Atenor S.A. (ATEB.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

-2980.4%

-€25.64

vs €0.89 price

Levered DCF

-€123.74

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.09

Distress zone

Rating

C-

Overall 1 / 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	-1×	-3.74×	-0.7×	-684.58×	17.81×	25.22×	18.85×	7.87×
P/B	0.67×	0.51×	0.22×	2.13×	2.27×	2.36×	3.87×	1.66×
P/S	0.95×	0.44×	0.84×	14.08×	3.89×	4.62×	6.65×	2.78×
EV / EBITDA	-34.08×	12.17×	-12.78×	63.59×	21.36×	56.82×	21.82×	14.83×
Gross margin	5.6%	10.4%	3.5%	128.0%	70.1%	58.5%	65.7%	73.7%
Operating margin	-14.1%	-1.1%	-71.7%	47.5%	36.9%	30.4%	7.3%	10.1%
Net margin	-94.3%	-11.8%	-119.7%	-2.1%	21.9%	18.3%	35.2%	35.3%
Current ratio	1.95×	1.98×	2.11×	2.28×	2.55×	2.96×	3.17×	3.03×
Debt / equity	2.82×	2.5×	2.49×	3.29×	2.8×	2.54×	2.93×	2.63×
Interest coverage	-0.71×	-0.1×	-1.05×	1.05×	4.76×	3.51×	0.7×	1.03×
Dividend yield	0.0%	0.0%	13.3%	3.0%	2.4%	2.0%	1.6%	4.1%
Payout ratio	0.0%	0.0%	-9.3%	-2025.9%	42.7%	50.9%	31.1%	32.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-67.3%	-13.6%	-31.2%	-0.3%	12.8%	9.3%	20.5%	21.0%
Return on invested capital	-2.6%	-0.4%	-5.3%	-6.4%	4.2%	3.4%	0.9%	1.7%
Return on assets	-15.9%	-3.4%	-8.1%	-0.1%	3.1%	2.3%	4.5%	5.2%
Free cash flow yield	-1.2%	109.8%	-134.2%	-30.2%	-33.2%	-18.9%	-21.0%	-22.2%
Earnings yield	-99.7%	-26.7%	-142.5%	-0.1%	5.6%	4.0%	5.3%	12.7%
Enterprise value	€660.6M	€812.3M	€884.1M	€1.4B	€1.4B	€1.2B	€1.2B	€675.2M
Net debt / EBITDA	-26.9×	9.96×	-11.69×	38.17×	11.18×	28.8×	8.94×	8.75×
Cash conversion cycle (days)	1,435	947	4,150	-29,132	6,421	5,169	5,928	6,190