Koninklijke BAM Groep nv (BAMNB.AS) 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

+62.8%

€20.27

vs €12.45 price

Levered DCF

€39.85

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.43

Grey 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	11.48×	13.55×	3.72×	3.29×	40.57×	-3.8×	62.12×	31.49×
P/B	2.53×	1.26×	0.71×	0.73×	1.12×	0.8×	1.17×	1.03×
P/S	0.34×	0.18×	0.1×	0.09×	0.1×	0.07×	0.1×	0.1×
EV / EBITDA	5.04×	3.22×	0.66×	0.89×	0.71×	1.82×	2.4×	2.21×
Gross margin	6.5%	27.2%	27.1%	26.2%	25.8%	24.9%	26.0%	24.7%
Operating margin	3.0%	0.9%	2.7%	3.2%	1.1%	-0.9%	1.2%	1.5%
Net margin	3.0%	1.3%	2.8%	2.7%	0.2%	-1.8%	0.2%	0.3%
Current ratio	0.98×	0.98×	0.97×	0.96×	0.96×	1.08×	0.95×	1.02×
Debt / equity	0.4×	0.36×	0.32×	0.28×	0.43×	1.59×	0.93×	0.47×
Interest coverage	13.71×	3.95×	16.38×	32.39×	4.85×	-2.45×	6.37×	8.85×
Dividend yield	2.7%	2.3%	3.4%	0.0%	0.0%	0.0%	2.6%	1.5%
Payout ratio	31.3%	31.8%	12.6%	0.0%	0.0%	-0.1%	164.2%	48.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.0%	9.2%	19.0%	22.2%	2.8%	-20.9%	1.9%	3.3%
Return on invested capital	12.5%	4.1%	11.7%	14.7%	1.6%	-3.0%	1.3%	1.6%
Return on assets	5.1%	2.1%	4.5%	4.7%	0.4%	-2.3%	0.3%	0.5%
Free cash flow yield	11.6%	15.2%	3.3%	-49.2%	34.1%	118.4%	37.8%	17.2%
Earnings yield	8.7%	7.3%	26.8%	30.5%	2.5%	-26.1%	1.6%	3.2%
Enterprise value	€1.9B	€689.5M	€191.8M	€248.8M	€126.3M	-€87.4M	€464.8M	€347.8M
Net debt / EBITDA	-1.32×	-2.05×	-1.6×	-1.22×	-3.44×	11.57×	-1.4×	-2.55×
Cash conversion cycle (days)	-41	-82	67	60	-108	50	3	12