AFC Ajax N.V. (AJAX.AS) 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

+79.5%

€14.00

vs €7.80 price

Levered DCF

-€95.73

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.77

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	77.27×	-4.75×	-19.53×	5.52×	-9.32×	-33.98×	13.47×	6.54×
P/B	0.82×	0.94×	0.84×	0.91×	1.15×	1.23×	1.22×	1.62×
P/S	0.83×	1×	1.29×	1.1×	1.2×	2.19×	1.72×	1.7×
EV / EBITDA	4.84×	-6.15×	4.74×	2.47×	8.71×	6.14×	4.38×	2.48×
Gross margin	-9.7%	89.6%	89.4%	1.7%	-7.7%	-48.9%	-3.1%	94.2%
Operating margin	-9.7%	-34.1%	-60.7%	-26.1%	-14.2%	-74.8%	-34.3%	-2.2%
Net margin	1.1%	-21.0%	-6.6%	19.9%	-12.9%	-6.4%	12.7%	26.0%
Current ratio	1.18×	1.13×	1.12×	1.15×	1.29×	1.32×	1.32×	1.37×
Debt / equity	0.52×	0.55×	0.48×	0.45×	0.74×	0.66×	0.66×	0×
Interest coverage	-3.43×	-9.72×	-12.31×	-10.59×	-8.69×	-43.4×	-26.4×	-157.93×
Dividend yield	0.0%	0.0%	0.2%	0.0%	0.0%	0.5%	0.4%	0.0%
Payout ratio	0.0%	0.0%	-4.6%	0.0%	0.0%	-15.4%	6.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.0%	-19.7%	-4.3%	16.5%	-12.3%	-3.6%	9.0%	24.8%
Return on invested capital	-3.4%	-18.3%	-16.1%	-8.4%	-5.5%	-15.4%	-9.8%	-1.4%
Return on assets	0.5%	-8.2%	-1.7%	7.1%	-5.2%	-1.6%	4.1%	13.4%
Free cash flow yield	-17.8%	-23.4%	-10.1%	-49.8%	-21.7%	-33.0%	-38.4%	12.6%
Earnings yield	1.3%	-21.0%	-5.1%	18.1%	-10.7%	-2.9%	7.4%	15.3%
Enterprise value	€229.1M	€240.9M	€264.3M	€311.1M	€352.9M	€403M	€407.1M	€277.2M
Net debt / EBITDA	1.55×	-1.62×	1.34×	0.76×	3.1×	1.96×	1.38×	-0.55×
Cash conversion cycle (days)	136	-807	-1,621	80	96	86	30	-1,254