Elvalhalcor Hellenic Copper and Aluminium Industry S.A. (ELHA.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

-2.5%

€3.42

vs €3.51 price

Levered DCF

€9.69

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.53

Grey zone

Rating

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	13.43×	6.86×	24.37×	3.86×	6.17×	22.55×	15.82×	6.83×
P/B	1.3×	0.7×	0.74×	0.63×	0.88×	0.83×	0.87×	0.6×
P/S	0.39×	0.21×	0.21×	0.16×	0.24×	0.31×	0.32×	0.2×
EV / EBITDA	8.69×	5.47×	8.44×	4.94×	6.34×	10.21×	8.73×	5.84×
Gross margin	7.9%	8.2%	6.5%	9.8%	8.1%	6.7%	7.1%	7.9%
Operating margin	4.5%	4.8%	3.1%	6.9%	5.1%	2.9%	3.9%	5.1%
Net margin	2.9%	3.0%	0.9%	4.3%	3.9%	1.4%	2.0%	3.0%
Current ratio	1.48×	1.68×	1.9×	1.97×	1.71×	1.52×	1.67×	1.68×
Debt / equity	0.61×	0.71×	0.91×	1.03×	1.11×	0.85×	0.82×	0.81×
Interest coverage	4.08×	3.11×	1.9×	6.79×	4.7×	2.34×	3.12×	3.31×
Dividend yield	2.4%	2.1%	3.2%	1.9%	1.4%	1.8%	1.7%	0.0%
Payout ratio	32.7%	14.5%	79.0%	7.1%	8.4%	39.8%	27.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.6%	10.1%	3.0%	16.5%	14.2%	3.7%	5.5%	8.9%
Return on invested capital	7.6%	7.6%	4.1%	10.0%	7.1%	3.0%	3.9%	6.5%
Return on assets	4.0%	4.2%	1.2%	6.3%	5.0%	1.5%	2.4%	3.8%
Free cash flow yield	5.8%	27.2%	25.1%	-20.9%	-17.9%	-4.6%	1.6%	0.3%
Earnings yield	7.3%	14.3%	4.1%	26.2%	16.1%	4.4%	6.3%	14.7%
Enterprise value	€2B	€1.4B	€1.5B	€1.6B	€1.5B	€1.3B	€1.2B	€977.2M
Net debt / EBITDA	2.61×	2.58×	4.55×	3.02×	3.37×	5.05×	4.05×	3.25×
Cash conversion cycle (days)	59	61	70	83	77	78	82	98