ENCE Energía y Celulosa, S.A. (ENC.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

-135.3%

-€0.78

vs €2.20 price

Levered DCF

-€0.65

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.72

Distress zone

Rating

C-

Overall 1 / 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	-10.95×	23.85×	-28.7×	2.75×	-2.86×	-30.91×	96.83×	11.2×
P/B	1.25×	1.43×	1.3×	0.97×	1.07×	1.16×	1.36×	2.13×
P/S	0.8×	0.86×	0.84×	0.68×	0.67×	1.17×	1.21×	1.74×
EV / EBITDA	-35.83×	5.77×	9.37×	1.59×	-9.1×	9.85×	11.39×	5.91×
Gross margin	15.8%	54.8%	48.7%	61.1%	50.4%	46.4%	54.5%	60.0%
Operating margin	-15.9%	7.3%	-0.2%	27.7%	-21.5%	-5.7%	4.4%	25.2%
Net margin	-7.3%	3.6%	-3.0%	24.6%	-23.2%	-3.7%	1.3%	15.5%
Current ratio	0.89×	1.04×	1.01×	1.18×	1.58×	1.64×	1.1×	1.18×
Debt / equity	1.36×	1.04×	1.18×	0.47×	0.93×	0.97×	1.04×	0.89×
Interest coverage	-2.45×	1.37×	-0.05×	9.52×	-5.82×	-1.36×	1.31×	5.33×
Dividend yield	0.1%	4.5%	20.2%	9.8%	0.0%	0.0%	2.9%	4.8%
Payout ratio	-0.7%	107.7%	-568.8%	26.9%	0.0%	0.0%	278.0%	54.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-11.4%	6.0%	-4.6%	35.3%	-37.1%	-3.7%	1.4%	19.0%
Return on invested capital	-6.7%	2.8%	-0.1%	20.0%	-13.4%	-1.6%	2.2%	11.1%
Return on assets	-3.3%	1.9%	-1.5%	13.9%	-11.8%	-1.3%	0.5%	7.5%
Free cash flow yield	-7.1%	0.2%	-20.4%	36.5%	12.8%	-4.2%	-13.0%	2.7%
Earnings yield	-9.1%	4.2%	-3.6%	36.3%	-34.8%	-3.2%	1.0%	8.9%
Enterprise value	€1B	€1B	€993M	€594.4M	€645.9M	€985.1M	€1.3B	€1.7B
Net debt / EBITDA	-14.87×	1.57×	2.81×	-0.23×	-1.39×	1.59×	3.86×	0.9×
Cash conversion cycle (days)	-62	-56	-85	-140	-102	-106	-90	-74