Cabka N.V. (CABKA.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

-91.3%

€0.18

vs €2.04 price

Levered DCF

-€5.31

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.3

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	-5.93×	-5.53×	-97.6×	-4.72×	476.29×	-37.8×
P/B	0.87×	0.91×	2.13×	1.94×	5.76×	3.69×
P/S	0.25×	0.29×	0.76×	0.67×	1.13×	0.93×
EV / EBITDA	5.93×	6.42×	10.25×	-13.26×	10.5×	9.75×
Gross margin	13.9%	49.8%	44.3%	12.6%	49.7%	53.0%
Operating margin	-0.8%	-0.6%	1.3%	1.0%	4.0%	0.6%
Net margin	-4.1%	-5.1%	-0.8%	-14.3%	0.2%	-2.3%
Current ratio	1.01×	0.9×	1.18×	1.33×	1.06×	1.32×
Debt / equity	1.3×	1.34×	0.89×	0.89×	2.16×	1.85×
Interest coverage	-0.24×	-0.24×	0.62×	0.91×	3.24×	0.32×
Dividend yield	0.0%	7.1%	0.8%	45.0%	0.0%	0.0%
Payout ratio	0.0%	-39.6%	-79.1%	-212.2%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-14.6%	-16.5%	-2.2%	-41.0%	1.2%	-9.0%
Return on invested capital	-1.2%	-0.9%	1.9%	1.4%	0.2%	0.8%
Return on assets	-4.8%	-5.4%	-0.8%	-15.8%	0.3%	-2.4%
Free cash flow yield	5.9%	-4.4%	-2.5%	-13.7%	1.5%	3.4%
Earnings yield	-16.8%	-18.0%	-1.0%	-21.2%	0.2%	-2.4%
Enterprise value	€107.1M	€123.7M	€206.1M	€184.2M	€255.8M	€177.9M
Net debt / EBITDA	3.48×	3.73×	2.77×	-3.13×	2.56×	2.92×
Cash conversion cycle (days)	60	74	57	75	59	113