Holland Colours N.V. (HOLCO.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

+90.0%

€138.71

vs €73.00 price

Levered DCF

€85.96

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.42

Safe 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	21.98×	12.77×	15.78×	17.3×	13.23×	11.26×	8.8×	11.08×
P/B	1.27×	1.17×	1.33×	1.73×	2.35×	2.12×	1.47×	1.61×
P/S	0.7×	0.67×	0.79×	0.91×	1.22×	1.11×	0.68×	0.74×
EV / EBITDA	8.11×	4.77×	6.2×	8.13×	6.97×	5.95×	4.61×	5.63×
Gross margin	47.6%	49.5%	18.1%	13.9%	22.1%	23.1%	22.5%	19.7%
Operating margin	4.2%	7.1%	6.8%	7.1%	12.3%	12.9%	10.6%	9.6%
Net margin	3.2%	5.2%	5.0%	5.3%	9.2%	9.9%	7.7%	6.7%
Current ratio	3.54×	3.32×	3.3×	3.65×	2.84×	2.91×	2.81×	2.54×
Debt / equity	0.01×	0.01×	0.02×	0.01×	0.02×	0.03×	0.03×	0×
Interest coverage	68.12×	87.11×	51.93×	25.84×	75.72×	128×	102.74×	85.95×
Dividend yield	7.7%	3.4%	3.6%	5.1%	3.5%	3.7%	4.4%	4.3%
Payout ratio	169.1%	43.9%	56.6%	87.4%	46.5%	41.3%	38.8%	48.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.8%	9.1%	8.4%	10.0%	17.8%	18.8%	16.7%	14.5%
Return on invested capital	5.6%	8.7%	8.2%	10.8%	17.1%	18.0%	16.0%	14.9%
Return on assets	4.6%	7.1%	6.6%	8.0%	12.8%	13.8%	12.4%	10.5%
Free cash flow yield	-4.1%	6.8%	7.7%	4.6%	3.5%	11.8%	5.1%	7.1%
Earnings yield	4.6%	7.8%	6.3%	5.8%	7.6%	8.9%	11.4%	9.0%
Enterprise value	€67.2M	€55.4M	€64.3M	€86.6M	€119M	€91.6M	€62.6M	€59.7M
Net debt / EBITDA	-1.13×	-1.7×	-1.68×	-1.4×	-0.92×	-0.98×	-0.46×	-0.7×
Cash conversion cycle (days)	116	102	80	86	100	85	83	89