Mota-Engil, SGPS, S.A. (EGL.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

+148.9%

€11.30

vs €4.54 price

Levered DCF

-€5.26

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.98

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	11.51×	7.1×	10.87×	6.88×	14.48×	-15.78×	6.23×	16.1×
P/B	4.81×	3.12×	5.49×	1.51×	2.58×	-3.55×	5.67×	2.12×
P/S	0.29×	0.15×	0.22×	0.09×	0.13×	0.13×	0.15×	0.13×
EV / EBITDA	4.32×	3×	3.19×	3.04×	4.33×	5.49×	4.45×	3.76×
Gross margin	26.6%	74.2%	70.7%	75.7%	75.9%	76.9%	56.8%	53.5%
Operating margin	11.0%	8.5%	13.7%	4.7%	6.6%	5.3%	9.5%	6.3%
Net margin	2.5%	2.1%	2.0%	1.4%	0.9%	-0.8%	0.9%	0.8%
Current ratio	1.04×	0.93×	1×	0.96×	0.93×	0.86×	0.93×	0.95×
Debt / equity	9.78×	10.03×	11.37×	10.04×	17.39×	-27.27×	30.8×	11.03×
Interest coverage	1.51×	1.29×	2.69×	0.76×	0.89×	0.68×	1.31×	0.96×
Dividend yield	3.9%	6.9%	4.9%	7.7%	4.0%	1.5%	6.7%	7.1%
Payout ratio	44.2%	49.0%	53.4%	51.8%	58.4%	-24.4%	108.5%	112.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	42.1%	43.8%	50.0%	22.5%	17.8%	22.5%	35.0%	13.3%
Return on invested capital	7.5%	7.6%	12.0%	3.4%	2.7%	1.3%	5.2%	4.0%
Return on assets	1.6%	1.5%	1.5%	0.8%	0.4%	-0.4%	0.5%	0.5%
Free cash flow yield	0.2%	-1.8%	-29.5%	27.8%	13.2%	3.2%	-41.4%	-30.3%
Earnings yield	8.8%	14.0%	9.1%	14.9%	6.9%	-6.3%	6.2%	6.3%
Enterprise value	€3.8B	€3.2B	€3.3B	€2B	€2.3B	€2.3B	€2.4B	€1.9B
Net debt / EBITDA	2.6×	2.19×	1.97×	2.5×	3.66×	4.73×	3.63×	3.01×
Cash conversion cycle (days)	176	29	86	362	114	68	141	130