Codere Online Luxembourg, S.A. (CDRO) 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

+243.7%

$29.28

vs $8.52 price

Levered DCF

-$7.54

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

7.46

Safe zone

Rating

B+

Overall 3 / 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	227.81×	72.51×	-49.81×	-2.34×	-3.51×	-4.55×	-0.03×	0×
P/B	10.89×	11.77×	5.7×	4.45×	3.52×	-1.85×	-0.02×	0×
P/S	1.48×	1.41×	0.74×	0.94×	2.98×	1.05×	0.01×	0×
EV / EBITDA	45.21×	52.63×	-5.75×	-1.08×	-5.91×	-7.69×	-3.01×	0×
Gross margin	88.1%	90.6%	89.2%	86.8%	91.2%	92.7%	91.7%	0.0%
Operating margin	2.7%	2.2%	-9.1%	-48.3%	-88.5%	-20.2%	-25.8%	0.0%
Net margin	0.6%	1.9%	-1.5%	-40.1%	-84.8%	-23.1%	-26.3%	0.0%
Current ratio	1.37×	1.4×	1.25×	1.6×	3.31×	0.47×	0.78×	0.79×
Debt / equity	0.14×	0.22×	0.24×	0.2×	0.04×	-0.98×	-1.64×	-2.05×
Interest coverage	0×	0×	0×	-4.42×	-126.61×	-27.4×	-59.02×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.5%	16.2%	-11.4%	-190.1%	-100.1%	40.7%	51.5%	0.0%
Return on invested capital	6.6%	9.5%	-14.9%	-181.4%	-92.7%	2041.4%	-78.0%	0.0%
Return on assets	1.6%	5.2%	-3.3%	-66.9%	-64.7%	-87.7%	-36.6%	0.0%
Free cash flow yield	5.3%	1.3%	-9.8%	-39.2%	-2.2%	4.5%	-240.4%	0.0%
Earnings yield	0.4%	1.4%	-2.0%	-42.7%	-28.5%	-21.9%	-2955.9%	0.0%
Enterprise value	$264.9M	$248.4M	$84.2M	$59.6M	$147.3M	$102.5M	$44.2M	$37M
Net debt / EBITDA	-7.86×	-7.4×	2.47×	0.88×	3.69×	-2.13×	-2.97×	0×
Cash conversion cycle (days)	-316	-464	-636	-545	-992	-914	-1,463	0