AmRest Holdings SE (EAT.MC) 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

+2238.5%

€53.08

vs €2.27 price

Levered DCF

€80.50

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.29

Distress zone

Rating

Overall 2 / 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
P/E	41.6×	106.02×	29.19×	689.83×	40×	-7.34×	34.48×
P/B	1.81×	2.42×	3.48×	2.79×	4.41×	5.18×	4.74×
P/S	0.26×	0.35×	0.55×	0.42×	0.69×	0.88×	1.13×
EV / EBITDA	5.44×	6.22×	7.39×	6.22×	7.76×	26.86×	10.34×
Gross margin	11.6%	12.6%	12.7%	10.9%	11.1%	4.0%	12.5%
Operating margin	4.4%	4.6%	4.3%	4.8%	5.4%	-9.4%	5.5%
Net margin	0.6%	0.3%	1.8%	0.1%	1.7%	-12.0%	3.3%
Current ratio	0.43×	0.52×	0.62×	0.59×	0.55×	0.65×	0.53×
Debt / equity	4.37×	4.26×	3.92×	4.79×	4.98×	5.94×	3.39×
Interest coverage	1.33×	1.42×	1.65×	2.3×	2.53×	-3.03×	2.38×
Dividend yield	2.2%	1.7%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	93.2%	178.8%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.4%	2.3%	11.7%	0.4%	11.0%	-70.6%	13.9%
Return on invested capital	2.4%	2.3%	4.8%	3.9%	3.4%	-6.9%	3.6%
Return on assets	0.6%	0.4%	1.9%	0.1%	1.5%	-8.6%	2.7%
Free cash flow yield	28.2%	21.4%	12.9%	25.2%	19.7%	6.5%	6.5%
Earnings yield	2.4%	0.9%	3.3%	0.1%	2.5%	-13.6%	2.9%
Enterprise value	€2.1B	€2.3B	€2.6B	€2.2B	€2.6B	€2.7B	€3.7B
Net debt / EBITDA	3.74×	3.83×	3.62×	3.69×	3.84×	13.39×	4.14×
Cash conversion cycle (days)	-31	-39	-47	-48	-46	-44	-8