Enagás, S.A. (ENG.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

+146.0%

€43.62

vs €17.73 price

Levered DCF

€37.04

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.75

Distress zone

Rating

B+

Overall 3 / 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	10.19×	-10.24×	11.66×	10.78×	13.25×	10.57×	12.85×	12.69×
P/B	1.5×	1.29×	1.34×	1.27×	1.73×	1.57×	1.72×	2.11×
P/S	3.6×	3.4×	4.4×	4.24×	5.47×	4.46×	4.71×	4.35×
EV / EBITDA	10.92×	54.03×	8.58×	8.05×	10.65×	9.43×	9.42×	10.15×
Gross margin	37.6%	93.4%	93.8%	94.6%	95.0%	95.1%	95.8%	96.2%
Operating margin	23.4%	47.3%	50.3%	50.0%	59.8%	58.3%	57.0%	53.4%
Net margin	35.3%	-33.1%	37.7%	39.3%	41.4%	42.1%	36.7%	34.2%
Current ratio	1.07×	1.45×	1.04×	1.13×	1.3×	2.09×	2.97×	2.8×
Debt / equity	1.23×	1.39×	1.28×	1.38×	1.7×	1.61×	1.43×	2.06×
Interest coverage	3.19×	3.58×	3.93×	5.03×	6.06×	5.71×	4.9×	4.46×
Dividend yield	7.6%	12.3%	11.3%	11.0%	8.3%	9.1%	6.8%	6.3%
Payout ratio	77.1%	-126.6%	131.9%	118.9%	110.0%	96.3%	87.8%	80.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.7%	-12.6%	11.5%	11.7%	13.1%	14.8%	13.4%	16.6%
Return on invested capital	3.1%	6.0%	4.8%	4.0%	5.1%	5.8%	6.1%	5.9%
Return on assets	5.0%	-4.0%	4.0%	4.0%	4.1%	4.9%	4.8%	4.6%
Free cash flow yield	2.7%	11.6%	10.3%	15.7%	9.6%	11.7%	13.2%	13.4%
Earnings yield	9.8%	-9.7%	8.6%	9.3%	7.6%	9.4%	7.8%	7.9%
Enterprise value	€5.6B	€5.1B	€7B	€7.1B	€9.1B	€8.6B	€8.8B	€9.9B
Net debt / EBITDA	4.12×	21.41×	3.66×	3.46×	4.44×	4.31×	3.62×	4.4×
Cash conversion cycle (days)	-157	-2,932	-3,226	-3,910	-2,330	-1,404	-985	-794