AMG Critical Materials N.V. (AMG.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

-242.6%

-€33.71

vs €23.64 price

Levered DCF

-€34.12

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.57

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	-55.6×	-13.97×	8.21×	6.07×	72.91×	-19.92×	-14.84×	10.34×
P/B	1.97×	0.92×	1.48×	2.35×	3.7×	7.34×	4.49×	3.06×
P/S	0.63×	0.32×	0.51×	0.7×	0.82×	0.9×	0.61×	0.75×
EV / EBITDA	10.21×	8.31×	4.06×	4.38×	15.54×	43.93×	85.61×	5.02×
Gross margin	18.0%	15.8%	26.2%	24.9%	17.3%	12.0%	10.0%	24.1%
Operating margin	5.6%	3.1%	13.6%	14.9%	3.5%	-1.3%	-2.3%	-12.5%
Net margin	-1.1%	-2.3%	6.2%	11.4%	1.1%	-4.5%	-4.1%	7.2%
Current ratio	1.52×	1.69×	1.86×	2.01×	1.68×	1.57×	1.68×	2.1×
Debt / equity	1.58×	1.61×	1.28×	1.49×	2.85×	6.55×	4.67×	1.19×
Interest coverage	1.4×	0.71×	4.83×	7.67×	2.16×	-0.67×	-1.02×	-7.52×
Dividend yield	1.4%	3.2%	3.4%	1.7%	0.8%	1.1%	2.3%	1.2%
Payout ratio	-79.4%	-45.2%	27.8%	10.6%	55.2%	-22.4%	-34.4%	12.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.6%	-6.6%	18.0%	38.2%	5.1%	-36.8%	-30.3%	29.6%
Return on invested capital	-2.0%	2.9%	7.6%	11.8%	2.0%	-1.1%	-2.2%	-12.0%
Return on assets	-0.9%	-1.6%	5.2%	10.0%	0.8%	-3.0%	-3.3%	7.2%
Free cash flow yield	-1.8%	-15.1%	8.4%	-0.6%	-7.2%	-12.3%	-4.6%	2.5%
Earnings yield	-1.8%	-7.2%	12.2%	16.2%	1.4%	-5.0%	-6.7%	9.7%
Enterprise value	€1.7B	€986.1M	€1.2B	€1.5B	€1.4B	€1.4B	€1.2B	€977M
Net debt / EBITDA	3.59×	4.39×	1.26×	1.1×	4.68×	17.27×	36.02×	-0×
Cash conversion cycle (days)	60	70	47	54	31	-6	16	31