FBD Holdings plc (EG7.IR) 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

+235.3%

€65.72

vs €19.60 price

Levered DCF

€81.43

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.67

Distress zone

Rating

A+

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	12.12×	6.8×	5.85×	6.86×	2.68×	57.69×	3.09×	6.75×
P/B	1.19×	0.95×	0.85×	0.86×	0.54×	0.68×	0.81×	1×
P/S	1.12×	0.99×	0.96×	1.08×	0.72×	0.78×	0.83×	0.82×
EV / EBITDA	6.87×	22.52×	24.79×	3.45×	1.13×	9.78×	2.31×	3.83×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	10.7%	100.0%	100.0%	18.8%	31.6%	2.9%	28.1%	75.8%
Net margin	9.3%	14.4%	16.4%	15.8%	27.0%	1.3%	26.9%	12.1%
Current ratio	5.05×	0.02×	153.43×	22.34×	26.45×	22.21×	26.6×	26.28×
Debt / equity	0.11×	0.11×	0.11×	0.12×	0.12×	0.14×	0.15×	0.17×
Interest coverage	21.1×	181.97×	165.21×	26.73×	44.39×	3.75×	39.8×	48.58×
Dividend yield	11.2%	15.6%	17.7%	9.1%	0.0%	0.0%	5.8%	3.0%
Payout ratio	135.0%	107.3%	103.6%	62.3%	0.0%	0.0%	18.0%	20.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.9%	13.8%	14.5%	12.6%	20.3%	1.1%	26.2%	14.8%
Return on invested capital	3.5%	42.2%	11.2%	3.0%	4.7%	0.4%	4.9%	12.6%
Return on assets	3.4%	4.9%	5.1%	3.9%	6.1%	0.3%	7.3%	3.2%
Free cash flow yield	10.2%	14.0%	11.5%	22.0%	18.4%	28.1%	11.3%	6.9%
Earnings yield	8.3%	14.6%	17.1%	14.7%	37.4%	1.7%	32.4%	14.8%
Enterprise value	€503.8M	€361.4M	€317.3M	€284.2M	€148.4M	€188.3M	€263.6M	€257.4M
Net debt / EBITDA	-0.88×	-6.2×	-6.94×	-1.31×	-0.83×	-3.85×	-0.34×	-0.42×
Cash conversion cycle (days)	60	8	7	-126	7,803	0	0	0