Flexopack S.A. Plastics (FLEXO.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

+21.7%

€9.55

vs €7.85 price

Levered DCF

€3.79

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.57

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	8.84×	8.9×	6.17×	6.53×	7.72×	10.56×	11.64×	11.48×
P/B	0.71×	0.73×	0.77×	0.87×	0.86×	1.32×	1.12×	1.21×
P/S	0.6×	0.61×	0.61×	0.61×	0.71×	1.13×	0.93×	0.97×
EV / EBITDA	4.47×	4.77×	3.65×	4.01×	4.08×	5.53×	5.4×	6.25×
Gross margin	27.3%	25.1%	27.4%	29.2%	24.9%	27.7%	24.1%	24.9%
Operating margin	11.1%	8.6%	13.0%	14.0%	11.0%	15.2%	10.4%	12.5%
Net margin	6.8%	6.8%	9.9%	9.3%	9.1%	10.7%	8.1%	8.4%
Current ratio	2.95×	2.8×	2.95×	2.68×	2.42×	2.56×	2.36×	2.2×
Debt / equity	0.33×	0.4×	0.33×	0.32×	0.18×	0.19×	0.23×	0.27×
Interest coverage	9.42×	6.8×	11.45×	37.25×	29.72×	28.22×	16.03×	17.63×
Dividend yield	2.0%	1.8%	1.9%	1.7%	1.3%	0.7%	0.8%	0.7%
Payout ratio	17.3%	16.5%	11.7%	11.3%	9.7%	7.1%	9.8%	8.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.0%	8.1%	12.4%	13.2%	11.1%	12.4%	9.7%	10.5%
Return on invested capital	7.0%	5.5%	9.5%	11.1%	9.0%	10.9%	7.3%	8.3%
Return on assets	5.1%	4.8%	7.6%	8.0%	7.3%	8.4%	6.4%	6.4%
Free cash flow yield	0.3%	-10.7%	14.9%	-10.7%	2.4%	4.6%	8.3%	0.9%
Earnings yield	11.3%	11.1%	16.2%	15.3%	12.9%	9.5%	8.6%	8.6%
Enterprise value	€115.4M	€110.1M	€93.5M	€102.1M	€78.6M	€107.9M	€84.5M	€87.3M
Net debt / EBITDA	0.64×	0.6×	0.01×	0.39×	-0.11×	-0.1×	0.08×	0.38×
Cash conversion cycle (days)	174	154	141	171	121	116	90	102