Ascencio S.A. (ASCE.BR) 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

+168.7%

€141.60

vs €52.70 price

Levered DCF

€142.97

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.82

Distress zone

Rating

S-

Overall 5 / 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	9.5×	12.57×	8.05×	3.69×	7.1×	29.86×	17.47×	9.92×
P/B	0.75×	0.72×	0.61×	0.77×	0.87×	0.79×	1.03×	0.93×
P/S	5.43×	5.22×	4.53×	6.06×	6.09×	5.36×	7.8×	7.11×
EV / EBITDA	14.56×	19.46×	14.72×	6.58×	13.06×	47.03×	26.02×	15.6×
Gross margin	78.6%	79.2%	78.0%	100.0%	100.4%	77.1%	78.8%	80.9%
Operating margin	66.8%	70.8%	70.5%	116.0%	88.5%	29.2%	72.0%	80.1%
Net margin	57.1%	41.5%	56.2%	164.2%	85.8%	18.0%	44.6%	71.6%
Current ratio	0.14×	0.11×	0.21×	0.19×	0.19×	0.26×	0.12×	0.08×
Debt / equity	0.66×	0.7×	0.72×	0.75×	0.9×	0.96×	0.68×	0.68×
Interest coverage	7.07×	6.72×	0×	0×	0×	0×	0×	0×
Dividend yield	8.4%	8.5%	9.6%	7.3%	7.4%	8.4%	6.0%	4.9%
Payout ratio	79.6%	107.3%	77.1%	26.9%	52.7%	249.7%	105.0%	48.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.9%	5.8%	7.6%	20.7%	12.3%	2.6%	5.9%	9.3%
Return on invested capital	5.4%	5.6%	5.4%	7.8%	6.5%	2.0%	5.5%	6.0%
Return on assets	4.6%	3.3%	4.3%	11.6%	6.3%	1.3%	3.4%	5.4%
Free cash flow yield	13.5%	13.5%	15.9%	11.6%	11.7%	12.2%	8.6%	9.6%
Earnings yield	10.5%	8.0%	12.4%	27.1%	14.1%	3.4%	5.7%	10.1%
Enterprise value	€632.9M	€629.5M	€587.5M	€656.8M	€654M	€607.2M	€615.9M	€581.2M
Net debt / EBITDA	6.78×	9.54×	7.9×	3.23×	6.6×	25.67×	10.25×	6.53×
Cash conversion cycle (days)	-251	-146	-163	-156	-128	-131	-152	-179