Cirsa Enterprises, S.A. (CIRSA.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

+564.2%

€128.85

vs €19.40 price

Levered DCF

€122.22

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.49

Distress zone

Rating

C+

Overall 2 / 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	34.42×	194.15×	30.42×	42.94×	0×	0×	0×	0×
P/B	3.49×	32.4×	7.6×	22.63×	0×	0×	0×	0×
P/S	1.51×	1.14×	1.23×	1.44×	0×	0×	0×	0×
EV / EBITDA	5.49×	7.12×	7.38×	8.62×	7.99×	16.25×	4.94×	4.39×
Gross margin	52.8%	56.0%	54.3%	54.6%	4.3%	-36.1%	17.7%	15.1%
Operating margin	26.7%	17.1%	17.3%	15.9%	4.2%	-37.7%	17.3%	14.7%
Net margin	4.4%	0.6%	4.0%	3.3%	-18.9%	-47.4%	-0.6%	-2.0%
Current ratio	0.89×	0.75×	0.92×	0.61×	0.78×	0.67×	0.93×	1.15×
Debt / equity	3.1×	35.43×	7.63×	22.69×	111.93×	18.02×	5.1×	2.95×
Interest coverage	1.75×	1.72×	1.94×	1.96×	0.19×	-1.28×	1.03×	0.97×
Dividend yield	1.8%	10.3%	2.1%	1.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	60.6%	2005.8%	65.9%	42.0%	0.0%	0.0%	-166.0%	-130.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.3%	16.7%	24.8%	52.2%	-595.2%	-164.2%	-1.3%	-3.5%
Return on invested capital	8.2%	4.6%	8.6%	6.5%	1.0%	-5.2%	2.4%	-4640.9%
Return on assets	1.9%	0.3%	2.2%	1.7%	-4.6%	-7.6%	-0.2%	-0.7%
Free cash flow yield	17.6%	17.0%	15.4%	15.1%	0.0%	0.0%	0.0%	0.0%
Earnings yield	2.9%	0.5%	3.3%	2.3%	0.0%	0.0%	0.0%	0.0%
Enterprise value	€4.4B	€4.9B	€4.7B	€4.7B	€2.6B	€2.5B	€2.4B	€1.5B
Net debt / EBITDA	2.37×	3.54×	3.5×	4.12×	7.99×	16.25×	4.94×	4.39×
Cash conversion cycle (days)	-11	-12	-9	-11	32	51	33	32