Brunel International N.V. (BRNL.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

+436.5%

€40.19

vs €7.49 price

Levered DCF

€35.18

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.6

Safe 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	128.26×	15.37×	17.75×	16.52×	18.43×	23.55×	3,465.38×	26.63×
P/B	1.45×	1.45×	1.87×	1.58×	1.97×	1.35×	1.64×	1.95×
P/S	0.32×	0.34×	0.42×	0.41×	0.63×	0.41×	0.44×	0.6×
EV / EBITDA	9.04×	5.96×	8.32×	6.56×	8.28×	5.1×	10.07×	11.49×
Gross margin	15.7%	19.3%	20.6%	19.5%	23.4%	21.4%	20.1%	22.8%
Operating margin	1.4%	3.8%	4.2%	5.2%	5.3%	3.2%	1.7%	3.7%
Net margin	0.3%	2.2%	2.4%	2.5%	3.4%	1.7%	0.0%	2.2%
Current ratio	2.39×	2.68×	2.59×	2.53×	2.4×	2.9×	2.67×	3.33×
Debt / equity	0.39×	0.3×	0.39×	0.21×	0.15×	0.13×	0.15×	0×
Interest coverage	3.4×	8.41×	13.31×	51.9×	76.85×	60.04×	16.94×	43.79×
Dividend yield	7.1%	6.1%	4.9%	4.7%	2.7%	0.0%	2.8%	1.4%
Payout ratio	911.5%	93.1%	87.6%	77.2%	48.9%	0.0%	9507.5%	36.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.1%	9.5%	10.5%	9.6%	10.8%	5.7%	0.0%	7.3%
Return on invested capital	1.7%	8.3%	8.1%	9.7%	11.5%	5.6%	0.1%	7.8%
Return on assets	0.6%	5.1%	5.2%	5.4%	6.2%	3.7%	0.0%	5.2%
Free cash flow yield	7.2%	18.8%	-0.7%	2.3%	1.8%	23.1%	3.0%	-2.4%
Earnings yield	0.8%	6.5%	5.6%	6.1%	5.5%	4.2%	0.0%	3.7%
Enterprise value	€404M	€441.2M	€635.2M	€459.5M	€546.8M	€253.9M	€413.6M	€465.5M
Net debt / EBITDA	0.28×	-0.22×	0.94×	-0.33×	-0.31×	-2.31×	-1.02×	-2.12×
Cash conversion cycle (days)	41	74	76	84	95	71	82	86