Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF.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

+9.7%

€82.27

vs €75.00 price

Levered DCF

€65.64

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.85

Grey zone

Rating

A-

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	13.79×	11.57×	12.54×	17.43×	14.58×	150.96×	56.94×	28.5×
P/B	2.06×	1.35×	1.31×	1.17×	1.73×	2.13×	1.92×	1.65×
P/S	0.45×	0.28×	0.29×	0.29×	0.43×	0.49×	0.54×	0.6×
EV / EBITDA	7.16×	4.52×	5.01×	5.59×	6.69×	9.5×	9.33×	8.64×
Gross margin	19.0%	17.5%	16.5%	17.1%	18.8%	16.7%	19.5%	23.5%
Operating margin	5.0%	5.1%	4.7%	4.4%	5.6%	4.4%	4.8%	7.0%
Net margin	3.3%	2.5%	2.3%	1.6%	2.9%	0.3%	1.0%	2.1%
Current ratio	1.18×	1.14×	1.11×	1.09×	1.2×	1.25×	1.22×	1.21×
Debt / equity	0.96×	1.03×	1.05×	1.23×	1.4×	1.64×	1.55×	1.36×
Interest coverage	5.24×	4.12×	2.6×	2.22×	3.84×	2.54×	1.71×	2.25×
Dividend yield	2.3%	3.5%	2.6%	3.8%	2.3%	0.1%	1.9%	1.8%
Payout ratio	31.4%	40.2%	33.1%	65.7%	33.9%	9.1%	106.0%	52.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.9%	11.7%	10.4%	6.7%	11.8%	1.4%	3.4%	5.8%
Return on invested capital	7.0%	6.6%	5.3%	3.9%	5.3%	1.2%	2.3%	3.4%
Return on assets	2.6%	2.0%	1.8%	1.1%	2.0%	0.2%	0.6%	1.1%
Free cash flow yield	2.4%	8.3%	2.4%	3.7%	8.7%	9.5%	4.0%	24.1%
Earnings yield	7.3%	8.7%	8.0%	5.8%	6.8%	0.7%	1.8%	3.5%
Enterprise value	€2.4B	€1.5B	€1.6B	€1.4B	€1.7B	€1.8B	€2B	€1.7B
Net debt / EBITDA	1.05×	0.99×	1.46×	1.95×	1.8×	2.43×	2.78×	2.18×
Cash conversion cycle (days)	181	170	153	179	165	167	162	156