Eurobank S.A. (EUROB.AT) 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

+19.2%

€5.31

vs €4.46 price

Levered DCF

€7.54

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.35

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	9.27×	5.57×	5.19×	2.94×	10.07×	-1.75×	24.02×	12.95×
P/B	1.31×	0.92×	0.75×	0.59×	0.6×	0.41×	0.46×	0.23×
P/S	3.77×	1.41×	1.16×	1.13×	1.36×	0.77×	1.18×	0.45×
EV / EBITDA	5.25×	0.04×	0.85×	-3.37×	-11.77×	2.59×	20.21×	26.22×
Gross margin	88.5%	55.4%	55.3%	78.6%	78.5%	78.2%	71.5%	70.7%
Operating margin	49.4%	32.2%	30.3%	50.3%	19.9%	-31.6%	6.2%	9.0%
Net margin	41.2%	24.9%	22.4%	38.7%	13.5%	-43.6%	4.9%	3.5%
Current ratio	12.59×	0.23×	0.22×	0.28×	0.28×	0.17×	0.13×	0.08×
Debt / equity	1.32×	1.08×	0.98×	0.78×	0.67×	0.6×	1.13×	1.78×
Interest coverage	0.71×	0.72×	0.68×	2.35×	0.93×	-1.45×	0.22×	0.31×
Dividend yield	4.5%	4.2%	0.0%	0.0%	0.0%	0.0%	0.1%	0.3%
Payout ratio	40.8%	23.6%	0.0%	0.0%	0.0%	0.0%	2.4%	3.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.3%	16.3%	14.4%	20.3%	5.9%	-23.1%	1.9%	1.8%
Return on invested capital	1.2%	6.8%	5.8%	5.7%	1.3%	-4.3%	0.6%	0.8%
Return on assets	1.3%	1.4%	1.4%	1.7%	0.4%	-1.8%	0.2%	0.2%
Free cash flow yield	14.5%	1.2%	-39.2%	68.8%	244.6%	149.5%	49.7%	-97.3%
Earnings yield	10.9%	17.7%	19.3%	34.3%	9.9%	-56.6%	4.2%	7.9%
Enterprise value	€9.4B	€81.5M	€1.4B	-€6.3B	-€7B	-€2B	€5.4B	€7.7B
Net debt / EBITDA	-1.73×	-4.03×	-2.71×	-5.48×	-17.31×	5.38×	8.88×	22.2×
Cash conversion cycle (days)	12	4	20	52	106	93	100	98