Cairn Homes plc (C5H.IR) 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

+35.7%

€3.76

vs €2.77 price

Levered DCF

€3.65

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.07

Safe zone

Rating

Overall 4 / 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	9.9×	12.94×	10.15×	7.23×	19.58×	58.33×	20.16×	27.17×
P/B	1.55×	1.97×	1.17×	0.81×	1.09×	0.98×	1.3×	1.11×
P/S	1.37×	1.74×	1.34×	0.98×	2×	2.83×	2.37×	2.48×
EV / EBITDA	8.62×	10.81×	9.07×	7.24×	16.17×	36.21×	16.41×	19.32×
Gross margin	22.1%	21.7%	22.1%	21.7%	19.8%	16.3%	19.6%	20.5%
Operating margin	17.8%	17.4%	17.0%	16.7%	13.8%	9.3%	15.6%	15.8%
Net margin	14.0%	13.3%	12.8%	13.1%	10.2%	4.9%	11.8%	9.1%
Current ratio	5.12×	8.2×	8.88×	10.82×	6.4×	16.81×	18.41×	10.45×
Debt / equity	0.28×	0.25×	0.24×	0.24×	0.19×	0.27×	0.2×	0.26×
Interest coverage	10.68×	9.94×	8.03×	10.68×	7.17×	2.53×	7.18×	4.3×
Dividend yield	4.1%	3.0%	4.7%	6.7%	2.4%	0.0%	2.0%	0.0%
Payout ratio	39.8%	39.0%	49.2%	49.7%	46.1%	0.0%	40.1%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.9%	15.1%	11.2%	10.9%	5.6%	1.7%	6.5%	4.1%
Return on invested capital	13.3%	13.4%	10.3%	9.7%	5.4%	2.2%	6.2%	4.6%
Return on assets	10.2%	10.8%	8.2%	8.0%	4.3%	1.2%	5.1%	3.0%
Free cash flow yield	4.2%	8.7%	11.6%	14.1%	10.3%	-5.5%	9.9%	4.7%
Earnings yield	10.2%	7.7%	9.6%	13.4%	5.1%	1.7%	5.0%	3.7%
Enterprise value	€1.5B	€1.7B	€1B	€766.3M	€957.4M	€906.1M	€1.1B	€968M
Net debt / EBITDA	1.03×	1.05×	1.34×	1.48×	1.86×	6.76×	1.4×	2.68×
Cash conversion cycle (days)	574	513	680	722	1,010	1,610	962	1,254