Clínica Baviera, S.A. (CBAV.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

-33.0%

€36.33

vs €54.20 price

Levered DCF

€40.71

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.81

Safe 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	18.9×	12.63×	10.41×	9.64×	12.62×	16.4×	18.33×	18.56×
P/B	7.52×	5.24×	4.11×	4.22×	6.33×	5.17×	7.62×	7.76×
P/S	2.74×	1.93×	1.66×	1.43×	2×	1.87×	1.87×	2.02×
EV / EBITDA	8.39×	7.18×	6.15×	5.58×	7.24×	7.99×	8.97×	10.51×
Gross margin	42.1%	88.4%	88.0%	87.1%	87.6%	87.6%	88.2%	88.3%
Operating margin	27.3%	21.2%	22.2%	20.9%	22.8%	16.7%	14.7%	15.5%
Net margin	13.9%	15.3%	16.0%	14.9%	15.9%	11.4%	10.3%	10.8%
Current ratio	0.96×	0.95×	1.28×	1.09×	1.08×	0.97×	0.4×	0.69×
Debt / equity	0.63×	0.65×	0.52×	0.71×	0.94×	1.23×	1.75×	0.47×
Interest coverage	36.05×	45.75×	87.49×	99.07×	86.03×	38.33×	30.96×	103.47×
Dividend yield	3.2%	5.1%	3.5%	6.0%	5.0%	0.0%	4.1%	3.5%
Payout ratio	62.8%	64.4%	36.3%	58.2%	63.3%	0.0%	73.9%	66.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	38.2%	41.5%	39.5%	43.8%	50.2%	31.3%	41.8%	41.5%
Return on invested capital	29.5%	23.7%	25.7%	25.9%	25.7%	14.1%	15.5%	27.9%
Return on assets	17.0%	19.0%	20.1%	19.7%	20.5%	11.5%	12.6%	21.2%
Free cash flow yield	5.6%	7.1%	9.4%	13.8%	10.5%	10.3%	7.0%	3.4%
Earnings yield	5.1%	7.9%	9.6%	10.4%	7.9%	6.1%	5.5%	5.4%
Enterprise value	€890.7M	€561.2M	€413.5M	€313.1M	€387.4M	€273.9M	€282.8M	€230.5M
Net debt / EBITDA	0.6×	0.68×	0.58×	0.51×	0.78×	1.28×	1.58×	0.44×
Cash conversion cycle (days)	-47	-74	-170	-187	-181	-192	-165	-167