Banco Comercial Português, S.A. (BCP.LS) 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

+63.6%

€1.76

vs €1.08 price

Levered DCF

€3.26

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.28

Distress zone

Rating

Overall 3 / 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	10.57×	8.05×	5.06×	13.81×	21.03×	12.7×	11.72×	11.48×
P/B	1.7×	1.02×	0.66×	0.43×	0.35×	0.3×	0.5×	0.6×
P/S	1.98×	1.29×	0.77×	0.6×	0.81×	0.7×	1.05×	1.27×
EV / EBITDA	7.37×	4.46×	3.03×	0.36×	-2.23×	1.03×	4.57×	9.87×
Gross margin	70.1%	66.4%	71.4%	84.0%	95.4%	89.8%	84.8%	82.9%
Operating margin	28.9%	23.9%	27.5%	11.4%	6.0%	12.1%	21.5%	20.5%
Net margin	18.9%	16.1%	15.8%	5.4%	5.3%	6.8%	10.3%	11.0%
Current ratio	0×	0.09×	0.07×	0.1×	0.13×	0.11×	0.11×	0.07×
Debt / equity	0.79×	0.7×	0.89×	0.88×	0.91×	0.74×	1.05×	0.97×
Interest coverage	1.3×	0.71×	0.96×	0.71×	1.31×	1.19×	1.42×	1.2×
Dividend yield	3.4%	3.5%	0.0%	0.6%	1.7%	2.0%	1.0%	0.0%
Payout ratio	35.5%	28.3%	0.0%	6.9%	26.8%	20.2%	10.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.2%	12.8%	13.6%	3.8%	2.3%	2.9%	4.9%	5.2%
Return on invested capital	1.3%	5.2%	5.8%	0.8%	-0.2%	0.9%	1.9%	2.1%
Return on assets	1.2%	0.9%	0.9%	0.2%	0.1%	0.2%	0.4%	0.4%
Free cash flow yield	15.8%	74.4%	92.8%	-31.9%	203.4%	159.7%	13.8%	112.7%
Earnings yield	9.5%	12.5%	20.6%	8.9%	6.5%	9.8%	9.9%	8.7%
Enterprise value	€15.4B	€6.6B	€4.9B	€198.7M	-€659M	€475.1M	€3.4B	€6.1B
Net debt / EBITDA	1×	-0.43×	0.48×	-3.61×	-9.46×	-3.01×	0.49×	4.26×
Cash conversion cycle (days)	0	-53	-68	-109	-506	-148	-86	-40