Alpha Real Estate S.a. (ASTAK.AT) 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

+570.3%

€46.25

vs €6.90 price

Levered DCF

€11.07

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

10.73

Safe zone

Rating

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	13.63×	11.53×	27.42×	41.25×	1,382.81×	25.63×	33.1×	28.64×
P/B	1.42×	1.43×	1.22×	0.95×	0.89×	0.63×	0.72×	0.67×
P/S	4.15×	5.09×	7.26×	6.84×	11.64×	5.65×	5.93×	6.05×
EV / EBITDA	4.66×	6.97×	24.48×	13.52×	59.65×	1.35×	4.01×	2.92×
Gross margin	97.0%	82.0%	77.3%	82.8%	75.7%	97.5%	97.7%	95.6%
Operating margin	32.8%	48.5%	20.9%	19.2%	2.7%	35.2%	34.7%	28.3%
Net margin	30.3%	44.2%	26.2%	36.8%	15.7%	22.1%	18.2%	21.2%
Current ratio	206.76×	10.33×	12.33×	10.99×	31.4×	15.85×	15.09×	18.03×
Debt / equity	0.02×	0.02×	0.01×	0.01×	0.01×	0.01×	0.01×	0×
Interest coverage	112.33×	173.89×	76.77×	0×	69.62×	175.31×	209.58×	2,993.29×
Dividend yield	6.8%	3.5%	3.1%	51.8%	0.0%	0.0%	0.0%	0.0%
Payout ratio	93.1%	40.6%	85.0%	963.5%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.3%	12.4%	4.4%	5.1%	1.2%	2.4%	2.2%	2.3%
Return on invested capital	7.7%	10.2%	2.7%	3.4%	0.1%	2.9%	3.0%	2.3%
Return on assets	9.2%	11.0%	4.0%	4.8%	1.2%	2.3%	2.1%	2.2%
Free cash flow yield	3.5%	18.3%	-54.4%	4.6%	-0.1%	1.8%	3.6%	0.4%
Earnings yield	7.3%	8.7%	3.6%	5.4%	1.3%	3.9%	3.1%	3.5%
Enterprise value	€46.4M	€47.3M	€65.5M	€39.2M	€44.8M	€7M	€19.7M	€13.6M
Net debt / EBITDA	-5.7×	-8.26×	-19.98×	-18.3×	-105.37×	-15.24×	-15.75×	-16.01×
Cash conversion cycle (days)	-340	-120	652	6,317	153	-59	242	-57