Ctp N.V. (CTPNV.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

+369.3%

€59.51

vs €12.68 price

Levered DCF

€23.49

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.91

Distress zone

Rating

B+

Overall 3 / 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	7.89×	6.28×	7.38×	6.24×	6.98×	18.67×	11.97×	12.89×
P/B	1.05×	0.92×	1.1×	0.91×	1.75×	2.08×	2.61×	1.01×
P/S	9.17×	7.81×	10.11×	8.13×	17.6×	12.61×	15.57×	16.79×
EV / EBITDA	10.24×	8.85×	28.49×	9.59×	8.03×	14.96×	34.06×	22.96×
Gross margin	78.3%	78.3%	82.2%	78.9%	81.9%	81.2%	81.6%	86.0%
Operating margin	67.7%	65.7%	73.3%	181.0%	324.6%	108.0%	67.9%	70.5%
Net margin	111.5%	124.2%	136.9%	130.1%	251.8%	67.6%	129.8%	130.2%
Current ratio	1.48×	1.14×	2.11×	1.2×	3.63×	127.28×	0.4×	0.32×
Debt / equity	1.1×	1.11×	1.14×	1.11×	1.1×	0.46×	1.49×	0×
Interest coverage	2.01×	2.31×	3.78×	13.16×	23.06×	6.42×	0×	0×
Dividend yield	0.9%	2.2%	2.4%	2.6%	0.1%	0.0%	0.0%	4.2%
Payout ratio	7.7%	14.0%	17.8%	16.2%	0.5%	0.0%	0.0%	53.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.8%	14.7%	15.0%	14.5%	25.0%	11.1%	21.8%	7.9%
Return on invested capital	2.6%	2.7%	2.6%	7.1%	11.3%	10.1%	9.0%	3.9%
Return on assets	5.4%	6.2%	6.2%	6.1%	10.6%	7.6%	21.8%	239.0%
Free cash flow yield	3.2%	4.5%	3.8%	5.4%	1.7%	3.9%	2.6%	2.8%
Earnings yield	12.2%	15.9%	13.5%	16.0%	14.3%	5.4%	8.3%	7.8%
Enterprise value	€17.5B	€14.1B	€13.1B	€10B	€10.8B	€5.4B	€7.3B	€4.7B
Net debt / EBITDA	5.03×	4.58×	13.72×	5×	2.69×	2.02×	12.18×	-0.16×
Cash conversion cycle (days)	-605	-485	-1,011	-993	-1,131	-843	-1,043	-44,421