Adolfo Domínguez, S.A. (ADZ.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

+883.1%

€67.35

vs €6.85 price

Levered DCF

€81.95

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.84

Grey zone

Rating

B-

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	31.94×	50.71×	56.89×	326×	-3.67×	-2.05×	-6.53×	-138.75×
P/B	2.72×	2.71×	2.22×	3.5×	2.18×	1.65×	1.23×	1.33×
P/S	0.38×	0.34×	0.33×	0.53×	0.37×	0.6×	0.47×	0.62×
EV / EBITDA	5.13×	3.15×	5.56×	7.44×	174.99×	-8.12×	6.94×	49.14×
Gross margin	19.2%	56.1%	56.8%	56.8%	56.1%	46.6%	55.9%	57.7%
Operating margin	2.3%	2.1%	2.7%	-2.6%	-9.4%	-26.6%	0.8%	0.6%
Net margin	1.2%	0.7%	0.6%	0.1%	-10.1%	-29.3%	-7.2%	-0.4%
Current ratio	0.85×	0.75×	0.84×	0.96×	1.19×	1.55×	1.76×	2.43×
Debt / equity	2.67×	0.61×	2.98×	2.95×	2.96×	1.83×	0.77×	0×
Interest coverage	0.98×	0×	1.86×	-1.94×	-6.07×	-17.74×	0.93×	4.36×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.4%	5.3%	3.9%	0.9%	-59.7%	-80.6%	-18.8%	-1.0%
Return on invested capital	2.5%	3.5%	3.1%	-0.5%	-12.7%	-25.0%	-1330.2%	-0.4%
Return on assets	1.5%	0.8%	0.6%	0.2%	-10.8%	-21.2%	-8.3%	-0.7%
Free cash flow yield	38.2%	30.2%	25.3%	2.9%	10.9%	-7.7%	12.9%	-0.8%
Earnings yield	3.1%	2.0%	1.8%	0.3%	-27.4%	-48.7%	-15.3%	-0.7%
Enterprise value	€97.1M	€53.4M	€92.8M	€101.8M	€64.7M	€67.4M	€78.5M	€59.5M
Net debt / EBITDA	2.32×	0.43×	3.07×	3.04×	83.37×	-3.33×	2.15×	-8.08×
Cash conversion cycle (days)	26	47	34	44	17	78	111	106