Flow Traders Ltd. (FLOW.AS) 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

-490.9%

-€89.29

vs €22.84 price

Levered DCF

€105.41

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.44

Distress zone

Rating

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	8.18×	5.83×	21.38×	7.41×	12.24×	2.64×	18.73×	8.05×
P/B	1.26×	1.22×	1.33×	1.64×	2.77×	2.08×	3.02×	3.79×
P/S	2.25×	1.16×	1.36×	1.51×	2.61×	1.13×	2.85×	2.53×
EV / EBITDA	21.23×	13.63×	44.38×	14.94×	20.46×	6.47×	32.49×	9.82×
Gross margin	96.3%	74.3%	68.4%	84.2%	88.3%	95.0%	83.5%	89.0%
Operating margin	37.2%	24.2%	7.8%	24.7%	26.8%	52.6%	18.6%	38.0%
Net margin	27.5%	19.8%	6.3%	19.3%	21.3%	42.7%	15.2%	31.5%
Current ratio	2.9×	1.14×	1.04×	0.82×	1.01×	1.92×	1.03×	1.02×
Debt / equity	3.37×	2.56×	3.45×	2.78×	3.68×	4.37×	4.84×	2.08×
Interest coverage	28.7×	0.94×	0.25×	1.56×	2.29×	10.62×	1.13×	3.44×
Dividend yield	0.0%	0.7%	6.1%	4.6%	10.8%	16.8%	6.3%	6.1%
Payout ratio	0.0%	4.1%	131.7%	36.2%	132.6%	44.2%	117.9%	49.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.4%	20.8%	6.2%	20.9%	22.6%	78.7%	16.1%	47.2%
Return on invested capital	0.9%	2.1%	1.4%	2.4%	1.8%	5.0%	1.5%	4.3%
Return on assets	0.8%	1.2%	0.3%	1.1%	1.1%	5.5%	0.8%	2.4%
Free cash flow yield	48.7%	2.7%	8.7%	8.7%	16.9%	21.6%	6.7%	6.1%
Earnings yield	12.2%	17.1%	4.7%	12.8%	8.2%	37.9%	5.3%	12.4%
Enterprise value	€4B	€2.9B	€2.8B	€2.7B	€3.3B	€3.8B	€2.6B	€2B
Net debt / EBITDA	15.44×	9.23×	32.05×	9.38×	11.66×	4.38×	19.99×	3.45×
Cash conversion cycle (days)	-132,613	-6,599	-10,827	-33,922	-57,188	-28,524	-38,357	-41,054