Altri, SGPS, S.A. (ALTR.LS) 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

+85.8%

€7.93

vs €4.27 price

Levered DCF

€7.11

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.32

Distress zone

Rating

B-

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	45×	10.25×	21.9×	2.41×	9.05×	30.35×	11.59×	6.11×
P/B	2.21×	2.4×	2.32×	1.69×	2.12×	2.38×	2.5×	2.28×
P/S	1.37×	1.3×	1.25×	0.98×	1.47×	1.86×	1.58×	1.53×
EV / EBITDA	14.91×	6.14×	12.49×	5.03×	6.87×	17.87×	7.67×	5.5×
Gross margin	22.1%	57.0%	21.0%	58.6%	59.1%	49.7%	61.4%	67.6%
Operating margin	5.2%	19.2%	14.2%	22.8%	19.8%	4.9%	21.3%	31.0%
Net margin	3.2%	12.8%	5.7%	40.7%	17.2%	6.2%	13.7%	25.0%
Current ratio	1.45×	1.55×	1.83×	2.2×	1.5×	1.33×	1.45×	1.36×
Debt / equity	1.56×	1.28×	1.71×	1.06×	1.22×	1.81×	1.66×	1.29×
Interest coverage	1.46×	5.12×	3.31×	16.5×	10.4×	1.98×	8.77×	15.9×
Dividend yield	6.7%	4.7%	6.7%	7.7%	6.2%	5.8%	12.7%	5.2%
Payout ratio	287.6%	47.8%	148.3%	18.5%	53.3%	175.9%	146.5%	31.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.1%	23.6%	10.5%	70.4%	24.8%	7.9%	21.6%	37.3%
Return on invested capital	2.5%	11.2%	8.1%	13.5%	8.9%	2.1%	8.7%	14.6%
Return on assets	1.6%	8.1%	3.3%	28.6%	5.9%	2.4%	6.8%	13.0%
Free cash flow yield	-1.6%	21.1%	4.7%	10.4%	17.1%	11.9%	9.3%	14.7%
Earnings yield	2.3%	9.8%	4.5%	41.6%	11.7%	3.3%	8.7%	16.3%
Enterprise value	€1.4B	€1.4B	€1.4B	€1.4B	€1.6B	€1.6B	€1.8B	€1.6B
Net debt / EBITDA	4.83×	1.33×	3.99×	1.43×	1.85×	6.12×	2.59×	1.47×
Cash conversion cycle (days)	43	32	77	57	7	27	39	-4