Ackermans & Van Haaren N.V. (ACKB.BR) 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

+9.4%

€291.72

vs €266.60 price

Levered DCF

€82.98

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.02

Distress 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	12.79×	13.54×	13.09×	7.49×	13.75×	17.75×	11.72×	15.08×
P/B	1.33×	1.18×	1.06×	1.15×	1.41×	1.14×	1.34×	1.38×
P/S	1.27×	1.03×	1×	1.21×	1.3×	1.04×	1.08×	0.98×
EV / EBITDA	12.39×	10.33×	13.2×	12.33×	14.48×	22×	13.96×	13.09×
Gross margin	13.7%	34.6%	36.1%	8.5%	9.5%	5.4%	21.4%	48.8%
Operating margin	13.6%	7.9%	8.2%	8.3%	9.5%	5.4%	8.8%	9.2%
Net margin	9.9%	7.6%	7.6%	16.1%	9.4%	5.9%	9.2%	6.5%
Current ratio	0.76×	0.76×	0.68×	0.64×	0.6×	0.66×	0.64×	0.6×
Debt / equity	1.86×	1.89×	1.97×	1.93×	2.38×	2.54×	2.39×	2.28×
Interest coverage	4.5×	2.3×	2.84×	6.34×	7.26×	3.36×	3.92×	3.3×
Dividend yield	1.6%	1.8%	2.0%	1.7%	1.4%	1.9%	1.7%	1.7%
Payout ratio	21.0%	24.2%	25.7%	12.9%	19.1%	33.4%	19.4%	25.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.4%	8.7%	8.1%	15.3%	10.3%	6.5%	11.4%	9.1%
Return on invested capital	3.7%	2.3%	2.2%	2.1%	2.1%	1.0%	2.4%	5.2%
Return on assets	2.8%	2.3%	2.1%	4.0%	2.4%	1.4%	2.6%	2.0%
Free cash flow yield	3.6%	17.7%	4.2%	3.6%	8.1%	8.1%	1.4%	-1.8%
Earnings yield	7.8%	7.4%	7.6%	13.4%	7.3%	5.6%	8.5%	6.6%
Enterprise value	€16.7B	€12.9B	€13.9B	€13.1B	€14.1B	€12.3B	€12B	€11.1B
Net debt / EBITDA	6.78×	5.34×	8.24×	7.34×	8.75×	14.69×	8.57×	7.93×
Cash conversion cycle (days)	264	99	256	217	252	253	178	37