Galp Energia, SGPS, S.A. (GALP.LS) 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

+27.7%

€25.89

vs €20.27 price

Levered DCF

€39.97

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.03

Safe 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	9.63×	11.73×	8.08×	6.97×	37.04×	-14.83×	22.92×	15.51×
P/B	2.44×	2.59×	2.28×	2.47×	2.31×	2.3×	2.79×	2.49×
P/S	0.55×	0.57×	0.48×	0.38×	0.44×	0.64×	0.74×	0.67×
EV / EBITDA	5.4×	4.22×	3.54×	2.89×	5.85×	8.73×	6.63×	5.91×
Gross margin	10.6%	12.8%	19.2%	9.9%	11.4%	1.5%	8.1%	11.3%
Operating margin	9.0%	12.0%	16.9%	9.5%	11.1%	-1.1%	8.1%	9.5%
Net margin	5.7%	4.9%	6.0%	5.5%	1.2%	-4.3%	3.2%	4.3%
Current ratio	1.68×	1.72×	1.54×	1.63×	1.37×	1.93×	1.6×	1.79×
Debt / equity	1.11×	1.05×	1.23×	1.27×	1.8×	1.53×	0.93×	0.71×
Interest coverage	7.69×	10.37×	16.24×	16.73×	13.56×	-0.82×	7.38×	39.73×
Dividend yield	4.4%	3.5%	4.2%	4.1%	7.0%	5.5%	4.5%	4.5%
Payout ratio	42.9%	40.3%	34.0%	28.5%	260.7%	-81.2%	103.9%	69.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.3%	22.2%	28.2%	35.4%	6.3%	-15.5%	12.1%	16.2%
Return on invested capital	9.1%	10.8%	16.5%	11.2%	3.4%	-1.2%	4.9%	8.5%
Return on assets	7.3%	6.2%	7.5%	9.2%	1.3%	-3.9%	3.9%	5.8%
Free cash flow yield	3.0%	8.7%	15.6%	19.4%	3.9%	3.3%	6.3%	3.2%
Earnings yield	10.4%	8.6%	12.4%	14.4%	2.7%	-6.8%	4.4%	6.5%
Enterprise value	€13.3B	€14.8B	€13.3B	€13.1B	€10.6B	€10.4B	€15B	€13.2B
Net debt / EBITDA	1.03×	0.75×	0.86×	0.62×	1.95×	2.64×	1.18×	0.78×
Cash conversion cycle (days)	47	37	43	31	54	33	5	32