ASR Nederland N.V. (ASRNL.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

-117.4%

-€13.16

vs €75.66 price

Levered DCF

-€29.14

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.46

Distress zone

Rating

B-

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	24.54×	10.95×	8.85×	-3.46×	6.17×	7.5×	5.16×	7.99×
P/B	1.45×	0.99×	1.1×	0.99×	0.75×	0.72×	0.77×	0.89×
P/S	0.59×	0.47×	0.72×	-0.58×	0.56×	0.61×	0.59×	0.84×
EV / EBITDA	3.01×	2.89×	3.49×	-4.54×	6.25×	8.91×	5.43×	3.64×
Gross margin	100.0%	100.0%	99.3%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	3.3%	7.0%	87.6%	22.0%	12.3%	9.6%	15.1%	17.7%
Net margin	2.7%	4.3%	8.1%	16.7%	9.1%	8.1%	11.4%	10.6%
Current ratio	0.19×	1.96×	0.74×	4.13×	0.7×	55.08×	48.4×	43.45×
Debt / equity	1.21×	1.09×	1.55×	0.72×	0.94×	1.43×	1.08×	0.59×
Interest coverage	0.12×	0.36×	4.08×	-5.17×	3.35×	2.18×	3.41×	3.27×
Dividend yield	5.3%	6.5%	5.3%	5.7%	5.2%	6.0%	5.4%	6.6%
Payout ratio	114.6%	70.9%	46.6%	-19.7%	31.9%	44.7%	27.6%	52.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.8%	9.0%	12.4%	-28.6%	12.1%	9.6%	15.0%	11.1%
Return on invested capital	0.5%	0.8%	6.1%	-2.8%	1.3%	0.5%	0.9%	0.9%
Return on assets	0.4%	0.6%	0.7%	-2.8%	1.2%	0.8%	1.3%	1.0%
Free cash flow yield	-4.7%	-7.5%	38.6%	-18.9%	-3.4%	7.4%	-16.3%	15.1%
Earnings yield	4.7%	9.1%	11.3%	-28.9%	16.2%	13.3%	19.4%	12.5%
Enterprise value	€20.2B	€16.1B	€14.2B	€8.3B	€10.1B	€10.8B	€8.4B	€4.3B
Net debt / EBITDA	1.15×	1.16×	1.23×	-1.21×	2.85×	5.13×	2.37×	-0.47×
Cash conversion cycle (days)	6	0	-1,042	0	0	0	0	0