Banque nationale de Belgique S.A. (BNB.BR) 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

-232840.2%

-€775,024.78

vs €333.00 price

Levered DCF

-€801,474.26

After debt service

Piotroski score

—

Altman Z-score

—

Rating

—

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	-0.11×	-0.04×	-0.07×	-0.47×	1.86×	1.06×	1.18×	1.29×
P/B	0.01×	0.01×	0.01×	0.04×	0.09×	0.09×	0.13×	0.14×
P/S	0.04×	0.02×	-0.06×	-2.24×	0.29×	0.38×	0.63×	0.63×
EV / EBITDA	-212.84×	-70.85×	-65.38×	-105.21×	53.04×	305.16×	0×	0×
Gross margin	-20.2%	-51.6%	70.2%	-226.7%	60.5%	70.9%	100.0%	116.8%
Operating margin	-31.0%	-59.4%	82.0%	195.1%	19.1%	42.3%	66.1%	60.5%
Net margin	-31.0%	-59.4%	85.2%	475.9%	15.5%	35.6%	53.5%	48.4%
Current ratio	0×	0.01×	0.14×	1,952.28×	8,133.3×	0×	3,625.71×	-2.86×
Debt / equity	12.64×	16.07×	12.15×	7.11×	6.83×	34.85×	5.89×	5.8×
Interest coverage	-0.26×	-0.39×	-0.36×	-0.32×	0.48×	1.46×	3.74×	3.72×
Dividend yield	0.0%	0.4%	0.3%	19.1%	5.2%	6.4%	5.1%	4.5%
Payout ratio	0.0%	-0.0%	-0.0%	-9.0%	9.7%	6.8%	6.0%	5.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-6.0%	-20.0%	-16.4%	-7.8%	4.7%	8.7%	11.2%	10.9%
Return on invested capital	-0.4%	-1.7%	-1.0%	-0.0%	0.1%	0.1%	0.5%	-0.5%
Return on assets	-0.4%	-1.1%	-1.2%	-0.2%	0.1%	0.2%	0.5%	0.4%
Free cash flow yield	0.0%	0.0%	0.0%	11.0%	4.9%	5.1%	3.9%	0.0%
Earnings yield	-886.4%	-2395.2%	-1520.9%	-212.5%	53.8%	94.2%	84.9%	77.3%
Enterprise value	€319.1B	€259.9B	€219.5B	€23.4B	€24.1B	€245.1B	€26.3B	€25.2B
Net debt / EBITDA	-212.72×	-70.81×	-65.32×	-103.98×	51.59×	304.28×	0×	0×
Cash conversion cycle (days)	0	4,676	-279	-20,331	972	1,702	1,774	1,873