Fluxys Belgium S.A. (FLUX.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

+101.8%

€41.97

vs €20.80 price

Levered DCF

€50.36

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.15

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	16.97×	12.71×	20.73×	23.53×	29.81×	28.85×	28.99×	31.41×
P/B	2.2×	1.75×	2.61×	3.06×	3.5×	3.3×	3.04×	2.51×
P/S	1.69×	1.58×	2.13×	1.65×	3.7×	3.59×	3.3×	2.82×
EV / EBITDA	4.89×	2.93×	5×	6.56×	9.92×	11.38×	11.99×	11.64×
Gross margin	16.2%	33.9%	56.8%	18.7%	34.8%	34.8%	31.4%	63.6%
Operating margin	17.4%	20.1%	17.2%	12.4%	22.8%	22.7%	22.1%	19.8%
Net margin	10.0%	12.4%	10.3%	7.0%	12.5%	12.5%	11.4%	8.9%
Current ratio	2.78×	3.36×	2.87×	1.92×	2.55×	1.96×	2.27×	2.37×
Debt / equity	1.77×	1.79×	1.84×	1.82×	1.91×	2.78×	2.81×	2.74×
Interest coverage	2.24×	1.89×	1.9×	3.64×	3.58×	3.33×	3.75×	2.89×
Dividend yield	7.6%	9.3%	6.1%	4.9%	4.3%	4.3%	4.4%	5.0%
Payout ratio	128.1%	118.6%	127.1%	115.8%	127.5%	124.7%	127.4%	158.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	13.7%	12.6%	13.0%	11.8%	11.5%	10.5%	7.9%
Return on invested capital	3.5%	3.4%	3.5%	4.1%	4.2%	3.9%	3.5%	2.9%
Return on assets	2.4%	2.5%	2.3%	2.5%	2.9%	2.7%	2.4%	1.9%
Free cash flow yield	-11.3%	18.9%	10.7%	43.5%	5.4%	9.2%	7.2%	9.5%
Earnings yield	5.9%	7.9%	4.8%	4.3%	3.4%	3.5%	3.4%	3.2%
Enterprise value	€1.6B	€1B	€1.7B	€2.1B	€3.1B	€3.5B	€3.5B	€3.2B
Net debt / EBITDA	0.81×	-0.03×	0.17×	0.32×	2.73×	4.54×	5.1×	5.4×
Cash conversion cycle (days)	51	54	51	53	61	44	40	40