DEME Group N.V. (DEME.BR) 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

+76.3%

€294.69

vs €167.20 price

Levered DCF

€387.41

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.97

Distress 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	10.19×	12.11×	17.33×	27.87×	4.16×	9.45×	21.26×	3.06×
P/B	1.49×	1.65×	1.48×	1.79×	1.68×	1.81×	1.85×	0.34×
P/S	0.85×	0.85×	0.86×	1.18×	1.06×	1.21×	1.01×	0.18×
EV / EBITDA	4.45×	4.48×	5.74×	7.89×	7×	9.38×	7.97×	2.34×
Gross margin	10.6%	34.5%	34.9%	4.8%	37.1%	32.6%	33.1%	32.0%
Operating margin	9.4%	8.6%	7.3%	5.8%	5.7%	2.9%	4.8%	7.0%
Net margin	8.3%	7.0%	5.0%	4.2%	4.6%	2.3%	4.8%	5.9%
Current ratio	0.93×	0.92×	0.84×	0.9×	0.81×	0.8×	0.86×	0.69×
Debt / equity	0.52×	0.36×	0.47×	0.59×	0.58×	0.76×	0.82×	0.6×
Interest coverage	15.56×	13.66×	8.97×	10.41×	20.71×	5.21×	10.68×	11.78×
Dividend yield	2.7%	1.5%	1.3%	1.3%	0.8%	0.0%	2.1%	11.5%
Payout ratio	27.7%	18.4%	23.3%	36.2%	17.8%	0.0%	44.0%	35.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.7%	13.6%	8.5%	6.4%	7.3%	3.4%	8.7%	11.1%
Return on invested capital	8.0%	8.4%	6.1%	4.0%	4.4%	2.1%	3.8%	6.5%
Return on assets	5.6%	5.3%	3.4%	2.5%	2.8%	1.3%	3.2%	4.1%
Free cash flow yield	6.1%	22.7%	1.9%	-1.5%	5.2%	6.7%	-1.7%	-45.9%
Earnings yield	9.8%	8.3%	5.8%	3.6%	4.3%	1.9%	4.7%	32.6%
Enterprise value	€3.9B	€3.4B	€3.3B	€3.7B	€3.1B	€3.1B	€3.4B	€1B
Net debt / EBITDA	0.44×	-0.12×	0.88×	1.12×	0.9×	1.46×	1.68×	1.26×
Cash conversion cycle (days)	26	-39	-20	6	-85	-91	-74	-68