Elia Group SA/NV (ELI.BR) 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

-912.0%

-€1,057.19

vs €130.20 price

Levered DCF

-€1,024.10

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.85

Distress zone

Rating

C+

Overall 2 / 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	19.91×	13.7×	25.63×	27.67×	28.8×	26.74×	20.24×	12.41×
P/B	1.44×	1.04×	1.82×	2.05×	2.06×	1.93×	1.55×	1.01×
P/S	2.47×	1.53×	2.17×	2.61×	3.12×	3.03×	2.3×	1.8×
EV / EBITDA	10.78×	12.07×	13.44×	12.62×	13.99×	14.67×	12.05×	10.76×
Gross margin	29.9%	44.4%	40.3%	5.9%	12.0%	18.3%	25.3%	49.0%
Operating margin	35.8%	23.3%	16.8%	5.1%	11.1%	17.4%	28.1%	29.0%
Net margin	13.2%	12.0%	9.2%	10.0%	11.6%	12.2%	12.2%	14.5%
Current ratio	1.22×	0.91×	0.67×	0.89×	0.9×	0.75×	0.41×	0.64×
Debt / equity	2.4×	2.68×	2.28×	1.99×	2.22×	2.5×	2.15×	2.04×
Interest coverage	4.44×	3.18×	3.56×	1.56×	2.55×	2.59×	4.33×	4.61×
Dividend yield	1.2%	3.0%	1.9%	1.5%	1.7%	2.0%	2.4%	2.8%
Payout ratio	22.1%	39.0%	44.1%	38.7%	46.3%	50.2%	45.8%	35.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.7%	8.1%	7.8%	7.8%	7.7%	7.8%	8.2%	8.2%
Return on invested capital	4.4%	2.8%	2.9%	0.9%	1.5%	2.0%	3.9%	4.0%
Return on assets	1.8%	1.8%	1.8%	1.7%	1.6%	1.8%	1.9%	2.0%
Free cash flow yield	-23.4%	-60.2%	-45.9%	-1.1%	34.8%	-27.0%	-21.0%	-13.6%
Earnings yield	5.3%	7.8%	4.3%	3.8%	3.7%	4.0%	5.3%	8.1%
Enterprise value	€25.1B	€18.7B	€17.4B	€14.5B	€13.5B	€14.8B	€11.3B	€8.7B
Net debt / EBITDA	6.07×	8.34×	7×	4.4×	5.73×	8.03×	6.56×	6.46×
Cash conversion cycle (days)	-142	-222	-149	-10	-41	-50	-33	-136