Arteche Lantegi Elkartea, S.A. (ART.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

-9.4%

€26.37

vs €29.10 price

Levered DCF

€28.55

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.05

Safe 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
P/E	28.61×	22.73×	18.86×	30×	24.07×	219.44×	253.21×
P/B	11.53×	5.1×	3.08×	2.24×	3.9×	10.74×	4.19×
P/S	2.54×	0.96×	0.56×	0.64×	0.73×	0.85×	0.88×
EV / EBITDA	16.68×	8.37×	7.16×	9.03×	8.71×	11.5×	13.28×
Gross margin	25.0%	51.5%	45.8%	43.9%	46.8%	48.7%	49.0%
Operating margin	13.0%	8.7%	5.9%	4.1%	4.4%	6.5%	5.2%
Net margin	8.9%	4.2%	3.0%	2.2%	3.0%	0.4%	0.4%
Current ratio	1.21×	1.25×	1.22×	1.16×	1.22×	1.09×	0.96×
Debt / equity	1.27×	1.39×	1.41×	1.07×	2.09×	4.83×	1.8×
Interest coverage	7.05×	4.46×	3.05×	3.27×	2.42×	2.74×	2.15×
Dividend yield	0.7%	1.4%	1.0%	1.2%	0.0%	0.0%	0.0%
Payout ratio	20.8%	31.9%	19.1%	33.3%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	40.5%	22.6%	16.3%	7.7%	16.2%	4.9%	1.7%
Return on invested capital	20.0%	13.6%	11.0%	6.0%	4.3%	9.4%	6.9%
Return on assets	9.7%	5.1%	3.7%	2.4%	3.0%	0.5%	0.4%
Free cash flow yield	1.8%	4.9%	6.7%	3.5%	-2.1%	4.0%	4.5%
Earnings yield	3.5%	4.4%	5.3%	3.5%	4.1%	0.5%	0.4%
Enterprise value	€1.4B	€455.5M	€270.9M	€273.1M	€257.8M	€296.3M	€303.3M
Net debt / EBITDA	0.91×	0.52×	1.15×	1.67×	1.75×	2.75×	3.41×
Cash conversion cycle (days)	88	79	45	59	61	63	98