Cenergy Holdings S.A. (CENER.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

+38.7%

€30.37

vs €21.90 price

Levered DCF

€29.19

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.8

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	16.73×	12.99×	18.55×	9.44×	25.83×	12.46×	12×	33.8×
P/B	3.66×	2.56×	3.31×	1.68×	2.12×	1.21×	1.08×	1.14×
P/S	1.57×	1.01×	0.82×	0.4×	0.56×	0.34×	0.26×	0.24×
EV / EBITDA	10.16×	7.18×	9.72×	9×	12.84×	6.95×	7.71×	11.87×
Gross margin	17.9%	16.4%	13.9%	10.2%	10.3%	11.4%	10.3%	7.2%
Operating margin	14.4%	13.3%	10.4%	7.0%	5.5%	7.3%	6.4%	3.3%
Net margin	9.4%	7.8%	4.5%	4.2%	2.1%	2.7%	2.1%	0.7%
Current ratio	1.01×	1.08×	0.98×	0.93×	0.94×	0.91×	0.95×	0.94×
Debt / equity	0.73×	0.84×	1.92×	2.41×	2.19×	1.62×	2.18×	2.65×
Interest coverage	5.08×	3.7×	2.29×	2.62×	2.05×	2.12×	1.82×	1×
Dividend yield	0.9%	0.8%	0.7%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	15.4%	10.9%	13.0%	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	21.9%	19.6%	18.0%	17.7%	8.0%	9.8%	8.7%	3.4%
Return on invested capital	14.3%	13.4%	10.3%	7.1%	4.4%	6.4%	5.5%	4.1%
Return on assets	7.4%	6.1%	4.0%	3.6%	1.8%	2.5%	1.9%	0.6%
Free cash flow yield	-0.1%	2.9%	5.6%	-29.8%	11.5%	28.8%	23.4%	-37.2%
Earnings yield	6.0%	7.7%	5.4%	10.5%	3.7%	8.1%	8.0%	3.0%
Enterprise value	€3.4B	€2B	€1.9B	€1.2B	€1.1B	€638.7M	€664.9M	€705.4M
Net debt / EBITDA	0.6×	0.55×	2.99×	4.79×	5.76×	3.6×	4.8×	7.97×
Cash conversion cycle (days)	35	33	161	153	117	42	84	115