Alumexx N.V. (ALX.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

+95.6%

€2.41

vs €1.23 price

Levered DCF

€4.54

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.89

Distress 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	-29.1×	29.63×	-142.22×	52×	29.04×	50×	103.21×	405.33×
P/B	3.97×	3.88×	3.96×	4.52×	7.39×	8.92×	8.99×	10.31×
P/S	0.49×	0.49×	0.45×	0.88×	1.45×	2.1×	2.67×	4.15×
EV / EBITDA	8.11×	5.99×	9.33×	15.19×	17.11×	22.71×	31.99×	-3,032.94×
Gross margin	18.6%	44.9%	44.1%	28.9%	21.8%	17.2%	12.7%	13.1%
Operating margin	2.1%	6.6%	5.0%	2.1%	6.2%	5.6%	4.5%	-3.7%
Net margin	-1.7%	1.6%	-0.4%	1.7%	5.0%	4.2%	2.6%	1.0%
Current ratio	2.08×	1.75×	1.72×	1.83×	1.76×	1.39×	1.5×	1.08×
Debt / equity	3.44×	3.73×	7.36×	0.41×	0.07×	0.2×	0.37×	0×
Interest coverage	0.44×	1.23×	1.15×	34.6×	34.58×	8.63×	3.71×	-3.87×
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	-13.6%	13.1%	-3.2%	8.7%	25.5%	17.8%	8.7%	2.5%
Return on invested capital	2.6%	5.6%	-40.9%	6.6%	24.0%	16.9%	8.6%	2.0%
Return on assets	-1.9%	1.7%	-0.3%	4.1%	14.1%	8.4%	4.5%	1.3%
Free cash flow yield	13.9%	23.5%	1.5%	6.7%	-4.4%	7.2%	-1.3%	4.2%
Earnings yield	-3.4%	3.4%	-0.8%	1.9%	3.4%	2.0%	1.0%	0.2%
Enterprise value	€34.8M	€37.2M	€43M	€7M	€9.4M	€8M	€6.1M	€6.1M
Net debt / EBITDA	3.51×	2.93×	5.98×	-0.31×	-0.43×	-1.91×	-0.55×	218.5×
Cash conversion cycle (days)	111	177	222	48	38	-38	-10	-82