Avax S.A. (AVAX.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

-666.5%

-€18.92

vs €3.34 price

Levered DCF

€8.72

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.22

Distress 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	FY2018
P/E	9.28×	7.6×	25.67×	2.92×	-10.57×	16.32×	-1.13×	-1.14×
P/B	2.1×	1.44×	1.67×	0.71×	1.54×	1.18×	0.76×	0.33×
P/S	0.46×	0.35×	0.58×	0.27×	0.25×	0.2×	0.08×	0.05×
EV / EBITDA	6.4×	6×	22.65×	92.48×	67.93×	28.11×	-87.2×	-263.31×
Gross margin	11.8%	12.6%	8.1%	5.2%	5.3%	11.5%	7.4%	5.5%
Operating margin	7.9%	7.7%	-0.0%	-6.6%	-3.0%	0.6%	16.6%	6.4%
Net margin	5.0%	4.6%	2.3%	9.5%	-2.4%	1.2%	-7.5%	-4.4%
Current ratio	1×	1.04×	1.4×	1.06×	1.1×	1.12×	1.03×	1.09×
Debt / equity	1.84×	2.32×	2.21×	2.49×	5.15×	7.86×	9.21×	6.71×
Interest coverage	3.81×	1.99×	-0.01×	-1.27×	-0.8×	0.12×	3.31×	1.04×
Dividend yield	2.4%	2.0%	3.8%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	21.8%	14.8%	98.0%	0.0%	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	22.6%	19.2%	6.5%	24.7%	-14.6%	7.2%	-66.9%	-29.0%
Return on invested capital	8.2%	4.9%	-0.0%	-3.1%	207.1%	0.4%	13.9%	5.0%
Return on assets	3.4%	2.4%	0.9%	3.5%	-1.2%	0.5%	-2.8%	-2.3%
Free cash flow yield	8.4%	-23.7%	18.2%	8.0%	31.9%	-129.8%	189.9%	-127.1%
Earnings yield	10.8%	13.4%	3.9%	34.7%	-9.5%	6.1%	-88.5%	-87.9%
Enterprise value	€710.4M	€518.3M	€539.2M	€407.8M	€544M	€656.7M	€568.6M	€559M
Net debt / EBITDA	2.44×	3.39×	11.54×	67.6×	49.37×	24.16×	-79.76×	-249.5×
Cash conversion cycle (days)	157	230	261	265	178	287	162	170