Elastron S.A. - Steel Service Centers (ELSTR.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

+310.4%

€10.43

vs €2.54 price

Levered DCF

€3.21

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.92

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	7.87×	-68.03×	-38.73×	3.57×	2.82×	14.3×	-12.73×	-19.58×
P/B	0.51×	0.44×	0.61×	0.47×	0.53×	0.37×	0.4×	0.33×
P/S	0.26×	0.2×	0.28×	0.23×	0.26×	0.24×	0.23×	0.2×
EV / EBITDA	6.81×	3.42×	19.23×	3.49×	2.88×	8.62×	14.3×	14.45×
Gross margin	13.0%	10.2%	8.8%	15.2%	19.6%	13.5%	10.2%	10.6%
Operating margin	4.0%	10.2%	0.3%	6.5%	11.3%	2.2%	0.8%	1.4%
Net margin	3.3%	-0.3%	-0.7%	6.4%	9.4%	1.6%	-1.8%	-1.0%
Current ratio	2.47×	1.58×	2.25×	2.94×	1.78×	2.34×	2.35×	2.58×
Debt / equity	0.75×	0.79×	0.81×	0.75×	0.63×	0.65×	0.61×	0.67×
Interest coverage	2.16×	3.47×	0.11×	4.03×	7.99×	1.16×	0.49×	0.56×
Dividend yield	0.0%	0.0%	7.0%	11.6%	1.5%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	-270.1%	41.4%	4.3%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.4%	-0.7%	-1.6%	13.3%	18.9%	2.6%	-3.1%	-1.7%
Return on invested capital	3.5%	11.9%	0.3%	6.0%	10.8%	1.7%	0.8%	1.3%
Return on assets	2.9%	-0.3%	-0.7%	6.2%	9.0%	1.3%	-1.6%	-0.9%
Free cash flow yield	1.9%	75.4%	-49.7%	-9.8%	18.8%	-29.0%	67.1%	1.1%
Earnings yield	12.5%	-1.5%	-2.6%	28.0%	35.5%	7.0%	-7.7%	-5.1%
Enterprise value	€67.9M	€61.8M	€103.9M	€67.7M	€67.7M	€57.3M	€50.8M	€63M
Net debt / EBITDA	2.37×	1.42×	9.87×	1.35×	1.05×	4.93×	7.04×	9.38×
Cash conversion cycle (days)	123	85	143	118	115	143	102	162