Alpha Bank S.A. (ALPHA.AT) 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

-470.2%

-€16.29

vs €4.40 price

Levered DCF

€4.00

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.23

Distress zone

Rating

Overall 3 / 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	9.42×	5.79×	5.92×	6.25×	-0.72×	14.2×	28.15×	32.07×
P/B	1.02×	0.46×	0.5×	0.38×	0.34×	0.18×	0.35×	0.21×
P/S	1.81×	0.74×	0.88×	1.03×	8.37×	0.57×	1.28×	0.65×
EV / EBITDA	15.09×	3.9×	2.27×	-11.36×	3.1×	-19.22×	3.95×	2.39×
Gross margin	39.9%	45.3%	52.9%	77.2%	-105.4%	100.0%	100.0%	100.0%
Operating margin	19.7%	17.2%	20.4%	23.9%	-1175.8%	4.4%	6.3%	-11.1%
Net margin	20.6%	13.2%	16.2%	16.2%	-1166.8%	4.0%	4.2%	2.0%
Current ratio	1.82×	0.16×	0.21×	0.39×	0.41×	31.46×	10.39×	11.22×
Debt / equity	1.32×	0.46×	0.48×	0.56×	0.53×	0.24×	0.22×	0.18×
Interest coverage	0.37×	0.32×	0.43×	1.05×	-5.72×	0.21×	0.31×	-0.55×
Dividend yield	2.2%	3.3%	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%
Payout ratio	19.3%	18.3%	0.2%	0.8%	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	11.6%	8.2%	9.1%	5.9%	-48.0%	1.3%	1.1%	0.7%
Return on invested capital	1.2%	3.2%	2.7%	1.1%	-11.1%	0.5%	0.7%	0.4%
Return on assets	1.2%	0.9%	0.9%	0.5%	-4.0%	0.1%	0.2%	0.1%
Free cash flow yield	17.6%	-16.7%	-145.0%	121.8%	169.3%	369.9%	50.9%	99.1%
Earnings yield	11.4%	17.8%	18.3%	15.7%	-139.3%	7.0%	3.3%	3.1%
Enterprise value	€15.6B	€4.2B	€2.3B	-€8.5B	-€8.3B	-€5.6B	€1.3B	-€330.7M
Net debt / EBITDA	7.05×	0.42×	-1.31×	-14.49×	3.88×	-24.3×	-5.01×	14.64×
Cash conversion cycle (days)	0	353	459	670	7,841	0	0	0