Athens Medical C.S.A. (IATR.AT) 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

+120.4%

€3.04

vs €1.38 price

Levered DCF

-€3.18

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.84

Distress zone

Rating

C+

Overall 2 / 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	-36.8×	73.66×	20.06×	18×	11.27×	33.85×	24.11×	8.33×
P/B	1.65×	1.21×	1.49×	1.19×	1.44×	1.52×	1.16×	0.61×
P/S	0.62×	0.49×	0.63×	0.53×	0.65×	0.71×	-10.98×	-5.26×
EV / EBITDA	11.62×	8.15×	7.9×	7.77×	5.42×	8.47×	15.53×	14.29×
Gross margin	20.4%	22.5%	25.8%	24.3%	25.6%	20.0%	101.2%	100.1%
Operating margin	1.4%	5.7%	8.9%	7.9%	9.5%	3.0%	-286.6%	-98.1%
Net margin	-1.7%	0.7%	3.1%	2.9%	6.7%	2.1%	-45.5%	-65.3%
Current ratio	0.76×	0.83×	0.98×	1.1×	1.21×	0.7×	0.53×	1.17×
Debt / equity	1.76×	1.36×	1.46×	1.4×	1.48×	1.75×	1.73×	1.85×
Interest coverage	0.34×	1.43×	2.44×	2.37×	3.2×	0.88×	7.31×	2.44×
Dividend yield	0.0%	1.3%	0.0%	4.9%	0.1%	0.1%	0.0%	0.1%
Payout ratio	0.0%	97.1%	0.8%	88.7%	0.5%	3.6%	0.5%	0.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.5%	1.6%	7.4%	6.6%	14.7%	4.5%	4.8%	7.5%
Return on invested capital	1.1%	2.0%	4.1%	4.0%	1.5%	0.3%	3.9%	1.6%
Return on assets	-0.9%	0.4%	1.7%	1.6%	0.8%	0.2%	0.5%	0.7%
Free cash flow yield	-6.9%	15.1%	2.3%	-12.8%	3.0%	25.0%	8.3%	13.9%
Earnings yield	-2.7%	1.4%	5.0%	5.6%	10.3%	3.0%	4.1%	12.4%
Enterprise value	€322.8M	€260.8M	€298.7M	€250.5M	€193.3M	€186.8M	€441.4M	€342.9M
Net debt / EBITDA	5.44×	4.06×	3.61×	3.95×	1.31×	2.45×	9.09×	10.68×
Cash conversion cycle (days)	42	46	64	49	30	67	-95,071	-1,282,744