Alfen N.V. (ALFEN.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

-287.5%

-€19.09

vs €10.18 price

Levered DCF

-€1.22

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.11

Safe zone

Rating

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	-1,210.34×	-9.7×	44×	34.37×	89.14×	144.91×	58.71×	-939.69×
P/B	1.49×	1.72×	7.29×	12.13×	19.88×	23.25×	25.2×	35.5×
P/S	0.52×	0.54×	2.6×	4.15×	7.67×	9.13×	2.3×	2.46×
EV / EBITDA	12.42×	-70.16×	26.84×	24.48×	56.79×	78.36×	28.63×	106.33×
Gross margin	28.7%	23.7%	29.9%	20.2%	16.5%	14.9%	12.2%	28.5%
Operating margin	1.5%	-6.3%	8.3%	15.4%	11.1%	9.2%	6.0%	0.2%
Net margin	-0.0%	-5.5%	5.9%	12.1%	8.6%	6.3%	3.9%	-0.3%
Current ratio	1.93×	1.68×	1.65×	1.73×	1.89×	2.02×	1×	0.98×
Debt / equity	0.31×	0.33×	0.32×	0.12×	0.19×	0.3×	1.49×	2.52×
Interest coverage	2.49×	-6.02×	12.32×	69.41×	27.8×	22.3×	10.24×	0.89×
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	-0.1%	-17.7%	16.5%	35.2%	22.3%	16.1%	43.1%	-3.8%
Return on invested capital	-5.4%	-10.5%	13.2%	30.3%	18.7%	12.6%	17.7%	0.8%
Return on assets	-0.1%	-7.4%	7.5%	16.5%	11.0%	8.2%	7.3%	-0.5%
Free cash flow yield	8.1%	12.0%	-2.2%	-1.1%	-0.1%	0.6%	2.3%	-3.1%
Earnings yield	-0.1%	-10.3%	2.3%	2.9%	1.1%	0.7%	1.7%	-0.1%
Enterprise value	€249M	€294.2M	€1.4B	€1.8B	€1.9B	€1.7B	€348.1M	€262.8M
Net debt / EBITDA	1.03×	-7.79×	1.08×	-0.06×	-0.87×	-1.39×	1.58×	6.73×
Cash conversion cycle (days)	61	127	156	136	66	54	47	40