Amadeus IT Group, S.A. (AMS.MC) 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

+161.3%

€154.15

vs €59.00 price

Levered DCF

€111.81

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.69

Safe zone

Rating

A-

Overall 4 / 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	20.67×	23.68×	25.82×	32.8×	-186.38×	-42.54×	28.22×	26.11×
P/B	5.69×	5.87×	6.44×	4.77×	7.17×	7.08×	8.29×	8.24×
P/S	4.24×	4.84×	5.31×	4.87×	10.05×	12.2×	5.63×	5.3×
EV / EBITDA	11.96×	13.63×	14.89×	15.42×	52.36×	-297.91×	15.58×	14.79×
Gross margin	27.8%	43.2%	44.3%	41.7%	31.3%	13.8%	46.6%	47.5%
Operating margin	27.8%	26.5%	26.0%	21.5%	-1.1%	-21.8%	26.5%	28.2%
Net margin	20.5%	20.4%	20.5%	14.8%	-5.3%	-28.8%	20.0%	20.3%
Current ratio	0.82×	0.85×	0.96×	1.03×	1.32×	1.28×	0.49×	0.51×
Debt / equity	0.66×	0.67×	0.74×	0.96×	1.33×	1.51×	0.94×	1.22×
Interest coverage	23.82×	14.99×	15.69×	9.89×	-0.28×	-5.82×	34.15×	35.71×
Dividend yield	2.2%	1.8%	1.2%	0.0%	0.0%	0.9%	1.6%	1.9%
Payout ratio	46.1%	43.2%	29.8%	0.0%	0.0%	-38.6%	45.5%	49.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	27.5%	24.7%	24.9%	14.5%	-3.8%	-16.7%	29.4%	31.6%
Return on invested capital	15.4%	13.8%	13.1%	7.3%	-0.2%	-3.2%	13.3%	12.4%
Return on assets	11.6%	10.6%	10.4%	5.7%	-1.3%	-5.3%	10.7%	9.9%
Free cash flow yield	7.6%	4.6%	4.1%	4.0%	0.7%	-1.8%	3.4%	3.9%
Earnings yield	4.8%	4.2%	3.9%	3.0%	-0.5%	-2.4%	3.5%	3.8%
Enterprise value	€29.8B	€32.1B	€31.2B	€24.8B	€30.7B	€30.6B	€34.4B	€29.5B
Net debt / EBITDA	0.89×	0.99×	1.09×	1.85×	6.57×	-39.97×	1.36×	1.67×
Cash conversion cycle (days)	-27	-72	-69	-31	-45	-25	-31	-54