144	154	152