Campine N.V. (CAMB.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

-99.0%

€1.70

vs €172.00 price

Levered DCF

€705.72

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.42

Safe zone

Rating

S-

Overall 5 / 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	5.56×	8.15×	7.91×	4.35×	4.24×	12.9×	5.43×	6.94×
P/B	2.31×	2.09×	1.56×	1.15×	1.19×	1.01×	1.23×	1.37×
P/S	0.41×	0.5×	0.34×	0.22×	0.25×	0.22×	0.23×	0.19×
EV / EBITDA	4.04×	4.66×	4.52×	3.63×	3.07×	6.06×	3.36×	4.28×
Gross margin	12.3%	12.9%	20.8%	17.4%	22.9%	18.3%	17.8%	16.3%
Operating margin	8.8%	8.1%	5.8%	6.4%	8.4%	2.2%	3.2%	3.9%
Net margin	7.4%	6.1%	4.2%	5.0%	6.0%	1.7%	4.2%	2.8%
Current ratio	2.18×	2.03×	2.08×	1.73×	1.72×	2.05×	2.58×	1.7×
Debt / equity	0.11×	0.22×	0.27×	0.46×	0.26×	0.29×	0.13×	0.31×
Interest coverage	39.58×	10.84×	10.23×	19.33×	55.19×	5.3×	10.43×	11.88×
Dividend yield	2.2%	2.5%	3.6%	6.2%	1.9%	7.5%	4.4%	2.2%
Payout ratio	12.1%	20.6%	28.1%	27.1%	7.9%	97.5%	24.1%	15.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	41.5%	25.7%	19.7%	26.5%	28.2%	7.8%	22.6%	19.7%
Return on invested capital	30.2%	19.1%	14.4%	17.7%	22.8%	5.7%	12.0%	14.2%
Return on assets	23.2%	14.2%	10.9%	12.4%	14.6%	4.3%	13.9%	9.5%
Free cash flow yield	9.3%	9.6%	12.2%	-8.0%	-3.0%	-14.6%	21.3%	26.2%
Earnings yield	18.0%	12.3%	12.6%	23.0%	23.6%	7.7%	18.4%	14.4%
Enterprise value	€312.8M	€197.5M	€123.3M	€93.4M	€69.5M	€46.1M	€45.4M	€49.6M
Net debt / EBITDA	-0.03×	0.38×	0.56×	0.96×	0.54×	1.33×	0.14×	0.78×
Cash conversion cycle (days)	50	72	84	84	82	76	62	30