CBo Territoria S.A. (CBOT.PA) 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

+142.1%

€8.93

vs €3.69 price

Levered DCF

€7.69

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.16

Distress 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	7.43×	8.71×	10.46×	8.02×	8.32×	8.9×	10.64×	12.26×
P/B	0.51×	0.52×	0.6×	0.6×	0.65×	0.67×	0.75×	0.66×
P/S	2.32×	1.91×	1.72×	1.75×	1.7×	1.4×	1.38×	1.55×
EV / EBITDA	9.83×	10.93×	11.12×	10.36×	13.35×	13.61×	13.77×	18.56×
Gross margin	57.4%	36.3%	46.2%	49.0%	45.4%	41.3%	38.7%	41.4%
Operating margin	42.3%	35.6%	28.0%	35.5%	25.6%	22.1%	16.7%	19.4%
Net margin	31.2%	21.9%	16.6%	19.4%	18.3%	13.7%	10.9%	12.4%
Current ratio	1.62×	2.3×	2.32×	2.95×	3.24×	2.89×	2.17×	2.6×
Debt / equity	0.63×	0.67×	0.74×	0.82×	0.95×	1.07×	1.21×	1.33×
Interest coverage	4.57×	4.07×	4.1×	5.59×	3.87×	0×	2.68×	3.19×
Dividend yield	6.6%	6.8%	5.9%	6.0%	5.7%	1.7%	4.8%	5.3%
Payout ratio	49.0%	59.1%	61.0%	53.8%	52.4%	17.8%	61.0%	66.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.8%	5.9%	5.8%	6.7%	7.0%	6.6%	6.0%	5.3%
Return on invested capital	3.7%	3.9%	3.9%	4.8%	3.5%	3.5%	2.7%	2.5%
Return on assets	3.6%	3.1%	2.9%	3.2%	3.2%	2.8%	2.3%	2.0%
Free cash flow yield	12.1%	22.6%	18.2%	35.8%	12.1%	16.1%	21.4%	-1.9%
Earnings yield	13.4%	11.4%	9.7%	11.1%	10.8%	9.8%	7.9%	8.0%
Enterprise value	€271.5M	€265.2M	€289.8M	€303.8M	€331.1M	€331.5M	€353.8M	€375.6M
Net debt / EBITDA	5.2×	5.68×	5.53×	5.46×	7.48×	7.65×	7.84×	12.05×
Cash conversion cycle (days)	814	413	389	751	745	526	594	673