Endesa, S.A. (ELE.MC) 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

-50.1%

€21.71

vs €43.47 price

Levered DCF

€13.95

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.87

Grey 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	14.59×	11.67×	26.37×	7.35×	14.85×	16.93×	148.69×	15.02×
P/B	3.81×	2.72×	2.78×	3.36×	3.97×	3.23×	3.28×	2.36×
P/S	1.54×	1.05×	0.78×	0.57×	1.04×	1.42×	1.31×	1.09×
EV / EBITDA	8.12×	6.5×	9.37×	6.74×	7.09×	8×	7.74×	7.65×
Gross margin	33.4%	35.8%	33.6%	27.2%	23.8%	32.1%	24.6%	24.0%
Operating margin	16.8%	20.0%	20.3%	17.9%	9.5%	11.4%	2.0%	9.8%
Net margin	10.5%	9.0%	3.0%	7.8%	7.0%	8.3%	0.9%	7.2%
Current ratio	0.93×	1.02×	0.85×	0.96×	0.74×	0.73×	0.72×	0.73×
Debt / equity	1.28×	1.35×	1.96×	3.33×	1.93×	0.99×	0.46×	0.67×
Interest coverage	8.18×	8.39×	10.38×	23.45×	13.68×	127.47×	2.94×	479.75×
Dividend yield	4.3%	4.9%	8.6%	8.1%	10.0%	6.6%	6.0%	6.9%
Payout ratio	63.2%	56.8%	226.1%	59.9%	148.6%	112.1%	883.6%	103.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.8%	23.3%	10.6%	45.7%	26.7%	19.1%	2.2%	15.7%
Return on invested capital	9.2%	10.5%	11.8%	12.0%	5.4%	6.0%	1.2%	6.0%
Return on assets	5.9%	5.1%	1.8%	5.1%	3.6%	4.3%	0.5%	4.5%
Free cash flow yield	6.8%	7.8%	12.3%	-2.5%	2.5%	5.3%	5.4%	4.7%
Earnings yield	6.8%	8.6%	3.8%	13.6%	6.7%	5.9%	0.7%	6.7%
Enterprise value	€43.1B	€32.2B	€31.2B	€36.3B	€31.1B	€30.5B	€28.5B	€27.1B
Net debt / EBITDA	2.01×	2.05×	3.5×	3.27×	2.21×	1.8×	0.91×	1.63×
Cash conversion cycle (days)	26	13	8	21	32	-24	-21	-7