Belgrano (CRI.PA) 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

+64.9%

€11.86

vs €7.19 price

Levered DCF

-€13.05

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.55

Distress zone

Rating

D+

Overall 1 / 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	-10.41×	32.93×	235.48×	15.3×	20.05×	9.83×	26.18×	14.74×
P/B	1.02×	0.76×	1.12×	1.21×	2.3×	1.73×	1.7×	1.65×
P/S	0.59×	0.33×	0.43×	0.46×	0.83×	0.49×	0.63×	0.68×
EV / EBITDA	2.67×	8.26×	13.48×	7.29×	10.53×	6.86×	10.35×	9.25×
Gross margin	28.9%	28.3%	26.3%	26.3%	25.3%	26.6%	26.7%	26.9%
Operating margin	1.0%	5.3%	2.8%	5.4%	5.6%	6.8%	5.1%	7.4%
Net margin	-5.7%	1.0%	0.2%	3.0%	4.2%	5.0%	2.4%	4.6%
Current ratio	1.41×	1.25×	1.58×	1.39×	1.7×	1.74×	1.71×	1.73×
Debt / equity	1.84×	1.35×	1.52×	1.23×	1.4×	1.69×	1.04×	0.85×
Interest coverage	0.17×	1.37×	0.73×	2.5×	2.9×	4.61×	2.73×	4.54×
Dividend yield	1.2%	0.0%	3.0%	5.3%	2.9%	1.5%	2.2%	2.8%
Payout ratio	-12.1%	0.0%	573.3%	81.0%	57.8%	14.4%	57.0%	40.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.9%	2.3%	0.6%	7.9%	11.4%	17.6%	6.5%	11.2%
Return on invested capital	0.5%	4.9%	-0.2%	6.0%	5.9%	7.6%	4.8%	7.6%
Return on assets	-2.5%	0.7%	0.2%	2.5%	3.3%	4.6%	2.3%	4.2%
Free cash flow yield	-1.5%	11.7%	-13.0%	-5.4%	8.4%	14.4%	0.1%	-2.5%
Earnings yield	-9.7%	3.1%	0.5%	6.5%	5.0%	10.2%	3.8%	6.8%
Enterprise value	€589.5M	€540.2M	€574.4M	€562.6M	€770.6M	€587.3M	€544.2M	€484.5M
Net debt / EBITDA	1.55×	4.62×	6.85×	2.89×	2.13×	2.16×	2.83×	1.76×
Cash conversion cycle (days)	93	70	65	73	56	67	75	69