ABN AMRO Bank N.V. (ABN.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

+116.4%

€85.84

vs €39.66 price

Levered DCF

-€310.17

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.12

Distress zone

Rating

C+

Overall 2 / 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	12.16×	5.47×	4.64×	6.6×	10.68×	-47.18×	7.87×	8.74×
P/B	0.91×	0.48×	0.5×	0.51×	0.55×	0.36×	0.71×	0.9×
P/S	1.46×	0.64×	1.38×	1.5×	1.59×	1.34×	1.92×	2.29×
EV / EBITDA	16.79×	17.87×	12.84×	15.89×	-3.21×	0.07×	14.77×	12.22×
Gross margin	51.9%	45.6%	97.8%	100.0%	100.0%	100.0%	0.0%	0.0%
Operating margin	18.3%	17.5%	39.5%	30.4%	23.7%	7.0%	35.7%	39.6%
Net margin	13.3%	12.3%	30.7%	23.9%	16.1%	-0.8%	25.7%	27.4%
Current ratio	0.18×	0.19×	0.22×	0.23×	66.73×	57.97×	26.33×	33.1×
Debt / equity	2.92×	3.72×	3.72×	4.01×	2.22×	2.58×	2.82×	2.97×
Interest coverage	0.38×	0.32×	0.35×	0.94×	1×	0.2×	0.79×	0.55×
Dividend yield	4.4%	9.9%	9.2%	7.2%	5.3%	1.6%	8.6%	7.1%
Payout ratio	48.2%	51.8%	41.4%	45.0%	51.9%	-260.0%	64.3%	58.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.3%	9.2%	11.2%	8.2%	5.6%	-0.2%	9.5%	10.8%
Return on invested capital	1.8%	1.5%	1.8%	1.3%	0.3%	-0.0%	0.6%	0.7%
Return on assets	0.5%	0.6%	0.7%	0.5%	0.3%	-0.0%	0.5%	0.6%
Free cash flow yield	17.5%	-99.7%	-77.0%	-71.0%	77.4%	42.0%	24.1%	9.2%
Earnings yield	9.1%	19.2%	22.3%	15.9%	10.1%	-0.6%	13.4%	12.0%
Enterprise value	€54.2B	€63.9B	€46.7B	€40.5B	-€6.5B	€51.8M	€46.8B	€45B
Net debt / EBITDA	9.14×	14.37×	9.52×	11.29×	-9.19×	-10.79×	9.96×	6.98×
Cash conversion cycle (days)	0	61	108	132	141	199	0	0