Aedas Homes, S.A. (AEDAS.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

+111.8%

€50.30

vs €23.75 price

Levered DCF

€42.46

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.63

Distress zone

Rating

A-

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	FY2019	FY2018
P/E	16.58×	7.55×	7.06×	5.81×	11.56×	12.66×	32.5×	432.81×
P/B	1.13×	1.15×	0.82×	0.63×	1.07×	1.08×	1.06×	1.14×
P/S	1.16×	0.98×	0.67×	0.66×	1.36×	1.6×	3.2×	13.3×
EV / EBITDA	12.17×	6.83×	5.64×	5.22×	8.97×	10.02×	20.8×	-208.21×
Gross margin	26.9%	21.5%	22.4%	26.2%	29.0%	28.1%	32.7%	28.9%
Operating margin	11.3%	18.2%	15.0%	17.2%	18.9%	19.1%	17.4%	-6.1%
Net margin	7.0%	12.9%	9.5%	11.4%	12.2%	12.7%	10.1%	3.1%
Current ratio	1.93×	2.2×	2.48×	2.84×	3.07×	2.74×	2.54×	4.6×
Debt / equity	0.74×	0.63×	0.6×	0.52×	0.48×	0.36×	0.33×	0.16×
Interest coverage	8.8×	12.68×	11.39×	17.22×	6.94×	8.39×	5.7×	-2.15×
Dividend yield	13.6%	8.4%	19.1%	16.8%	9.4%	0.0%	0.0%	0.0%
Payout ratio	224.5%	63.6%	135.0%	97.7%	105.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.8%	15.2%	11.7%	10.8%	9.5%	8.6%	3.4%	0.3%
Return on invested capital	4.5%	10.6%	8.5%	8.2%	7.5%	7.1%	3.3%	0.2%
Return on assets	2.9%	6.7%	5.4%	5.3%	4.9%	5.0%	2.1%	0.2%
Free cash flow yield	7.9%	15.6%	30.3%	-4.3%	0.7%	-5.2%	-11.6%	-14.9%
Earnings yield	6.0%	13.2%	14.2%	17.2%	8.9%	7.9%	3.2%	0.2%
Enterprise value	€1.3B	€1.4B	€1.1B	€918.4M	€1.3B	€1.3B	€1.2B	€1.1B
Net debt / EBITDA	2.66×	1.33×	1.67×	1.76×	1.92×	1.78×	2.91×	-9.51×
Cash conversion cycle (days)	713	538	543	774	939	1,010	2,101	6,552