CIE Automotive, S.A. (CIE.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

+120.6%

€55.70

vs €25.25 price

Levered DCF

€47.58

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.86

Grey zone

Rating

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	10.55×	9.34×	9.63×	9.66×	12.55×	14.91×	9.45×	6.96×
P/B	2.45×	2.03×	2.41×	2.54×	3.39×	4.27×	3.23×	4.06×
P/S	0.9×	0.77×	0.78×	0.76×	1.08×	0.96×	0.79×	0.91×
EV / EBITDA	6.42×	6.03×	6.27×	6.93×	8.76×	10.13×	7.44×	7.29×
Gross margin	21.5%	21.4%	19.7%	18.6%	16.5%	16.9%	17.8%	16.1%
Operating margin	13.9%	13.7%	13.4%	11.9%	13.3%	10.4%	12.3%	12.1%
Net margin	8.5%	8.2%	8.1%	7.8%	8.6%	6.4%	8.3%	13.1%
Current ratio	0.93×	0.99×	0.98×	0.92×	0.89×	0.81×	0.83×	0.94×
Debt / equity	1.44×	1.53×	1.76×	1.95×	2.29×	3.6×	2.64×	1.97×
Interest coverage	5.05×	4.32×	4.2×	7.61×	8.06×	5.74×	7.76×	6.85×
Dividend yield	3.1%	3.5%	3.2%	3.0%	1.8%	3.4%	2.9%	2.6%
Payout ratio	32.6%	33.1%	31.0%	29.1%	22.9%	50.7%	27.8%	18.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.2%	21.7%	25.1%	26.2%	27.1%	28.6%	34.2%	58.4%
Return on invested capital	9.4%	9.1%	9.4%	8.7%	7.7%	6.1%	8.5%	9.7%
Return on assets	5.9%	5.5%	5.6%	5.3%	5.0%	3.7%	5.7%	10.8%
Free cash flow yield	11.2%	9.4%	9.5%	12.3%	7.9%	8.2%	11.9%	7.3%
Earnings yield	9.5%	10.7%	10.4%	10.4%	8.0%	6.7%	10.6%	14.4%
Enterprise value	€4.8B	€4.4B	€4.5B	€4.4B	€4.9B	€4.5B	€4.4B	€3.9B
Net debt / EBITDA	1.67×	1.85×	1.97×	2.36×	2.83×	3.95×	2.87×	2.06×
Cash conversion cycle (days)	-16	-18	-25	-23	-21	-23	-10	-3