Elecnor, S.A. (ENO.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

-109.6%

-€2.77

vs €28.85 price

Levered DCF

€134.30

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.55

Grey zone

Rating

A-

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	18.66×	1.93×	15.04×	8.76×	10.4×	11.96×	7.35×	10×
P/B	2.2×	1.17×	1.83×	1.11×	1.46×	1.62×	1.31×	2.2×
P/S	0.47×	0.36×	0.44×	0.26×	0.28×	0.38×	0.38×	0.49×
EV / EBITDA	6.27×	23.25×	10.02×	9.78×	5.6×	6.6×	3.75×	10.49×
Gross margin	16.4%	49.2%	42.9%	46.1%	49.3%	49.6%	51.3%	51.9%
Operating margin	4.8%	-1.2%	3.2%	2.8%	5.7%	6.0%	4.1%	12.4%
Net margin	2.5%	18.5%	2.9%	3.0%	2.8%	3.2%	5.2%	4.9%
Current ratio	1.05×	1.05×	1.14×	1×	1.02×	1.07×	1×	1.06×
Debt / equity	0.33×	0.23×	0.74×	1.29×	1.66×	1.69×	1.21×	3.32×
Interest coverage	5.03×	-0.97×	2.52×	2.39×	2.92×	3.06×	1.52×	4.92×
Dividend yield	13.2%	42.2%	2.2%	3.5%	3.9%	3.6%	4.7%	3.1%
Payout ratio	246.6%	81.4%	33.7%	30.2%	40.4%	43.2%	34.1%	31.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.7%	60.4%	12.1%	12.7%	14.1%	13.6%	17.9%	22.0%
Return on invested capital	11.3%	-2.9%	5.2%	3.5%	6.7%	5.7%	4.0%	7.0%
Return on assets	3.0%	19.6%	2.7%	2.9%	2.6%	2.6%	4.2%	3.0%
Free cash flow yield	18.1%	-0.2%	6.7%	7.9%	11.1%	-3.8%	11.7%	10.8%
Earnings yield	5.3%	51.8%	6.6%	11.5%	9.7%	8.4%	13.6%	10.0%
Enterprise value	€1.9B	€1.2B	€2B	€1.6B	€1.5B	€1.5B	€1.5B	€2.4B
Net debt / EBITDA	-0.68×	-2.57×	1.75×	4.18×	2.3×	2.54×	1.37×	5.56×
Cash conversion cycle (days)	54	10	15	-5	12	1	-7	161