Ctac N.V. (CTAC.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

+542.1%

€16.44

vs €2.56 price

Levered DCF

€12.54

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.8

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	12.24×	10.64×	48.82×	9.85×	12.88×	12.43×	21.28×	15.15×
P/B	1.32×	1.37×	1.63×	1.55×	2.22×	1.68×	1.38×	1.35×
P/S	0.34×	0.34×	0.37×	0.39×	0.54×	0.43×	0.33×	0.31×
EV / EBITDA	4.52×	3.89×	5.24×	4.16×	5.09×	4.16×	4.04×	7.68×
Gross margin	10.3%	24.4%	13.7%	26.9%	27.7%	29.9%	30.3%	29.0%
Operating margin	3.9%	4.5%	3.7%	5.9%	6.1%	5.3%	2.5%	2.9%
Net margin	2.9%	3.1%	0.7%	4.0%	4.2%	3.5%	1.5%	2.1%
Current ratio	1.1×	1.01×	0.96×	0.98×	0.96×	0.96×	0.85×	0.96×
Debt / equity	0.24×	0.28×	0.37×	0.41×	0.53×	0.65×	0.35×	0.03×
Interest coverage	13.85×	14.25×	9.95×	14.53×	14.33×	10.05×	9.5×	21.35×
Dividend yield	3.6%	3.7%	1.8%	0.7%	1.3%	0.0%	2.5%	1.9%
Payout ratio	43.2%	39.8%	86.0%	6.5%	16.7%	0.0%	53.3%	29.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	12.7%	3.3%	15.9%	17.1%	13.5%	6.5%	9.0%
Return on invested capital	9.2%	10.2%	3.6%	11.9%	11.3%	11.7%	5.3%	9.7%
Return on assets	5.2%	5.4%	1.3%	6.3%	6.0%	4.7%	2.8%	4.2%
Free cash flow yield	-0.5%	16.6%	19.1%	11.5%	15.1%	37.6%	25.5%	12.6%
Earnings yield	8.3%	9.3%	2.0%	10.2%	7.7%	8.0%	4.7%	6.6%
Enterprise value	€46.7M	€41.8M	€48.7M	€51M	€61.2M	€41.9M	€31.9M	€26.1M
Net debt / EBITDA	0.33×	-0.04×	0.24×	0.39×	0.29×	0.4×	0.63×	0.08×
Cash conversion cycle (days)	60	57	38	44	41	42	43	53