EDP - Energias de Portugal, S.A. (EDP.LS) 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

-328.2%

-€11.05

vs €4.84 price

Levered DCF

-€16.62

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.8

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	14×	16.26×	19.52×	15.03×	16.66×	15.64×	14.54×	21.29×
P/B	1.43×	1.11×	1.6×	2.07×	2.04×	2.03×	1.59×	1.23×
P/S	1.04×	0.86×	1.14×	0.89×	1.27×	1.56×	0.98×	0.72×
EV / EBITDA	7.71×	6.11×	7.49×	8.06×	9.15×	8.8×	7.91×	8.18×
Gross margin	19.3%	45.9%	35.9%	24.3%	26.3%	34.0%	30.1%	27.1%
Operating margin	19.3%	12.4%	28.4%	11.3%	9.9%	12.8%	12.4%	67.5%
Net margin	7.4%	5.4%	5.9%	5.9%	7.7%	9.9%	6.8%	3.4%
Current ratio	1.15×	0.4×	0.91×	0.88×	1.19×	1.06×	0.95×	0.79×
Debt / equity	2.08×	1.99×	1.96×	2.49×	1.96×	1.85×	2×	1.87×
Interest coverage	2.4×	1.59×	3.91×	2.15×	2.21×	2.01×	2.06×	13.4×
Dividend yield	5.1%	6.3%	4.3%	4.1%	3.9%	3.6%	4.9%	6.2%
Payout ratio	71.9%	101.3%	83.1%	61.4%	64.7%	56.3%	71.4%	133.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.1%	6.9%	8.2%	13.7%	12.4%	12.8%	10.9%	5.8%
Return on invested capital	4.2%	2.4%	7.1%	3.9%	2.9%	3.4%	3.9%	25.7%
Return on assets	2.1%	1.4%	1.7%	2.1%	2.3%	2.9%	2.3%	1.2%
Free cash flow yield	-10.3%	-10.2%	-17.4%	1.5%	-7.0%	0.2%	-0.9%	11.1%
Earnings yield	7.1%	6.2%	5.1%	6.6%	6.1%	6.3%	6.9%	4.7%
Enterprise value	€35.9B	€32.2B	€37.8B	€35.6B	€34.1B	€34.2B	€30.2B	€26B
Net debt / EBITDA	4.23×	3.67×	3.82×	3.9×	4.04×	3.81×	4.23×	4.7×
Cash conversion cycle (days)	98	118	52	54	70	101	37	38