Elve S.A. (ELBE.AT) 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

+146.6%

€16.77

vs €6.80 price

Levered DCF

€19.98

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

7.83

Safe zone

Rating

Overall 5 / 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	5.71×	14.29×	9.26×	19.04×	10.71×	11.07×	15.56×	22.67×
P/B	0.83×	0.86×	0.86×	0.84×	1.04×	1.25×	0.83×	0.67×
P/S	1.11×	1.16×	1.29×	1.07×	1.65×	0.66×	0.5×	0.46×
EV / EBITDA	3.21×	4.82×	5.77×	7.83×	8.47×	5.08×	5.38×	7.26×
Gross margin	31.5%	31.0%	29.8%	14.5%	23.7%	28.7%	29.3%	37.2%
Operating margin	22.8%	21.1%	19.3%	8.8%	17.9%	7.7%	2.6%	1.7%
Net margin	19.5%	8.2%	13.8%	5.7%	15.4%	5.9%	3.2%	2.0%
Current ratio	8.33×	9.08×	9.53×	4.76×	4.2×	1.53×	1.57×	1.62×
Debt / equity	0.01×	0.01×	0.01×	0.02×	0.49×	0.5×	0.41×	0.06×
Interest coverage	111.89×	87.6×	91.89×	54.43×	182.08×	6.54×	2.77×	0×
Dividend yield	7.6%	8.0%	8.0%	6.3%	5.0%	3.7%	6.0%	7.4%
Payout ratio	43.4%	114.1%	74.5%	118.2%	53.7%	41.0%	93.1%	165.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.6%	6.0%	9.2%	4.5%	9.7%	11.3%	5.3%	3.0%
Return on invested capital	12.9%	10.4%	8.6%	4.6%	6.9%	6.2%	1.2%	1.0%
Return on assets	12.9%	5.4%	8.0%	3.6%	7.7%	5.1%	2.5%	1.6%
Free cash flow yield	28.3%	1.8%	11.9%	-0.6%	12.1%	6.3%	19.3%	6.9%
Earnings yield	17.5%	7.0%	10.7%	5.3%	9.3%	9.0%	6.4%	4.5%
Enterprise value	€12.8M	€14.9M	€15.8M	€13.8M	€25.6M	€26.3M	€18.9M	€10.9M
Net debt / EBITDA	-1.15×	-0.51×	-0.26×	-1.09×	1.89×	0.77×	1.42×	-0.21×
Cash conversion cycle (days)	167	123	121	206	-1	98	96	83