Aplicaciones y Tratamiento de Sistemas, S.A. (ATSI.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

+512.4%

€20.70

vs €3.38 price

Levered DCF

€33.17

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.54

Safe zone

Rating

A-

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
P/E	21.64×	20.67×	23.29×	21.73×	32.63×	53.8×	86.24×
P/B	4.98×	4.8×	5.22×	6.4×	8.77×	11.91×	15.27×
P/S	0.87×	0.88×	0.96×	1.26×	1.69×	2.07×	2.34×
EV / EBITDA	12.53×	12.88×	15.72×	16.52×	23.26×	38.43×	61.47×
Gross margin	8.5%	75.1%	8.9%	86.8%	88.2%	89.7%	89.4%
Operating margin	5.6%	5.9%	5.7%	7.2%	6.7%	4.7%	3.2%
Net margin	4.1%	4.3%	4.2%	5.7%	5.2%	3.8%	2.7%
Current ratio	1.67×	1.68×	1.92×	1.91×	2.16×	1.98×	1.58×
Debt / equity	0.44×	0.5×	0.24×	0.32×	0.16×	0.3×	0.6×
Interest coverage	19.2×	21.33×	21.23×	101.55×	78.99×	40.78×	25.12×
Dividend yield	0.4%	0.3%	0.6%	0.2%	0.0%	0.0%	0.0%
Payout ratio	9.1%	5.6%	14.0%	5.4%	0.0%	0.1%	0.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	23.2%	23.1%	22.8%	29.0%	26.9%	22.1%	17.7%
Return on invested capital	15.5%	14.6%	19.4%	21.8%	22.3%	17.0%	11.6%
Return on assets	9.1%	8.9%	11.8%	13.9%	14.1%	11.4%	7.6%
Free cash flow yield	6.8%	0.3%	2.7%	-1.0%	1.8%	2.1%	1.1%
Earnings yield	4.7%	4.8%	4.4%	4.5%	3.1%	1.9%	1.2%
Enterprise value	€239.4M	€194.1M	€163M	€163.4M	€162.2M	€164.5M	€167.9M
Net debt / EBITDA	0.19×	0.56×	0×	0.04×	-0.12×	0.35×	1.78×
Cash conversion cycle (days)	81	46	98	115	112	101	111