Corbion N.V. (CRBN.AS) 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

-26.6%

€19.99

vs €27.22 price

Levered DCF

€42.07

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.22

Safe 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	14.4×	6.57×	15.76×	20.81×	31.16×	37.22×	63.91×	26.3×
P/B	1.45×	1.63×	1.8×	3×	4.41×	5.26×	3.13×	2.76×
P/S	0.85×	0.98×	0.91×	1.29×	2.28×	2.75×	1.69×	1.6×
EV / EBITDA	7.41×	9.71×	12.64×	13.99×	21.88×	18.86×	10.42×	12.46×
Gross margin	26.4%	24.8%	22.5%	22.4%	25.1%	28.0%	31.5%	28.8%
Operating margin	9.2%	6.0%	6.1%	7.6%	7.7%	10.6%	6.3%	9.8%
Net margin	5.9%	14.9%	5.8%	6.2%	7.3%	7.4%	2.6%	6.1%
Current ratio	1.89×	1.17×	0.99×	1.1×	1.57×	1.65×	1.07×	1.34×
Debt / equity	0.65×	0.66×	1.23×	1.21×	0.91×	0.65×	0.66×	0.48×
Interest coverage	7.66×	3.87×	2.86×	7.01×	7.13×	8.33×	6.07×	9.88×
Dividend yield	3.5%	3.3%	2.9%	1.8%	1.4%	1.2%	2.0%	2.3%
Payout ratio	49.7%	21.8%	45.4%	36.7%	42.1%	45.1%	127.5%	60.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.1%	24.9%	11.5%	14.4%	14.1%	14.2%	4.9%	10.4%
Return on invested capital	7.6%	4.3%	5.0%	5.9%	6.6%	9.5%	3.7%	9.7%
Return on assets	5.3%	12.4%	4.3%	5.2%	5.8%	6.7%	2.3%	5.6%
Free cash flow yield	8.6%	7.9%	1.4%	-9.7%	-5.0%	0.9%	2.4%	2.7%
Earnings yield	6.9%	15.2%	6.4%	4.8%	3.2%	2.7%	1.6%	3.8%
Enterprise value	€1.5B	€1.7B	€1.9B	€2.6B	€2.9B	€3B	€2B	€1.6B
Net debt / EBITDA	2.14×	2.59×	4.86×	3.8×	3.48×	1.79×	1.61×	1.55×
Cash conversion cycle (days)	116	115	117	125	125	92	99	98