Grupo Empresarial San José, S.A. (GSJ.MC) 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

+157.8%

€18.44

vs €7.15 price

Levered DCF

€66.10

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.67

Distress 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	12.33×	10.2×	11.16×	15.23×	25.79×	12.83×	2.4×	30.67×
P/B	1.97×	1.54×	1.24×	1.48×	2.1×	2.04×	2.87×	-13.29×
P/S	0.31×	0.22×	0.17×	0.24×	0.34×	0.3×	0.41×	0.53×
EV / EBITDA	-1.35×	-1.81×	-3.19×	-0.82×	3.29×	3.02×	1.73×	16.93×
Gross margin	13.2%	25.3%	26.6%	29.2%	29.1%	30.4%	29.8%	33.3%
Operating margin	3.7%	3.1%	2.9%	3.0%	3.8%	5.1%	2.4%	5.4%
Net margin	2.5%	2.1%	1.5%	1.5%	1.3%	2.4%	17.0%	1.7%
Current ratio	1.24×	1.22×	1.25×	1.26×	1.25×	1.25×	1.23×	1.06×
Debt / equity	0.12×	0.09×	0.1×	0.08×	0.75×	1.16×	1.39×	-13.96×
Interest coverage	7.21×	7.07×	5.56×	3.8×	4.71×	4.3×	1.89×	1.89×
Dividend yield	2.4%	2.9%	2.9%	2.5%	2.0%	2.2%	0.3%	0.1%
Payout ratio	29.4%	29.8%	32.6%	39.1%	53.7%	28.6%	0.6%	2.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.1%	15.1%	11.0%	9.5%	8.0%	15.9%	119.7%	-43.4%
Return on invested capital	8.5%	7.8%	6.9%	5.5%	6.1%	7.6%	5.1%	5.6%
Return on assets	2.8%	2.5%	1.8%	1.7%	1.3%	2.3%	16.3%	1.3%
Free cash flow yield	34.2%	34.6%	43.5%	9.8%	7.7%	24.5%	3.2%	20.3%
Earnings yield	8.1%	9.8%	8.9%	6.5%	3.8%	7.8%	41.7%	3.3%
Enterprise value	-€103.3M	-€125.2M	-€163.8M	-€35.9M	€137.4M	€173.2M	€345.9M	€544.6M
Net debt / EBITDA	-7.73×	-6.68×	-7.58×	-6.73×	-4.35×	-2.07×	-0.22×	4.38×
Cash conversion cycle (days)	-46	-105	-64	-50	-42	-11	-22	-37