Azkoyen, S.A. (AZK.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

+102.0%

€20.80

vs €10.30 price

Levered DCF

€15.57

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.75

Grey 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	12.25×	8.11×	8.96×	10.13×	9.74×	19.15×	10.09×	10.22×
P/B	1.59×	1.19×	1.34×	1.47×	1.1×	1.15×	1.62×	1.41×
P/S	1.01×	0.75×	0.81×	0.88×	0.91×	1.06×	1.11×	1.15×
EV / EBITDA	5.63×	4.47×	5.4×	6.63×	5.11×	7.6×	6.7×	6.82×
Gross margin	27.0%	64.8%	62.3%	63.7%	66.0%	68.8%	65.9%	64.7%
Operating margin	13.4%	13.0%	12.0%	12.2%	12.1%	8.9%	13.3%	12.8%
Net margin	8.2%	9.3%	9.0%	8.7%	9.3%	5.5%	11.0%	11.2%
Current ratio	1.89×	1.77×	1.63×	1.57×	2.02×	2.12×	1.79×	2.11×
Debt / equity	0.14×	0.23×	0.37×	0.45×	0.14×	0.22×	0.26×	0.02×
Interest coverage	21.84×	13.73×	10.41×	18.79×	39.3×	25.86×	61.23×	94.19×
Dividend yield	4.4%	5.8%	2.9%	17.1%	3.9%	0.0%	18.3%	2.4%
Payout ratio	54.1%	47.0%	26.0%	172.8%	37.7%	0.0%	184.6%	24.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	14.7%	15.0%	14.5%	11.3%	6.0%	16.1%	13.8%
Return on invested capital	12.5%	12.0%	10.4%	9.8%	9.6%	5.0%	12.5%	13.8%
Return on assets	8.4%	8.9%	8.1%	7.1%	7.6%	3.9%	9.8%	10.2%
Free cash flow yield	11.2%	22.3%	7.0%	9.4%	13.3%	8.0%	11.9%	6.0%
Earnings yield	8.2%	12.4%	11.2%	9.9%	10.3%	5.2%	9.9%	9.8%
Enterprise value	€211.2M	€160.1M	€183.7M	€185.9M	€117.3M	€123.1M	€173M	€150.8M
Net debt / EBITDA	-0.02×	0.28×	0.84×	1.26×	-0.37×	0.1×	0.41×	-0.4×
Cash conversion cycle (days)	123	146	180	138	127	216	133	202