Exmar N.V. (EXM.BR) 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

-67.9%

€3.63

vs €11.30 price

Levered DCF

€4.77

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.2

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	9.76×	3.77×	6.71×	1.51×	24.47×	2.09×	-25.76×	-24.44×
P/B	1.38×	1.12×	1×	0.61×	0.52×	0.35×	0.76×	0.84×
P/S	3.06×	1.95×	0.99×	3.12×	1.89×	0.67×	2.45×	4.27×
EV / EBITDA	9.02×	3×	8.02×	8.36×	10.48×	2.85×	15.54×	28.18×
Gross margin	36.6%	30.2%	26.3%	38.4%	51.1%	72.1%	42.1%	25.3%
Operating margin	27.1%	48.8%	10.1%	201.0%	1.6%	48.8%	1.3%	-30.3%
Net margin	31.2%	51.9%	14.8%	205.9%	7.8%	32.2%	-9.6%	-17.5%
Current ratio	2.73×	3.76×	1.57×	4.69×	1.57×	2.21×	1.33×	0.85×
Debt / equity	0.51×	0.52×	0.55×	0.27×	0.79×	0.63×	0.9×	0.84×
Interest coverage	1.49×	9.91×	4.66×	10.13×	0.15×	7.92×	0.07×	-1.27×
Dividend yield	19.0%	7.1%	81.1%	12.3%	7.4%	0.0%	0.0%	0.0%
Payout ratio	186.8%	26.6%	543.4%	18.6%	177.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.1%	29.7%	14.9%	40.1%	2.2%	16.8%	-2.9%	-3.4%
Return on invested capital	7.3%	16.9%	6.0%	28.4%	0.2%	15.5%	0.2%	-3.4%
Return on assets	8.6%	17.7%	7.8%	27.2%	1.2%	9.9%	-1.5%	-1.8%
Free cash flow yield	11.5%	6.0%	9.4%	0.2%	-8.4%	17.5%	-1.8%	-16.2%
Earnings yield	10.2%	26.5%	14.9%	66.1%	4.1%	47.8%	-3.9%	-4.1%
Enterprise value	€850.9M	€723.9M	€570.5M	€183.7M	€633.8M	€505.7M	€691.9M	€736M
Net debt / EBITDA	0.97×	0.17×	1.24×	-13.7×	5.85×	1.77×	7.93×	13.29×
Cash conversion cycle (days)	-17	71	29	11	58	55	3	157