Energy Solar Tech, S.A. (ETC.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

-10515.6%

-€94.78

vs €0.91 price

Levered DCF

-€100.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.73

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
P/E	35.85×	176.1×	42.18×	52.94×	502.94×	-2,230.43×
P/B	1.61×	1.64×	2.62×	4.86×	18.16×	61.95×
P/S	0.96×	1.16×	2.33×	8.52×	25.14×	304.44×
EV / EBITDA	10.18×	11×	14.45×	36.51×	232.36×	4,522.18×
Gross margin	11.3%	18.2%	26.8%	29.2%	25.2%	78.0%
Operating margin	5.1%	4.5%	10.2%	18.1%	6.5%	-5.8%
Net margin	2.7%	0.7%	5.3%	16.1%	5.0%	-13.6%
Current ratio	1.17×	1.06×	1.23×	3.01×	1.3×	9.2×
Debt / equity	0.28×	0.3×	0.5×	0.14×	0.18×	0.51×
Interest coverage	3.94×	2.46×	4.52×	21.92×	6.43×	-1.43×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	-278.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	4.5%	0.9%	6.0%	9.2%	3.6%	-2.8%
Return on invested capital	4.0%	1.2%	5.0%	8.1%	3.6%	-0.8%
Return on assets	2.6%	0.5%	3.2%	7.5%	2.2%	-1.7%
Free cash flow yield	-1.6%	4.2%	3.6%	-2.4%	-4.8%	-1.1%
Earnings yield	2.8%	0.6%	2.3%	1.9%	0.2%	-0.0%
Enterprise value	€87.4M	€81.6M	€137.3M	€114.1M	€105.2M	€105.9M
Net debt / EBITDA	1.15×	0.91×	1.42×	-1.15×	-2.57×	-21.21×
Cash conversion cycle (days)	37	-4	-2	-7	13	-387