Eurocommercial Properties N.V. (ECMPA.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

+32.5%

€32.72

vs €24.70 price

Levered DCF

€10.55

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.72

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	FY2018	FY2017
P/E	11.33×	6.75×	-43.53×	5.95×	9.51×	13.9×	14.16×	22.21×
P/B	0.65×	0.57×	0.59×	0.58×	0.51×	0.37×	0.55×	0.83×
P/S	4.97×	4.39×	4.5×	4.93×	4.19×	2.99×	4.5×	7.1×
EV / EBITDA	11.04×	10.05×	81.35×	9.02×	14.81×	15.95×	23.22×	23.99×
Gross margin	66.7%	73.3%	70.9%	75.5%	73.3%	79.5%	81.0%	81.0%
Operating margin	64.2%	105.7%	28.0%	65.3%	57.9%	63.1%	62.9%	57.3%
Net margin	43.9%	65.1%	-10.3%	82.9%	44.0%	21.5%	31.8%	32.0%
Current ratio	0.25×	0.39×	0.32×	0.44×	0.53×	0.49×	1.37×	0.29×
Debt / equity	0.73×	0.75×	0.78×	0.74×	0.84×	0.93×	1×	0.9×
Interest coverage	3.46×	5.4×	1.51×	3.98×	3.44×	0×	3.33×	3.16×
Dividend yield	5.1%	6.0%	6.3%	6.5%	2.5%	8.9%	8.8%	4.7%
Payout ratio	57.2%	40.2%	-276.0%	39.0%	23.6%	124.2%	124.5%	104.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2018	FY2017
Return on equity	5.8%	8.5%	-1.3%	9.8%	5.3%	2.7%	3.9%	3.7%
Return on invested capital	2.6%	6.2%	2.0%	3.4%	2.8%	-1.6%	3.4%	2.4%
Return on assets	3.0%	4.5%	-0.7%	5.1%	2.6%	1.2%	1.8%	1.8%
Free cash flow yield	6.0%	5.3%	7.5%	6.9%	7.1%	2.4%	4.5%	0.3%
Earnings yield	8.8%	14.8%	-2.3%	16.8%	10.5%	7.2%	7.1%	4.5%
Enterprise value	€2.9B	€2.7B	€2.7B	€2.7B	€2.6B	€2.4B	€2.9B	€3.3B
Net debt / EBITDA	5.73×	5.64×	45.78×	4.96×	9.12×	11.26×	14.78×	12.4×
Cash conversion cycle (days)	-80	-60	-38	-41	167	89	-100	-389