Jumbo S.A. (BELA.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

+164.8%

€72.57

vs €27.40 price

Levered DCF

€69.76

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

11.44

Safe zone

Rating

S-

Overall 5 / 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	11.72×	10.83×	11.26×	8.73×	7.92×	13.93×	12.21×	14.38×
P/B	2.38×	2.47×	2.57×	1.53×	1.29×	1.59×	1.85×	2.02×
P/S	3.04×	3.02×	3.16×	2.29×	2.06×	2.79×	2.75×	2.89×
EV / EBITDA	7.9×	7.15×	7.4×	5.41×	4.52×	8.75×	59.47×	8.4×
Gross margin	51.2%	55.6%	55.8%	55.9%	55.7%	51.8%	51.4%	52.2%
Operating margin	30.1%	33.4%	32.7%	32.5%	32.9%	25.3%	28.8%	26.2%
Net margin	26.0%	27.8%	28.0%	26.2%	26.0%	20.0%	20.6%	20.1%
Current ratio	4.83×	4.32×	4.06×	6.2×	6.43×	7.16×	6.07×	7.57×
Debt / equity	0.04×	0.05×	0.06×	0.2×	0.22×	0.25×	0×	0.17×
Interest coverage	52.58×	54.72×	32.98×	28.2×	26.8×	17.63×	24.68×	36.43×
Dividend yield	3.5%	6.3%	11.7%	7.2%	6.1%	6.3%	2.9%	2.4%
Payout ratio	41.1%	68.0%	132.3%	63.2%	48.4%	88.0%	39.2%	34.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.3%	22.7%	22.8%	17.5%	16.3%	11.4%	13.9%	14.0%
Return on invested capital	18.0%	20.7%	20.3%	14.8%	13.8%	9.4%	12.5%	11.8%
Return on assets	17.1%	18.8%	18.7%	13.1%	12.0%	8.3%	9.7%	10.8%
Free cash flow yield	6.9%	6.7%	6.9%	5.6%	17.0%	8.1%	5.1%	3.2%
Earnings yield	8.5%	9.2%	8.9%	11.4%	12.6%	7.2%	7.5%	6.9%
Enterprise value	€3.3B	€3.1B	€3.1B	€1.9B	€1.4B	€1.9B	€1.9B	€2B
Net debt / EBITDA	-1.14×	-0.85×	-0.87×	-0.91×	-1.02×	-0.35×	-10.05×	-1.27×
Cash conversion cycle (days)	209	206	194	241	185	289	-10	319