Estoril Sol, SGPS, S.A. (ESON.LS) 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

+278.2%

€10.21

vs €2.70 price

Levered DCF

€11.27

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.1

Distress zone

Rating

—

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	-1.47×	-4.38×	15.11×	2.18×	5.9×	-2.94×	7.36×	8.35×
P/B	0.43×	0.47×	0.67×	0.59×	0.75×	0.78×	1.09×	1.24×
P/S	0.33×	0.46×	0.7×	0.51×	0.82×	0.81×	0.96×	1.07×
EV / EBITDA	-5.12×	-1.52×	-0.17×	-0.82×	0.25×	0.93×	0.66×	1.6×
Gross margin	95.2%	95.1%	95.6%	92.2%	96.5%	95.6%	93.8%	93.3%
Operating margin	7.1%	4.3%	19.7%	38.9%	21.0%	-14.6%	17.2%	15.7%
Net margin	-22.7%	-10.5%	4.7%	23.5%	13.8%	-27.5%	8.9%	12.9%
Current ratio	1.73×	1.9×	1.93×	4.12×	2.19×	1.95×	1.67×	1.14×
Debt / equity	0.01×	0.01×	0×	0×	0.1×	0.09×	0.01×	0×
Interest coverage	0.81×	1.59×	2.27×	16.77×	5.7×	-4.16×	7.4×	6.8×
Dividend yield	0.0%	3.8%	0.0%	0.0%	14.6%	10.2%	6.2%	5.8%
Payout ratio	0.0%	-16.6%	0.0%	0.0%	86.9%	-30.0%	66.7%	48.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-28.9%	-10.7%	4.4%	27.0%	12.6%	-26.5%	10.2%	14.9%
Return on invested capital	3.2%	1.8%	8.2%	37.4%	15.8%	-10.8%	16.6%	15.6%
Return on assets	-8.4%	-3.7%	1.6%	18.8%	8.4%	-15.9%	5.8%	8.4%
Free cash flow yield	68.1%	3.5%	-5.4%	45.7%	26.8%	-40.9%	34.1%	35.8%
Earnings yield	-67.8%	-22.9%	6.7%	45.9%	16.9%	-34.1%	9.3%	12.0%
Enterprise value	-€48.7M	-€34.6M	-€7M	-€40.6M	€6.8M	€8.1M	€24M	€61.1M
Net debt / EBITDA	-9.03×	-3.85×	-2.26×	-2.27×	-2.18×	-5.95×	-2.26×	-1.41×
Cash conversion cycle (days)	87	-34	117	-123	18	78	-2	-116