Bankinter, S.A. (BKT.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

+295.9%

€54.95

vs €13.88 price

Levered DCF

-€19.42

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.27

Distress zone

Rating

C+

Overall 2 / 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	11.8×	7.21×	6.37×	10.28×	3.03×	9.14×	7.75×	8.61×
P/B	1.98×	1.17×	0.98×	1.15×	0.83×	0.58×	0.89×	1.02×
P/S	2.7×	1.32×	1.19×	2.26×	1.86×	1.45×	2.16×	2.01×
EV / EBITDA	4.96×	-1×	7.05×	13.51×	-19.92×	-18.36×	6.52×	8.66×
Gross margin	65.4%	59.2%	66.6%	90.7%	92.1%	93.0%	89.8%	90.1%
Operating margin	34.7%	26.1%	28.1%	31.5%	24.7%	11.6%	30.9%	31.7%
Net margin	23.1%	18.3%	19.3%	22.5%	61.3%	16.0%	28.0%	23.1%
Current ratio	0.14×	0.2×	0.23×	0.17×	0.32×	49.37×	0.13×	0.11×
Debt / equity	1.62×	1.65×	3.78×	4.41×	1.59×	1.53×	1.59×	1.73×
Interest coverage	1×	0.64×	0.84×	3.4×	3.14×	1.66×	3.02×	3.19×
Dividend yield	4.1%	6.7%	7.8%	4.5%	5.2%	3.1%	6.2%	5.7%
Payout ratio	47.4%	48.5%	48.0%	45.1%	15.8%	27.7%	48.1%	49.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.0%	16.2%	15.9%	11.4%	27.5%	6.4%	11.5%	11.7%
Return on invested capital	5.3%	3.1%	2.2%	-1.3%	1.2%	0.6%	1.9%	2.3%
Return on assets	0.8%	0.8%	0.7%	0.5%	1.2%	0.3%	0.7%	0.7%
Free cash flow yield	-78.2%	26.1%	10.9%	-143.9%	172.5%	293.9%	0.3%	1.9%
Earnings yield	8.6%	13.9%	16.2%	9.9%	32.9%	11.0%	13.0%	11.5%
Enterprise value	€8.1B	-€1.4B	€9.2B	€11.7B	-€12.2B	-€5.6B	€4.5B	€6.8B
Net debt / EBITDA	-2.82×	-5.74×	3.08×	7×	-26.51×	-27.76×	0.34×	2.83×
Cash conversion cycle (days)	0	-70	3,002	-26,972	-658	-844	-494	-602