Aedifica S.A. (AED.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

-34.5%

€42.37

vs €64.65 price

Levered DCF

€83.54

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.69

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2018	FY2017
P/E	13.13×	13.04×	113.66×	8.5×	14.19×	26.03×	15.87×	17.75×
P/B	0.88×	0.73×	0.78×	0.88×	1.44×	1.24×	1.15×	1.35×
P/S	8.67×	7.69×	8.66×	10.43×	16.47×	14.14×	13.59×	13.53×
EV / EBITDA	16.05×	17.94×	69.96×	22.96×	30.41×	31.39×	17.68×	23.64×
Gross margin	94.2%	93.8%	93.9%	94.8%	94.1%	93.9%	94.9%	93.3%
Operating margin	86.2%	79.3%	29.6%	107.3%	144.4%	72.3%	138.4%	98.4%
Net margin	66.0%	58.9%	7.6%	119.7%	116.1%	54.4%	85.7%	76.3%
Current ratio	0.07×	0.32×	0.31×	0.26×	0.21×	0.08×	0.11×	0.37×
Debt / equity	0.7×	0.71×	0.66×	0.77×	0.77×	0.79×	0.6×	0.79×
Interest coverage	5.71×	3.3×	1.31×	11.84×	18.85×	6.06×	16.51×	10.62×
Dividend yield	5.8%	6.2%	4.2%	4.1%	1.2%	4.8%	1.7%	2.7%
Payout ratio	75.9%	81.5%	472.7%	35.9%	16.9%	125.3%	27.1%	48.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2018	FY2017
Return on equity	6.7%	5.6%	0.7%	10.1%	10.1%	4.8%	7.3%	7.6%
Return on invested capital	4.3%	4.3%	-11.5%	4.3%	5.7%	2.9%	6.6%	5.1%
Return on assets	3.8%	3.2%	0.4%	5.5%	5.5%	2.6%	4.4%	4.1%
Free cash flow yield	8.2%	9.3%	8.2%	7.5%	4.9%	-0.9%	5.4%	6.5%
Earnings yield	7.6%	7.7%	0.9%	11.5%	7.1%	3.8%	6.3%	5.6%
Enterprise value	€5.8B	€5.2B	€5.1B	€5.4B	€6.1B	€4.4B	€2.5B	€2B
Net debt / EBITDA	7.1×	8.8×	31.96×	10.68×	10.56×	12.11×	5.97×	8.6×
Cash conversion cycle (days)	-521	-282	-701	1,666	-45	-285	227	-1,309