Aegon Funding Company LLC (AEFC) 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

+90.6%

$14.14

vs $7.42 price

Levered DCF

$4.12

After debt service

Piotroski score

—

Altman Z-score

—

Rating

—

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	10.54×	15.46×	-43.75×	-15.8×	5.49×	-49.39×	6.78×	15.11×
P/B	1.38×	1.25×	1.32×	0.68×	0.34×	0.27×	0.34×	0.47×
P/S	0.39×	0.59×	0.34×	0.18×	0.2×	0.15×	0.14×	0.73×
EV / EBITDA	10.52×	20.51×	-52.8×	12.82×	5.58×	55.46×	2.78×	6.6×
Gross margin	21.1%	100.0%	77.5%	-29.5%	100.0%	100.0%	100.0%	100.0%
Operating margin	16.1%	3.4%	0.5%	1.9%	4.9%	-1.1%	2.2%	8.6%
Net margin	3.6%	3.5%	-0.6%	-1.1%	4.3%	-0.3%	2.0%	4.9%
Current ratio	0×	4.14×	0.83×	33.7×	36.97×	41.01×	33.23×	34.2×
Debt / equity	0.74×	0.54×	0.65×	0.48×	0.47×	0.45×	0.49×	0.61×
Interest coverage	12.85×	1.65×	20.86×	3.1×	6.68×	-0.98×	2.58×	2.48×
Dividend yield	5.7%	4.5%	5.0%	1.7%	1.3%	0.9%	3.7%	3.1%
Payout ratio	61.0%	75.7%	-276.0%	-29.3%	6.1%	-46.7%	24.9%	46.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	7.5%	-2.4%	-4.1%	7.6%	-0.5%	5.1%	3.1%
Return on invested capital	1.3%	0.2%	0.0%	0.6%	0.7%	-0.1%	0.4%	0.5%
Return on assets	0.3%	0.2%	-0.1%	-0.1%	0.4%	-0.0%	0.3%	0.2%
Free cash flow yield	8.6%	6.2%	7.5%	28.7%	-21.1%	-44.6%	85.5%	3.7%
Earnings yield	9.4%	6.0%	-1.8%	-5.9%	21.9%	-2.0%	14.8%	6.7%
Enterprise value	$12.8B	$13B	$10.8B	$12.9B	$14.4B	$9.4B	$8.1B	$15.6B
Net debt / EBITDA	1.99×	2.4×	-4.13×	3.26×	2.07×	16.01×	-0.08×	2.09×
Cash conversion cycle (days)	239	43	-72	0	44	56	40	151