Fountain S.A. (FOU.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

+3143.6%

€33.08

vs €1.02 price

Levered DCF

€26.17

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.87

Grey 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	10.64×	4.89×	6.22×	-7.67×	-2.69×	-3.46×	8.85×	-429.17×
P/B	2.04×	2.36×	3.69×	7.34×	56.32×	1.5×	1.85×	2.12×
P/S	0.29×	0.27×	0.23×	0.24×	0.24×	0.2×	0.19×	0.17×
EV / EBITDA	4.12×	3.87×	4.53×	7.75×	56.23×	11.95×	4.52×	3.85×
Gross margin	64.5%	64.5%	63.1%	21.7%	66.1%	12.2%	18.7%	26.8%
Operating margin	4.7%	5.8%	1.9%	0.1%	-8.7%	-8.9%	-0.1%	2.4%
Net margin	2.8%	5.5%	3.7%	-2.9%	-9.7%	-3.9%	2.3%	-0.0%
Current ratio	0.69×	0.6×	0.6×	0.58×	0.67×	0.76×	0.66×	0.79×
Debt / equity	1.34×	2.17×	4.14×	11.69×	93.11×	3.45×	3.19×	2.61×
Interest coverage	6.68×	6.62×	2.05×	0.13×	-8.23×	-9.41×	-0.11×	3.91×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.2%	47.7%	59.7%	-88.8%	-2246.6%	-30.0%	21.5%	-0.5%
Return on invested capital	9.3%	15.1%	5.5%	0.2%	-25.9%	-5.8%	0.5%	-0.2%
Return on assets	4.8%	9.3%	6.3%	-4.0%	-12.7%	-4.5%	3.3%	-0.1%
Free cash flow yield	28.6%	31.2%	29.4%	1.7%	-9.4%	14.6%	52.4%	38.3%
Earnings yield	9.4%	20.2%	16.2%	-12.1%	-39.9%	-20.0%	11.6%	-0.2%
Enterprise value	€13.6M	€14.3M	€13.5M	€14M	€10.9M	€9.1M	€11.8M	€8.7M
Net debt / EBITDA	1.41×	1.66×	2.29×	4.44×	30.68×	7.29×	2.69×	1.97×
Cash conversion cycle (days)	-1	-16	-9	21	14	29	27	35